In Lloyd's Register, the highest rating for vessels; LCTA Contracts 27 and 30 require that shipment be made by vessel classed not lower than 100 A.1 by Lloyd's, or in equivalent classification by other recognized registers.

The aft, or rear hatch, of a vessel.

Antwerp/Hamburg Range, q.v.

The evacuation of a vessel by officers and crew such as to constitute relinquishment of title by owners. In marine insurance, claims for constructive total loss must be preceded by proof of abandonment.

A provision permitting payment of an obligation prior to maturity; also, a provision giving a creditor the right to demand advance payment of the principal amount owed him, under circumstances such as the failure of the debtor to pay an installment when due.

1) The agreement by a party to a proposal submitted to him by another party. Thus, if an offer made to a buyer is satisfactory to him, buyer will signify his willingness to enter into a. contract by his acceptance of the terms submitted.
2) a draft which is due to mature at a stated future date, and which a bank has marked "accepted" and signed. This instrument may be retained by drawer until maturity, to be presented then for payment by the accepting bank; it may be used as collateral for a. bank loan; or it may be sold to a financial institution or to someone else, at a discount (i.e., it may be "discounted"). v. letter of credit.

A phrase used to specify which party to a. transaction bears responsibility for providing certain services, such party assuming the costs as well as the attendant hazards. Risks may involve losses through deterioration of quality, changes in tariff rates, market. Fluctuations, etc. v. for account of.

The party upon whose instructions a, bank has opened a letter of credit. v. letter of credit.

An event resulting from unforeseeable natural phenomenal, e. g., an earthquake. Force majeure, in contrast, refers also to impossibility of contractual performance by reason of human interference, e.g., the action of a sovereign state in prohibiting exports. An act of God is generally recognized as valid grounds for non-performance; neither LCTA Contracts 27 and 30 nor NAEGA Numbers 2 and 3 refer by name to acts of God as being warrants for departure from the obligations of the parties.