Related Entries of the International Encyclopedia:

1. 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......
2. 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.......
3. 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......
4. 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.......
5. 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......
6. Multiple Currency System Synonymous with Differential Exchange Rates (read this and related legal terms for further details).......
7. Gross Terms Synonymous with Gross Charter (read this and related legal terms for further details).......
8. 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......
9. 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......
10. Credit Currency Synonymous with Fiduciary Currency (read this and related legal terms for further details).......
11. 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 [...]...
12. 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 [...]...
13. 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......
14. 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......
15. 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 (...
16. Spot Market A market for commodities or currency in which the sale results in an immediate or nearly immediate exchange of the goods or instruments for cash, as compared with a futures market, which trades in contracts for the future delivery of the product.......
17. 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 ......
18. 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.......
19. 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 (...
20. 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).......
21. Divergence Threshold Within the euro Pean Monetary System (read this and related legal terms for further details), each participating currency is assigned a value in terms of the European currency unit (ECU). The participating currency is pe......
22. 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......
23. Multiple Exchange Rates Synonymous with Differential Exchange Rates (read this and related legal terms for further details).......
24. Floating Currency Floating Currency in International Trade Meaning of Floating Currency, according to the Dictionary of International Trade (Global Negotiator): One whose value in terms of foreign currency is not kept stable (on the basis of the par value or a fixed relationship to some other currency) but [...]...
25. 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......
26. Reply Time A specified period of time during which an offer to charter a vessel remains valid. If the offering principal receives a clean acceptance (read this and related legal terms for further details) from his counterpart withi......
27. 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), ......
28. 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......
29. 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......
30. 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......
31. 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......
32. 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......
33. 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......
34. Intermediate Goods Synonymous with Intermediate Products (read this and related legal terms for further details).......
35. 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 (...
36. Bankable Charter A charter party in which the shipper is of such credit worthiness or financial Balance on Goods and Services. Balances on Current Account, Trade, and Services as Percent of GNP. standing that the vessel owner may use the charter contract as collateral for loans. In some cases, long-term charter agre......
37. Barter Summary of Barter A direct exchange of products without cash. In some cases, a third party is brought into the transaction to dispose of some or all of the goods in a third country; this practice is known as switch trading. See Countertrade.(Main Author: William J. Miller) Barter [...]...
38. Exchange Control The system by which a government regulates possession of and dealings in foreign exchange. The principal objective of exchange control is to allocate foreign exchange to necessary imports and expenditures. Normally, the finance ministry or central bank is invested with the authority to issue [...]...
39. Blocked Exchange An exchange restriction, imposed by governmental authority, that forbids the unlicensed purchase of bills of exchange, currency, or negotiable instruments denominated in a foreign currency. The object of this measure is to prevent transmission of foreign currency reserves out of the country. [...]...
40. 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......
41. 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 (...
42. 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......
43. 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......
44. 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......
45. Dollar Bill Of Exchange Synonymous with Dollar Exchange (read this and related legal terms for further details).......
46. 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......
47. Offer Summary of Offer In vessel charter transactions, synonymous with Firm Offer (read this and related legal terms for further details).(Main Author: William J. Miller) Best and Final Offer (BFO) in International Trade Meaning of Best and Final Offer (bfo), according to the [...]...
48. Slot Ship Synonymous with cellularized vessel (read this and related legal terms for further details).......
49. 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. ......
50. 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......
51. 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......
52. Soft Currency A national currency that, because of exchange controls, is not freely convertible into gold or other currencies. Such controls are usually manifest in officially set rates of exchange that do not reflect the price of the soft currency, were it permitted to trade freely.......
53. 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 [...]...
54. 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).......
55. Dual Exchange Market A governmentally mandated system for the handling of foreign exchange transactions under which officially sanctioned imports or other approved transactions are accommodated at a given, prescribed rate of exchange while other transactions employ the market rate of exchange. For a listing of countries......
56. Interbank Market A market for the purchase and sale in the spot and forward markets for foreign exchange among major commercial banks. Very often, these banks will offer to purchase or sell exchange through brokers, thereby initially protecting the identity of the market participants in a given currency at a point i......
