Related Entries of the International Encyclopedia:

1. Dollar Bill Of Exchange Synonymous with Dollar Exchange (read this and related legal terms for further details).......
2. 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......
3. 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......
4. 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 (...
5. Gold Sterilization A governmental policy to prevent the expansion of a nation's money supply by preventing the accumulation of gold. In the case of a nation on the Gold Standard (read this and related legal terms for further details), ......
6. Fixed Exchange Rates A condition in which the official rates of exchange for most currencies, particularly those of major trading nations, are in an established ratio to one another; generally, this is the result of each currency having an established rate to gold from which a series of bilateral exchange ratios can be ......
7. 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......
8. 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.......
9. Familiar Drawing Techniques process within the international monetary FUND (read this and related legal terms for further details) whereby a member nation suffering balance of payments problems may obtain foreign currencies from the IMF in exchange......
10. 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......
11. Freight Broker Synonymous with Cargo Broker (read this and related legal terms for further details), in vessel charter transactions.......
12. 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......
13. 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......
14. 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......
15. 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......
16. Paper Gold A common reference to Special Drawing Rights (read this and related legal terms for further details) issued by the International Monetary Fund.......
17. Gold Points A variation in the value of two gold standard currencies against the value of physical gold so as to warrant the export of gold. For example, if the exchange rate for French francs rose above a certain point, it would be more profitable to export gold to France and sell it for francs than to exchang......
18. 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......
19. 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......
20. Cargo-Carrying Capacity Synonymous with Deadweight Tonnage (read this and related legal terms for further details).......
21. 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 (...
22. Flight From The Dollar The large-scale divestiture of dollars and dollar-denominated securities by speculators and capital markets in 1970- 1971 in anticipation of a dollar devaluation. Pessimism concerning the dollar arose in response to growing balance of trade deficits and capital outflows attributable to low U.S. inte......
23. 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.......
24. 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......
25. 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......
26. 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 [...]...
27. 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.......
28. 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.......
29. 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......
30. 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).......
31. Multiple Exchange Rates Synonymous with Differential Exchange Rates (read this and related legal terms for further details).......
32. 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 ......
33. Gold Exchange Standard A condition in which a nation maintains its reserves in a currency convertible into gold rather than in the metal itself. Since August 15, 1971, the U.S. dollar has not been freely convertible into gold by foreign central banks; it therefore does not qualify as a reserve currency for a nation on a g......
34. 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.......
35. Monetary Unit The unit of account established by law in terms of which transactions are expressed. In the United States the monetary unit is the dollar, which, although no longer officially converted into gold, is tied to gold at the rate of $42.22 per fine ounce.......
36. 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).......
37. Gold Clause A provision in a debt instrument defining the monetary obligation in terms of gold, or a dollar of a prescribed weight and fineness of gold......
38. International Reserves Gold, hard currencies, and special drawing rights (read this and related legal terms for further details) issued by the international monetary fund (...
39. Real Interest Rate Synonymous with effective interest Rate (read this and related legal terms for further details).......
40. 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......
41. 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......
42. 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 (...
43. Super Gold Tranche A condition in which drawings by a member of the international Monetary Fund (read this and related legal terms for further details) cause fund holdings of the member's currency to fall below 75 percent of the member......
44. 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......
45. Intermediate Goods Synonymous with Intermediate Products (read this and related legal terms for further details).......
46. 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 (...
47. 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......
48. 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......
49. 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) ......
50. Bretton Woods Agreement The product of an international conference on monetary and economic affairs held at the end of World War II, from which resulted the International Monetary Fund and the World Bank; the term is used most commonly in reference to a program for world monetary affairs that emerged from the conference an......
51. 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......
52. 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......
53. Reconstitution A regulation of the International Monetary Fund (read this and related legal terms for further details) relating to the use of Special Drawing Rights (...
54. Slot Ship Synonymous with cellularized vessel (read this and related legal terms for further details).......
55. Fixed Exchange Rate Concept of Fixed Exchange Rate An introductory definition of Fixed Exchange Rate is provided here: the rate of exchange of a currency or currency is set by agreement between governments or by government policy (see also gold standard) Resources See Also Foregin Policy Foreign Affairs...
56. 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......
57. 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 ......
58. 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......
59. 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).......
60. Firm Indication An emphatic form of Indication (read this and related legal terms for further details) in vessel charter transactions.......
61. 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......
62. 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......
63. Floating Exchange Rate Floating Exchange Rate in International Trade Meaning of Floating Exchange Rate, according to the Dictionary of International Trade (Global Negotiator): A rate of exchange that is determined by market forces. See also clean float and dirty float. Concept of Floating Exchange Rate An [...]...
64. 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......
65. 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.......
66. 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......
67. 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......
68. 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......
69. Mart And Countermart letters patent (read this and related legal terms for further details) issued by governmental authority to vessel owners authorizing them to wage war upon national enemies and to derive profit from vessels or goods acqui......
70. 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).......
