Moving Dictionary : C Terms

C Dictionary Terms

C (Abbr)

Conversion.

Call Provision

See Acceleration Clause.

Cancellation Document

A written agreement to terminate a sales contract.

Cap

A limit on the increase of an interest rate for an adjustable rate loan.

Cargo

Freight being transported by air, ship or vehicle.

Cargo Claim

A claim filed for damage to household goods being transported by Atlas.

Carriage

The movement of goods by a carrier. See Contract Carriage.

Carrier

A company in the business of transporting goods between points for compensation.

Carrier Liability

The financial liability for loss or damage of goods based on the value placed on the goods.

Carrier Packed

Cartons packed by Atlas.

Carrier Packed on Inventory

A designation on the inventory showing cartons packed by Atlas.

Carrier's Certificate & Release Order

A document used to advise the U.S. Customs Service of the details of a shipment, including its ownership, point of origin and number of shipping cases. This document certifies that the party named on the certificate is the true owner or consignee and is, therefore, entitled to file for customs release of the cargo.

Carrying Costs

Maintenance expenses resulting from the ownership of a property (especially a residential property) like insurance, utilities and taxes.

Cartage

Transporting goods to or from storage.

Cartman

Someone who transports goods within the confines of a port. Also called a Drayman.

Cash Equivalency

An adjustment to a comparable property sale when the sale was financed in a manner atypical of the marketplace. If, for example, the seller backs a loan carrying no interest, the sale would be adjusted downward.

Cash on Delivery (COD)

A shipment that is paid for by the individual at the time of delivery prior to the unloading of the shipment. Also called Collect on Delivery.

Cash Settlement

Cash paid in a claims settlement for loss or damage to property.

Catastrophic Coverage

Insurance protecting against a warehouse fire and other catastrophic occurrences.

CEF (Abbr)

Company Equipment Fleet.

CERS (Abbr)

Carrier Evaluation and Rating System.

Certificate of Occupancy (CO)

A government document stating that a building is fit to be occupied and is free of violations. Also see Physical Damage Insurance.

Certificate of Origin

A document used to determine the country in which the goods were manufactured or produced. It must be signed and sealed by a recognized Chamber of Commerce as certification of the true origin and also may require legalization by a consular office of the destination country.

Certificate of Reasonable Value (CRV)

A Veterans Administration appraisal certificate that states a property's current market value.

Certificate of Title

1. A statement prepared by a title company, abstractor or attorney confirming the title of a property is clear, marketable and insurable.
2. A statement issued by a state government verifying ownership and acknowledging liens placed upon any automobile, truck, tractor or other conveyance.

Certificate of Weight

An authoritative statement of the weight of a shipment prepared by a weigh master.

Chain of Title

A history of ownerships, liens and encumbrances of a title.

Chattel Mortgage

A mortgage secured by personal property.

CHG (Abbr)

Charge.

CK OUT (Abbr)

Check Out.

Claim

A written report a customer files with Atlas for payment for loss or damage to property that may have occurred while shipment was in possession of Atlas.

Claim File

A file containing all documents necessary for Atlas' claims administration department to process a claim.

Clean Receipt/Clean Bill of Lading

A bill of lading for goods received in apparent good condition with no damage or missing items.

Closed in Escrow

All funds are distributed and terms of the sale are met, completing the sale transaction.

Closed Mortgage

A mortgage that cannot be prepaid until maturity or during a specific period.

Closing

The delivery of the deed after the terms of the contract have been met, making the buyer the official owner of the property.

Closing Assistance

A third-party service that assists an owner in selling a home by funding equity to the owner to buy a new home based on the original home's appraised value. Also called Assigned Sales.

Closing Costs

The costs of purchasing a property in addition to the purchase price, such as fees and insurance.

Closing Statement

A statement of all amounts due in a real estate transaction.

Cloud on the Title

An outstanding claim, lien or encumbrance that affects the property's marketability.

Code Number (CODE)

A number assigned to Atlas van operators, salespeople and agents that is used for identification within the Atlas system.

Collect on Delivery (COD)

See Cash On Delivery.

Commercial Shipment

A shipment of non-household goods.