57. Rationing Of Exchange An exchange control imposed by governmental authority to regulate transactions in foreign exchange. Under a rationing of exchange scheme, only the government may issue exchange to importers, and holders of bills of exchange denominated in a foreign currency must surrender them to the government in e......
58. Bareboat Charter A time charter under which the charterer assumes full operational control of the chartered vessel, to include providing officers, crew, and supplies. A bareboat charter is also known as a demise charter.......
59. 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 (...
60. Differential Exchange Rates A scheme in which a government prescribes different rates of exchange for the local currency, depending upon the transaction involved. The government may assign its currency a given value in terms of gold for capital transfers, for example, but provide for a less favorable rate of exchange for impor......
61. 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 [...]...
62. 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......
63. International Reserves Gold, hard currencies, and special drawing rights (read this and related legal terms for further details) issued by the international monetary fund (...
64. 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......
65. Sale At Less Than Fair Value The sale of merchandise to a foreign purchaser at a price below the price that would be charged for a like sale in the home market. Such sales may serve as the basis for an allegation of Dumping (read this and related legal ......
66. Foreign Exchange Foreign Exchange in International Trade Meaning of Foreign Exchange, according to the Dictionary of International Trade (Global Negotiator): Current or liquid claims payable in foreign currency and in a foreign country (bank balances, checks, bills of exchange). Not to be confused with foreign [...]...
67. Time Charter The charter of a vessel for a specific period of time, during which the vessel will respond to operational direction from the charterer.......
68. Withdrawal Price A floor price at which European Economic Community producers of certain food products may withhold their goods from the market. The withdrawal price is generally below the base price (i.e., the target price set for a given commodity) and the purchase price at which EEC governments will intervene in ......
69. 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......
70. Soft Loan A loan repayable by a foreign borrower in a Soft Currency (read this and related legal terms for further details). Such loans usually have been the product of long-term sales to countries without hard currency repayment ......
71. 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 (...
72. 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......
73. Dirty Float Also known as managed float, the process whereby national monetary authorities intercede in the foreign exchange markets to prevent significant fluctuations in the values of their own or other currencies. The process is accomplished by selling reserves of currencies rising in value, or the [...]...
74. Economic Union Summary of Economic Union Also known as an economic community, an advanced form of economic integration on the part of several states. The economic union incorporates the features of a Common market (read this and related legal terms for further details)—unrestricted free trade among [...]...
75. Threshold Price A minimum import price for commodities established under the common Agricultural Policy (read this and related legal terms for further details) of the European Economic Community, set so as not to hamper sales of EEC pro......
76. Consignor The person or firm shown as shipper on the BILL OF LADING (read this and related legal terms for further details).......
77. Cross-Currency Exposure Obligations denominated in terms of a given currency that are not matched by equivalent revenues in terms of that currency. For example, a firm with obligations of 10 million Japanese yen but revenues of only 8 million yen are exposed to the degree that they must purchase, in the foreign exchange ma......
78. Eurco A commercial version of the European Currency Unit (read this and related legal terms for further details). In order to stimulate interest in the European currency unit (ECU), in 1973 the European Investment Bank introdu......
79. 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......
80. 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......
81. Currency Currency in International Trade Meaning of Currency, according to the Dictionary of International Trade (Global Negotiator): The circulating media of exchange in a country. Includes money and such financial instruments as checks. Resources See Also Public Finance Public Policy Tax Law [...]...
82. 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......
83. 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 ......
84. 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 (...
85. 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......
86. 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.......
87. 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 (...
88. 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......
89. 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,......
90. Straight Consignment Goods conveyed under a straight, i.e., nonnegotiable, Bill of lading (read this and related legal terms for further details).......
91. 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......
92. 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 [...]...
93. 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......
94. Free of Capture and Seizure A clause in an ocean marine policy that deletes from the list of covered perils the WAR RISKS (read this and related legal terms for further details) of capture and seizure, and losses attributable thereto. All such war-......
95. 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).......
