Related Entries of the International Encyclopedia:

1. International Contracts International Contracts in International Trade Meaning of International Contracts, according to the Dictionary of International Trade (Global Negotiator): International contracts refers to a legally binding agreement between parties, based in different countries, in which they are obligated to [...]...
2. Import Contract Import Contract in International Trade Meaning of Import Contract, according to the Dictionary of International Trade (Global Negotiator): The import contract is suitable when a company is buying goods from abroad by way of import in the course of a business to business transaction. The [...]...
3. Open-end Contract Open-end Contract in International Trade Meaning of Open-end Contract, according to the Dictionary of International Trade (Global Negotiator): A contract by which the buyer may purchase the seller's goods at any time within a specified period without changes in the price or other contract terms....
4. Supply Contract Supply Contract in International Trade Meaning of Supply Contract, according to the Dictionary of International Trade (Global Negotiator): An agreement by which a seller promises to supply all of the specified goods or services that a buyer needs over a certain time and at a fixed price, and [...]...
5. 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 [...]...
6. Export Contract Export Contract in International Trade Meaning of Export Contract, according to the Dictionary of International Trade (Global Negotiator): The export contract is used for the international sale of certain products (industrial supplies, raw materials, manufactured goods), which are projected [...]...
7. Capacity to Contract Capacity to Contract • Barriers to Contract--you either have the right to contract or not ? Analogous to Civil Procedure: either have standing or not. ? Constitutional Law: citizenship barriers. Graded (resident aliens, etc..), but sets up right to 'enter' legal system vs. not. [...]...
8. Boilerplate Clauses Boilerplate Clauses in International Trade Meaning of Boilerplate Clauses, according to the Dictionary of International Trade (Global Negotiator): Clauses that usually appear at the end of a contract. Sometimes they are referred to as the "miscellaneous" clauses. Such term refers to [...]...
9. Commission Sales Agreement Commission Sales Agreement in International Trade Meaning of Commission Sales Agreement, according to the Dictionary of International Trade (Global Negotiator): A type or contract, whereby a person or company acts as a sales agent on behalf of the exporting company (principal), introducing its [...]...
10. Exclusive Patronage Contract Also known as a merchant's contract or shipper's rate agreement, an agreement whereby a shipper of goods by water agrees to ship all his cargo over a given trade route aboard carriers that are member lines of the steamship CONFERENCE (read th......
11. Subcontractor Subcontractor in International Trade Meaning of Subcontractor, according to the Dictionary of International Trade (Global Negotiator): An individual, business, or company a supplier contracts to deliver or carry out any part of the supplier's contract obligations....
12. Adhesion Contract Definition of Adhesion Contract in International Trade The following is a concept of Adhesion Contract in the context of international trade law, from the Dictionary of International Trade (Global Negotiator): Contract with standard, often printed terms of sale of goods or services offered to [...]...
13. Commercial Counterfeiting Commercial Counterfeiting and the GATT Policy Negotiations In relation to the GATT Policy Negotiations, Christopher Mark (1993) provided the following explanation and/or definition of Commercial Counterfeiting: A deceptive trade practice involving trademark piracy, false labeling, or other [...]...
14. Future Contract Future Contract in International Trade Meaning of Future Contract, according to the Dictionary of International Trade (Global Negotiator): A contract for the future of delivery of a commodity, currency or security on a specific date. Currency future contracts are for standard quantities over [...]...
15. Liquidated Damages In the United States For information about Liquidated damages in the context of international trade, click here Liquidated Damages in International Trade Meaning of Liquidated Damages, according to the Dictionary of International Trade (Global Negotiator): A sum of money that a contracting [...]...
16. Accepted for Value Contents Accepted for Value Acceptance for Value In commercial law, acceptance for value is relating to contracts. See in this ... Read more...
17. Cartage The transfer of merchandise locally, e.g., from a pier to a nearby warehouse; also, the charge for cartage services.......
