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. 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......
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. 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 (...
5. Beneficiary Developing Country As provided in Section 501 of the Trade Act of 1974, any nation or possession of a nation authorized by the president to be accorded duty-free entry of merchandise into the United States under the GENERALIZED SYSTEM OF PREFERENCES (...
6. 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 (...
7. 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 Foreign merchandise entering a zone remains exempt from duty until withdrawn,......
8. Quota-Class Merchandise Goods subject to Quota (read this and related legal terms for further details) restrictions.......
9. 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 (...
10. 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......
11. 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......
12. 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...
13. 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).......
14. 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 (...
15. 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......
16. Intermediate Goods Synonymous with Intermediate Products (read this and related legal terms for further details).......
17. 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......
18. 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. [...]...
19. Discriminating Duty Synonymous with DIFFERENTIAL DUTY (read this and related legal terms for further details).......
20. 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......
21. 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).......
22. 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......
23. 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......
24. 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 [...]...
25. 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).......
26. 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......
27. Commercial Risk The risk borne by an exporter that his foreign customer may be unable to pay for merchandise imported under open account terms. Commercial risk is contrasted with political risks, which arise from governmental actions and are unrelated to the financial condition or credit-wor- thiness of the [...]...
28. 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.......
29. 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......
30. 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.......
31. 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......
32. Commonwealth Preference Special preferential rates of duty applied by member states of the British Commonwealth on merchandise imported from other Commonwealth countries. In many cases, duties among Commonwealth members were totally abolished. The accession of Britain into the European Com-munities, coupled with the adopt......
33. 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......
34. 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 [...]...
35. Entry (Customs) The administrative processing associated with foreign merchandise that has landed in the United States for consumption, warehousing, or other reasons. The act of entry involves the submission to U.S. Customs of documents that identify the owner of the goods, the type and character of the merchandise......
36. 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......
37. 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.......
38. 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 (...
39. Reliquidation An amendment of a customs entry Liquidation (read this and related legal terms for further details)......
40. Special Customs Invoice A special form of customs invoice formerly used for importations into the United States. Prior to March 1, 1982, the special customs invoice (SCI) was required on any importation when the purchase price of the merchandise exceeded five hundred dollars and the rate of duty was in any way dependent up......
41. 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 [...]...
42. 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......
43. 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).......
44. National Flag Carrier A common car RIER (read this and related legal terms for further details)-usually a steamship line or an airline- that bears its country's flag and is viewed in the trading community as representing the commercial in......
45. Duty Liability The obligation to the government that arises from the importation of dutiable merchandise. Unpaid duties constitute a personal obligation to the government and may be satisfied from any assets of the importer or his estate. The government retains a lien upon the imported merchandise pending satisfac......
46. 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 ......
47. Customs Invoice Read Invoice as cross-reference.......
48. Invisibles Synonymous with Invisible Exports And Imports (read this and related legal terms for further details).......
49. 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......
50. 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......
51. 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......
52. 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......
53. 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.......
54. Current Account Purchases The value of intermediate products in the national production process. An intermediate product is a manufacturing input that has not been converted into a finished product; for example, steel is an intermediate product in the manufacture of an automobile. The value of current account purchases is im......
55. 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.......
56. 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......
57. 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 ......
58. 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......
59. International Reserves Gold, hard currencies, and special drawing rights (read this and related legal terms for further details) issued by the international monetary fund (...
60. Straight Consignment Goods conveyed under a straight, i.e., nonnegotiable, Bill of lading (read this and related legal terms for further details).......
61. Less Than Fair Value An export sale price below that charged on like sales in the country of origin. Such sales are usually regarded as dumping (read this and related legal terms for further details), which may result in the imposition by th......
62. 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.......
63. Balance of Trade Balance Of Trade Summary of Balance Of Trade The sum total, in monetary terms, of a nation's merchandise (i.e., "visible") exports less the value of merchandise imports during a given time period, usually one year. Merchandise imports and exports are contrasted with trade in [...]...
64. 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 (...
65. Customs Entry Read Entry (Customs) as cross-reference.......
66. General Order Merchandise Goods that have arrived at a U.S. port of entry but have not been claimed or entered within the prescribed period after arrival. In most cases an importer must claim and enter merchandise within five working days following arrival of the goods. District directors of customs may authorize a longer pe......
67. 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......
68. 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......
69. 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.......
70. 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......
71. 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......
72. Contract Shipper A merchant that has executed an Exclusive Patronage Contract (read this and related legal terms for further details) with a shipping conference, thereby agreeing to ship all its goods aboard vessels of steamship lines th......
73. 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 [...]...
74. Guatemala Protocol (1971) A modification of the Warsaw Convention (read this and related legal terms for further details) of 1929.......
75. Hague Protocol (1955) A modification of the Warsaw Convention (read this and related legal terms for further details) of 1929.......
76. 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......
77. 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 (...
78. Terms Of Delivery A specification of the point at which title and risk of loss on merchandise are transferred from seller to buyer. The point of transfer is determined by commercial negotiations or customs of the particular trade and is stipulated by such terms as F.O.B. (named point), C.I.F. (named port), and ex war......
79. Valuation Tariff A customs tariff in which ad valorem duties are applied not on the sale or commercial value of the merchandise, but on a nominal value for the product prescribed by governmental authority. For example, sheet steel might carry a duty of 5 percent ad valorem, but the tariff prescribes that the value f......
80. Assist Inputs to production, including tools, dies, blueprints, designs, or development engineering provided by an American importer to a foreign manufacturer for use in producing merchandise for export to the United States. Such inputs must be declared to U.S. Customs on the first importation of the [...]...
81. Cash Price The same as SPOT price (read this and related legal terms for further details), as used in grain transactions.......
