An instrument that, once established, cannot be modified or cancelled without the agreement of all parties concerned.

A revolving letter of credit that prohibits the amount not used during the specific period from being available afterwards.

A condition within the letter of credit which restricts its negotiation to a named bank.

An instrument that can be modified or cancelled at any moment without notice to and agreement of the beneficiary, but customarily includes a clause in the credit to the effect that any draft negotiated by a bank prior to the receipt of a notice of revocat ...

An irrevocable letter issued for a specific amount; renews itself for the same amount over a given period.

A letter of credit that contains a limited engagement clause which states that the issuing bank promises to pay the beneficiary upon presentation of the required documents at its counters or the counters of the named bank.

A letter of credit that allows the beneficiary to transfer in whole or in part to another beneficiary any amount which, in aggregate, of such transfers does not exceed the amount of the credit. Used by middlemen.

A letter of credit forwarded to the beneficiary by the advising bank without engagement on the part of the advising bank.

In order to obtain the clean bill of lading, the shipper signs a letter of indemnity to the carrier on the basis of which may be obtained the clean bill of lading, although the dock or mate's receipt showed that the shipment was damaged or in bad conditio ...

A commission issued, licensing the commander of a privately owned ship to cruise in search of enemy merchant vessels. see Privateer.

A gigantic sea animal.

Term for a seaman's short leave from his ship, permitting him to go ashore for the day or night.

Permission to be absent from the ship for a short period (authorized absence).

A pilot with a license stating that they are qualified to guide vessels in a particular area.

Some governments require certain commodities to be licensed prior to exportation or importation. Clauses attesting to compliance are often required on the B/L.- Various types issued for export (general, validated) and import as mandated by government(s).

To bring a sailing vessel head to the wind or as close to it as possible in high seas, maintaining a slight forward motion.

To remain nearly alongside another vessel.

See Heave To

A legal claim upon goods for the satisfaction of some debt or duty.

Retention of property until outstanding dept is paid