Related Entries of the International Encyclopedia:

1. 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......
2. 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......
3. 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......
4. 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......
5. 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......
6. 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).......
7. Merchant's Contract In steamship usage, a Loyalty Agreement (read this and related legal terms for further details).......
8. 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 (...
9. 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......
10. 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 (......
11. Intermediate Goods Synonymous with Intermediate Products (read this and related legal terms for further details).......
12. 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 ......
13. 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......
14. Offshore Finance Company Synonymous with Foreign Base Finance Company (read this and related legal terms for further details).......
15. 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 [...]...
16. 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).......
17. Reliquidation An amendment of a customs entry Liquidation (read this and related legal terms for further details)......
18. 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 (...
19. 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......
20. 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 (...
21. Noncontract Rate The freight rate applicable to commodities shipped by a firm that has not executed an exclusive patronage contract (read this and related legal terms for further details).......
22. 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 [...]...
23. 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......
24. 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.......
25. 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......
26. Floor In the case of a variable rate loan (read this and related legal terms for further details), a prearranged minimum rate of interest that will be imposed, irrespective of how low the money market index falls.......
27. Straight Consignment Goods conveyed under a straight, i.e., nonnegotiable, Bill of lading (read this and related legal terms for further details).......
28. 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......
29. 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......
30. 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......
31. Quota-Class Merchandise Goods subject to Quota (read this and related legal terms for further details) restrictions.......
32. Customary Quick Despatch A provision in a vessel charter agreement that the ship will be loaded or unloaded with all reasonable speed. By including a customary quick despatch (or CQD) clause in the contract, the parties need not specify LAYTIME (rea......
33. Customs Invoice Read Invoice as cross-reference.......
34. 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 [...]...
35. 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...
36. 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......
37. Quota Share Treaty A contract of Reinsurance (read this and related legal terms for further details) whereby the reinsurer agrees to accept a stipulated percentage of all business of a particular class......
38. 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......
39. Guatemala Protocol (1971) A modification of the Warsaw Convention (read this and related legal terms for further details) of 1929.......
40. Hague Protocol (1955) A modification of the Warsaw Convention (read this and related legal terms for further details) of 1929.......
41. 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 (...
42. 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......
43. Customs Entry Read Entry (Customs) as cross-reference.......
44. 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......
45. 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......
46. 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......
47. Touch And Stay A clause in a marine insurance contract which stipulates that a vessel may call at customary ports along its route, and that such calls will not of themselves be regarded as a deviation (read this and related legal terms for......
48. Customs Conventions ContentsCustoms ConventionsConclusionNotesSee AlsoReferences and Further ReadingAbout the Author/s and Reviewer/sMentioned in these Entries Customs Conventions Convention on Temporary Admission 26.6.1990 ... Read more...
49. Customs Valuation Code A uniform system for valuing imports for the application of customs duties. The agreement is a product of the Tokyo Round of multilateral trade negotiations. It provides for five methods of valuing imported merchandise. Transaction value is the price actually paid or payable for the goods, with [...]...
50. 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......
51. Noncontract Shipper A firm that has not executed an exclusive patronage contract (read this and related legal terms for further details).......
52. Cash Price The same as SPOT price (read this and related legal terms for further details), as used in grain transactions.......
53. Certificate Of Receipt Synonymous with FORWARDER'S RECEIPT (read this and related legal terms for further details).......
54. Credit Currency Synonymous with Fiduciary Currency (read this and related legal terms for further details).......
55. 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 (...
56. Carrier's Certificate A document issued by a steamship line, an airline, or other transportation company carrying imported merchandise certifying to the customs authorities that the party named is the legitimate recipient of the goods and is authorized to effect clearance through customs (see figure). The party so named ......
57. Yugen Kaisha A form of limited company organization used in Japan for small or family-con- trolled corporations. This form, usually identified by the letters YK, resembles the American dosed corporation and usually includes restrictions on the transfer of stock. A large or public company is usually organized as ......
58. Cargo-Carrying Capacity Synonymous with Deadweight Tonnage (read this and related legal terms for further details).......
59. Common Financing A feature of the Common Agricultural Policy (read this and related legal terms for further details) of the European Economic Community.......
60. Common Pricing A feature of the COMMON AGRICULTURAL policy (read this and related legal terms for further details) of the European Economic Community.......
61. General Agreements To Borrow An arrangement among the GROUP OF TEN (read this and related legal terms for further details) nations to provide supplemental financing to the International Monetary Fund (...
62. 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 (...
63. 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......
64. Ab Quai Synonymous with AB KAI (read this and related legal terms for further details).......
65. 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.......
66. 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......
67. 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......
68. Foreign Trade Antitrust Improvements Act A 1982 act of Congress, constituting Title IV of the export trading company act (read this and related legal terms for further details), which amends the Sherman Act and Federal Trade Commission Act to clarify their inap......
69. Poultry War Synonymous with Chicken War (read this and related legal terms for further details).......
70. 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......
71. 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......
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. 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......
74. 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......
75. Net Capacity Synonymous with deadweight Tonnage (read this and related legal terms for further details).......
76. Quayage Synonymous with Quay Dues (read this and related legal terms for further details).......
77. 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......
78. Dollar Gap Synonymous with Dollar Deficit (read this and related legal terms for further details).......
79. 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,......
80. Clean Acceptance A formal acknowledgment by a principal in negotiations for the charter of a vessel that he accepts the offer submitted to him, without further modification, and that he binds himself to execute the charter PARTY (read this a......
