Related Entries of the International Encyclopedia:

1. 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).......
2. 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 (...
3. 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......
4. Guest Currency The currency in which a Eurobond (read this and related legal terms for further details) or other financial obligation is issued. The currency is selected to be acceptable to both the foreign borrower and the lender, and......
5. 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 (...
6. 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 Foreign merchandise entering a zone remains exempt from duty until withdrawn,......
7. Quota-Class Merchandise Goods subject to Quota (read this and related legal terms for further details) restrictions.......
8. 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...
9. 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).......
10. Cooley Loans Foreign-currency-denominated loans by the U.S. government to foreign nations to permit the purchase of American agricultural commodities. The loans are authorized by an amendment to the Agricultural Trade Development and Assistance Act (...
11. 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).......
12. 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 (...
13. Fiduciary Currency A currency backed solely by the faith of the government that issues it. The term does not carry the negative import often associated with fiat money (read this and related legal terms for further details). See also Money......
14. Multiple Currency System Synonymous with Differential Exchange Rates (read this and related legal terms for further details).......
15. 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......
16. 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.......
17. 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 (...
18. Articles Of Mixed Status Merchandise manufactured within a foreign trade zone (read this and related legal terms for further details) of components of more than one status. The status of merchandise is the product of several factors. An item in ......
19. 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......
20. Quota Priority The precedence accorded one entry of quota-class merchandise (read this and related legal terms for further details) over other quota-class merchandise.......
21. Quota Proration An adjustment to a consumption entry for quota-class merchandise (read this and related legal terms for further details) when the entry calls for more merchandise than will be allowed under the quota.......
22. 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......
23. 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......
24. Intermediate Goods Synonymous with Intermediate Products (read this and related legal terms for further details).......
25. 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......
26. Reliquidation An amendment of a customs entry Liquidation (read this and related legal terms for further details)......
27. Sale At Less Than Fair Value The sale of merchandise to a foreign purchaser at a price below the price that would be charged for a like sale in the home market. Such sales may serve as the basis for an allegation of Dumping (read this and related legal ......
28. Key Currency The currency of a major trading nation widely accepted in settlement of international accounts. At present, eight currencies are regarded as key currencies and are known as the Big Eight ("https://lawin.org/list-of-international-trade-law-terms/">read this and related legal [...]...
29. 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......
30. 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......
31. Central Rate Each currency affiliated with the EUROPEAN monetary system (read this and related legal terms for further details) is assigned a value in terms of the European currency unit (ECU). The central rate is the range within wh......
32. 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......
33. Foreign Entity Within the meaning of financial Accounting Standards Board Statement No. 8 (read this and related legal terms for further details) relative to accounting for foreign currency transactions, aforeign entity is an affiliate......
34. 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).......
35. Column 2 Rate The rate of duty applied by U.S. Customs to imports from nations not enjoying Most Favored Nation (read this and related legal terms for further details) status. The Column 2 rate is the statutory rate of duty provided i......
36. 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......
37. 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......
38. 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 [...]...
39. Gold Sterilization A governmental policy to prevent the expansion of a nation's money supply by preventing the accumulation of gold. In the case of a nation on the Gold Standard (read this and related legal terms for further details), ......
40. 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......
41. 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......
42. 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......
43. 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......
44. Goods In Free Circulation Merchandise not subject to customs restrictions. These goods would include locally produced (i.e., not imported) merchandise and goods that have been cleared by customs and upon which all duties and taxes have been paid.......
45. 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 (...
46. Fiduciary Standard Synonymous with FIDUCIARY CURRENCY (read this and related legal terms for further details).......
47. 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 [...]...
48. Fiat Money Currency that has value only because the state that issues it declares it to be legal tender; money that has no intrinsic value beyond the faith of the government that issues it. Paper money not freely exchangeable for gold or silver is fiat money. The term is often associated with regimes which ha......
49. 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. [...]...
