Related Entries of the International Encyclopedia:

1. 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).......
2. 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......
3. Other Holders Institutions other than central banks, national treasuries, and the International Monetary Fund itself that are approved by the IMF to hold Special Drawing Rights (read this and related legal terms for further details). ......
4. 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......
5. 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).......
6. Islamic Dinar The unit of account of the Islamic Investment Bank, equal to one Special Drawing Right (read this and related legal terms for further details).......
7. 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).......
8. 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......
9. 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).......
10. Consignment Summary of Consignment Goods in transit under a bill of lading (read this and related legal terms for further details)(Main Author: William J. Miller) Consignment in International Trade Meaning of Consignment, according to the Dictionary of International Trade (Global [...]...
11. 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......
12. 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......
13. 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......
14. Trade Institutions General, Trade and Investment Related Institutions in International Economic Law In international economic law, general, trade and investment related institutions includes the following legal areas, with coverage in this world legal encyclopedia: li> World Trade Organization (WTO) United [...]...
15. 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......
16. 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......
17. 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.......
18. 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 ......
19. United States Trade Representative An office, with ambassadorial rank, created by Congress to direct U.S. trade negotiations during the Kennedy and Tokyo Rounds. Known previously as the special trade representative and the special representative for trade negotiations, the office was reorganized with expanded powers by Executive [...]...
20. Investment Regulation Impact of Domestic Regulation on Trade in Goods, Services and on Investment in International Economic Law In international economic law, impact of domestic regulation on trade in goods, services and on investment includes the following legal areas, with coverage in this world legal [...]...
21. 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......
22. Admission Temporaire The temporary duty free admission of otherwise dutiable merchandise, usually for the purpose of processing into goods for export. The most common vehicles for avoiding duties on such temporary imports are: (1) importation under bond the importer posts a bond with customs to cover duties in the event......
23. 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 (...
24. Real Property Holding Company A foreign corporation (i.e., not chartered in the United States) in which a Domestic International Sales Corporation (read this and related legal terms for further details), or DISC, controls more than 50 percent of the ......
25. Consignor The person or firm shown as shipper on the BILL OF LADING (read this and related legal terms for further details).......
26. 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 [...]...
27. 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 (...
28. International Trade Organizations Contents International Trade Organizations Introduction This entry concentrates on the structure, role and competence of the World Trade Organization (WTO) ... Read more...
29. 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......
30. 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 (...
31. Offshore Finance Company Synonymous with Foreign Base Finance Company (read this and related legal terms for further details).......
32. 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......
33. 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......
34. 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).......
35. 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 [...]...
36. Certificate of Origin A document presented to customs authorities at the time of importation to authenticate the national origin of merchandise. The certificate is customarily issued by a recognized chamber of commerce or governmental authority in the country of origin.......
37. 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.......
38. 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 (...
39. 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 (...
40. Transferable Letter of Credit A Letter Of Credit (read this and related legal terms for further details) that is transferable from the original beneficiary to a subsequent beneficiary. This type of credit is used when the original beneficiary is a br......
41. International Law Framework Architecture in International Economic Law In international economic law, architecture includes the following legal areas, with coverage in this world legal encyclopedia: li>Intellectual Property Institutions Monetary Institutions Energy Institutions International Tax Institutions General, [...]...
42. Reliquidation An amendment of a customs entry Liquidation (read this and related legal terms for further details)......
43. Trust Receipt An instrument in which a borrower pledges certain specific goods as collateral for a loan. The trust receipt certifies that the named goods are held in trust for the creditor or are segregated in the borrower's premises on behalf of the lender. Proceeds from the sale of the pledged goods [...]...
44. International Patent Classification Agreement A system for the classification of patents, created to promote uniformity in classifying technological innovations. The International Patent Classification System segments technology into eight categories, with a total of 52,000 subdivisions, each of which consists of Roman letters and Arabic numer......
45. 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......
46. Port of Entry A point designated by a nation's customs authority through which goods may be entered for examination and clearance; ports of entry may be actual ocean ports, land border points, or interior locations to which goods are carried in bond.......
47. Real Interest Rate Synonymous with effective interest Rate (read this and related legal terms for further details).......
48. 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......
49. 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 (...
50. 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......
51. 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 ......
52. Common Market Summary of Common Market A supranational organization of trading nations, created to promote economic collaboration and minimize constraints on the free movement of goods among the member states. Features of a common market include elimination of tariffs on goods moving between member [...]...
53. Transit Zone An entry point established by a coastal state for the benefit of a neighboring nation that is landlocked or lacking adequate port facilities for its own trade. Generally a transit zone is cordoned off from the main port facility, and goods passing through the zone are usually exempt from the [...]...
