I

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.

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.

Immediate Exportation

An entry that allows foreign merchandise arriving at one port to be exported from the same port without the payment of duty.

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.

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.

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. Particularaverage 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.

I.S.O.

International Standards Organization which deals in standards of all sorts, ranging from documentation to equipment packaging and labeling.

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.

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.

The terms in this glossary have been carefully selected by ValveDepot. We hope you will find it useful.   This information is for reference only.  ValveDepot will not have any liability for mis-use this information.

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