50. Straight Consignment Goods conveyed under a straight, i.e., nonnegotiable, Bill of lading (read this and related legal terms for further details).......
51. Freight Broker Synonymous with Cargo Broker (read this and related legal terms for further details), in vessel charter transactions.......
52. 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).......
53. 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......
54. 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.......
55. Clearance The completion of customs formalities including, but not limited to, the physical examination of imported merchandise, and the submission of documents necessary to permit the release of merchandise from customs control to the importer.......
56. 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......
57. 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.......
58. Currency Risk The economic risk assumed by a lender or seller who is to be paid in units of a foreign currency that, when translated at some future date into his own currency, he will have sustained a loss (in terms of his own currency) because the foreign currency has depreciated in value prior to settlement of ......
59. Divergence Threshold Within the euro Pean Monetary System (read this and related legal terms for further details), each participating currency is assigned a value in terms of the European currency unit (ECU). The participating currency is pe......
60. Guatemala Protocol (1971) A modification of the Warsaw Convention (read this and related legal terms for further details) of 1929.......
61. Hague Protocol (1955) A modification of the Warsaw Convention (read this and related legal terms for further details) of 1929.......
62. 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......
63. 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 (...
64. Ab Quai Synonymous with AB KAI (read this and related legal terms for further details).......
65. 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......
66. 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......
67. Foreign Currency Translation The accounting process employed in expressing, in terms of a firm's reporting currency, those transactions that are denominated in a different currency.......
68. Poultry War Synonymous with Chicken War (read this and related legal terms for further details).......
69. International Gold Bullion Standard A Gold Bullion standard (read this and related legal terms for further details) that permits redemption of currency into gold only for purposes of export.......
70. Net Capacity Synonymous with deadweight Tonnage (read this and related legal terms for further details).......
71. Quayage Synonymous with Quay Dues (read this and related legal terms for further details).......
72. Roosa Bonds Bonds sold by the U.S. Treasury in the 1960s to foreign central banks for dollars as part of a Swap Arrangement (read this and related legal terms for further details) to relieve exchange rate instability. The bonds prov......
73. 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......
74. 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......
75. General Order A condition imposed upon merchandise that is imported into the customs territory of the United States but that is not promptly cleared through customs. General order merchandise is deposited in an approved warehouse pending disposition. Section 127 of the Customs Regulations governs the [...]...
76. Invisibles Synonymous with Invisible Exports And Imports (read this and related legal terms for further details).......
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. Dollar Gap Synonymous with Dollar Deficit (read this and related legal terms for further details).......
79. Super Gold Tranche A condition in which drawings by a member of the international Monetary Fund (read this and related legal terms for further details) cause fund holdings of the member's currency to fall below 75 percent of the member......
80. 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 ......
81. Manufacturer's Particulars Details of the construction of an intermodal container, as specified in the container's DATA PLATE (read this and related legal terms for further details).......
82. Gold Tranche Position A drawing of foreign exchange from the international monetary FUND (read this and related legal terms for further details), by a member nation up to or equal with that country's gold on deposit with the IMF. In effec......
83. 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 (...
84. 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......
85. 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......
86. In Regular Turn Synonymous with berth Clause (read this and related legal terms for further details).......
87. 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......
88. Slot Ship Synonymous with cellularized vessel (read this and related legal terms for further details).......
89. Summary Sale A simplified procedure for disposing of merchandise seized or forfeited for violation of the customs laws. Currently, the U.S. Customs Service may sell, without judicial proceedings, seized merchandise valued up to ten thousand dollars.......
90. Tramp A vessel that offers nonscheduled service between such ports as afford cargoes of opportunity. Unlike a Liner (read this and related legal terms for further details), a tramp seeks to acquire a full load from one shipper......
91. Domestication The process whereby foreign investors are forced, by governmental sanction, to relinquish their control or interest in local enterprises to local nationals. The term can be applied to an Expropriation (read this and related ......
