Related Entries of the International Encyclopedia:

1. Freight Broker Synonymous with Cargo Broker (read this and related legal terms for further details), in vessel charter transactions.......
2. 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 (...
3. Financial Accounting Standards Board Statement No 8 A far-reaching and controversial pronouncement by the Financial Accounting Standards Board governing accounting practices used by American firms in transactions involving foreign currencies. The pronouncement, known commonly as FASB 8, came into effect for fiscal years beginning January 1, 1976. Am......
4. 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......
5. 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).......
6. Dollar Bill Of Exchange Synonymous with Dollar Exchange (read this and related legal terms for further details).......
7. Ocean Freight Differential A sum rep resenting the difference in freight costs associated with moving subsidized agricultural exports on American rather than cheaper foreign vessels. The differential is provided for shipments under the Agricultural Trade Development And Assistance Act (...
8. 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......
9. 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......
10. 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.......
11. Freight-Allowed Pricing Synonymous with zone-delivered pricing (read this and related legal terms for further details).......
12. 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......
13. Cargo-Carrying Capacity Synonymous with Deadweight Tonnage (read this and related legal terms for further details).......
14. Tariff (Freight) A document issued, usually in booklet form, by a Common Carrier (read this and related legal terms for further details) listing its charges for transportation services. Commonly, the rate, or cost of transportation, vari......
15. Yo-Yo Effect A condition that arises under the rules of Financial Accounting Standards Board Statement No. 8 (read this and related legal terms for further details) when a foreign company's total monetary assets differ from its t......
16. Notice Of Readiness Written notification provided by a vessel owner to a charterer, shipper, or consignee that the vessel has arrived at port and is prepared to commence loading or discharging of cargo, as the case may be. Failure by the charterer, shipper, or consignee to commence loading/discharging is apt to start L......
17. On Board Bill Of Lading An ocean bill of LADING (read this and related legal terms for further details) bearing the carrier's endorsement "on board" or words of like import stipulating that the cargo covered by the bill of lading ......
18. Gross Charter Also known as gross terms, a vessel charter arrangement whereby all expenses, to include loading, unloading, pilotage (read this and related legal terms for further details), et cetera, are for the account of the vessel.......
19. Measurement Ton An expression of cubic measurement equal to forty cubic feet, used either to define the interior of a vessel or as a basis for assessing freight on cargo. With virtually worldwide conversion to metric measurement, a measurement/stow ton may be defined as the equal of a cubic meter, depending [...]...
20. Worldscale A schedule, published semiannually on January 1 and July 1 as the Worldwide Tanker Nominal Freight Scale, which lists all world petroleum ports and a nominal freight rate for the movement of petroleum products between any two ports. The nominal rate listed between any two ports is known as worldscal......
21. 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.......
22. Financial Accounting Standards Board Statement No 52 A set of accounting rules governing offshore and multicurrency transactions, adopted in 1981 and mandatory for use by December 15, 1984. FASB 52 replaces Financial Accounting Standards Board Statement No. 8 (read this and re......
23. International Tanker Nominal Freight Scale A schedule of nominal rates for movements of tankers between world ports. Publication was ceased in 1969; it has been succeeded by Worldscale (read this and related legal terms for further details).......
24. 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......
25. 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......
26. 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 [...]...
27. 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......
28. 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.......
29. Green Rate A special rate of exchange used in converting agricultural prices fixed in units of account into national currencies, within the framework of the Common Agricultural Policy (read this and related legal terms for further deta......
30. Prime Rate The rate of interest on business loans by commercial banks to their most creditworthy customers. The maintenance of a COMPENSATING BALANCE (read this and related legal terms for further details) by the borrower is custom......
31. Real Interest Rate Synonymous with effective interest Rate (read this and related legal terms for further details).......
32. 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......
33. Liner Terms A provision in some ship charter contracts in which the vessel pays loading or discharging costs, or both.......
34. Hague Agreement The product of a 1924 conference on ocean carrier liability sponsored by the International Chamber of Commerce. The agreement embraced various defenses to carrier liability for loss or damage to cargo and established a limitation of liability at one hundred pounds sterling (approximately five hundre......
35. Open Rate A freight rate that is not set by a Conference (read this legal term for further details) and is therefore negotiable. An open rate may result from the absence of a conference rate agreement, or similar rate-setting scheme over a given trade route......
36. 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......
37. 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......
38. Tariff Rate A rate for insurance coverage specifically prescribed by local regulation. Usually the rate is higher than might be derived through negotiations with a nonadmitted (read this and related legal terms for further details) ......
39. Customary Freight Unit As used within the context of the Carriage of Goods by Sea Act, the unit upon which freight is assessed on bulk or unpackaged cargoes. The act provided that a carrier's liability for loss or damage to cargo shall be limited (in the 1980s) to $500 per package, or "other customary freight uni......
40. Roll-On/roll-Off A method of ocean cargo service employing a vessel with ramps astern or amidships to permit wheeled vehicles to be loaded aboard. The opportunity to run cargo on and off by ramps, without the necessity of cranes or similar equipment, permits accelerated loading and unloading of the vessel, particula......