Commercial Shipper

The company that ships a commercial shipment.

Commercial Truckload Division (CTD)

The division of Atlas that handles commercial shipments, which include new furniture, fixtures, crated exhibits and general commodities. It is part of the Specialized Transportation Group.

Commission

1. The portion of the revenue derived from a shipment payable to the origin agent, booking agent, destination agent or hauler.
2. An amount paid to a real estate agent or broker upon completing a sale. It is usually a percentage of the sale price.

Commitment

A promise to loan money to a qualified borrower.

Commitment Fee

A fee paid by a lender to an investor in exchange for the investor's promise to buy a mortgage in the future.

Commodity (COMM)

An economic good or article of commerce when delivered for shipment.

Commodity Rate

A rate applied to a commodity named in a commodity tariff.

Common Elements

Portions of a property — land and structures, including elevators, pools, roofs and floors, but not the individual units — that the owner has a right to use. Each condominium owner owns a percentage of the common elements.

Comparable

A property equivalent in value to another property used to establish the latter property's value.

Competitive Market Analysis

See Direct Sales Comparison Approach.

Complete Occupancy

When a single shipment completely occupies a van, due to bulk, it is charged on actual weight or 7 pounds per cubic foot of the van, whichever is greater. This does not apply to household goods shipments.

Completion Bonus

An extra payment to an expatriate upon completion of a foreign assignment. Often part of the mobility premium.

Compliance

Fulfilling the requirements on shipping documents and papers in accordance with government regulations.

Compound Interest

Interest paid on the principal of a mortgage plus the accrued interest.

Concealed Damage

Damage to the contents of a package without apparent damage to the package itself.

Conditional Commitment

A promise to insure a Veterans Administration or Federal Housing Administration loan on a property to a borrower with satisfactory credit, eventually requiring a firm commitment.

Conditional Sales Contract

An agreement in which the seller retains the title to a sold property, but the property is given to the buyer so long as he or she does not default on the conditions of the contract.

Condominium Ownership

Individual ownership of one unit in a multiunit development and joint ownership of the common elements outside the unit. See Common Elements.

Condominium Fee

A common payment by condominium owners allocated to pay expenses.

Conference, Steamship

A conference of vessel operators who provide service within a specified trade route and who agree to certain fixed rates within that route.

Consideration

An item of value, possibly money or a service, given with the intent of motivating a person to enter into a contract or to discourage a certain act such as a lawsuit.

Consignee

The person at destination named as the receiver of the shipment.

Consignment

See Shipment.

Consignor

The person at origin who arranges for the transportation of the shipment.

Consolidation

The combining of two or more small shipments into one unit between two given points, usually for a rate normally less than that which would have been assessed against each individual shipment within the consolidation. See Non-Vessel Operating Common Carrier.

Construction Loan

A short-term loan for financing construction. As the work progresses, the lender makes periodic payments to the builder.

Consular Invoice

A special invoice required by certain countries to control and identify goods being imported into that country.

Consumption Entry

A customs entry applicable to most importation in which the value of the goods exceeds $250.00. Also called Formal Entry.

Containerization

The use of a standard box, carton, drum or barrel to transport freight.

Container on Flat Car (COFC)

A term used in rail transportation of a steamship container when the container is not mounted on a chassis, requiring special equipment to transfer the container between the flat car and a chassis or flatbed truck. See Trailer On Flat Car.

Contingency

A requirement or qualification stated in a contract that must be met before the contract is final.

Contract

A written agreement or legally enforceable promise between two parties.

Contract Carriage

Transportation of goods by a carrier under a contract, rather than a tariff.

Contract for Deed

A written agreement for the purchase of a property in which the payment or a portion of the selling price is deferred and the seller retains title to the property until full payment is made. The amount owed may be made in installments over a period of time with the remaining balance due at maturity.

Contract Number

The identification number assigned by Atlas to each national account contract.

Contract of Sale

A written agreement for the purchase or sale of property. The buyer agrees to purchase the property at an agreed upon price and the seller agrees to transfer the title to the property by way of a deed.

Contract Rent

The rental income in a lease agreement.

