Valuable Cargo

Consignment which contains one or more valuable articles (air cargo).

Valuation Charge

Transport charges for certain goods, based on the value declared for the carriage of such goods (air cargo).
Declared Value for Carriage

Valuation Clause

Clause in the Marine Policy that contains a fixed basis of valuation agreed upon by the assured and the underwriter and which establishes the insured value of the merchandise. The clause determines the amount payable under any recoverable loss or General Average contribution.

Value-Added Tax

Abbreviation: VAT. Form of indirect sales tax paid on products and services at each stage of production or distribution, based on the value added at that stage and included in the cost to the final customer.

Value-Added Services

These are services offered by a company as an extension of its core services. These services give customers added value for their investment.

Value Surcharge

Surcharge for the carriage of cargo having a value in excess of a specified amount per kilogram (air cargo).

Valued Bill of Lading

Bill of Lading issued by the carrier which indicates the amount which the shipper has declared as the value of the merchandise. The carrier will be liable for this amount in the event it is found responsible for loss or damage to the merchandise.

Vanning

Stuffing

VAT

Value-Added Tax

Vendee

Buyer.

Vendor

Seller.

Very Large Crude Carrier

Abbreviation: VLCC. Vessel designed for the carriage of liquid cargo in bulk with a loading capacity from
50 000 to 250 000 DWT.

Vessel

Every description of watercraft or other artificial contrivance used, or capable of being used, as a means of transportation on water.
Synonym: Ship

Visa Waiver

Program of selected countries to eliminate the visa requirement on a test basis.

VLCC

Very Large Crude Carrier

Voidable Policy

Where the underwriter has the right to avoid a policy (e.g., in the event of a breach of good faith), the policy is termed “voidable”.

Volume

Size or measure of anything in three dimensions.

Volume Charge

Charge for carriage of goods based on their volume (air cargo).

Volumetric Weight

Volumetric weight measurement is based on the volume of a package and is used when the space a package takes on an aircraft costs more than the package’s actual weight.

Voucher

Receipt, entry or other document which generates the accounts.

Voyage

Journey by sea from one port or country to another or, in case of a round trip, to the same port.
Synonym: Trip

Voyage Charter

Contract under which the shipowner agrees to carry an agreed quantity of cargo from a specified port or ports to another port or ports for a remuneration called freight, which is calculated according to the quantity of cargo loaded, or sometimes at a lump-sum freight.

Voyage Number

Reference number assigned by the carrier or its agent to the voyage of the vessel.