18. Export Management Company A private company that serves as the export department of other firms, usually small- and medium-size manufacturers. An EMC will provide a variety of services for its clients, to include locating customers abroad, arranging transportation and financing for the merchandise, developing foreign [...]...
19. Commercial Presence Commercial Presence in International Trade Meaning of Commercial Presence, according to the Dictionary of International Trade (Global Negotiator): In international marketing forms of entry strategies, having an office, branch, or subsidiary in a foreign country....
20. Original Equipment Manufacturing Original Equipment Manufacturing in International Trade Meaning of OEM (Original Equipment Manufacturing), according to the Dictionary of International Trade (Global Negotiator): Type of contract whose purpose is to offer a guarantee to foreign companies subcontracting their manufacturing in [...]...
21. Gross Terms Synonymous with Gross Charter (read this and related legal terms for further details).......
22. CIM Transport Document CIM Transport Document in International Trade Meaning of Cim Transport Document, according to the Dictionary of International Trade (Global Negotiator): An internationally standardized freight document issued in rail transport. CIM stands for "Convention Internationale concernant le [...]...
23. Commercial Contracts Commercial Contracts Contents of Commercial Contracts Contents of this subject matter include: Constructing the contract-single and multiple documents, the role of framework agreements and industry standard agreements, pre-contractual representations (heads of agreement, incomplete contracts; [...]...
24. Commercial Invoice Commercial Invoice in International Trade Meaning of Commercial Invoice, according to the Dictionary of International Trade (Global Negotiator): The document recording a transaction between the seller and the buyer. Commercial invoices are normally prepared by sellers, and should include the [...]...
25. Payment Terms Payment Terms in International Trade Meaning of Payment Terms, according to the Dictionary of International Trade (Global Negotiator): That part of a contract that defines when, where, to whom and in what currency the underlying obligation is to be discharged. The exporter will consider the [...]...
26. Merchant's Contract In steamship usage, a Loyalty Agreement (read this and related legal terms for further details).......
27. Commercial Value Commercial Value in International Trade Meaning of Commercial Value, according to the Dictionary of International Trade (Global Negotiator): The actual price at which a product is sold either to unrelated parties or to related parties at arm's length. This is the opposite of no commercial [...]...
28. Shipper Shipper in International Trade Meaning of Shipper, according to the Dictionary of International Trade (Global Negotiator): As the party who contracts for carriage, the party who enters in a contract of carriage with a carrier and pays the carrier is in a position to give the carrier handling [...]...
29. Delivery Order Written instructions issued by the owner of goods or his authorized agent to the holder of such goods directing that the merchandise be released or shipped to a specified party.......
30. Business Cooperation Contract Business Cooperation Contract (BCC) in International Trade Meaning of Business Cooperation Contract (BCC), according to the Dictionary of International Trade (Global Negotiator): An agreement by two companies to work together for mutual benefit, but without a long-term binding contract. Either [...]...
31. Terms and Conditions Terms and Conditions (Ts & Cs) in International Trade Meaning of Terms and Conditions (Ts & Cs), according to the Dictionary of International Trade (Global Negotiator): The terms and conditions that detail the rules that apply to fulfilling a particular contract and that form an integral part [...]...
32. Futures Contract Futures Contract and International Trade Economy In relation to international trade economy, Christopher Mark (1993) provided the following definition of Futures Contract: A contract for goods, foreign exchange, or financial assets to be delivered at a certain future date on terms and at [...]...
33. Performance Bond Performance Bond in International Trade Meaning of Performance Bond, according to the Dictionary of International Trade (Global Negotiator): A bond which guarantees proper fulfillment of the terms of a contract. In practice, the beneficiary of the bond (usually the buyer or services and/or [...]...
34. Port of Entry A point designated by a nation's customs authority through which goods may be entered for examination and clearance; ports of entry may be actual ocean ports, land border points, or interior locations to which goods are carried in bond.......
