Glossary

Incoterms®
The Incoterms® agreement defines the method by which goods are paid and handled between the seller and buyer.
Sun, 26 Dec, 2021 at 9:28 PM
Last Free Day
The last free day is the last day of free storage.
Sun, 26 Dec, 2021 at 9:28 PM
Less than Container Load (LCL)
In a container consolidated with cargo from numerous shippers with the same destination where many shippers’ goods occupy a single container, each shipper&#...
Mon, 2 May, 2022 at 3:17 PM
Letter of Credit (LC)
Document issued by a bank per instructions of a buyer of goods, authorizing the seller to draw a specified sum of money under specified terms, usually the r...
Sun, 26 Dec, 2021 at 9:29 PM
Letter of Indemnity (LOI)
A Letter of Indemnity (LOI) is a document provided by the shipper stating that the shipper will be held responsible for any harm or loss caused by a breach ...
Sun, 26 Dec, 2021 at 9:31 PM
Limitation of liability
Maximal indemnity per package or per kilo payable by the carrier to the holder of the Bill of Lading, in compensation of damages to goods. This limitation d...
Sun, 26 Dec, 2021 at 9:31 PM
Liner Terms
Terms indicating if handling at the port of loading and/or port of discharge is included in the freight.
Sun, 26 Dec, 2021 at 9:31 PM
Notify Party
A notify party is any person or entity that is notified of cargo arriving at its destination by a carrier.
Sun, 26 Dec, 2021 at 9:31 PM
PSS (Peak Season Surcharge)
Carriers may apply PSS surcharges during periods of high demand.
Sun, 26 Dec, 2021 at 9:32 PM
Per Diem Charge
Per Diem, also known as detention, is a fee charged for each extra day the container is away from the port.
Sun, 26 Dec, 2021 at 9:32 PM