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Assured Party
Party that has legal title to the cargo and to whom a claim payment will be paid.  
1. Behind a vessel or an aircraft. 2. Backward; in a reverse direction.  
Across the vessel, i.e., from one side to the other. Fore and Aft Stowage
Methodical examination and review of a situation or condition (as within a business enterprise) concluding with a detailed report of findings.  
Proof by means of a signature or otherwise that a certain document or certain data is of undisputed origin and is genuine.  
Commission to a certain person or body to act on behalf of another person or body.  
Auto Container
Container equipped for the transportation of vehicles.  
Automated Guided Vehicle System
Unmanned vehicles equipped with automatic guidance equipment which follow a prescribed path.  
Automatic Indentification
Means of identifying an item (e.g. a product, parcel or transport unit) by a device entering the data automatically into a computer. The most widely used technology at present is bar code; others include radio frequency, magnetic stripes and optical character recognition.  
Any loss or damage due to insured perils that is less than a total loss. Two types of average occur: Particular Average and General Average. Particular AverageGeneral AverageAverage Adjusters
Average Adjusters
In general average adjusters are entrusted with the task of apportioning the loss and expenditure over the parties interested in the maritime venture. They also determine which expenses are to be regarded as average or general average.  
Average Clause
Clause in marine policy which sets out the cover provided in the event of partial loss.  
Average Irrespective of Percentage
Indicates that partial losses will be paid regardless of any franchise or percentage.  
Air Waybill Air Waybill
Both Days Inclusive.  
Bill of Lading
Back Letter
1. Back letters are drawn up in addition to a contract in order to lay down rights and/or obligations between both contracting parties, which, for various possible reasons, cannot be included in the original contract. 2. This expression is sometimes used for letters of indemnity.  
Back Order
Customer order or commitment, which is unfilled due to insufficient stock.  
1. The quantity of goods still to be delivered, received, produced, issued, etc., for which the planned or agreed date has expired. 2. The total number of customer orders which have been received but not yet been shipped. Open Order
Bunker Adjustment Factor
Balance of Trade
Difference between a country's total imports and exports. If exports exceed imports, a favorable balance of trade exists; if not, a trade deficit is said to exist.  
The capacity of cargo spaces under the deck of a vessel (including hatchways but excluding void spaces behind cargo battens and beams) expressed in cubic meters or cubic feet.  
Materials carried to improve the trim and the stability of the vessel. Vessels usually carry water in tanks as ballast. The tanks are specially designed for this purpose.  
Bank Draft
Check issued by a bank.  
Bank Guarantee
Undertaking by a bank to effect payment of a sum of money in the event of non performance by the party on whose behalf the guarantee is issued.  

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