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Harter Act
Affreightment (from freight) is a legal term relating to shipping. A ''contract of affreightment'' is a contract between a ''ship-owner'' and a charterer, in which the ship-owner agrees to carry goods for the charterer in the ship by water. (defining "affreightment", "contract of affreightment") The contract may give the charterer the use of the whole or part of the ship's cargo-carrying space for the carriage of goods on a specified voyage or voyages or for a specified time. The charterer agrees to pay a specified price, called ''freight'', for the carriage of the goods or the use of the ship. A ship may be let, like a house, to a person who takes possession and control of it for a specified term. The person who hires a ship in this way occupies during the specified time the position of ship-owner. The contract under which a ship is so let may be called a charterparty—but it is not, properly speaking, a contract of affreightment, and is mentioned here only to clarify the dis ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Freight
In transportation, cargo refers to goods transported by land, water or air, while freight refers to its conveyance. In economics, freight refers to goods transported at a freight rate for commercial gain. The term cargo is also used in case of goods in the cold-chain, because the perishable inventory is always in transit towards a final end-use, even when it is held in cold storage or other similar climate-controlled facilities, including warehouses. Multi-modal container units, designed as reusable carriers to facilitate unit load handling of the goods contained, are also referred to as cargo, especially by shipping lines and logistics operators. When empty containers are shipped each unit is documented as a cargo and when goods are stored within, the contents are termed containerized cargo. Similarly, aircraft ULD boxes are also documented as cargo, with an associated packing list of the items contained within. Description Marine Seaport terminals handle a wide ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Bill Of Lading
A bill of lading () (sometimes abbreviated as B/L or BOL) is a document issued by a common carrier, carrier (or their Law of agency, agent) to acknowledge receipt of cargo for shipment. Although the term is historically related only to Contract of carriage, carriage by sea, a bill of lading may today be used for any type of carriage of goods. Bills of lading are one of three crucial documents used in international trade to ensure that exporters receive payment and importers receive the merchandise. The other two documents are a insurance policy, policy of insurance and an invoice. Whereas a bill of lading is negotiable, both a policy and an invoice are assignment (law), assignable. In international trade outside the United States, bills of lading are distinct from waybills in that the latter are not transferable and do not confer title. Nevertheless, the UK Carriage of Goods by Sea Act 1992 grants "all rights of suit under the contract of carriage" to the lawful holder of a bill ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Merchant Shipping Act (1894)
Merchant Shipping Act (with its variations) is a stock short title used in Malaysia and the United Kingdom for legislation relating to merchant shipping. Merchant shipping acts and regulations also exist as well in other countries, and they are sometimes referred to as "Merchant Shipping Act" such as in Malta, India, Singapore, Kenya and South Africa. Each country has its specific rules regarding merchant shipping. List Malaysia *The Merchant Shipping (Oil Pollution) Act 1994 United Kingdom *The Merchant Shipping Act 1786 ( 26 Geo. 3. c. 86) *The Merchant Shipping Act 1844 ( 7 & 8 Vict. c. 112) *The Merchant Shipping Law Amendment Act 1853 ( 16 & 17 Vict. c. 131) *The Merchant Shipping Repeal Act 1854 ( 17 & 18 Vict. c. 120) *The Merchant Shipping Act 1854 ( 17 & 18 Vict. c. 104) *The Merchant Shipping Act 1876 ( 39 & 40 Vict. c. 80) *The Merchant Shipping Act 1894 ( 57 & 58 Vict. c. 60) *The Merchant Shipping Act 1897 ( 60 & 61 Vict. c. 59) *The Merchant Shipping (Exem ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Demurrage
"Demurrage" in vessel chartering is the amount of liquidated damages owed by a charterer to a shipowner when the charterer remained in possession of the vessel for the purpose of loading and unloading ( laytime) beyond the time allowed by contract. That is, demurrage describes the charges that the charterer pays to the ship owner for its delayed operations of loading or unloading.Maritime Knowhow website: GENCON Clause 7 Officially, demurrage is a form of liquidated damages for breaching the laytime as it is stated in the governing contract (the charterparty). The demurrage sometimes causes a loss to the seller as it increases cost of the total freight. The inverse of demurrage is despatch. If the charterer requires the ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Lien
A lien ( or ) is a form of security interest granted over an item of property to secure the payment of a debt or performance of some other obligation. The owner of the property, who grants the lien, is referred to as the ''lienee'' and the person who has the benefit of the lien is referred to as the ''lienor'' or ''lien holder''. The etymological root is Anglo-French ''lien'' or ''loyen'', meaning "bond", "restraint", from the Latin ''ligamen'', from ''ligare'' "to bind". In the United States, the term lien generally refers to a wide range of encumbrances and would include other forms of Mortgage law, mortgage or charge. In the US, a lien characteristically refers to ''Nonpossessory interest in land, nonpossessory'' security interests (see generally: ). In other common-law countries, the term lien refers to a very specific type of security interest, being a passive right to retain (but not sell) property until the debt or other obligation is discharged. In contrast to the usag ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Law Report
