Related Entries of the International Encyclopedia:

1. Ordinary Course Of Trade A concept routinely applied in customs valuation that holds that the dutiable value of goods is the price at which they would normally sell if customary channels of distribution were observed. For example, where it was industry practice for a product to be sold directly by a manufacturer to an end u......
2. Column 1 Rate The rate of duty applied by U.S. Customs to imports from nations enjoying Most Favored Nation (read this and related legal terms for further details) status. See TARIFF (CUSTOMS); Tariff Schedules of the United States.......
3. Tariff (Customs) A document issued by a nation's customs authority principally for the purpose of specifying rates of duty to be applied on various imported products. A tariff customarily also includes quantitative restrictions (quotas) upon certain imports, preferential duties on products imported from specifie......
4. Transaction Value Of Similar Goods Sold An alternative method of valuing goods for customs purposes under the Customs Valuation Agreement (read this and related legal terms for further details).......
5. Special Cargo Policy A marine cargo policy issued to cover a specific shipment. A special policy may be issued when the shipper infrequently transports goods by water, or when the merchandise is so unusual or so valuable as to warrant a special policy. Frequent shippers customarily obtain an Open Policy (...
6. Customs Enforcement Area An area not to extend more than fifty miles seaward, beyond the CUSTOMS WATERS (read this and related legal terms for further details). Within this zone customs officers are authorized to enforce U.S. laws if the preside......
7. Deductive Value Method An alternative method of valuing goods for customs purposes under the Customs Valuation code (read this and related legal terms for further details).......
8. Discriminating Duty Synonymous with DIFFERENTIAL DUTY (read this and related legal terms for further details).......
9. Freely Offered Goods offered in the normal course of trade to all buying on essentially the same basis, e.g., with like prices, terms, discounts, et cetera. Under prior valuation schemes, the value at which the goods were "freely offered" served as the basis for the assessment of customs duties; this con......
10. Respondentia The pledge of cargo by a vessel's master as collateral for a loan to permit the ship to continue on its journey or to make arrangements to forward the goods. The bond so created gives the lender a Maritime Lien (read thi......
11. Transaction Value Of Identical Merchandise An alternative method of valuing goods for customs purposes under the CustomsValuation Agreement (read this and related legal terms for further details).......
12. Sliding Scale Tariff A customs tariff in which rates of DUTY (read this and related legal terms for further details) vary according to the price of a given import. Usually, as the price of the item declines, the duty is reduced. Duties may b......
13. Normal Price Within the scope of the Brussels Definition Of Value (read this and related legal terms for further details), the value basis upon which ad valorem duties will be assessed on imports. The normal price is the price the go......
14. Visby Amendment A proposed revision to the Hague Agreement (read this and related legal terms for further details) of 1924 on the liability of ocean carriers for loss and damage to cargo. The Visby Amendment does not contemplate materia......
15. Zone Restricted Status A condition accorded to goods entered into a Foreign Trade Zone (read this and related legal terms for further details) solely for destruction or exportation to another country. These goods may not be manipulated or proc......
16. Consignor The person or firm shown as shipper on the BILL OF LADING (read this and related legal terms for further details).......
17. Statutory Rate Of Duty The rate of duty on the given product specified by the Smoot- Hawley Act (read this and related legal terms for further details) of 1930. The rates established by this act are applied to Column 2 countries, i.e., those t......
18. Superdeductive A procedure authorized by U.S. Customs in ascertaining the deductive value of merchandise for assessment of ad valorem duties; deductive valuation is an alternative valuation method specified in the customs valuation agreement (...
19. Contract Rate In the steamship industry, the freight rate applicable to goods shipped by a firm that has executed an exclusive patronage contract (read this and related legal terms for further details) with a Conference (...
20. Intermediate Goods Synonymous with Intermediate Products (read this and related legal terms for further details).......