35. Brokerage Agreement Brokerage Agreement in International Trade Meaning of Brokerage Agreement, according to the Dictionary of International Trade (Global Negotiator): A type or contract, whereby a person or company acts as a sales agent on behalf of the exporting company (principal), introducing its products to [...]...
36. International Road Transportation Convention International Road Transportation Convention in International Trade Meaning of International Road Transportation Convention, according to the Dictionary of International Trade (Global Negotiator): The Convention on the Contract for the International Carriage by Road was adopted in Geneva in [...]...
37. Nvocc Nvocc in International Trade Meaning of Nvocc, according to the Dictionary of International Trade (Global Negotiator): Non-vessel-operating common carrier is company providing point-to-point international transport of goods although it does not necessarily operate or own transport vehicles or [...]...
38. Currency Future Currency Future in International Trade Meaning of Currency Future, according to the Dictionary of International Trade (Global Negotiator): A contract for the future delivery of a commodity, currency, or security on a specific date. In contrast to forward contracts, future contracts are for [...]...
39. International Franchising International Franchising in International Trade Meaning of International Franchising, according to the Dictionary of International Trade (Global Negotiator): A system based on the licensing of the right to duplicate a successful business format in foreign markets. The franchisor grants to the [...]...
40. 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.......
41. Entrepot A warehouse or storage facility where foreign merchandise may be deposited and withdrawn for re-export without incurring customs duties.......
42. Trading Company A firm engaged in the purchase, distribution, and marketing of products in international trade. Generally, the trading company deals with products of unrelated firms as well as the manufacturers of joint ventures in which it is involved.......
43. Commercial in Confidence Commercial in Confidence in International Trade Meaning of Commercial in Confidence, according to the Dictionary of International Trade (Global Negotiator): A classification that identifies information that, if disclosed, may result in damage to a party's commercial interests, intellectual [...]...
44. Confirming Confirming in International Trade Meaning of Confirming, according to the Dictionary of International Trade (Global Negotiator): A financial service in which an independent company confirms an export order in the seller's country and makes payment for the goods in the currency of that [...]...
45. Statement of Work Statement of Work (SOW) in International Trade Meaning of Statement of Work (sow), according to the Dictionary of International Trade (Global Negotiator): A Statement of Work is a document that describes what needs to be done in the agreed contract. Usually, the SOW is written in a precise and [...]...
46. Certificate of Manufacture A document issued by a manufacturer attesting that the named item has been manufactured and is available for shipment. This document is used commonly with sales under letters of credit providing for full or partial payment upon manufacture of the goods. In 1942 the Bankers' Association for [...]...
47. 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 (......
48. Freight Summary of Freight The earnings that a carrier derives from the carriage of merchandise. Freight should not be confused with cargo, which is the merchandise itself. Also, the term freight is used to represent payment made by a charterer to the vessel's owner for use of a ship under a [...]...
49. Distributor Distributor in International Trade Meaning of Distributor, according to the Dictionary of International Trade (Global Negotiator): An independent person or legal entity that sell goods locally on behalf of a principal. Distributors can be distinguished from agents as distributors buy the goods [...]...
50. Integrated Contract Integrated Contract in International Trade Meaning of Integrated Contract, according to the Dictionary of International Trade (Global Negotiator): A contract that states every provision to which the parties intend to agree. Parol evidence cannot be used to change or supplement the provisions [...]...
51. Consular Invoice Read Invoice as cross-reference......
52. Caveat Emptor Caveat Emptor (Latin, "let the buyer beware"), principle applied in early common law that the buyer of defective goods could not hold the seller legally responsible. The theory of the early common law was based on the assumption that the buyer was able to examine the goods for any [...]...
53. Turnkey Contract Turnkey Contract and International Trade Economy In relation to international trade economy, Christopher Mark (1993) provided the following definition of Turnkey Contract: An arrangement under which a contractor assumes responsibility to a client for constructing productive installations and [...]...
