A B C D E F G H I J K L M N O P Q R S T U V W X Y Z

G

General Average
A term applied to insurance policies, and more correctly defined as “general average loss”.  This is a loss caused by, or directly consequential on, a General Average Act.
A General Average Act consists in an extraordinary sacrifice or expenditure which is (a) voluntarily and reasonably made or incurred, (b) in time of imminent peril, (c) for the purpose of preserving the property imperiled in the common adventure.  In practical terms, this means that if a ship, then all other shippers who have cargo on that vessel will bear the loss proportionately.

General Tariff
A tariff that applies to imports from countries that do not enjoy either preferential or most-favoured-nation tariff treatment. Where the general tariff rate differs from the most-favoured-nation rate, the general tariff is usually an older and higher rate.

GCR (General Cargo Rate)
As distinct from a rate applicable to a specific commodity.

Gr Wt (Gross Weight)

GSP (General System of Preferences)
Under which goods from certain countries are given preferential rates of import duty.

H

HAWB
House Air Way Bill, individually numbered, identifies a particular shipment within an Airfreight Consolidation movement.  The Consol itself being covered by a single MAWB – Maser Air Way Bill fro identification purposes.

Hedge/ Hedging
An action taken by a buyer or seller to protect his or her business or assets against a change in prices. A miller, for example, might buy a quantity of wheat to convert into flour at a given point in time and agree at the same time to sell a similar quantity of wheat that he does not own, at the same price, for delivery at a designated future point in time. If the price of wheat falls, he will lose on the flour while making a profit on the wheat he can later buy at the lower price. But if the price of wheat rises, he will make an extra profit on his flour, which he will have to sacrifice by purchasing wheat at the current high price. In either case, his production profits are protected.

HS (Harmonised System)
A complete product classification system, formally known as the Harmonized Commodity Description and Coding System, that is organized in a particular framework and that employs a numbering or coding system consistent with its organizational arrangement. At the international level, the HS comprises approximately 5,000 article descriptions that appear as headings and subheadings, arranged in 97 chapters grouped in 21 sections.

Hypothecation
The pledging of property to secure a debt, without giving up possession of such property.