21. Customs Duty Spanish Translation of exemption from customs dutyThis is the legal translation of English to Spanish in relation to exemption from customs duty and / or a definition of this topic: Franquicia Aduanera (in Spanish, without translation of the dictionary entry)....
22. Customs Cooperation Council An international organization established for the purpose of harmonizing the customs procedures and techniques of member countries. The agency is concerned with the mechanics of customs administration and is not involved in matters relating to tariff levels or similar substantive economic [...]...
23. Nonprivileged Foreign Status The condition of imported merchandise entered into a Foreign Trade Zone (read this and related legal terms for further details), other than goods that have been granted privileged foreign status (...
24. Country of Origin For customs tariff purposes, the country in which an imported product was manufactured, grown, or produced. When goods pass through more than one country in the process of manufacture, the country of origin does not change unless the product has been transformed substantially; minor [...]...
25. Green Clause A provision in a letter OF CREDIT (read this and related legal terms for further details) similar to a RED CLAUSE (read this and related legal t......
26. Himilaya Clause A provision in an ocean bill of lading that extends to stevedores or other employees of a carrier the carrier defenses against claims for loss and damage of cargo provided in the carriage of goods by sea act (read this and r......
27. Notional Concept Of Valuation An approach to the application of ad valorem duties that holds that duties should be applied upon the price the goods "ought to fetch" under specified conditions; this view was widely held for many years and was embraced in the Brussels Definition Of Value (...
28. Seabridge A service offered by some ocean carriers whereby cargo moving between Europe and East Asia is taken by one vessel from the exporting country to a U.S. port for relay, from the same port, to destination. The goods move under a single through bill of lading. A seabridge movement is the effective equiv......
29. Kyoto Convention An international agreement, sponsored by the Customs cooperation Council (read this and related legal terms for further details), the object of which is to harmonize the methods and procedures of national customs authori......
30. Brussels Definition Of Value A system for the valuation of imports for the application of ad valorem duties, adopted in 1953 following attempts to establish a European customs union. The European Customs Union Study Group submitted to the contracting states the Convention on the Valuation of Goods for Customs Purposes, along w......
31. Hazardous Cargo Cargo having dangerous properties requiring special stowage or handling in transit. Precise regulations defining what is hazardous and prescribing how such materials shall be packed, labeled, and documented are to be found in Title 49 of the Code of Federal Regulations. In addition, goods going abro......
32. Mtn Valuation Code An agreement on valuation for customs purposes, more commonly known as the customs valuation agreement (read this and related legal terms for further details).......
33. Reliquidation An amendment of a customs entry Liquidation (read this and related legal terms for further details)......
34. Computed Value Method An alternative method of valuing imports for the imposition of ad valorem duties, as provided in the customs VALUATION AGREEMENT (read this and related legal terms for further details).......
35. Freight Broker Synonymous with Cargo Broker (read this and related legal terms for further details), in vessel charter transactions.......
36. Net Ton A unit of measurement in determining the cargo-carrying capacity of a vessel. It is computed in the same manner as the Gross Ton (read this and related legal terms for further details) but includes only revenue-producing......
37. Full And Down The condition of a vessel that is down to marks, i.e., loaded up to the maximum LOAD-LINE (read this and related legal terms for further details) capacity as well as having all cargo- carrying space fully occupied.......
38. Nonprivileged Domestic Status The condition of merchandise of U.S. origin entered into a foreign trade zone (read this and related legal terms for further details), other than goods that have been granted privileged domestic STATUS (...
39. Positive Concept Of Valuation An approach to the application of ad valorem duties that holds that duties should be applied upon the actual value of the transaction, as defined by buyer and seller. This view has been substantially fulfilled by the recent adoption of the transaction value basis of valuation in the Customs Valuatio......
40. Bonded Warehouse Summary of Bonded Warehouse A warehouse storage area, or manufacturing facility in which imported merchandise may be stored or processed without payment of customs duties. Such premises are operated by a warehouse proprietor who holds a license from the U. S. Customs Service. Bonded [...]...