82. Certificate Of Receipt Synonymous with FORWARDER'S RECEIPT (read this and related legal terms for further details).......
83. Madrid Agreement For The Repression Of False Or Deceptive Indications Of Source On Goods An international agreement, commonly known as the Madrid Union, concluded for the purpose of suppressing false or misleading origin markings on goods sold in international commerce. Adhering states are obligated to seize and deny importation to merchandise bearing false markings indicating origin in......
84. Ab Quai Synonymous with AB KAI (read this and related legal terms for further details).......
85. Cargo-Carrying Capacity Synonymous with Deadweight Tonnage (read this and related legal terms for further details).......
86. Common Financing A feature of the Common Agricultural Policy (read this and related legal terms for further details) of the European Economic Community.......
87. Common Pricing A feature of the COMMON AGRICULTURAL policy (read this and related legal terms for further details) of the European Economic Community.......
88. Net Register Ton Synonymous with net ton (read this and related legal terms for further details).......
89. 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 ......
90. Invoice A statement of charges, usually on a preprinted form, given by a seller to a buyer covering a specific transaction. Invoices commonly contain the following data: name and address of purchaser; description of merchandise, including prices; place at which goods were delivered or point to which they we......
91. 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).......
92. Poultry War Synonymous with Chicken War (read this and related legal terms for further details).......
93. Clean Charter An imprecise expression used to describe a CHARTER PARTY (read this and related legal terms for further details) that does not include onerous or unusual provisions.......
94. 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......
95. Net Capacity Synonymous with deadweight Tonnage (read this and related legal terms for further details).......
96. Purchase Price Defined in 19 U.S.C. 162 as the price at which imported merchandise has been purchased, or will be purchased, prior to exportation. It is usually based on the ex factory price excluding any export duties levied in the country of manufacture. Within the framework of the European Economic Community......
97. Quayage Synonymous with Quay Dues (read this and related legal terms for further details).......
98. Conglomerate Merger Resources See Also Conglomerate Merger...
99. List of U.S. Court decisions applying NY Convention 1958 ContentsCommercial arbitration: United States Court decisions applying New York Convention of 1958U.S. Court decisions applying New York Convention 1958List of ... Read more...
100. List of U.S. Cases applying New York Convention 1958 ContentsCommercial arbitration: U.S. Cases applying New York Convention 1958More U.S. Cases applying New York Convention 1958More U.S. Cases applying New ... Read more...
101. Coastwise Option A provision of the carriage OF GOODS BY SEA ACT (read this and related legal terms for further details) (COGSA) which permits COGSA to be incorporated into bills of lading covering shipments in the domestic maritime comm......
102. Code Of Liner Conduct Code of Liner Conduct. ......
103. Codex Alimentarius A document published by the Codex Alimentarius Commission establishing international standards for raw and processed food products. The commission was established in 1963 by the Food and Agriculture Organization in conjunction with the World Health Organization. Member states of either the FAO [...]...
104. Collective Farm A communal farm on which the land and heavy machinery are owned by the state, but the other means of production are owned by the participating farmers. Often the member families cultivate a private plot on the farm in addition to the communal plot. Management of the farm is ostensibly controlled by ......
105. Colliery Turn A provision in some bulk coal charter parties stipulating that loading will commence upon availability of the specified coal from the mine.......
106. 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.......
107. 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......
108. Combination Aircraft An aircraft equipped to carry both passengers and cargo on the same flight.......
109. Combination Rate An inland freight rate from point of origin to destination derived by adding two or more intermediate rates.......
110. Combination Vessel Usually used in reference to a vessel that is partially cellularized to accommodate containers, with the remainder of its cargo-carrying space dedicated to break-bulk stowage.......
111. Combined Transport Document A bill of lading issued by a combined transport operator (read this and related legal terms for further details) covering shipment of goods by more than one mode of transport. The document specifies the point at which th......
112. Command Directed Economy An economy in which the questions of which goods are to be produced, how they will be produced, and who will receive them are established by governmental fiat. See Centrally Planned Economy.......
113. Commercial Bar A bar of precious metal formed for use by jewelers, artists, or industry, rather than for monetary purposes.......
114. Commercial Paper Summary of Commercial Paper Unsecured debt obligations of large, credit-worthy firms, issued for periods of one year or less.(Main Author: William J. Miller) Resources See Also Bearer instrument Instrument Negotiable instruments Note Trade acceptance...
115. Commingled Merchandise Merchandise that is packed together so that a customs inspector cannot readily determine the value or quantity of the individual items. A provision of customs regulations stipulates that under these conditions, duty on the entire shipment will be imposed upon whichever of the commingled items bears ......
116. Commissionaire A distributor retained by a manufacturer to sell the producer's products in return for a fee.......
117. Commodity Summary of Commodity A nondifferentiated product produced with commonly available technology.(Main Author: William J. Miller) The Legal History of Commodity in Islamic Law This section provides an overview of Commodity in Islamic Law Commodity in International Trade Meaning of [...]...
118. Commodity Control List A listing of products subject to U.S. export controls administered by the Department of Commerce. The list includes items under controls imposed by COCOM (read this and related legal terms for further details) as well as......
119. Commodity Paper Drafts or bills of exchange arising from transactions involving the sale of commodities. The draft is usually accompanied by negotiable bills of lading, warehouse receipts, or similar documents of title permitting the holder of the draft to dispose of the commodities in the event the drawee defaults......
120. Commodity Price Index An index of prices for a stipulated list of commodities. Prices may be on a spot or futures basis. Customarily, major commodities are traded on exchanges (although there are some exceptions), and price fluctuations can be monitored accordingly. The U.S. Department of Labor maintains an index of twen......