Related Entries of the International Encyclopedia:

1. 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 (...
2. 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).......
3. 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......
4. Letter of Indemnity A document issued by a shipper of merchandise to a steamship line as an inducement for the carrier to issue a clean bill of Lading (read this and related legal terms for further details) where it might not otherwise do s......
5. 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......
6. 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......
7. 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......
8. Multimodal Transport Document Multimodal Transport Document in International Trade Meaning of Multimodal Transport Document, according to the Dictionary of International Trade (Global Negotiator): A document issued or signed by a carrier indicating carriage by more than one means of transportation. For example, a [...]...
9. 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......
10. In-bond The condition of goods that have been temporarily exempted from customs clearance and duties, in lieu of which the importer or custodian of the goods has posted a surety with customs authorities to ensure that the goods will not be released or consumed until formal examination and clearance [...]...
11. 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 (...
12. 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 (...
13. 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...
14. Quota-Class Merchandise Goods subject to Quota (read this and related legal terms for further details) restrictions.......
15. 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).......
16. Usance Credit Also known as a time credit, a Letter of Credit (q. v.) that provides that the drafts drawn under the credit will mature thirty, sixty, or more days, up to nine months, after sight or date. A letter of credit providing for settlement more than nine months from shipment of the goods is normally in t......
17. 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......
18. 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,......
19. 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).......
20. Fair Market Value The value an imported product would fetch, under similar circumstances of sale, were the goods sold in the country of origin. Customs authorities are usually interested in the fair market value of imported merchandise inasmuch as sales below such value may serve as the basis of a Dumping (...
21. 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......
22. Railroad Through Bill Of Lading An export Bill of Lading (read this and related legal terms for further details), issued by a railroad, covering shipment overseas of merchandise by combined rail/water service under a through rate. The bill of lading ma......
23. Freight Broker Synonymous with Cargo Broker (read this and related legal terms for further details), in vessel charter transactions.......
24. Jerquer Note A document issued by customs authorities attesting that a named vessel has been examined and that all cargo has been off-loaded for inspection.......
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. 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.......
27. Shipment Received For Shipment B/L in International Trade Meaning of Received For Shipment B/L, according to the Dictionary of International Trade (Global Negotiator): A bill of lading which confirms the receipt of goods by the carrier, but not their actual loading on board. This document can be [...]...
28. 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).......
29. 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.......
30. 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......
31. Sight Credit A letter of credit (read this and related legal terms for further details) under which sight drafts shall be drawn.......
32. 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......
33. 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......
34. 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.......
35. 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 (...
36. Trade Agreements Act Of 1979 An act of Congress implementing certain agreements negotiated under the Tokyo Round (read this and related legal terms for further details). The act replaced the Countervailing Duty Law and Antidumping Act of 1921 and ab......
37. Regional Appellation Certificate A document prepared by a recognized local authority certifying that certain referenced merchandise derives from a given defined geographic area. This document is akin to a Certificate of Origin (read this and related legal t......
38. Ocean Bill of Lading Ocean Bill of Lading in International Trade Meaning of Ocean Bill of Lading, according to the Dictionary of International Trade (Global Negotiator): A receipt for the cargo and a contract for transportation between a shipper and the ocean carrier. It may also be used as instrument of ownership [...]...
39. 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......
40. Cargo-Carrying Capacity Synonymous with Deadweight Tonnage (read this and related legal terms for further details).......
41. Marine Bill of Lading Marine Bill of Lading in International Trade Meaning of Marine Bill of Lading (B/L), according to the Dictionary of International Trade (Global Negotiator): A receipt for the cargo and a contract for transportation between a shipper and the ocean carrier. It may also be used as instrument of [...]...
42. Back Letter A letter of indemnity issued by a shipper of cargo to a steamship line to secure issuance of a clean bill of lading where one might not be issued otherwise. For example, a carrier may initially refuse to issue a clean bill of lading for cargo which appears to be damaged; a notation to this [...]...
43. 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 ......
44. Out Turn Report A document issued by a vessel upon arrival at a given port detailing the cargo off-loaded. The report is used as evidence in cases where it is alleged that goods were not offloaded, or were discharged in bad order.......
45. Carrier's Certificate A document issued by a steamship line, an airline, or other transportation company carrying imported merchandise certifying to the customs authorities that the party named is the legitimate recipient of the goods and is authorized to effect clearance through customs (see figure). The party so named ......
46. 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.......
47. 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......
48. Quota Priority The precedence accorded one entry of quota-class merchandise (read this and related legal terms for further details) over other quota-class merchandise.......
49. Quota Proration An adjustment to a consumption entry for quota-class merchandise (read this and related legal terms for further details) when the entry calls for more merchandise than will be allowed under the quota.......
50. Datafreight Receipt A document issued by some steamship operators in lieu of a bill of LADING (read this and related legal terms for further details) on straight consignment shipments. Rather than issue a formal bill of lading, the carrier ......
51. 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......
52. 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 ......