41. Container Freight Station A warehouse or terminal licensed by U.S. Customs to receive in-bond consolidations of containerized cargo. The containers delivered to this station carry imported merchandise in small lots destined to many consignees; the goods will be removed from the containers under customs supervision and [...]...
42. Fair Market Value The value an imported product would fetch, under similar circumstances of sale, were the goods sold in the country of origin. Customs authorities are usually interested in the fair market value of imported merchandise inasmuch as sales below such value may serve as the basis of a Dumping (...
43. In-bond The condition of goods that have been temporarily exempted from customs clearance and duties, in lieu of which the importer or custodian of the goods has posted a surety with customs authorities to ensure that the goods will not be released or consumed until formal examination and clearance [...]...
44. Public Stores Generally, a warehouse or other facility operated by the Federal government for the storage of contraband, seized merchandise, or goods not released from Federal custody. Under the customs regulations, these storage facilities are operated by government personnel for merchandise not released from cu......
45. Transaction Value The primary method of valuing goods for customs purposes under the Customs Valuation Agreement (read this and related legal terms for further details).......
46. Consignment Summary of Consignment Goods in transit under a bill of lading (read this and related legal terms for further details)(Main Author: William J. Miller) Consignment in International Trade Meaning of Consignment, according to the Dictionary of International Trade (Global [...]...
47. Ad Valorem Duty Any duty that is expressed as a percentage of the value of the imported merchandise. Most customs duties, particularly in the developed nations, are ad valorem duties.......
48. Sacrifice The economic loss sustained when cargo, rigging, or other property is jettisoned or destroyed in the course of saving an imperiled ship; sacrifice losses are usually recoverable in General Average (read this and related lega......
49. Proportional Rate A freight rate that is constructed by adding separate joint or local rates applying to a through movement. A proportional rate, unlike a Combination rate (read this and related legal terms for further details), is applic......
50. Trade Agreements Act Of 1979 An act of Congress implementing certain agreements negotiated under the Tokyo Round (read this and related legal terms for further details). The act replaced the Countervailing Duty Law and Antidumping Act of 1921 and ab......
51. Usance Credit Also known as a time credit, a Letter of Credit (q. v.) that provides that the drafts drawn under the credit will mature thirty, sixty, or more days, up to nine months, after sight or date. A letter of credit providing for settlement more than nine months from shipment of the goods is normally in t......
52. Datafreight Receipt A document issued by some steamship operators in lieu of a bill of LADING (read this and related legal terms for further details) on straight consignment shipments. Rather than issue a formal bill of lading, the carrier ......
53. Insular Possessions Certain offshore possessions of the United States that are considered to be beyond the Customs Territory (read this and related legal terms for further details). The insular possessions are the Virgin Islands, Guam, Amer......
54. Privileged Foreign Status A condition that may be accorded to foreign merchandise entering a foreign trade ZONE (read this and related legal terms for further details). Foreign merchandise entering a zone remains exempt from duty until withdrawn,......
55. Letter of Indemnity A document issued by a shipper of merchandise to a steamship line as an inducement for the carrier to issue a clean bill of Lading (read this and related legal terms for further details) where it might not otherwise do s......
56. Manifest A document listing all the cargo stowed aboard a vessel, usually broken down by port of unloading. The manifest is an abstract of the individual bills of lading issued for each consignment and is customarily provided to customs authorities for inspection upon landing.......
57. Certificate of Origin A document presented to customs authorities at the time of importation to authenticate the national origin of merchandise. The certificate is customarily issued by a recognized chamber of commerce or governmental authority in the country of origin.......
58. Customs Transit The condition of merchandise that is transiting the customs territory of a nation without having been released from customs jurisdiction. Goods in customs transit are processed under an in transit entry at the time they enter the United States; the in transit, or I.T., entry is effected by filing wi......
59. Straight Consignment Goods conveyed under a straight, i.e., nonnegotiable, Bill of lading (read this and related legal terms for further details).......