96. Eurobill Of Exchange A bill of exchange (read here for further details) drawn in a currency other than that used in the country of the maker.......
97. Foreign Bill Of Exchange A bill of exchange (read here for further details) drawn in one state or country and payable in another.......
98. Liquidity Summary of Liquidity The quality of being convertible into monetary wealth; as relates to a given nation's economic condition, liquidity consists of that country's supply of gold, foreign exchange holdings, and Special drawing Rights (read this and related legal terms for further [...]...
99. Quota-Class Merchandise Goods subject to Quota (read this and related legal terms for further details) restrictions.......
100. Fiat Money Currency that has value only because the state that issues it declares it to be legal tender; money that has no intrinsic value beyond the faith of the government that issues it. Paper money not freely exchangeable for gold or silver is fiat money. The term is often associated with regimes which ha......
101. Fiat Standard A monetary system in which the money in circulation is not redeemable in any other form of money (e.g., gold) but has value simply by virtue of its issuance by governmental authority.......
102. Fiber Constraints The United States is party to various multilateral and bilateral agreements concerning the importation of certain textile products. In order to monitor compliance with these agreements, and to identify products subject to specific quantitative or other controls, it is necessary that certain products......
103. Fiduciary Currency A currency backed solely by the faith of the government that issues it. The term does not carry the negative import often associated with fiat money (read this and related legal terms for further details). See also Money......
104. Fiduciary Standard Synonymous with FIDUCIARY CURRENCY (read this and related legal terms for further details).......
105. Field Warehousing An inventory financing arrangement characterized by the act of storing goods at or near the user's premises, but under effective control of a public warehouseman. The warehouseman issues a negotiable warehouse receipt that is used as collateral to procure the merchandise. As merchandise is neede......
106. Fifth International Tin Agreement An international commodity agreement among major tin-producing and consuming nations. Principal features of the agreement are (1) establishment of the International Tin Council in which votes are divided equally among producing and consuming nations; the council establishes agreed ceiling and floor ......
107. Fifty-Mile Rule An arrangement between the International Longshoremen's Association and steamship operators designed to eliminate waterfront labor unrest arising from the use of ocean containers. Essentially, the agreement provides that work for longshoremen will be preserved by permitting ILA labor to load and......
108. Fighting Ship A vessel employed by a steamship line, conference, or group on a given trade route at less than competitive rates for the purpose of driving out competition, thereby gaming control or preeminence over the route. The use of ships for such purpose is prohibited under the laws of the United States and ......
109. Final Invoice Read Invoice as cross-reference.......
110. Final List A listing of products upon which a unique standard of valuation was applied for duty purposes. Prior to 1958 duties were applicable on virtually all imports on the basis of foreign value or export value, whichever was higher. The foreign value was the price at which goods were freely offered for con......
111. Final Sailing The passage by a vessel out of the commonly recognized commercial boundaries of the port on the contemplated voyage without intentions of returning.......
112. Financial Accounting Standards Board A private, non-profit organization concerned with formulating standards for financial accounting and reporting by U.S. industry. The FASB is independent of the American Institute of Certified Public Accountants (AICPA) and other professional bodies. In 1973 the FASB succeeded the Accounting Principl......
113. 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......
114. Financial Paper Short-term, unsecured promissory notes issued by finance companies. The funds raised by the sale of financial paper are loaned out to commercial firms to finance inventories and current receivables.......
115. Findley Amendment An amendment to the AGRICULTURAL TRADE DEVELOPMENT AND ASSIST-ANCE ACT (read this and related legal terms for further details) of 1954 (P.L. 480) that precludes sales of agricultural produce under Title I of the act to a......
116. 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......
117. Firkin A unit of measure equal to nine gallons or, when used in conjunction with butter or cheese, to fifty-six pounds avoirdupois.......
118. Firm Indication An emphatic form of Indication (read this and related legal terms for further details) in vessel charter transactions.......
119. Firm Offer A formal offer by a principal in a vessel charter transaction stipulating the precise terms under which he will enter the charter.......
120. First Flag Carriage The shipment of goods aboard a vessel flying the flag of the exporting country.......