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UCP
Abbreviation for the "Uniform Customs and Practice for Documentary Credits," published by the International Chamber of Commerce. This is the most frequently used standard for making payments in international trade; e.g., paying on a Letter of Credit. It is most frequently referred to by its shorthand title: UCP No. 500. This revised publication reflects recent changes in the transportation and banking industries, such as electronic transfer of funds.
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Ullage
The space not filled with liquid in a drum or tank.
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Unitization
- The consolidation of a quantity of individual items into one large shipping unit for easier handling.
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- Loading one or more large items of cargo onto a single piece of equipment, such as a pallet.
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