60. Superimposed Clause A notation on the face of a Bill Of lading (read this and related legal terms for further details) that indicates a defect in the cargo or its mode of transport. Such notations include "received in damaged condition......
61. Collective Reserve Unit An artificial currency unit proposed in 1965 by Valéry Giscard d'Estaing of France. The cru, as it was known, was to have been linked to gold to create international reserves. The GROUP OF ten (read this and relat......
62. Counterpurchase A form of countertrade (read this and related legal terms for further details) in which two parties agree to purchase specified quantities of merchandise from each other at a fixed price. The effect is that each party si......
63. Covered Transaction A transaction denominated in terms of a foreign currency, payable at a future date, in which protection against loss on exchange has been procured, usually in the form of a Forward Exchange Contract (read this and related le......
64. Trade Act Of 1974 An act that provided the president the negotiating authority essential to participate in the Tokyo Round (read this and related legal terms for further details) of tariff reductions. The act empowered the president to re......
65. Clause Paramount A provision in an ocean bill of lading that incorporates by reference laws or international agreements into the bill. The term is most commonly used with reference to the enacting clause of the CARRIAGE OF GOODS BY SEA ACT (......
66. Customs Territory The geographical area of a country, its possessions, and surrounding waters within which the customs authority is empowered to impose duties and controls upon foreign merchandise entering therein. The customs territory need not necessarily incorporate all the territory over which a nation [...]...
67. Safeguard Measures Actions taken by a nation to protect its domestic industry and commerce from what it views as unfair or improper practices by a trading partner. For example, a trading partner's use of improper subsidies designed to artificially stimulate exports might result in such safeguard measures as the im......
68. Specific Duty Cross-reference: Duty......
69. Privileged Domestic Status A condition that may be accorded to merchandise of U.S. origin, or to imported merchandise upon which duties have been paid, that is entered into a foreign Trade Zone (read this and related legal terms for further details...
70. Quota-Class Merchandise Goods subject to Quota (read this and related legal terms for further details) restrictions.......
71. Swapping A form of countertrade (read this and related legal terms for further details) by which the parties trade off goods that each controls at various locations so as to eliminate or mitigate transportation costs.......
72. York Antwerp Rules An organized body of rules relating to the adjustment of claims arising in General Average (read this and related legal terms for further details). The rules were originally promulgated by world shipping interests in 189......
73. Cartment Cartment in International Trade Meaning of Cartment, according to the Dictionary of International Trade (Global Negotiator): Customs form permitting in bond cargo to be moved from one location to another under customs control, within the same customs district. Usually in motor carrier's [...]...
74. Berth No Berth A stipulation that may be included in a vessel charter party (read this and related legal terms for further details) providing that if the point of loading or discharge is a berth, and if the berth is not immediately ava......
75. Hague Agreement The product of a 1924 conference on ocean carrier liability sponsored by the International Chamber of Commerce. The agreement embraced various defenses to carrier liability for loss or damage to cargo and established a limitation of liability at one hundred pounds sterling (approximately five hundre......
76. Switching Also known as switch trading, a Countertrade (read this and related legal terms for further details) arrangement under which a purchaser in one country assigns to a seller in another country an obligation due from a thir......
77. Unilinear Tariff Synonymous with general TARIFF (read this and related legal terms for further details). Union D'Assureurs Des Credits Inter- Nationaux. The full, formal name of the Berne Union (...
78. Berth A stipulation in a vessel charter party (read this and related legal terms for further details) that laytime ("https://lawin.org/list-of-international-trade-law-terms/">read this and related legal terms ......
79. Guatemala Protocol (1971) A modification of the Warsaw Convention (read this and related legal terms for further details) of 1929.......
80. Hague Protocol (1955) A modification of the Warsaw Convention (read this and related legal terms for further details) of 1929.......
81. Nairobi Treaty On The Protection Of The Olympic Symbol An international agreement to protect the Olympic symbol against commercial use without the approval of the International Olympic Committee (IOC). The treaty specifies that adhering states will prohibit use of the Olympic symbol on goods or advertising or as a trademark except under license from th......
