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Standard Trading Conditions (STC) are standardized terms imposed by some countries for accepting cargo by shipping lines, airlines and logistics services providers like freight forwarders and customs agents. They are usually printed as the fine print behind the shipping documents like bill of lading, air way bill, or consignment note
Freight futures contracts settle over the average price of spot freight during the corresponding month. Given freight is intangible, there is no physical delivery. Rather, the contracts settle in cash against the arithmetic average price of spot freight published by the Baltic Exchange. The Baltic Exchange, on a daily basis, publishes a number ...
Incoterms inform sales contracts defining respective obligations, costs, and risks involved in the delivery of goods from the seller to the buyer, but they do not themselves conclude a contract, determine the price payable, currency or credit terms, govern contract law or define where title to goods transfers.
A contract of carriage is a contract between a carrier of cargo or passengers and the consignor, consignee or passenger. [1] [2] Contracts of carriage define the rights, duties and liabilities of parties to the contract, addressing topics such as acts of God and including clauses such as force majeure (removing liability for extraordinary occurrences beyond control of the parties).
A contract of affreightment is not strictly a charter contract but is somewhat similar to a voyage charter. Under a contract of affreightment, the shipowner undertakes to carry a number of cargoes within a specified period of time on a specified route. The agreed frequency of cargoes may require more than one ship.
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. [1] 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 ...