54. Bilateral Trade Agreement Bilateral Trade Agreement in International Trade Meaning of Bilateral Trade Agreement, according to the Dictionary of International Trade (Global Negotiator): A formal agreement involving commerce between two countries. Such agreements sometimes list the quantities of specific goods that may [...]...
55. Unenforceable Contract Unenforceable Contract in International Trade Meaning of Unenforceable Contract, according to the Dictionary of International Trade (Global Negotiator): A contract that is valid, but which the court will not enforce because of some defect such as nondisclosure, an extraordinary event or other [...]...
56. Loading Summary of Loading A risk premium in addition to interest charges and acceptance fees deducted by a bank or discount house from the face value of a bill of exchange (read here for further details) presented for discounting. This additional margin will vary, depending upon the quality of the [...]...
57. Counterfeit Counterfeit in International Trade Meaning of Counterfeit, according to the Dictionary of International Trade (Global Negotiator): Unauthorized representation of a registered trademark carried on goods identical or similar to goods for which the trademark is registered, with a view to [...]...
58. Legal Entity Legal Entity in International Trade Meaning of Legal Entity, according to the Dictionary of International Trade (Global Negotiator): And individual, proprietorship, partnership, corporation, association, or other organization that has, in the eyes of the law, the capacity to make a contract or [...]...
59. Kompass Kompass in International Trade Meaning of Kompass, according to the Dictionary of International Trade (Global Negotiator): Kompass is the leading online global business directory with nearly 4 million registered businesses in 60 countries. The search can be done by country, product or company [...]...
60. Voidable Contract Voidable Contract in International Trade Meaning of Voidable Contract, according to the Dictionary of International Trade (Global Negotiator): A contract that is valid but that can be declared invalid at the request of one of the parties because of a defect or illegality in making it. For [...]...
61. Customs Invoice Read Invoice as cross-reference.......
62. 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 [...]...
63. Multimodal Transport The movement of goods by more than one mode, or type, of transport, for example, a movement by truck to a pier, then by ship to a foreign port, and finally by rail to the customer.......
64. Swap By agreement, the combined purchase and sale of a specified amount of foreign exchange, with different dates for sale and purchase. This arrangement permits each party to the transaction to use, for a given period of time, a currency he needs in return for one he does not need, without any [...]...
65. Buying Agent Buying Agent in International Trade Meaning of Buying Agent, according to the Dictionary of International Trade (Global Negotiator): An agent who purchases goods on behalf of foreign buyers. The buying agent represents and buy a specific kind of products within a specific territory, which can [...]...
66. Commission Agent Commission Agent in International Trade Meaning of Commission Agent, according to the Dictionary of International Trade (Global Negotiator): An international agent who is paid a percentage of the sales he or she generates. The Agent offers products to potential clients in an assigned territory [...]...
67. Expatriate Contract Expatriate Contract in International Trade Meaning of Expatriate Contract, according to the Dictionary of International Trade (Global Negotiator): Changes in the world economy have made most of the jobs for executives and managers focus on the so-called emerging countries (China, India, [...]...
68. Avoidance of Contract Definition of Avoidance of Contract in International Trade The following is a concept of Avoidance of Contract in the context of international trade law, from the Dictionary of International Trade (Global Negotiator): The legal cancellation of a contract because an event occurs that makes [...]...
69. 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 [...]...
70. Joint Venture Summary of Joint Venture A business enterprise with more than one equity participant; for example, an agreement between a German firm and a U.S. firm to capitalize jointly a new factory in Venezuela. Many countries impose restrictions on joint ventures; these restrictions may take the form [...]...
71. Stripping The act of unloading an intermodal ocean container.......
72. Carriage Contract Carriage Contract in International Trade Meaning of Carriage Contract, according to the Dictionary of International Trade (Global Negotiator): An agreement between a carrier and another party for transportation. The other party will normally be the seller (or seller's agent) with freight [...]...
