Agency for International Development.
A.I.D.
AAR
Abbreviation for Against All Risk (insurance clause) or Association of American Railroads
Abaft
A point beyond the midpoint of a ships length, toward the rear or stem.
Abandonment
1) Proceeding where a carrier seeks authorization to stop service over all or part of its route line or to give up ownership/control of cargo or vessel. 2) Shipper or consignee seeks authority to abandon all of parts of their cargo. 3) In marine insurance giving up title to partly destroyed property to the issuers. 4) The act of relinquishing title to damaged or lost property in order to claim a total loss.
Abatement
A discount allowed for damage or overcharge in the payment of a bill.
ABI
U.S. Customs’ Automated Broker Interface, by which brokers file importers’ entries electronically.
Aboard
Referring to cargo being put, or laden, onto a means of conveyance.
About
In connection with letter of credit, “about” means a tolerance of plus/minus 10 percent regarding the letter of credit value, unit price or the quantity of the goods.
Absolute Liability
Condition in which carrier is responsible for all liability and is not protected by the normal exemptions found in bill of lading or common law liability.
Absorption
One carrier assumes the charges of another without any increase in charges to the shipper.
Abstract
Abridgement of evidence omitting nonessential items, used especially in regulatory proceedings.
Acceptance
A draft payable at a determinable future date upon face of which drawee acknowledges his/her obligation to pay it at maturity. (Broadly speaking, any agreement to purchase goods under specific terms. An agreement to purchase goods at a stated price, at stated time and with stated terms.
Acceptance Letter of Credit
A letter of credit, which, in addition to other required documents, requires presentation of a term draft drawn on the bank, nominated as the accepting bank under the letter of credit.
Access
Basically, how accessible is the property? The room to park a vehicle, the distance from vehicle to front door, the availability of lifts, how many floors the building has, and so on, all have an influence on access.
Accessorial Charges
Charges for supplementary services and privileges provided in connection with line-haul transportation of goods. These charges are not included in the freight charges and usually taken the form of a flat fee. Some examples are pickup/delivery, in-transit privileges, demurrage, switching, loading/unloading, weighting, storage, inspection, grading, repacking, billing and fabrication.
Accessorial Service
A service offered by a carrier in addition to the transportation of goods, for example, stopping in transit to complete loading or to unload partially or storage charges.
Account Party
The party that instructs a bank (issuing bank) to open a letter of credit. The account party is usually the buyer or importer.
Acquiescence
When a bill of lading is accepted or signed by a shipper or shipper’s agent without protest, the shipper is said to acquiesce to the terms, giving a silent form of consent.
Acquittance
A written receipt in full, in discharge from all claims.
ACS
U.S. Customs’ master computer system, “Automated Commercial System”.