A B C D E F G H I J K L M N O P Q R S T U V W Y Z

Validity

The time period for which a letter of credit is valid. After receiving notice of a letter of opened in his behalf, the seller/exporter/beneficiary must meet all the requirements of the letter of credit within the period of validity. See…

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Valuation charges

Transportation charges assessed shippers who declare a value of goods higher that the value of carriers´ limits liability. See declared value for carriage.

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Valuation clause

The clause in a marine cargo insurance policy that contains the agreed basis for determining the value of covered goods. This sets the amount due under any claim for lows or general average contribution. A valuation clause commonly in use…

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Value for money (VFM)

A measure of quality that assesses the monetary cost of the product or service against the quality and/or benefits of that product or service, taking into account subjective factors such as fitness for purpose, along with whole-of-life costs such as…

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