Uniform Customs and Practice (UCP)
A set of internationally recognized rules established by the International Chamber of Commerce (ICC) to govern letters of credit in international trade.
Definition
A set of internationally recognized rules established by the International Chamber of Commerce (ICC) to govern letters of credit in international trade. The UCP 600 is the most widely adopted version and outlines best practices for documentary credits. UCP rules standardize the roles of buyers sellers and banks ensuring smoother financial transactions in global commerce
Related Terms
ULD (Unit Load Device)
A Unit Load Device (ULD) is a standardized container or pallet used to consolidate cargo for air transportation.
UN Number
A four-digit code assigned by the United Nations Committee of Experts on the Transport of Dangerous Goods to identify hazardous substances.
Unloading Charges
Fees applied by terminals warehouses or trucking companies for the labor and equipment required to unload cargo from a vessel truck or container.
Actual Gross Weight
The total weight of a shipment including the product itself packaging materials pallets and any other shipping aids.
Accessorial Fees
Additional fees charged by carriers for services beyond standard transportation.
Advanced Manifest System (AMS)
A U.S. Customs system that requires cargo data (such as shipper consignee and cargo details) to be electronically submitted prior to a vessel's arrival.
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