82. Marking Duties A special duty, in addition to ordinary duties, imposed upon merchandise not properly marked so as to indicate to the ultimate purchaser the country of origin. Section 304 of the Tariff Act of 1930, as amended, requires that the country-of-origin marking be legible, indelible, and permanent. [...]...
83. On Deck Bill Of Lading An ocean BILL of Lading (read this and related legal terms for further details) bearing the specific endorsement "on deck," "on deck at shipper's risk," or words of like import. Such bills of ladi......
84. Pivot Charge The minimum charge imposed by an air carrier for the use of a Unit Load Device (read this and related legal terms for further details), or air container. The charge is based upon a Pivot Weight (...
85. Aggregated Shipment A sum of cargo, bound for a single consignee, which has been assembled over time by a carrier at his premises from smaller lots shipped in from one or more sources. The entire lot will be shipped on to the consignee as a single load. The carrier may impose a charge for performing the ASSEMBLY servic......
86. Customs Of The Port Local usages and practices relative to the handling or discharge of cargo, or the treatment of documents relating thereto. When ambiguities exist in contracts covering the handling of cargo or cargo-related documents, a court or other competent body may apply the customs of the port in interpreting ......
87. Operative Instrument A letter of Credit (read this and related legal terms for further details) transmitted by cable rather than on bank stationery. Customarily a bank may send a telex notification to the beneficiary of the letter of credit ......
88. Flexible Tariff Special Drawing Ria customs tariff in which rates of duty can be raised or lowered by administrative action. In the United States the Reciprocal Trade Agreements Act of 1934 and other legislation have authorized the President to adjust duty rates downward in response to concessions from other nation......
89. Group Of Twenty-Four A block of less developed nations that has called for the allocation of 45 percent of the voting quota at the international Monetary Fund (read this and related legal terms for further details) to Third World nations. Cu......
90. Value Date The day on which foreign exchange will be delivered and paid for, usually two business days following the transaction.......
91. Closing Date The latest date for delivery of cargo to a vessel for a particular voyage.......
92. Date For Value Determination The date on which imported merchandise was exported from its country of origin. The value of the merchandise in effect on that date will be applied in applying duties.......
93. Due Date The date on which a note, draft, bill of exchange, or similar instrument matures, i.e., becomes payable.......
94. Breach Date A doctrine in law that holds that, in disputes involving sums denominated in a foreign currency, a court shall require settlement in local currency at the rate of exchange in effect at the time the contract was abrogated.......
95. Critical Date Embracing mainstream international law, this section on critical date explores the context, history and effect of the area of the law covered here. Resources Further Reading The entry "critical date" in the Parry and Grant Encyclopaedic Dictionary of International Law (currently, [...]...
96. Date Drafted and Published Date in Constitutional LawFrom the Comparative Constitutions Project: This refers to the date the constitution was originally written....
97. After Date Definition of After Date in International Trade The following is a concept of After Date in the context of international trade law, from the Dictionary of International Trade (Global Negotiator): In banking, a notation used on financial instruments (such as drafts or bill of exchange) to fix [...]...
98. End Date End Date in International Trade Meaning of End Date, according to the Dictionary of International Trade (Global Negotiator): The date a contract ends....
99. Fixed Date Spanish Translation of on the fixed dateThis is the legal translation of English to Spanish in relation to on the fixed date and / or a definition of this topic: Fecha Fija (in Spanish, without translation of the dictionary entry)....
100. Expiry Date Expiry Date in E.U. Patent SystemThe date when a patent has run its full term in a country and is no longer protected there (see alsoLapse, Withdrawn)....
101. Filing Date Filing Date in E.U. Patent SystemThe date when the application reaches the patent office in complete form....
102. Acceptance Date Definition of Acceptance Date in International Trade The following is a concept of Acceptance Date in the context of international trade law, from the Dictionary of International Trade (Global Negotiator): The date on which a draft was signed. For drafts drawn at "X days from [...]...