Conventional Loan

A fixed-term, fixed-rate mortgage secured by real estate and paid in monthly payments for a specified term. It is not insured by the Federal Housing Administration or guaranteed by the Veterans Administration.

Conveyance

1. A deed or written instrument to transfer title or an interest in property.
2. A means of transportation.

Cooperative Ownership

Ownership of an apartment whereby the building is owned by a corporation and the apartment owner owns stock in the corporation.

Coordinator

The person who sets up and supervises disposition of shipments and coordinates shipments between the origin agent, destination agent, van operator and Atlas.

Corporate Customer Access System (CCAS)

Atlas' on-line computer system that provides customers access to the status of their shipments via computer. Atlas customers receive informative E-mails when their shipments are updated.

Corporate Relocation Policy Development Manual

An Atlas publication that assists companies in developing a corporate relocation policy, including suggestions on criteria for selecting a carrier, a checklist of relocation expenses, and an international section.

Corrective Billing

An invoice correcting charges and/or rates on the original invoice.

Correlation

See Reconciliation.

Cosigner

A person who signs a legal document and becomes jointly responsible for fulfilling the obligations under the contract.

Cost Approach

Estimating the value of a property by adding the reproduction or replacement cost of the building, less depreciation, to the estimated land value. This approach is the most useful when estimating the value of new construction and service properties like churches.

Cost-Insurance-Freight (CIF)

Used to specify the value of an article at a specific point.

Cost-of-Living Allowance (COLA)

An allowance to compensate a transferring employee for the extra expenses involved in moving to a new location with higher living costs. The new location may demand higher taxes, more expensive housing or transportation, etc. Also called Allowance or Goods and Services Differential when dealing specifically with goods and services.

Counteroffer

A return offer made by the buyer or seller after rejecting the previous offer, in an attempt to purchase or sell a property. The counteroffer replaces the original offer.

Country of Assignment

See Host Country.

Country of Origin

See Home Country. Regarding a product, it is the country in which the product is manufactured, produced or grown rather than the country from which it is shipped.

Covenant

Agreements written into deeds, leases, mortgages, etc., promising performance or nonperformance of certain uses or nonuses of a property.

Credit Rating

A rating based on a person's present financial condition and past credit history.

Credit Report

A report to determine a person's credit rating and ability to pay a loan.

Credit Report Fee

A charge for a credit report.

CRT/FRT (Abbr)

Crate and Freight.

Cube (CU)

A measurement of the capacity or cubic space of a truck or container. The industry average is 7 pounds per cubic foot.

Cube Sheet (CU)

A sheet containing written measurement of household goods items. Also called Table of Measurements.

Currency Adjustment

An extra fee assessed on ocean freight charges to compensate for currency exchange fluctuation between the U.S. dollar and a foreign currency.

Customer Complaint and Inquiry Procedures

A program implemented by Atlas' customer relations department and required by the government to handle complaints and inquiries.

Custom

A fee imposed by a country on imports and exports. The U.S. Customs Service is the agency responsible for collecting a custom.

Customhouse

The place or building where custom fees are collected by the U.S. Customs Service.

Customhouse Broker

A person who is licensed by the U.S. Customs Service for brokerage purposes to transact business on behalf of others.

Customs

1. The U.S. Customs Service.
2. Fees placed on imports and exports.
3. The place where a physical examination of imports and exports is done.

Customs Clearance

The process of obtaining release of goods from the U.S. Custom Service, including documentation handling and processing, but not including the physical handling of the cargo for examination.

Customs Entry

The filing of all applicable documentation for the importation and release of goods, with the U.S. Customs Service having jurisdiction over the point at which the shipment is to be released.

Customs Examination

A physical inspection of a shipment by the U.S. Customs Service. The customer must provide the opening, closing and repacking of each container inspected.

Customs Registration

The registration of articles with the U.S. Customs Service prior to export of a shipment to prove that it had legally originated at some time in the U.S.

CWT (Abbr)

An abbreviation for per 100 pounds specified weight. It is always qualified as the type of weight involved, e.g., gross, net, gross chargeable, dimensional, etc.