41. Cross Bill Synonymous with re-draft (read this and related legal terms for further details).......
42. 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......
43. Slot Ship Synonymous with cellularized vessel (read this and related legal terms for further details).......
44. 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......
45. Through Rate A freight rate that is the total rate from origin to destination; in some cases, surcharges may be applicable to the basic freight, and are additional to the through rate.......
46. Firm Indication An emphatic form of Indication (read this and related legal terms for further details) in vessel charter transactions.......
47. 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 (...
48. 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 ......
49. Independent Action The reserved right of a carrier participating in a Conference (read this legal term for further details) or rate agreement to deviate unilaterally from the common tariff and publish its own rate for a given commodity. In those tariffs that permit ......
50. Maritime Subsidy Board A body collateral to the Maritime administration (read this and related legal terms for further details) responsible for reviewing applications for subsidies to U.S. merchant vessel operators to permit competition with l......
51. Triffin Plan A proposal advanced by Professor Robert Triffin to establish a system for the settlement of international accounts. Originally articulated in Gold and the Dollar Crisis (1960), the Triffin Plan urged the creation of an international reserve asset to be used only for international account settlement.......
52. Gross Terms Synonymous with Gross Charter (read this and related legal terms for further details).......
53. Optional Bill Of Lading An ocean bill of Lading (read this and related legal terms for further details) that gives the carrier the prerogative of stowing the cargo anywhere aboard the vessel at his convenience; the effect is to permit cargoes s......
54. 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......
55. 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 [...]...
56. 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 [...]...
57. 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 (...
58. 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......
59. Weather Permitting A condition in a vessel charter party that provides that time lost during loading or discharge because of weather conditions shall not count as Laytime (read this and related legal terms for further details).......
60. 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 [...]...
61. 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......
62. 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......
63. Pivot Weight The minimum chargeable weight assigned to an air container or unit load Device (read this and related legal terms for further details). Each type of unit load device is assigned a weight (the pivot weight) for which the ......
64. Smithsonian Agreement A largely unsuccessful effort to revive the fixed exchange rate system established by the bretton woods agreement (read this and related legal terms for further details).......
65. 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......
66. 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......
67. Sight Draft Endorsement A provision in a contract of marine insurance designed to protect an exporter while his merchandise lies in a foreign port awaiting acceptance (read this and related legal terms for further details) of drafts by the impo......
68. Time Volume Rate A contract between a shipper of cargo and a steamship line or conference in which the shipper pledges to ship a specific quantity of cargo aboard the carrier's vessels between agreed ports, during a given time period for a fixed sum of money per freight unit.......
69. 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).......
70. 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 (...
71. 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......
72. 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 (...
73. 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......
74. 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).......
75. Trip Charter The operation of a vessel, under a Time Charter (read this and related legal terms for further details), for a specific voyage or voyages.......
76. Actual Value Rate A freight rate applicable to certain commodities where, depending upon the actual goods, value may vary greatly. For example, the classification "scientific instruments" may embrace low-value laboratory glassware or high-value precision instruments. In such cases, the shipper must declare ......
77. Arrived Ship A vessel under charter that has arrived at its point of loading or discharge; laytime (read this and related legal terms for further details) will begin to accrue from the time of arrival. A vessel has arrived if it fill......
78. Constructed Price A value for customs purposes that ignores the invoice price of the merchandise but is derived by computing the cost inputs of the product (materials plus reasonable manufacturing expenses in the country of origin plus a profit factor), to which are added the normal costs associated with preparing th......
79. 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.......
80. 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......
81. Primage And Average Accustomed An assessment by a steamship line upon the cargo, prorated by value, to cover such port charges as wharfage and pilotage, and unusual expenses incurred on behalf of a particular cargo. In modern practice, such charges are included in the carrier's freight rate.......
82. Roll Trailer A low-bed trailer used to carry containers, machinery, and similar cargo, usually on a pier-to-pier basis in conjunction with Roll-On Roll-Off (read this and related legal terms for further details) vessels. These traile......
83. 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......
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. As Laytime A condition in some vessel charter agreements stipulating that time lost to the vessel because the charterer, shipper, or consignee cannot provide a berth for the ship will count as laytime, i.e., LAYTIME (read this and rela......
86. Stowage The act of placing cargo within the hold of a vessel for transit. The term has been extended to include the loading of cargo within containers.......
87. General Cargo Rate General Cargo Rate in International Trade Meaning of General Cargo Rate, according to the Dictionary of International Trade (Global Negotiator): The rate a carrier charges for the shipment of cargo that does not have a special class rate or commodity rate....
88. Currency Adjustment Factor A surcharge imposed on ocean freight by a carrier to offset or mitigate the impact of exchange rate fluctuations upon his freight revenue.......
89. Dollar Outflow Payments, in terms of dollars, made to foreigners in settlement of current transactions, as investments in foreign enterprises or for any other reason. Optimally, the outflows would be offset by inflows arising from the purchase of American goods or services or investment in the United States.......
90. On Deck Bill Of Lading An ocean BILL of Lading (read this and related legal terms for further details) bearing the specific endorsement "on deck," "on deck at shipper's risk," or words of like import. Such bills of ladi......