54. Central African Customs and Economic Union Central African Customs And Economic Union Central African Customs and Economic Union Outline The Central African Customs and Economic Union (CACEU or UDEAC: Union Douanier et Economique de l'Afrique Centrale) The union came into existence in 1966 pursuant to a treaty signed in 1964 by [...]...
55. 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......
56. Portfolio Investment A minority interest in a foreign venture from which income is derived in the form of dividends; normally such an interest does not convey any significant control over the management or operations of the foreign firm.......
57. Customs Legal Issues Customs were the original form of international commercial law. As we have seen in the history of lex mercatoria, the customs existed before any statute of commercial law was made and were often the basis for legislation.(1) Customs in International Trade Meaning of Customs, [...]...
58. Trade Facilitation Trade Facilitation in International Trade Meaning of Trade Facilitation, according to the Dictionary of International Trade (Global Negotiator): Removing obstacles to the movement of goods across borders (e.g. simplification of customs procedures). The International Law of Customs: Trade [...]...
59. World Bank Group World Bank Group in International Trade Meaning of World Bank Group, according to the Dictionary of International Trade (Global Negotiator): The World Bank Group is a specialized United Nations agency dedicated to improving living standards in developing countries through facilitation and [...]...
60. Gross Terms Synonymous with Gross Charter (read this and related legal terms for further details).......
61. International Centre for Settlement of Investment Disputes International Centre For Settlement Of Investment Disputes Summary of International Centre For Settlement Of Investment Disputes An international agency affiliated with the World Bank and serving as a forum for the resolution of international investment disputes. The center was established [...]...
62. Agency For International Development A component of the united states international DEVELOPMENT COOPERATION AGENCY (read this and related legal terms for further details).......
63. 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 [...]...
64. 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......
65. Islamic Development Bank A multinational development bank formed by Muslim countries to provide economic development assistance to member states, and to foster economic progress in Muslim communities in nonmember states. The financing practices of the bank are conducted in conformity with the principles and laws of Islam. T......
66. 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...
67. Transfer Pricing The pricing level at which goods are sold between related entities, subsidiary to parent. Transfer pricing has been an area of considerable interest to customs authorities, inasmuch as such sales are often suspected of being manipulated by the parties deliberately to undervalue the goods for [...]...
68. 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 ......
69. 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).......
70. 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 (...
71. Domestication The process whereby foreign investors are forced, by governmental sanction, to relinquish their control or interest in local enterprises to local nationals. The term can be applied to an Expropriation (read this and related ......
72. Economic Nationalism A conscious, articulated national drive toward economic self-sufficiency. Economic nationalism is comparable to Autarchy (read this and related legal terms for further details) but does not mandate the economic isolation......
73. Straight Consignment Goods conveyed under a straight, i.e., nonnegotiable, Bill of lading (read this and related legal terms for further details).......
74. 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......
75. 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 [...]...
76. Economic Integration Summary of Economic Integration The process of unifying two or more national economies through conscious coordination of trade, fiscal, and monetary activities. Economic integration is normally preceded by the reduction or abolition of tariffs, quotas, and similar constraints upon trade [...]...
77. International Center for Settlement of Investment Disputes International Center for Settlement of Investment Disputes in relation with International Trade In the context of trade organizations, Christopher Mark (1993) provided the following definition of International Center for Settlement of Investment Disputes: An international agency affiliated [...]...
78. First World Summary of First World A general reference to the industrialized nations of the West, primarily the members of the Organization For Economic Cooperation And Development (read this and related legal terms for further details), but often including other prosperous nations as well. See Second [...]...
79. Quota-Class Merchandise Goods subject to Quota (read this and related legal terms for further details) restrictions.......
80. 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......
81. 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.......
82. Multilateral Investment Guarantee Agency Multilateral Investment Guarantee Agency in relation with International Trade In the context of trade organizations, Christopher Mark (1993) provided the following definition of Multilateral Investment Guarantee Agency: An independent agency of the World Bank group established in 1988 to [...]...
83. Development Finance Development Finance The U.S. Office of Development Finance The Office of Development Finance, part of the The Bureau of Economic ... Read more...
84. In-Bond Transit The movement of goods, without completion of customs formalities, from a point of arrival in the customs territory to a point of exportation or another point for customs examination and release. For example, goods arriving off a ship in Los Angeles might travel in bond to Phoenix for actual customs ......
85. In Bond Industry Resources See Also International Trade Trade Regulation International Economic Law Export License International Trade Law Foreign Trade Safeguard Tariff Policy...
86. General Term Bond A surety provided by an importer to the U.S. Customs Service to cover duty obligations arising from the importation of merchandise. These bonds are issued in amounts over $100,000 by approved bonding firms and may be used to cover all of the firm's importations in any U.S. port.......
87. Temporary Importation Under Bond An arrangement whereby foreign merchandise may be entered into the United States for a limited period of time without payment of duties. Normally, duties paid on foreign merchandise are not recoverable upon re-exportation of the goods from the United States. To avoid a loss on duties paid but not re......
