The cord definition usually includes "well ranked" or similar, i.e., stacked with the minimum of air space. but the cord ALWAYS includes air space. As to 'settling' a delivered cord should always be cured but we know it isn't always. If cured there shouldn't be any 'settling' after delivery. I do sell a few cords a year and it is always well cured. I stack in single row staked off 5' high, 20' long and add extra on top when I process it green.
'Settling' was a generic term we used for drying, yes. We were careful though not to use the term 'drying' because some folks would freak at that term.....like there was something wrong with the wood.
Nobody required us to sell 'over' a cord, but in a competitive business, word soon got around that you sold 'more' wood in a cord than the other guys. Of course a cord "always" includes air space because like I said, you're not selling 128 cubic feet of liquid wood. How you stack it, determines how close it is to a cord.
And I will say it's a lost art form these days on tight ricking. Some people understand and do it, most don't. Funny thing is we used to gauge our work by what I called the Oregonian 'little old ladies'. These were gals that were usually widowed or taking care of an infirm husband. They had been burning wood all their lives for heat....they KNEW(as well as I did), what a stacked cord would look like. Furthermore, they usually had the same place inside a barn or whatever yr after yr where you stacked the wood. They were not at all shy about calling someone out on the quantity. And they told everyone they were shorted, if they were.
I figured if they were repeat customers, you were doing things right. But in CO it was a slightly different equation. Big bucks in delivering to condo's and the like, but the extra labor and handling/time never penciled out for us. Best money was dumping the cut rounds at a wholesale lot and off you go to get more.....no customers, no hassle. Different landscape now....selling to grocery stores, restaurants out of pre-made metal bins etc. I'm not convinced when they're talking about their profit, they're figuring in all the expensive equipment and handling/time involved.
Kevin