| I.M.C.O. |
|
| International
Maritime Consultative Organization. A forum in which most
major maritime nations participate and through which
recommendations for the carriage of dangerous goods, bulk
commodities, and maritime regulations become internationally
acceptable. |
|
| I.M.D.G.
Code |
|
| International
Maritime Dangerous Goods Code. The regulations published by
the IMO for transporting hazardous materials internationally. |
|
| I.S.O. |
|
| International
Standards Organization which deals in standards of all sorts,
ranging from documentation to equipment packaging and
labeling. |
|
| I.T. |
|
| Abbreviation
for "Immediate Transport." The document (prepared by
the carrier) allows shipment to proceed from the port of entry
in the U.S. to Customs clearing at the destination. The
shipment clears Customs at its final destination. Also called
an "In-Transit" Entry. |
|
| I/A |
|
| Abbreviation
for "Independent Action." The right of a conference
member to publish a rate of tariff rule that departs from the
Agreement's common rate or rule. |
|
| ICC |
|
| Abbreviation
for (1) "Interstate Commerce Commission," (2)
"International Chamber of Commerce." |
|
| IE |
|
| Stands
for "Immediate Exit." In the U.S., Customs IE Form
is used when goods are brought into the U.S. and are to be
immediately re-exported without being transported within the
U.S. |
|
| Immediate
Exportation |
|
| An
entry that allows foreign merchandise arriving at one port to
be exported from the same port without the payment of duty. |
|
| Import |
|
| To
receive goods from a foreign country. |
|
| Import
License |
|
| A
document required and issued by some national governments
authorizing the importation of goods. |
|
| In
Bond |
|
| Cargo
moving under Customs control where duty has not yet been 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. |
|
| In
Transit |
|
| In
transit, or in passage. |
|
| In-Transit
Entry (I.T.) |
|
| Allows
foreign merchandise arriving at one port to be transported in
bond to another port, where a superseding entry is filed. |
|
| 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 the normal volume. |
|
| INCOTERMS |
|
| 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
rate within a conference tariff that is 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. |
|
| Inducement |
|
| Placing
a port on a vessel's itinerary because the volume of cargo
offered at that port justifies the cost of routing the vessel. |
|
| Inherent
Vice |
|
| An
insurance term referring to any defect or other characteristic
of a product that could result in damage to the product
without external cause (for example, instability in a chemical
that could cause it to explode spontaneously). Insurance
policies may exclude inherent vice losses. |
|
| Inland
Carrier |
|
| A
transportation line that hauls export or import traffic
between ports and inland points. |
|
| Inspection
Certificate |
|
| A
certificate issued by an independent agent or firm attesting
to the quality and/or quantity of the merchandise being
shipped. Such a certificate is usually required in a letter of
credit for commodity shipments. |
|
| Installment
Shipments |
|
| Successive
shipments are permitted under letters of credit. Usually they
must take place within a given period of time. |
|
| Insulated
Container |
|
| A
container insulated on the walls, roof, floor, and doors, to
reduce the effect of external temperatures on the cargo. |
|
| Insulated
Container Tank |
|
| The
frame of a container constructed to hold one or more thermally
insulated tanks for liquids. |
|
| Insurance
with Average-clause |
|
| This
type of clause covers merchandise if the damage amounts to
three percent or more of the insured value of the package or
cargo. If the vessel burns, sinks, collides, or sinks, all
losses are fully covered. In marine insurance, the word
average describes partial damage or partial loss. |
|
| Insurance,
All-risk |
|
| This
type of insurance offers the shipper the broadest coverage
available, covering against all losses that may occur in
transit. |
|
| Insurance,
General-Average |
|
| In
water transportation, the deliberate sacrifice of cargo to
make the vessel safe for the remaining cargo. Those sharing in
the spared cargo proportionately cover the loss. |
|
| Insurance,
Particular Average |
|
| A
Marine insurance term to refer to partial loss on an
individual shipment from one of the perils insured against,
regardless of the balance of the cargo. Particular_average
insurance can usually be obtained, but the loss must be in
excess of a certain percentage of the insured value of the
shipment, usually three to five percent, before a claim will
be allowed by the company. |
|
| Interchange
Point |
|
| A
location where one carrier delivers freight to another
carrier. |
|
| Intercoastal |
|
| Water
service between two coasts; in the U.S., this usually refers
to water service between the Atlantic and Pacific or Gulf
Coasts. |
|
| Interline
Freight |
|
| Freight
moving from origin to destination over the Freight lines of
two or more transportation carriers. |
|
| Intermediate
Point |
|
| A
point located en route between two other points. |
|
| Intermodal |
|
| Used
to denote movements of cargo containers interchangeably
between transport modes, i.e., motor, water, and air carriers,
and where the equipment is compatible within the multiple
systems. |
|
| Invoice |
|
| An
itemized list of goods shipped to a buyer, stating quantities,
prices, shipping charges, etc. |
|
| Inward
Foreign Manifest (IFM) |
|
| A
complete listing of all cargo entering the country of
discharge. Required at all world ports and is the primary
source of cargo control, against which duty is assessed by the
receiving country. |
|
| IPI |
|
| Abbreviation
for "Inland Point Intermodal." Refers to inland
points (non-ports) that can be served by carriers on a through
bill of lading. |
|
| Irrevocable
Letter of Credit |
|
| Letter
of credit in which the specified payment is guaranteed by the
bank if all terms and conditions are met by the drawee and
which cannot be revoked without joint agreement of both the
buyer and the seller. |
|
| Issuing
Bank |
|
| Bank
that opens a straight or negotiable letter of credit and
assumes the obligation to pay the bank or beneficiary if the
documents presented are in accordance with the terms of the
letter of credit. |
|
| Issuing
Carrier |
|
| The
carrier issuing transportation documents or publishing a
tariff. |
|