73. Global Quota See Quota.......
74. Import Substitution Summary of Import Substitution The act of eliminating imports of a given product by commencing production locally, often accompanied by controls such as increased duties, quotas, or outright bans to discourage or prevent continued foreign imports. This approach is fairly common on the part [...]...
75. 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).......
76. Contract Theories In the United States For information about Contract theories in the context of international trade, click here...
77. Weight W/M in International Trade Meaning of W/m, according to the Dictionary of International Trade (Global Negotiator): Weight or measurement is a method of quoting freight rates: 1. for sea freight, per metric ton (1.000 kilograms) or per cubic meter (35.3 cubic feet) whichever is greater; 2. for [...]...
78. 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. ......
79. Trade Acceptance Summary of Trade Acceptance Cross-reference: Acceptance.(Main Author: William J. Miller) Trade Acceptance in International Trade Meaning of Trade Acceptance, according to the Dictionary of International Trade (Global Negotiator): A bill of exchange drawn by the exporter/seller on [...]...
80. Equity Joint Venture Equity Joint Venture (EJV) in International Trade Meaning of Equity Joint Venture (EJV), according to the Dictionary of International Trade (Global Negotiator): A type of joint venture in which two or more parties set up a separate legal company to act as the vehicle for carrying out the [...]...
81. Counterpurchase Contracts Counterpurchase Contracts and International Trade Resources See Also Countertrade...
82. Countertrade A commercial arrangement in which the buyer pays for his purchases, wholly or partly, with something other than money. Very often countertrade deals include some cash, but a significant portion of the transaction is settled with commodities or services. Countertrade has been employed heavily [...]...
83. Carrier Summary of Carrier A firm engaged in the business of transporting persons or goods for profit. Railroads, trucking companies, airlines, and steamship operators are examples of carriers. Carriers can be divided into three categories: the private carrier moves only its own goods or those of [...]...
84. Charter Party A maritime contract for the lease of all or part of a ship for a period of time or for a voyage or voyages. The expression is derived from the Latin carta partida, meaning "divided document," because the charter agreement was written twice on one sheet of paper, which was then cut or [...]...
85. Contract Carriage Read Carrier as cross-reference......
86. Contract Of Affreightment Contract Of Affreightment Summary of Contract Of Affreightment A contract, between the shipper of goods and a transport company, specifying the terms and conditions under which a given lot of merchandise is to be moved. The contract is usually evidenced by a bill of lading containing the [...]...
87. 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......
88. Consideration Promise as Consideration Cases where promisee is trying to hold promisor to contract under theory that promisee made promise as well that is consideration. Promisor often responds that promisee's promise is 'illusory' and not sufficient consideration. Why enforce promises as [...]...
89. Bailment Summary of Bailment A contract by which one person (bailor) entrusts personal property to another person (bailee) for some specific purpose. All contracts for the carriage of goods, for example, are bailments.(Main Author: William J. Miller) Bailment, in law, a transfer of the [...]...
90. Bill of Lading Bill Of Lading Summary of Bill Of Lading A document issued by a carrier to a shipper acknowledging receipt of the goods, and stating the points of pick-up and delivery, as well as other information relative to value declared for carriage, terms and conditions of transport, freight charges, [...]...
91. Combination Export Manager . A service organization that acts as the export department of a manufacturing or trading firm. The CEM undertakes to find overseas buyers, negotiates contracts on behalf of its principal, and is often operationally indistinguishable from a branch of the manufacturer.......
92. 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......
93. Combined Transport Operator A common carrier providing multimodal transport services. These services may involve movement of the goods by several modes (e.g., rail, water, motor), with one portion of the shipment actually performed by the carrier issuing the bill of lading and other portions subcontracted out.......
94. 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 [...]...
95. Common Carrier Read Carrier as cross-reference......
96. Common External Tariff Summary of Common External Tariff The uniform customs tariff applied by all the member states of a customs union or common market to imports from nonmember nations.(Main Author: William J. Miller) Common External Tariff and the GATT Policy Negotiations In relation to the GATT [...]...