53. Consular Invoice Read Invoice as cross-reference......
54. Credit Currency Synonymous with Fiduciary Currency (read this and related legal terms for further details).......
55. Feeder Vessel A small vessel or barge that carries goods from a principal port to outlying ports not served directly by the mother ship.......
56. Goods In Free Circulation Merchandise not subject to customs restrictions. These goods would include locally produced (i.e., not imported) merchandise and goods that have been cleared by customs and upon which all duties and taxes have been paid.......
57. Dry Port Dry Port in International Trade Meaning of Dry Port, according to the Dictionary of International Trade (Global Negotiator): A dry port is a port situated near sea. If the importer or exporter is far away from a sea port, it will be an inconvenience to co-ordinate and handle the goods [...]...
58. 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.......
59. 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......
60. Clean Credit A letter of credit (read this and related legal terms for further details) against which the beneficiary may draw without supplying documents.......
61. 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......
62. 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 [...]...
63. 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......
64. Negotiation Summary of Negotiation The act whereby title to, and rights in, a negotiable instrument are transferred from one party to another. Instruments payable to "bearer"or endorsed in blank are negotiated by mere delivery; instruments payable "to order"of a specific party are [...]...
65. Free Trade Zone Spanish Translation of free trade zoneThis is the legal translation of English to Spanish in relation to free trade zone and / or a definition of this topic: Zona de Libre Comercio (in Spanish, without translation of the dictionary entry)....
66. Certificate of Inspection Certificate of Inspection in International Trade Meaning of Certificate of Inspection, according to the Dictionary of International Trade (Global Negotiator): A document certifying that merchandise (such as perishable goods) was in good condition at the time of inspection, usually immediately [...]...
67. 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 [...]...
68. General Order Merchandise Goods that have arrived at a U.S. port of entry but have not been claimed or entered within the prescribed period after arrival. In most cases an importer must claim and enter merchandise within five working days following arrival of the goods. District directors of customs may authorize a longer pe......
69. 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......
70. 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......
71. 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......
72. Forwarder's Receipt A document issued by a freight forwarder acknowledging receipt of merchandise into his custody for purposes of shipment to a specified location. This receipt is not a bill of lading and does not attest to actual shipment of the goods; accordingly, it is not acceptable under letter of credit transac......
73. International Import Certificate/ Delivery Verification System A control mechanism established by certain Western countries to prevent diversion of strategic commodities to communist-bloc countries. The system was devised by COCOM (read this and related legal terms for further details...
74. Balance of Trade Balance Of Trade Summary of Balance Of Trade The sum total, in monetary terms, of a nation's merchandise (i.e., "visible") exports less the value of merchandise imports during a given time period, usually one year. Merchandise imports and exports are contrasted with trade in [...]...
75. Red Clause A special provision that may appear in a Letter Of Credit (read this and related legal terms for further details) that permits the beneficiary to draw advances before presentation of the documents stipulated in the credi......
76. Clearing Summary of Clearing An arrangement by which two firms in different countries agree to purchase goods from each other over a specific period of time, thereby balancing out obligations to each other. Clearing is not synonymous with barter, which implies a simultaneous or near simultaneous [...]...
77. Entry (Customs) The administrative processing associated with foreign merchandise that has landed in the United States for consumption, warehousing, or other reasons. The act of entry involves the submission to U.S. Customs of documents that identify the owner of the goods, the type and character of the merchandise......
78. Export Unemployment A conscious program to relieve domestic unemployment or economic stagnation through the stimulation of export sales. The term is used generally in relation to improper export promotion vehicles such as dumping (read this and......
79. 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......
80. Articles Of Mixed Status Merchandise manufactured within a foreign trade zone (read this and related legal terms for further details) of components of more than one status. The status of merchandise is the product of several factors. An item in ......
81. Intermediate Goods Synonymous with Intermediate Products (read this and related legal terms for further details).......
82. General Superintendence A generic term applied to any one of a number of firms associated with the Société Générale de Surveillance of Geneva. The basic responsibility of these offices is to inspect cargo to ensure compliance with the terms of purchase or import regulations. Several nations, as ......
83. International Reserves Gold, hard currencies, and special drawing rights (read this and related legal terms for further details) issued by the international monetary fund (...
84. Overbooked The condition in which too much cargo has been accepted for a given vessel sailing. It is not necessary that all the cargo be delivered to the pier, merely that too many bookings, or space allocations, have been issued. The customary carrier response is to hold some of the cargo, usually the late ar......
85. Under Deck Bill Of Lading An ocean bill of Lading (read this and related legal terms for further details) bearing the specific notation that the goods have been stowed below deck. Under deck stowage has been traditionally regarded as safer than s......
86. Merchandise In the United States For information about Merchandise in the context of international trade, click here...
87. Delayed Payment Credit A letter of CREDIT (read this and related legal terms for further details) under which the beneficiary submits his draft after having supplied shipping papers or other documents. This form of letter of credit usually pro......
88. 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......