91. Voluntary Stranding A grounding which results from the design and actions of the master to save the ship from imminent peril. Costs and sacrifices resulting from the voluntary act are recoverable in General Average (read this and related legal ......
92. Deductive Value Deductive Value and the GATT Policy Negotiations In relation to the GATT Policy Negotiations, Christopher Mark (1993) provided the following explanation and/or definition of Deductive Value: An alternative method of valuing imported merchandise for customs purposes, permitted under the Customs [...]...
93. Computed Value Method An alternative method of valuing imports for the imposition of ad valorem duties, as provided in the customs VALUATION AGREEMENT (read this and related legal terms for further details).......
94. Credit Method For more details on Double Taxation, click here.......
95. Tax Exemption Method For more details on Double Taxation, click here.......
96. Method Highest Average Method in Election Law Formula used in party list proportional voting systems to convert votes into seats. The total number of votes for each party or list is divided by a series of divisors using the D'Hondt method (1,2,3, etc.) or Sainte-Laguë method (1, 3, 5, etc.). [...]...
97. Resale Price Method Synonymous with Arm's Length Price (read this and related legal terms for further details).......
98. Majority (TwoRound Method) Majority (TwoRound Method) in Constitutional LawFrom the Comparative Constitutions Project: This majority system uses a two round system of voting. In the first round, each voter casts one vote, and when these votes are tallied, the candidate with a majority of the votes wins the election. If [...]...
99. Method of Interpretation Literal, Grammatical, Logical or "Ordinary" Method of Interpretation Codification: Interpretation and Reasoning Note: there is an entry about the subject of this section in this legal Encyclopedia. Methods and Techniques/Means/Tools of Interpretation There is more general information [...]...
100. Incident Method Incident Method (or Approach) Embracing mainstream international law, this section on incident method (or approach) explores the context, history and effect of the area of the law covered here. Resources Further Reading The entry "incident method (or approach)" in the Parry and [...]...
101. Community Method Community Method and Europe There is an entry on community method in the European legal encyclopedia. Resources See Also Further Reading Entry "Community Method" in the work "A Concise Encyclopedia of the European Union from Aachen to Zollverein", by Rodney Leach (Profile [...]...
102. Accrual Accounting Method Description of Accrual Accounting Method In this reference work, accrual accounting method is a sort of the Accounting category. Description of Accrual Accounting Method Resources See Also Accounting Method Resources See Also Cash-Basis Accounting Method Internal Revenue Taxation Accounting...
103. Capitalization Accounting Method Description of Capitalization Accounting Method In this reference work, capitalization accounting method is a sort of the Accounting category. Resources See Also Accrual Accounting Method Internal Revenue Taxation Accounting...
104. Accelerated Depreciation Method Description of Accelerated Depreciation Method In this reference work, accelerated depreciation method is a sort of the Property, Securities category. Resources See Also Depreciation Method Property Securities...
105. Actuarial Method Description of Actuarial Method Resources See Also Labor Employment...
106. Research Method Resources See Also Further Reading Information related to research method in the Max Planck Encyclopedia of International Law(MPEPIL), Germany, United Kingdom...
107. Accrual Method of Accounting Resources See Also Accounting...
108. Completed Contract Method Resources See Also Percentage of completion method...
109. Method of Payment Resources See Also Disability Insurance Social Security Administration Social Security Statement Social Security Benefits...
110. Method of Financing Resources See Also Social Security Financing Social Insurance Social Security System...
111. Further Processing Method Further Processing Method and International Trade Resources See Also superdeductive ...
112. Dead Freight A payment made by a charterer to the owner of a vessel as compensation for stowing the ship to less than its capacity. The charterer is bound to ship a "full and complete cargo"; since freight is payable only on the cargo actually shipped, failure to deliver a full load deprives the [...]...
113. Deadweight Tonnage The capacity of a vessel to carry cargo, water, passengers, and stores when loaded to her maximum draft, expressed in long tons.......
114. Deals, Boards, Battens, And Scantlings Gradings of light timber, according to dimension. The figure shows the dimensions used in the Baltic-United Kingdom trade; these measurements serve as a standard. A provision is usually made in charter parties for ends, or short lengths, to travel at reduced rates. ......
115. Debasement The reduction, by governmental authority, of the amount of precious metal in the coinage below the conventional level. Debasement results in diluting the precious metal content of the coinage, usually to increase the supply of money for government purposes. The effect of such dilution is often a los......
116. Debt Service Ratio The percentage of a nation's export earnings that are devoted to paying interest on obligations owed to foreigners.......
117. Debtor Nation A nation with financial obligations to foreigners greater than obligations owed to it by foreigners.......
118. Decline The rejection of a firm order proposal by a principal in vessel charter negotiations.......
119. Dedicated To Single-Use Test A principle applied in customs law that the tariff item applicable to a finished product will be applied to a work- in-process item if the unfinished item is so far advanced in the process of manufacture as to be incapable of being used for any purpose other than completion into the finished article......
120. Deep Tank A tank within the hold of a vessel (other than a tanker) to accommodate liquid or semiliquid cargoes in bulk.......