Glossary
acceptance The act of a drawee acknowledging in writing on the face of a draft payable at a fixed or determinable future date, that he will pay the draft at maturity. acceptance draft A sight draft document against acceptance. See SIGHT DRAFT. DOCUMENTS AGAINST ACCEPTANCE. ad valorem Literally, according-to-value. See DUTY. advisory capacity A term indicating that a shipper's agent or representative is not empowered to make definitive decisions or adjustments without approval of the group or individual represented. Compare WITHOUT RESERVE. affreightment (contract of) An agreement between steamship line (or similar carrier) and an importer or exporter in which cargo space is reserved on a vessel for a specified time and at a specified price. The importer/exporter is obligated to make payment whether or not the shipment is made. after date A phrase indicating that payment on a draft or other negotiable instrument is due a specified number of days after presentation of the ...