81. Commercial Bill A bill of exchange (read here for further details) that arises out of a transaction involving the sale of goods.......
82. Fecom The French acronym for the European Monetary Cooperation Fund. (read this and related legal terms for further details).......
83. 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 (...
84. 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......
85. 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......
86. 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 ......
87. 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......
88. Cross Bill Synonymous with re-draft (read this and related legal terms for further details).......
89. Indicative Price Also known as the norm price, the Target Price (read this and related legal terms for further details) for producers of olive oil under the common agricultural policy (...
90. International Reserves Gold, hard currencies, and special drawing rights (read this and related legal terms for further details) issued by the international monetary fund (...
91. Pilotage The charge imposed on a vessel for the services of a pilot to guide the ship into or out o: a harbor. The actual costs of pilotage are computed in terms of pilotage units (read this and related legal terms for further detail......
92. 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 [...]...
93. Clearing Summary of Clearing An arrangement by which two firms in different countries agree to purchase goods from each other over a specific period of time, thereby balancing out obligations to each other. Clearing is not synonymous with barter, which implies a simultaneous or near simultaneous [...]...
94. 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).......
95. 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).......
96. Transaction Cost Literature Review on (Policy Analysis) Transaction Cost Economics In the Encyclopedia of Public Administration and Public Policy, [1] Glenn A. Daley offers the following summary about the topic of (Policy Analysis) Transaction Cost Economics: Transaction cost economics (TCE) is the study [...]...
97. Aleatory Transaction Resources See Also Aleatory contract...
98. Foreign Currency Transaction For accounting purposes, a transaction stated in terms of a currency other than the firm's functional currency. The purchase or sale of goods priced in terms of a foreign currency and the lending or borrowing of foreign funds represent such transactions.......
99. 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).......
100. Abc Transaction Description of Abc Transaction In this reference work, abc transaction is a sort of the Oil, Gas, Energy Law category. Resources See Also Oil Gas Energy Law...
101. Arm's Length Transaction An economic transaction between unaffiliated parties undertaken as a product of commercial negotiation or market forces. Section 482 of the Internal Revenue Code authorizes the Internal Revenue Service to reallocate income to a domestic corporation when transactions with a controlled affiliate are u......
102. 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.......
103. 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.......
104. Contract Carriage Read Carrier as cross-reference......
105. 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......
106. 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......
107. 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 [...]...
108. Convention for Unification Transportation by Air ContentsConvention for the Unification of Certain Rules Relating to International Transportation by AirLegislation:ConclusionNotesSee AlsoReferences and Further ReadingAbout the Author/s and ... Read more...
109. Convention on the Recognition and Enforcement of Foreign Arbitral Awards ContentsConvention on the Recognition and Enforcement of Foreign Arbitral AwardsNotes, Declarations and Reservations ConclusionNotesSee AlsoReferences and Further ReadingAbout the Author/s ... Read more...
110. Council of Europe Convention on the Prevention of Terrorism ContentsCouncil of Europe Convention on the Prevention of TerrorismConclusionNotesSee AlsoReferences and Further ReadingAbout the Author/s and Reviewer/sMentioned in these Entries ... Read more...
111. 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 [...]...
112. Conventions: Chronological Index ContentsInternational conventions: Chronological IndexConclusionNotesSee AlsoReferences and Further ReadingAbout the Author/s and Reviewer/sMentioned in these Entries International conventions: Chronological Index See ... Read more...
113. Conventions: Chronological Index 1951-1970 ContentsInternational Conventions: Chronological Index 1951-1970Conventions Chronological Index 1951-1970ConclusionNotesSee AlsoReferences and Further ReadingAbout the Author/s and Reviewer/sMentioned in these Entries International ... Read more...
114. Conventions: Chronological Index 1971-1990 ContentsInternational Conventions: Chronological Index 1971-1990ConclusionNotesSee AlsoReferences and Further ReadingAbout the Author/s and Reviewer/sMentioned in these Entries International Conventions: Chronological Index ... Read more...
115. 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...
116. 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...
117. Commercial arbitration: U.S. Cases on arbitration ContentsCommercial arbitration: United States court decisions on arbitrationConclusionNotesSee AlsoReferences and Further ReadingAbout the Author/s and Reviewer/sMentioned in these Entries Commercial ... Read more...
118. Commercial arbitral legislation worldwide ContentsCommercial arbitral legislation worldwideARGENTINAAUSTRALIAAUSTRIABAHRAINBANGLADESHBELGIUMBERMUDABRAZILBULGARIAREPUBLIC OFCAMBODIACANADACHILECHINA P.R.COLOMBIACOSTA RICACROATIACYPRUSCZECH REPUBLICDENMARKEGYPTENGLANDFINLANDFRANCEGERMANYGREECEHONG KONG S.A.R.HUNGARYINDIAINDONESIAINTER-AMERICAN COMMERCIAL ARBITRATION: IRELANDISRAELITALYITALY ARBITRATION IN COMPANY MATTERSJAPANKENYAKOREALATVIA, THE REPUBLIC OFLIBYALITHUANIALUXEMBOURGMALAYSIAMALTAMAURITIUSMEXICOTHE ... Read more...
119. 1958 Convention: Material scope of application Contents1958 Convention: Material scope of applicationArbitral awardAutonomous InterpretationConflict-of-Laws ApproachSource: ICCA’S Guide to the interpretation of the 1958 New York convention. ... Read more...
120. 1958 Convention: Territorial scope of application Contents1958 Convention: Territorial scope of applicationAwardsAwards Made in the Territory of a State Other Than the State Where Recognition and ... Read more...