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M3 Cubic Metre.

Manufacturer’s Certificate A Certificate of Manufacture is used when a buyer intends to pay for goods prior to shipment, but the lead time for the manufacturing process is lengthy and the buyer does not which to tie up funds too far in advance. Usually, the goods are manufactured after a small down payment. when the goods have been manufactured, the seller prepares a Manufacturer’s Certificate stating that the goods ordered have been produced in accordance with the contract with the buyer. Upon receiving the certificate, the buyer forwards both payment and shipping instructions, and the shipment is made by the seller.

Marine Cargo Insurance Average - A term in marine cargo insurance signifying loss or damage to merchandise. General average - A loss arising out of a voluntary sacrifice made of any part of a shipment or cargo to prevent loss of the whole and for the benefit of all persons concerned. FPA - Free of particular average - a provision in a marine cargo insurance policy that no claim shall be paid for damage to goods in the course of a voyage unless a loss is sustained that totals or exceeds a certain percentage of the value as specified in the policy. The object of such a provision is the avoidance of petty claims. Open Policy - A contract between an insurance company and the exporter by which all shipments made by the assured are automatically protected from the time the merchandise leaves the initial shipping. Particular average - A partial loss or damage of merchandise caused by a peril insured against, but which is not a general-average loss.

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