A or is a compilation of Legal opinion, judicial opinions from a selection of case law decided by courts. These reports serve as published records of judicial decisions that are cited by lawyers and judges for their use as precedent in subsequent cases. Historically, the term "reporter" was used to refer to the individuals responsible for compiling, editing, and publishing these opinions. For example, the Reporter of Decisions of the Supreme Court of the United States is the person authorized to publish the Court's cases in the bound volumes of the ''United States Reports''. Today, in American English, "reporter" also refers to the books themselves. In Commonwealth English, these are described by the plural term "law reports", the title that usually appears on the covers of the periodical parts and the individual volumes. In common law jurisdictions, such as the United States, the doctrine of ''Precedent, stare decisis'' ("to stand by things decided") requires courts to follow ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Insurance
Insurance is a means of protection from financial loss in which, in exchange for a fee, a party agrees to compensate another party in the event of a certain loss, damage, or injury. It is a form of risk management, primarily used to protect against the risk of a contingent or uncertain loss. An entity which provides insurance is known as an insurer, insurance company, insurance carrier, or underwriter. A person or entity who buys insurance is known as a policyholder, while a person or entity covered under the policy is called an insured. The insurance transaction involves the policyholder assuming a guaranteed, known, and relatively small loss in the form of a payment to the insurer (a premium) in exchange for the insurer's promise to compensate the insured in the event of a covered loss. The loss may or may not be financial, but it must be reducible to financial terms. Furthermore, it usually involves something in which the insured has an insurable interest established by o ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Due Diligence
Due diligence is the investigation or exercise of care that a reasonable business or person is normally expected to take before entering into an agreement or contract with another party or an act with a certain standard of care. Due diligence can be a legal obligation, but the term more commonly applies to voluntary investigations. It may also offer a defence against legal action. A common example of due diligence is the process through which a potential acquirer evaluates a target company or its assets in advance of a merger or acquisition. The theory behind due diligence holds that performing this type of investigation contributes significantly to informed decision making by enhancing the amount and quality of information available to decision makers and by ensuring that this information is systematically used to deliberate on the decision at hand and all its costs, benefits, and risks. Development of the term The term "due diligence" can be read as "required carefulness" ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Age Of Sail
The Age of Sail is a period in European history that lasted at the latest from the mid-16th (or mid-15th) to the mid-19th centuries, in which the dominance of sailing ships in global trade and warfare culminated, particularly marked by the introduction of naval artillery, and ultimately reached its highest extent at the advent of steam power. Enabled by the advances of the related age of navigation, it is identified as a distinctive element of the early modern period and the Age of Discovery. Periodization Like most periodic eras, defining the age is inexact and serves only as a general description. The term is used differently for warships and merchant vessels. By the 14th century naval artillery was employed in Europe, documented at the Battle of Arnemuiden (1338). The 15th century saw the Iberian naval ventures all the way along the African Atlantic coast and across the Atlantic Ocean, starting the Age of Discovery. For warships, the age of sail runs roughly from t ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Bill Of Lading, Steamer Chas
Bill(s) may refer to: Common meanings * Banknote, paper cash (especially in the United States) * Bill (law), a proposed law put before a legislature * Invoice, commercial document issued by a seller to a buyer * Bill, a bird or animal's beak Places * Bill, Wyoming, an unincorporated community, United States People and fictional characters * Bill (given name), a list of people and fictional characters * Bill (surname) * Bill (footballer, born 1953), Brazilian football forward Oswaldo Faria * Bill (footballer, born 1978), Togolese football forward Alessandro Faria * Bill (footballer, born 1984), Brazilian football forward Rosimar Amâncio * Bill (footballer, born 1999), Brazilian forward Fabricio Rodrigues da Silva Ferreira Arts, media, and entertainment Characters * Bill, the villain of the ''Kill Bill'' films * Bill, one of the protagonists of the ''Bill & Ted'' films * A lizard in Lewis Carroll's ''Alice's Adventures in Wonderland'' * A locomotive in ''The Railway Series'' an ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Privity
''Privity'' is a common law doctrine that governed the liability and obligations of contracting parties. Once an important concept in contract law, these relationships and obligations now fall within the scope of modern statutory laws, diminishing its relevance to modern proceedings. Contract law {{main article, Privity of contract The principle of privity in the common law's law of contract dictates that persons may not reap the benefits nor suffer the burdens of a contract to which they were not a party. Under the doctrine, if a consumer bought goods from a retailer who had originally bought them from the manufacturer, then, if the goods proved faulty, the consumer should sue the retailer. The consumer could not sue the manufacturer in contract law because no contract existed between them. The retailer could then counterclaim against the manufacturer. In most cases, however, consumers may rely on the manufacturer's guarantee that will have been assigned to them. In England, th ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
