GLOSSARY |
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Taking in charge
Receipt of goods by carrier from shipper.
Telegraphic transfer
Payment instruction sent from one bank to another by electronic means, either SWIFT or telex.
The method of choice for urgent or high-value payments.
Term bill
Bill of exchange on which payment is due at a future date.
Also known as tenor bill.
Title document
Transport document in which the bearer has title to the goods, and so can claim them from the carrier at their destination.
To order
On a bill of exchange 'order' or 'to order' means that the drawer directs payment to be made to another party (usually a bank).
On a bill of lading, 'order' or 'to order' assigns ttile to the goods to another party.
See also:
Endorsement
Blank endorsement
Transferable letter of credit
Letter of credit part of whose value can be transferred to another party (second beneficiary). The Advising bank gives the second beneficiary a transferred letter of credit.
Transhipment
Transfer of goods from one vessel to another during its journey. Some letters of credit prohibit this.
Transport document
Document given by the carrier to the shipper (seller), serving as:
The transport document MAY also serve as a document of title.