71. Par Value The nominal value assigned to a currency by its issuing authority. Normally, this value is expressed as a quantity of gold, or another currency convertible into gold. When the market value of a currency, expressed in terms of other convertible currencies, deviates significantly from its par [...]...
72. 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......
73. Dollar Glut An excess of dollars in circulation outside the United States, over and above the quantity required for trade and normal financial transactions. This condition arose during the late 1950s and persisted through the early 1970s, largely as the result of persistent American payment deficits and foreign......
74. Gross Terms Synonymous with Gross Charter (read this and related legal terms for further details).......
75. 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......
76. 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......
77. Multiple Currency System Synonymous with Differential Exchange Rates (read this and related legal terms for further details).......
78. 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......
79. Sterling Credit A letter of credit (read this and related legal terms for further details) against which bills of exchange are to be drawn in pounds sterling.......
80. Consignor The person or firm shown as shipper on the BILL OF LADING (read this and related legal terms for further details).......
81. 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......
82. 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 (...
83. Straight Consignment Goods conveyed under a straight, i.e., nonnegotiable, Bill of lading (read this and related legal terms for further details).......
84. 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 (...
85. Customs Rate The rate of exchange employed by U.S. Customs in converting foreign currency invoices for the purpose of arriving at a value, in U.S. dollars, for imported merchandise. Ad valorem duties are applied on the dollar value. In accordance with the Customs Simplification Act of 1956, the secretary of the......
86. 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......
87. 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 (...
88. 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.......
89. 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......
90. 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 (...
91. New Jason Clause A stipulation in ocean bills of lading subject to the U.S. carriage of goods by Sea Act (read this and related legal terms for further details). Prior to the adoption of the Harter Act of 1893, American law recognized no......
92. 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 ......
93. Quota-Class Merchandise Goods subject to Quota (read this and related legal terms for further details) restrictions.......
94. 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.......
95. Compensated Dollar A monetary system in which the value of the dollar against gold is adjusted periodically so that purchasing power of money remains constant against a prescribed commodity index.......
96. 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......
97. 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......
98. Reciprocal Trade Agreements Program An act of Congress which authorized the president to reduce tariffs in exchange for like concessions by trading partners. The Reciprocal Trade Agreements Act of 1934, enacted as an amendment to the Smoot-Hawley Act (read thi......
99. 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......
100. 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......
101. Cooley Loans Foreign-currency-denominated loans by the U.S. government to foreign nations to permit the purchase of American agricultural commodities. The loans are authorized by an amendment to the Agricultural Trade Development and Assistance Act (...
102. Feeder Vessel A small vessel or barge that carries goods from a principal port to outlying ports not served directly by the mother ship.......
103. Devaluation Summary of Devaluation The official reduction of the value of a nation's money in relation to a standard (usually gold), special drawing rights, or the U.S. dollar. Inasmuch as all currencies are ultimately valued in terms of some standard, devaluation results in the conscious increase [...]...
104. Balance of Payments Balance Of Payments Summary of Balance Of Payments The sum owed to or by a nation as the result of its international transactions during a given time period, usually one year. The balance of payments is calculated by subtracting the nation's total payments to foreigners from total [...]...
105. Diplomacy Diplomacy Definition Diplomacy (Fr. diplomatie), the art of conducting international negotiations. The word, borrowed from the French, has the same derivation as Diplomatic (q.v.), and, according to the New English Dictionary, was first used in England so late as 1796 by Burke. Yet there is [...]...
106. Protectionism Protectionism Definition Protectionism may be defined as government policies that favor domestic products over imported goods. The debate between protectionism and free trade has been a continuing issue in United States politics. Meanings For information on: * systematic protectionism [...]...
107. 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 [...]...
108. Deadweight Tonnage The capacity of a vessel to carry cargo, water, passengers, and stores when loaded to her maximum draft, expressed in long tons.......
109. 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. ......
110. 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......
111. Debt Service Ratio The percentage of a nation's export earnings that are devoted to paying interest on obligations owed to foreigners.......
112. Debtor Nation A nation with financial obligations to foreigners greater than obligations owed to it by foreigners.......
113. Decline The rejection of a firm order proposal by a principal in vessel charter negotiations.......
114. 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......
115. 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).......
116. Deep Tank A tank within the hold of a vessel (other than a tanker) to accommodate liquid or semiliquid cargoes in bulk.......
117. Deferred Payment Credit Any letter of CREDIT (read this and related legal terms for further details) that provides for payment to the beneficiary at any point in time later than sight.......
118. Deficiency Guarantee A common provision in lending agreements collateralized by tangible assets which provides that if the lender, as the result of default on the loan obligation by the borrower, is obliged to sell the collateral and the proceeds of the sale are not adequate to satisfy the balance due on the loan, the b......
119. Deficiency Payment A payment to agricultural producers reflecting the difference between the actual market price for a commodity and the higher, governmentally guaranteed price.......
120. Del Credere Agent Summary of Del Credere Agent A sales agent who grants credit terms to buyers of the products offered by his principal but, in the process of giving such credit, indemnifies his principal agent against credit default by the customer.(Main Author: William J. Miller) Description of [...]...