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Traditional payment option for a seaman to dispose of some of his pay to relatives.

Related Terms

PAY

To cover over with tar or pitch. Monetary remuneration for work done.

WALK BACK

To pay out more cable by reversing the windlass.

CPD

Charterers Pay Dues

ACCEPTANCE

1) A time draft (or bill of exchange) that the drawee (payer) has accepted and is unconditionally obligated to pay at maturity. 2) Broadly speaking, any agreement to purchase goods under specified terms.

CONFIRMING BANK

The bank that adds its confirmation to another bank's (the issuing bank's) letter of credit and promises to pay the beneficiary upon presentation of documents specified in the letter of credit.

ISSUING BANK

Bank that opens a straight or negotiable letter of credit and assumes the obligation to pay the bank or beneficiary if the documents presented are in accordance with the terms of the letter of credit.

LIQUIDATED DAMAGES

The penalty a seller must pay if the construction project does not meet contractual standards or deadlines.

STRAIGHT LETTER OF CREDIT

A letter of credit that contains a limited engagement clause which states that the issuing bank promises to pay the beneficiary upon presentation of the required documents at its counters or the counters of the named bank.

DELIVERED DUTY UNPAID

DDU - a Term of Sale where the seller ful lls his obligation to deliver when the goods have been made available at the named place in the country of importation. The seller has to bear the costs and risks involved in bringing the goods thereto (excluding duties, taxes and other official charges payable upon importation) as well as the costs and risks of carrying out customs formalities. The buyer has to pay any additional costs and to bear any risks caused by failure to clear the goods for in time.

ARREST

The detention of a vessel. Usually as a result of unpaid debts. This is an option in the judicial process to force a responsible party to pay debts or post a bond to secure the debt until the legal proceedings have concluded.
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