88. Bid Bond Bid Bond in International Trade Meaning of Bid Bond, according to the Dictionary of International Trade (Global Negotiator): A bond or guaranty, which has been issued as security for one party's bid. If that party, known as the principal, wins the biding process and then fails to take up [...]...
89. Performance Bond Performance Bond in International Trade Meaning of Performance Bond, according to the Dictionary of International Trade (Global Negotiator): A bond which guarantees proper fulfillment of the terms of a contract. In practice, the beneficiary of the bond (usually the buyer or services and/or [...]...
90. Surety Bond Surety Bond in International Trade Meaning of Surety Bond, according to the Dictionary of International Trade (Global Negotiator): A surety bond is a guaranty, usually issued by an insurance or surety company, that a particular party will perform according to a contract. In order to collect [...]...
91. Bond Bond Bond (finance), interest-bearing certificate sold by corporations and governments to raise money for expansion or capital. An investor who purchases a bond is essentially loaning money to the bond's issuer in return for interest. The investor can hold the bond and collect interest [...]...
92. Aid Bond Resources See Also Bond...
93. Bond Investing Investing in BondsFrom an investor's perspective, stocks offer a higher potential return if profits rise, but bonds are generally a safer investment. Stock dividends are paid out of company profits, while bond interest payments are made even if the company is losing money. If a corporat......
94. Bond Issuing Issuing BondsBond issuers can sell bonds directly through an auction process or use investment banking services. The investment banker buys the bonds from the issuer and then sells them to the public.Corporate bonds are issued by private utilities, transportation companies, industri......
95. Bond Types Kinds of BondsA number of different kinds of bonds offer variations on this basic formula. Some types of bonds provide alternative interest structures. A zero-coupon bond does not make periodic interest payments. The bondholder realizes interest by buying the bond substantially below its fa......
96. Bond Ratings Literature Review on Bond Ratings In the Encyclopedia of Public Administration and Public Policy, [1] Robert J. Eger and Andrew Haas provide the following summary about the topic of Bond Ratings: This entry provides a broad overview of bond ratings. It includes the definition of a bond [...]...
97. Bond Valuation Literature Review on Bond Valuation In the Encyclopedia of Public Administration and Public Policy, [1] Richard L.B. LeCompte offers the following summary about the topic of Bond Valuation: Bond valuation is the process of valuing long-term debt securities. Bonds are fixed-income financial [...]...
98. Arbitration Bond Description of Arbitration Bond Resources See Also Performance Bond Alternative Dispute Resolution...
99. Bail Bond Resources See Also Bail...
100. Bond Indenture Resources See Also Indenture...
101. Bond Redemption Resources See Also Redemption...
102. Bond Yield Resources See Also Yield...
103. Junk Bond Resources See Also Bond...
104. Adjustment Bond Resources See Also Bond...
105. Appeal Bond Resources See Also e.g. , Fed.R...
106. Convertible Bond Resources See Also Bond...
107. Completion Bond Resources See Also Bond Performance bond...
108. Guaranty Bond Resources See Also Bond...
109. Insurable Interest An interest such that, should an insured peril occur, the insured party would suffer an economic loss.......
110. Interline The act of passing cargo from one carrier to another to continue the transit; this term is common among motor carriers and railroads and, to a lesser degree, among airlines. The analogous term among ocean carriers is transship.......
111. Intermediate Consignee A person named in a bill of lading or other shipping paper as authorized to receive cargo for the purpose of effecting delivery to the ultimate consignee.......
112. Internationalism Contents Internationalism Internationalism Definition Internationalism, belief in the importance of full global participation to the security and prosperity of one’s ... Read more...
113. Import Substitution Summary of Import Substitution The act of eliminating imports of a given product by commencing production locally, often accompanied by controls such as increased duties, quotas, or outright bans to discourage or prevent continued foreign imports. This approach is fairly common on the part [...]...
114. In Regular Turn Synonymous with berth Clause (read this and related legal terms for further details).......
115. Income Explosion A dramatic increase in per capita income, especially where the income increases are well dispersed throughout the population. Such income increases will stimulate consumer demand, usually reflected in an increase of imports.......
116. Incoterms A codification of terms used in foreign trade contracts. Local customs and usage imported variations in meaning for such common terms as F.A.S., C.I.F., et cetera, often resulting in disputes between buyer and seller as to the respective obligations of each. In 1936 the Paris-based [...]...
117. Indent An offer to purchase at prices and under such terms as are stipulated by a prospective buyer; the term is often used to apply to any foreign order.......
118. Indent Agent A sales agent abroad who markets the products of a foreign supplier on a commission basis.......
119. 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 ......
120. Independent Carrier A steamship line that is not a member of the Conference (read this legal term for further details) over a given trade route.......