Damage Protection Plan (DPP)
Damage protection offered by containers lessors who are not “technically” allowed to offer insurance which is a regulated market.
Depreciated Residual Value (DRV)
Financial replacement value of a container adjusted for age and use.
Equipment Interchange Receipt (EIR)
Document established at the time a container arrives in or leaves from a depot that will serve to document the transfer of responsibility. While not systematic, most EIRs will record the verification of a container’s condition at the time of transfer.
Free on Truck (FOT)
Generally accepted acronym (not an Incoterm) that implies that containers are delivered on to the truck and the seller would be responsible for the cost of handling to load the container.
Handling (In Depot)
Act of loading or unloading a container onto or from a truck at a depot (normally done for a fee).
Institute of International Container Lessors (IICL)
Institute of International Container Lessors.
A Washington DC based organization which groups the largest container and chassis leasing companies in the world. IICL sets repair standards, by which all repairs are carried out, for its members when containers are offhired. Criteria is also used for equipment interchanges between operators.
International Standardization Organization (ISO)
An international organization based in Geneva that works towards harmonizing worldwide technical standards including those governing the construction of shipping containers.