1. Account Party
The buyer under a letter of credit. The party ultimately responsible for reimbursing the issuing bank for all payments extended on its behalf.

2. Ad Valorem
In proportion to the value: A phrase applied to certain freight or customs duties levied on goods, property, etc. set as a percentage of their value.

3. Agency Fee
Fee payable by a ship owner or ship operator to a port agent.

4. Act of God
Accidents of a nature beyond human control such as flood, lightning or hurricane usually quoted as ‘force majeure’.

5. ABI – (Automated Broker Interface)
A computer system that allows a Customs Broker to interface directly with U.S. Customs’ computer system.

6. Arrival Date
The date on which goods or a means of transport is due to arrive at the delivery site of the transport.

7. Arrival Notice
A notice sent by a carrier to a nominated notify party advising of the arrival of a certain shipment or consignment.

8. Arbitration
The process of referring to an agreed person for judgement on issues of dispute, without requiring the use of courts.

9. Assignment
The transfer of certain rights from one party to another.

10. Acceptance of Goods
The process of receiving a consignment from a consignor, usually against the issue of a receipt. As from this moment and on this place the carrier’s responsibility for the consignment begins.

11. Abandonment
The right a marine assured has to abandon property in order to establish a constructive total loss. An underwriter is not obliged to accept abandonment, but if he does he accepts responsibility for the property and liabilities attaching thereto, in addition to being liable for the full sum insured.

12. Advice Note
A written piece of information e.g. about the status of the goods.

13. Affreightment
A contract to carry goods by ship. Charter-parties and Bills of Lading are contracts of affreightment

14. After Sight
When a draft bears this phrase, the time begins to run from its acceptance date.

15. Agent
A person or organization authorized to act for or on behalf of another person or organization An Agent is a corporate body with, which there is an agreement to perform particular functions on behalf of them at an agreed payment. An Agent is either a part of the organisation or an independent body.

16. AGR Imports
American goods returned.

17. Air Waybill
Abbreviation: AWB A document made out by or on behalf of the carrier(s) confirming receipt of the goods by the carrier and evidencing the contract between the shipper and the carrier(s) for the carriage of goods as described therein.

18. Allotment
A share of the capacity of a means of transport assigned to a certain party, e.g. a carrier or an agent, for the purpose of the booking of cargo for a specific voyage.

19. All-in
A freight quotation including all charges, often in one lump sum rather than broken down.

20. ALL-RISK INSURANCE
The broadest form of coverage available, providing protection against all risk of physical loss or damage from any external cause. Does not cover loss or damage due to delay, inherent vice, inadequate packaging, or loss of market.

21. American Bureau of Shipping
Abbreviation: ABS American classification society which has established rules and regulations for the classification of seagoing vessels or equipment.

22. Antidumping Duty
A duty assessed on imported merchandise that is subject to an antidumping duty order. The antidumping duty is assessed on an entry-by-entry basis in an amount equal to the difference between the United States price of that entry and the foreign market value of such or similar merchandise at the time the merchandise was sold to the United States.

23. Award
The decision given by an arbitrator, to whom a matter in dispute has been referred. An arbitrator states only the effect of his decision, without reasons thus differing from a judge, who usually states the grounds of his judgment.

24. Average
In marine insurance: a loss or damage to or in respect of goods or equipment. The numerical result obtained by dividing the sum of two or more quantities by the number of quantities.

25. Average Bond
An agreement signed by all interested parties acknowledging their liability to pay a share of the loss under General Average