103. Date Draft Date Draft in International Trade Meaning of Date Draft, according to the Dictionary of International Trade (Global Negotiator): A draft that matures for a specified number of days after issuance, without regard to the date of acceptance....
104. Expiration Date Expiration Date in International Trade Meaning of Expiration Date, according to the Dictionary of International Trade (Global Negotiator): In a letter of credit transaction, the final date the seller (beneficiary of the credit) may present documents and draw a draft under the terms of the [...]...
105. Issue Date Issue Date in International Trade Meaning of Issue Date, according to the Dictionary of International Trade (Global Negotiator): The date a letter of credit was opened, or the date an amendment was issued....
106. Maturity Date Maturity Date in International Trade Meaning of Maturity Date, according to the Dictionary of International Trade (Global Negotiator): The date an obligation becomes due. In bank collections, the due date of an accepted draft....
107. Presentation Date Presentation Date in International Trade Meaning of Presentation Date, according to the Dictionary of International Trade (Global Negotiator): The date on which compliant documents were given to the issuing bank or any other institution permitted under a letter of credit....
108. Settlement Date Settlement Date in International Trade Meaning of Settlement Date, according to the Dictionary of International Trade (Global Negotiator): In banking, the date on which payment for a transaction must be made....
109. Shipment Date Shipment Date in International Trade Meaning of Shipment Date, according to the Dictionary of International Trade (Global Negotiator): The date a shipment takes place, which is usually the date of the relevant transport document. For banking purposes, with shipments by vessel for which [...]...
110. Start Date Start Date in International Trade Meaning of Start Date, according to the Dictionary of International Trade (Global Negotiator): The date when a contract begins and the supplier must start providing the contracted goods or services....
111. Anniversary Date Description of Anniversary Date In this reference work, anniversary date is a sort of the Insurance category. Resources See Also Policy Year Insurance...
112. Alternate Valuation Date Description of Alternate Valuation Date In this reference work, alternate valuation date is a sort of the Tax category. Resources See Also Basis Cases Internal Revenue Taxation Tax...
113. Long Date Forward Long Date Forward in International Trade Meaning of Long Date Forward, according to the Dictionary of International Trade (Global Negotiator): A forward exchange contract whose maturity exceeds one year. See also forward exchange contract....
114. Cabotage Summary of Cabotage Literally, coastwise navigation, generally used to denote the proscription of foreign flag vessels in a nation's coastwise trade. Since an act of Congress in 1817 (2 Stat. 351), the coastwise trade of the United States has been reserved exclusively to American [...]...
115. Calvo Doctrine So named for the Argentine jurist Carlos Calvo, holds that a nation is obliged to extend to foreign business in its domain only non- discriminatory treatment; by entering a country, a foreign firm implicitly accepts local jurisdiction and will be treated as a national. This doctrine is [...]...
116. Cambist A person engaged in the purchase and sale of bills of exchange or foreign currencies.......
117. Can Can Summary of Can Slang for a container.(Main Author: William J. Miller) The Andean Community, abbreviated as CAN (from the Spanish Comunidad Andina), is a community of four South-American countries aiming at more rapid, better balanced and more autonomous economic and social [...]...
118. Cap Summary of Cap The maximum rate of interest that may be charged on a variable or floating rate loan, irrespective of how high the money market index may fluctuate.(Main Author: William J. Miller) CAP and the European Union Resources See Also Rate (Rate cap) Resources See Also [...]...
119. Capital Summary of Capital Goods employed in the pursuit of commercial profit. Capital is one of the traditional factors of production, along with land and labor; some neofactor theorists also include entrepreneurship as a fourth factor, although traditional thought would regard entrepreneurial [...]...
120. Capital Account Entries in a nation's balance of payment accounts reflecting long- or shortterm loans made to other countries, or by other countries to the recording nation. See Balance of Payments.......