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Shipping Glossary

Shipping Glossary

Import

To receive goods from a foreign country

Import license

A document issued by a carrier required and issued by some national governments authorizing the importation of goods into their individual countries

In Bond

A term applied to the status of merchandise admitted provisionally to a country without payment of duties, either for storage in a bonded warehouse or for transshipment to another point, where duties eventually will be paid

In Gate

The transaction or interchange that occurs at the time a container is received by a rail terminal or water port from another carrier

Incentive Rate

A lower-than usual tariff rate assessed because a shipper offers a greater volume than specified in the tariff. The incentive rate is assessed for that portion exceeding normal volume

INCOTERMS

International Rules for the Interpretation of Trade Terms

INCOTERMS1

The recognized abbreviation for the International Chamber of Commerce Terms of Sale. These terms were last amended, effective July 1, 1990

Indemnity Bond

An agreement to hold a carrier harmless with regard to a liability

Independent Action

Setting a rate within a conference tariff that is the different from the rate (s) for the same items established by other Conference members

Independent Tariff

Any body of rate tariffs that are not part of an agreement or conference system

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