Ocean and Sea Freight Basic Test
A receipt listing the commodities that have been deposited at a warehouse. It is not negotiable if it limits delivery to a certain person or company, but it is if it is made out to the order of one of those parties or to a bearer.
Explanation:
The quantity and quality of a specific product being stored in an authorized facility are guaranteed by a warehouse receipt, a sort of paperwork used in the futures markets. Up next. Shipping Document. in view. delivering device.
A word used in insurance that denotes coverage for partial loss or damage to goods. Many clauses stipulate a minimum amount of damage before payment before specifying that the damage must typically be caused by sea water. It can be increased to cover theft-related losses, or pilferage.
Explanation:
WPA (With Particular Average) denotes that the partial loss not covered by FPA is additionally covered in addition to the liability area of FPA.
The name of a common clause found in maritime treaties that exempts the parties from fulfilling their duties due to uncontrollable events like earthquakes, floods, or war.
Explanation:
An extraordinary incident or the occurrence of an extreme combination of circumstances that are totally beyond the control of the parties to the contract and render the contract impossible to perform bring the force majeure clause into effect.
A route for transporting import and export commodities between ports and inland locations
Explanation:
Those engaged in the combined transport of the Goods by land, water, or air as either bailees or carriers (other than ocean carriers) are referred to as inland carriers.
A catchall phrase for any table of costs or rates. The tariffs of international transportation firms that operate on land, sea, and in the air, as well as the tariffs of international cable-radio-television providers, are those that are encountered most commonly in international trade.
Explanation:
A tariff is a charge a nation imposes on imports of goods and services from another nation.
The largest type of coverage offered, protecting against any risk of physical loss or damage resulting from outside sources. Does not protect against delay-related loss or damage, inherent vice, insufficient packaging, or market loss.
Explanation:
Any peril is covered by all risks insurance, a form of property or casualty insurance policy, provided that the contract does not expressly exclude it from coverage. Therefore, a peril is covered as long as it is not stated as an exclusion. All risk insurance is another name for all risks coverage.
An approach to shipping whereby a representative (such as a freight forwarder or consolidator) aggregates several shippers' consignments into a single shipment that is sent to a destination agent in order to receive favourable prices. (Also known as "groupage" The drawbacks
Explanation:
Many people believe that shipping by consolidation is the most economical option. This advantage is regarded as one of the most significant advantages of consolidation. You will be required to pay for the entire trailer even if you only use half of it for delivery.
