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UCP - Abbreviation for the “Uniform Customs and Practice for Documentary Credits,” published by the In­ternational Chamber of Commerce. This is the most frequently used standard for making payments in international trade; e.g., paying on a Letter of Credit. It is most frequently referred to by its shorthand title: UCP No. 500. This revised publication reflects recent changes in the transportation and banking industries, such as electronic transfer of funds.
UFC - Abbreviation for “Uniform Freight Classification.”
ULCC - Ultra Large Crude Carrier. A tanker in excess of 320,000dwt.
Ullage - The space not filled with liquid in a drum or tank.
UN/EDIFACT - United Nations EDI for Administration, Commerce and Transport. EDI Standards are developed and supported by the UN for electronic message (data) interchange on an international level.
Unclaimed Freight - Freight that has not been called for or picked up by the consignee or owner.
Undercharge - To charge less than the proper amount.
Underway - A vessel is underway when it is not at anchor, made fast to the shore, or aground.
Uniform Customs and Practices for Documentary Credits (UCP) - Rules for letters of credit drawn up by the Commission on Banking Technique and Practices of the International Chamber of Commerce in consultation with the banking associations of many coun­tries. See Terms of Payment.
Unit Load - Packages loaded on a pallet, in a crate or any other way that enables them to be handled at one time as a unit.
Unit Train - A train of a specified number of railcars, perhaps 100, which remain as a unit for a designated destina­tion or until a change in routing is made.
Unitization – The consolidation of a quantity of individual items into one large shipping unit for easier handling.– Loading one or more large items of cargo onto a single piece of equipment, such as a pallet.
Unloading - Removal of a shipment from a vessel.
U.S. Consular Invoice - A document required on merchandise imported into the United States.
USPPI – United States Principal Party of Interest - The party that receives the primary benefit from an export transaction, usually the seller of the goods.
 


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