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The Bound tariff rate is the most-favored-nation tariff rate resulting from negotiations under the General Agreement on Tariffs and Trade (GATT) and incorporated as an integral component of a country’s schedule of concessions or commitments to other World Trade Organization members. If a country raises a tariff to a higher level than its ...
The time charter equivalent (TCE) rate is a standard shipping industry performance measure used primarily to compare period-to-period changes in a shipping company's performance despite changes in the mix of charter types (i.e., spot charters, time charters and bareboat charters) under which the vessels may be employed between the periods.
In commercial shipping, laytime is the amount of time allowed, measured in days (or portions thereof), hours, or even tides, within a voyage charter for the loading and unloading of cargo.
A freight rate (historically and in ship chartering simply freight [1]) is a price at which a certain cargo is delivered from one point to another. The price depends on the form of the cargo, the mode of transport (truck, ship, train, aircraft), the weight of the cargo, and the distance to the delivery destination.
A variable symbol overall is bound if at least one occurrence of it is bound. [ 1 ] pp.142--143 Since the same variable symbol may appear in multiple places in an expression, some occurrences of the variable symbol may be free while others are bound, [ 1 ] p.78 hence "free" and "bound" are at first defined for occurrences and then generalized ...
It gives the contract owner the right to buy and sell the price of freight for future dates. FFAs are built on an index composed of a shipping route for tanker or a basket of routes for dry bulk, contracts are traded ‘over the counter’ on a principal-to-principal basis and can be cleared through a clearing house.
When the cargo is being shipped by several different shipping companies on the same vessel, there will usually be separate bills of lading for each company, but only a single consolidated cargo manifest. On the other hand, if the cargo contains dangerous goods, there may be a separate dangerous cargo manifest. A manifest can be exchanged for ...
The two terms have a specific meaning in commercial law and cannot be altered. But the FOB terms do not need to be used, and often are not. In this case the specific terms of the agreement can vary widely, in particular which party, buyer or seller, pays for the loading costs and shipment costs, and/or where responsibility for the goods is ...