CHARTERING TERMS

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Ice Clause - Clause in a Bill of Lading or Charter-Party that sets out the options available to the panics to the contract of carriage in The event that navigation is prevented or temporarily delayed by severe ice conditions. The wording of the clause and the options vary according to the individual contract: a master may have the right to divert the ship to the nearest safe port to discharge cargo destined for an ice-bound port. Equally, a charterer may have the option of keeping a ship waiting for ice conditions to clear on payment of demurrage.

Identity of Carrier Clause - Clause in a Bill of Lading which stipulates who the carrier is, that is, the part) responsible for the care of the cargo under the terms of the contract of carriage. This is normally the shipowner since the party issuing the Bill of Lading may have chartered the ship and may not be responsible for the navigation of the ship nor for the handling of the cargo. There are some countries in which this clause may not be upheld.

Incoterms - Rules governing the interpretation of terms used in international trade, published by the International Chamber of Commerce. Against each of the terms of sale, such as FOB, CIF and DDP, are defined the duties of buyer and seller. These rules are incorporated into a contract of sale by agreement of the two parties.

Indemnity - Compensation offered by one party to another for the consequences of carrying out, or omitting to carry out, a certain act. An indemnity is usually given in writing but is unenforceable in a court of law if the act for which it is given is intended to defraud an innocent third party.

Independent Line - Shipping line that operates on a route served by a liner conference but which is not a member of that conference, also referred to as a non-conference line or an outsider.

Inducement - Minimum quantity of cargo or freight required by a shipping line to make it worthwhile to call at a particular port of loading or discharging. Such a cargo is called an inducement cargo or inducement rate.

Inherent vice - The terms mean any existing defects, diseases, decay or the inherent nature of the commodity that will cause it to deteriorate with a lapse of time. Examples of goods that are subject to inherent vice are agricultural commodities, such as fruits and vegetables, and tobacco, which have the tendency to over-heat and to be subject to spontaneous combustion. Mild rust on metal created by atmospheric conditions is an inherent vice.

IWL Institute Warranty Limits - Geographical limits within which a ship may navigate without incurring any additional insurance premium.

Intaken Weight  - Actual weight of cargo loaded on board a ship.

Interclub Agreement - Agreement between a number of major protection and indemnity clubs on the method of apportioning liability for loss and damage to cargo carried in ships chartered under a New York Produce Exchange Charter-Party.

Interim Voyage - Voyage undertaken by a ship between the times she is chartered for a specific voyage and the time she performs it.

Intermodal Tariff - Tariff or freight rates of a shipping line or line conference covering inland as well as ocean legs.

"Issued" Charter - A form of Charter-Party for the establishment of which it might be said that BIMCO is responsible, is referred to as "issued" by BIMCO.