92. Fire Statute An act of Congress (46 USCA Sec. 182) passed in 1851 to relieve carriers of obligations to shippers for fire losses aboard ship, "unless such fire is caused by the design or neglect of the owner"; this provision has been effectively supplanted by Section 4(2)(b) of the carriage of GOODS BY......
93. 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......
94. Rhodian Sea Code The earliest known compilation of maritime laws, believed to have been formulated c. 900 B.C. on Rhodes. The text is lost, save the provision concerning jettisons, which has been preserved in Justinian's Code. The jettison article deals with a ratable contribution to an owner whose merchandise h......
95. 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......
96. Spot Price The price of a commodity in the Spot Market (read this and related legal terms for further details), i.e., the price quoted for immediate sale and delivery. ......
97. Drawing Unit Reserve Asset More commonly known by the acronym DURA, a proposed artificial currency unit to be used as an international reserve asset. The Dura was an evolutionary step toward the creation of the special drawing rights (read this and re......
98. Owner's Item Synonymous with Owner's Account (read this and related legal terms for further details).......
99. Port Dues Synonymous with harbor dues (read this and related legal terms for further details).......
100. 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 [...]...
101. 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 [...]...
102. Cambist A person engaged in the purchase and sale of bills of exchange or foreign currencies.......
103. 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 [...]...
104. Canceling Date The date specified in a charter party by which the vessel must be ready to load; if the vessel is not ready at the specified time, the charterer may exercise his option of rescinding the agreement.......
105. 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 [...]...
106. 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.......
107. Capital Flight The movement of significant capital resources from a country in response to unstable economic or political conditions.......
108. Capital Formation Summary of Capital Formation The aggregate value, expressed in monetary terms, of private sector investment in productive assets (e.g., physical plant and machinery) phis the sum of changes in private sector merchandise inventories, adjusted for the consumption of existing capital assets [...]...
109. Capital Lease A leasehold extending substantially over the life of a capital asset.......
110. Cargo Summary of Cargo Merchandise in the process of being transported; not to be confused with freight, which, in maritime usage, is the sum earned by a carrier for transporting goods. General cargo consists of various commodities comprising the property of many shippers or consignees; special [...]...
111. Cargo Broker A broker representing the charterer in finding a vessel for hire.......
112. Cargo Deadweight The cargo-carrying capacity, expressed in long tons, of a vessel when fully loaded excepting water, stores, bunkers, and supplies.......
113. Cargo Deadweight Tonnage The cargo- carrying capacity of a vessel, expressed in long tons, derived by substracting the weight of stores, fuel, water, and other necessary provisions from the vessel's deadweight tonnage.......
114. Cargo-Carrying Capacity Synonymous with Deadweight Tonnage (read this and related legal terms for further details).......
115. Caribbean Basin Initiative An economic development plan for the Caribbean area advanced by the Reagan administration. The principal features of the program include: establishment of a one-way free trade area in which most Caribbean- area products enter the United States free of duty; a reduction of the Caribbean content requi......
116. Carribbean Community And Common Market Commonly known as Caricom, the successor organization to the defunct Caribbean Free Trade Association (Carifta). The object of CARICOM was to stimulate regional development through the adoption of a common external tariff and uniform protectionist measures, harmonization of fiscal affairs, and conce......
117. Cartage The transfer of merchandise locally, e.g., from a pier to a nearby warehouse; also, the charge for cartage services.......
118. Cartagena Agreement Summary of Cartagena Agreement Considered in Andean Group.(Main Author: William J. Miller) Resources See Also International Organization Foreign Relations Intergovernmental Organization Regional Organization Regional Integration...
119. Cartel Summary of Cartel An alliance among firms in the same line of business aimed at controlling or dominating their field on an international basis.(Main Author: William J. Miller) Definition of Cartel In accordance with the work A Dictionary of Law, this is a description of Cartel : [...]...
120. Cash Commodity A tangible, physical commodity or financial instrument, the delivery of which to a purchaser could be effected immediately or nearly so.......