97. Common Market Summary of Common Market A supranational organization of trading nations, created to promote economic collaboration and minimize constraints on the free movement of goods among the member states. Features of a common market include elimination of tariffs on goods moving between member [...]...
98. Compensation Deal A semibarter arrangement in which goods are purchased partially in cash and partially with other goods.......
99. Compound Duty Cross-reference: Duty......
100. Conference Signatory A merchant that has signed a contract, called a loyalty agreement, pledging to ship all its products to certain destinations aboard vessels of steamship lines adhering to a CONFERENCE (read this legal term for further details). The agreement is ex......
101. Confirming House A commercial institution engaged in nonrecourse financing of foreign trade. The confirming house may confirm a foreign buyer's order, acting as guarantor of payment to the seller; in some cases, the confirming house may actually take title to the goods as agent for the foreign purchaser, [...]...
102. Consignee The person or firm to whom goods are shipped under a bill of lading (read this and related legal terms for further details) and so named in the bill.......
103. 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 [...]...
104. Consignor The person or firm shown as shipper on the BILL OF LADING (read this and related legal terms for further details).......
105. Consolidation Summary of Consolidation The combination of various small shipments into one large shipment so as to achieve a lower overall freight rate.(Main Author: William J. Miller) Consolidation of Results in Election Law A process of bringing together election results from a number of [...]...
106. 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 [...]...
107. Container Yard A facility at which a steamship operator makes full container loads of merchandise available for pick-up by the consignee following discharge from the vessel.......
108. Contract Demurrage Liquidated damages payable by a charterer to a vessel owner for holding up the ship beyond the time allocated in the charter party. The rate of demurrage is stipulated in the charter party, and is calculated on a per day or per hour basis.......
109. 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 (...
110. Convertibility Summary of Convertibility The ability of a currency to be exchanged for other currencies in settlement of current account transactions. Currencies are convertible in varying degrees, although the ability of nonresidents freely to purchase and sell a given currency, without governmental [...]...
111. 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 [...]...
112. 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......
113. Demurrage Charges payable by a shipper or consignee to a carrier for failing to unload, release, or otherwise return to service the carrier's equipment within a prescribed period of time. The amount of free time allowed to load, unload, or return the equipment and the rate of charges are specified in [...]...
114. Forward Exchange Contract An agreement to exchange, at a specified future date, a fixed number of units of one currency for a fixed number of units of another currency. Such contracts are often procured by merchants when they must settle future accounts in a foreign currency and wish to protect against possible losses [...]...
115. Free Alongside A condition in a shipping contract whereby the shipper bears all costs of delivering the goods up to a ship's tackle. This definition is modified to accommodate local customs of the port. ......
116. General Average Summary of General Average An ancient principle in international maritime law requiring a contribution by the vessel and cargo interests to pay for "extraordinary expenses and sacrifices"incurred in saving the vessel and its cargo. The term average derives from an Arabic word [...]...
117. Hamburg Rules A proposed international convention dealing with carrier liability for loss or damage to cargo transported by sea. Known formally as the United Nations Convention on the Carriage of Goods by Sea 1978, the convention was the product of a conference held at Hamburg, Federal Republic of [...]...
118. Hedging The act of avoiding price fluctuations over time of commodities or foreign currencies by buying or selling "forward." By hedging, a merchant fixes the future price of a commodity or currency. For example, an American who has purchased ten thousand yards of cloth at one pound per yard [...]...
119. Incoterms A codification of terms used in foreign trade contracts. Local customs and usage imported variations in meaning for such common terms as F.A.S., C.I.F., et cetera, often resulting in disputes between buyer and seller as to the respective obligations of each. In 1936 the Paris-based [...]...
120. Laytime The amount of time permitted the charterer of a vessel to perform loading and unloading without incurring additional charges. Charter parties normally provide for demurrage charges to accrue for time used beyond that allocated; similarly, the contract may provide for despatch money to be paid [...]...