Glossary: V

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Validated Export License - A document required issued by the U.S. government authorizing the export of specific commodities. This license is for a specific transaction or time period in which the exporting is to take place. Compare with "General Export License".

Validation - Authentication of 8/L and when a 8/L becomes effective.

Valuation Charges - Transportation charges assessed shippers who declare a value of goods higher that the carrier's limit of liability.

Valuation Schedule - For insurance purposes, a list that establishes the value of the household goods that will be shipped. Ocean, air and storage shipments each require individual valuation schedules.

Value Added Tax - An indirect tax on consumption which is levied at each discrete point in the chain of raw material, production, distribution and final consumption. Each processor pays a tax proportional to the amount by which the value of the goods purchased for resale are increased. The value-added tax is imposed throughout the European Economic Community and Canada.

Value-of-Service Pricing - Pricing according to the value of the product being transported; this degree price of discrimination; demand-oriented pricing charging what the traffic will bear.

Valuation Actual - Actual value of goods showing on bill of lading by shipper when rate to be applied depends on value.

Valuation Clause - The 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 losses General Average contribution.

Vanning - A term sometimes used for stowing cargo on a container.

Variable Cost - Costs that vary directly in relation to the level of activity within a short time. Examples include costs for moving cargo inland on trains or trucks, stevedoring in some ports,

short-term equipment leases. For business analysis, all costs are either defined as variable or fixed.

Ventilated Container - A container that is designed with openings in the side and/or end walls to permit the movement of air when the doors are closed.

Vessel - Every description of watercraft or other artificial contrivance used, or capable of being used, as a means of transportation on water.

Vessel Manifest - International carriers are obliged to make declarations of the ship's crew and contents at both the port of departure and arrival. The vessel manifest lists various details about each shipment by 8/L number. Obviously, the 8/L serves as the core source from which the manifest is created.

Vessel Supplies for Immediate Exportation (VSIE) - Allows equipment and supplies arriving at one port to be loaded on a vessel, aircraft, etc., for its exclusive use and to be exported from the same port.

Viz. - Specifically used in tariffs to specify commodities.

Volume Weight - Chargeable weight based on the amount of space occupied.