Code of Liner Conduct Law and Legal Definition

Code of Liner Conduct is a convention drafted under the auspices of the United Nations Conference on Trade and Development (UNCTAD) regulating shipping traffic between countries on the basis of quantity of shipments. According to the Code, all shipping traffic between two foreign countries is to be regulated in a pattern whereby 40% will be assigned to owners of the country of origin, 40% for owners of country of destination, and 20% for owners of the country which is neither the origin nor the destination.