89. 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 (...
90. Consign Summary of Consign The act of ordering a carrier to deliver a lot of merchandise from a given point to a given destination. The order is given via the medium of a Bill Of Lading (read this and related legal terms for further details).(Main Author: William J. Miller) Resources [...]...
91. Knot The unit for measuring a vessel's speed, equaling one nautical mile per hour.......
92. Keiretsu A loose coalition of Japanese businesses, usually with equity holdings in one another. The group of companies may span several industries, and strict parent-subsidiary relationships are not usually evident. Mitsubishi, Mitsui, and Yasuda are representative of Japanese keiretsu. The keiretsu [...]...
93. 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 [...]...
94. Knock-Off An unauthorized copy of trade- marked, copyrighted, or brand-identifiable merchandise. Imports of such counterfeits constitute a significant nuisance to brand name producers. U.S. customs authorities are empowered to seize knockoffs in those cases where trademark or copyright owners or authorized us......
95. Warsaw Convention The benefit to the shipper in using a Warsaw Convention air waybill is that the shipper does not have to prove that the carrier caused the injury to any lost, damaged, or delayed goods. The shipper has to make a claim within seven days when the bills are governed by the Warsaw Convention and [...]...
96. 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 [...]...
97. Bailee Summary of Bailee A person or firm entrusted with temporary possession of the personal property of another. Possession of the goods by the Bailee conveys no title and the Bailee must surrender them to the owner upon completion of the purpose that gave rise to the bailment. A steamship [...]...
98. 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 [...]...
99. 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.......
100. 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 [...]...
101. 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 ......
102. Blank Endorsement An endorsement on a bill of lading, check, draft, or other negotiable instrument that does not specify to whom the instrument is endorsed. An instrument beomes bearer paper as the result of a blank endorsement, and may be negotiated thereafter by delivery alone.......
103. Bonded Warehouse Summary of Bonded Warehouse A warehouse storage area, or manufacturing facility in which imported merchandise may be stored or processed without payment of customs duties. Such premises are operated by a warehouse proprietor who holds a license from the U. S. Customs Service. Bonded [...]...
104. Boycott Summary of Boycott A conspiracy or coalition for the purpose of impeding the commerce of another. Boycotts are often attempts to advance political objectives by economic means and fall into two categories; the primary boycott, in which a party to the boycott refrains from trading with the [...]...
105. Broken Stowage Wasted space within the cargo holds of a ship. The amount of such space on any particular vessel or voyage may vary according to the configuration of the cargoes carried; e.g., rolls of paper will permit a greater loss of useful space than small cartons.......
106. Buy-back An arrangement in which the seller of capital equipment agrees either to accept a certain portion of the output of his customer as payment (in part or in full) for the original equipment, or to buy a certain portion of that output, as a condition of the sale. ...
107. Calvo Doctrine So named for the Argentine jurist Carlos Calvo, holds that a nation is obliged to extend to foreign business in its domain only non- discriminatory treatment; by entering a country, a foreign firm implicitly accepts local jurisdiction and will be treated as a national. This doctrine is [...]...
108. Capital Account Entries in a nation's balance of payment accounts reflecting long- or shortterm loans made to other countries, or by other countries to the recording nation. See Balance of Payments.......
109. 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 [...]...
110. Cartage The transfer of merchandise locally, e.g., from a pier to a nearby warehouse; also, the charge for cartage services.......
111. Certificate of Analysis A document, often required by an importer or governmental authorities, attesting to the quality or purity of commodities purchased abroad. The certification may be prepared by a chemist or other authority, or by an inspection firm retained by the exporter or importer. In some cases the document [...]...
112. Certificate of Free Sale A document issued by an agency of government, usually the health authority, certifying that a given product is in compliance with all local regulations and may be offered freely for sale within the country of origin. Normally, such certificates are issued to cover food products which are being [...]...
113. Certificate of Manufacture A document issued by a manufacturer attesting that the named item has been manufactured and is available for shipment. This document is used commonly with sales under letters of credit providing for full or partial payment upon manufacture of the goods. In 1942 the Bankers' Association for [...]...
114. Clean Float The condition in which the values of national currencies vis-a-vis each other are determined by market forces without government intervention to maintain prearranged rates of exchange.......
115. Clean Letter of Credit Synonymous with CLEAN CREDIT.......
116. Clean Report of Findings A document issued by a recognized inspection agency certifying that certain merchandise has been examined and found to be in order. This document may be required by a letter of credit or stipulated by the exchange control authorities of certain governments. The object of the report is to ensure [...]...
117. Clearance The completion of customs formalities including, but not limited to, the physical examination of imported merchandise, and the submission of documents necessary to permit the release of merchandise from customs control to the importer.......
118. Combined Transport Document A bill of lading issued by a combined transport operator (read this and related legal terms for further details) covering shipment of goods by more than one mode of transport. The document specifies the point at which th......
119. Common Carrier Read Carrier as cross-reference......
120. 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 [...]...