Related Entries of the International Encyclopedia:

1. 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 (...
2. 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......
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. 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).......
5. 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.......
6. 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......
7. 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......
8. 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 (...
9. 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.......
10. 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.......
11. 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......
12. 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).......
13. 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......
14. 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......
15. Real Interest Rate Synonymous with effective interest Rate (read this and related legal terms for further details).......
16. 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......
17. Current Account Purchases The value of intermediate products in the national production process. An intermediate product is a manufacturing input that has not been converted into a finished product; for example, steel is an intermediate product in the manufacture of an automobile. The value of current account purchases is im......
18. Intermediate Goods Synonymous with Intermediate Products (read this and related legal terms for further details).......
19. 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......
20. 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 ......
21. 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) ......
22. 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).......
23. 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......
24. Respondentia The pledge of cargo by a vessel's master as collateral for a loan to permit the ship to continue on its journey or to make arrangements to forward the goods. The bond so created gives the lender a Maritime Lien (read thi......
25. 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......
26. 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 (...
27. 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......
28. 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......
29. 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......
30. 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......
31. 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 ......
32. 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 (...
33. 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).......
34. 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......
35. Tariff (Freight) A document issued, usually in booklet form, by a Common Carrier (read this and related legal terms for further details) listing its charges for transportation services. Commonly, the rate, or cost of transportation, vari......
36. 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......
37. 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......
38. 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......
39. 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......
40. 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......
41. 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......
42. 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......
43. Basel Agreement An agreement, concluded April 24, 1972, among members of the European Economic Community for the purpose of narrowing the margins of fluctuation among community currencies. Participants in the agreement were Belgium, Germany, France, Luxembourg, Italy, and the Netherlands. The agreement served as th......
44. 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 (...
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. Gross Terms Synonymous with Gross Charter (read this and related legal terms for further details).......
47. Slot Ship Synonymous with cellularized vessel (read this and related legal terms for further details).......
48. 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......
49. Consignor The person or firm shown as shipper on the BILL OF LADING (read this and related legal terms for further details).......
50. 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......
51. 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).......
52. 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 (...
53. Straight Consignment Goods conveyed under a straight, i.e., nonnegotiable, Bill of lading (read this and related legal terms for further details).......
54. 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......
55. 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......
56. 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......
57. Firm Indication An emphatic form of Indication (read this and related legal terms for further details) in vessel charter transactions.......
58. Freight Broker Synonymous with Cargo Broker (read this and related legal terms for further details), in vessel charter transactions.......
59. 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.......
60. 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......
61. 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 (...
62. 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.......
63. 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......
64. 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 [...]...
65. Monetary Compensatory Amounts Settlements between member states of the European Economic Community to reflect the market rate of currencies used in agricultural transactions and the periodically revised Green Rate (read this and related legal terms for f......
66. Open Rate A freight rate that is not set by a Conference (read this legal term for further details) and is therefore negotiable. An open rate may result from the absence of a conference rate agreement, or similar rate-setting scheme over a given trade route......
67. Quota-Class Merchandise Goods subject to Quota (read this and related legal terms for further details) restrictions.......
68. 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.......
69. 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).......
70. 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......
71. 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 (...
72. Export Value Summary of Export Value The price at which a foreign manufacturer customarily freely offers for sale a given product for export to the United States in the usual wholesale quantities, less export discounts, packing, and costs of preparing the goods for export. The use of this value [...]...
73. 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,......
74. 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......
75. Entry Price Under the common agriculture POLICY (read this and related legal terms for further details) of the European Economic Community, the price at which certain imported agricultural products enter EEC commerce. If the entry p......
76. 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......
77. 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).......
78. 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).......
79. 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 ......
80. Marking Duties A special duty, in addition to ordinary duties, imposed upon merchandise not properly marked so as to indicate to the ultimate purchaser the country of origin. Section 304 of the Tariff Act of 1930, as amended, requires that the country-of-origin marking be legible, indelible, and permanent. [...]...
81. 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......
82. 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......
83. Group Of Twenty-Four A block of less developed nations that has called for the allocation of 45 percent of the voting quota at the international Monetary Fund (read this and related legal terms for further details) to Third World nations. Cu......
84. International Reserves Gold, hard currencies, and special drawing rights (read this and related legal terms for further details) issued by the international monetary fund (...
85. 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 (...
86. Tokyo Declaration The pronouncement of a 1973 gathering in Tokyo of foreign, finance, and trade ministers of the major industrial nations, meeting to discuss economic and trade problems. The joint communique issued by the ministers called for increased trade through the elimination of tariff and nontariff [...]...
87. Contract Shipper A merchant that has executed an Exclusive Patronage Contract (read this and related legal terms for further details) with a shipping conference, thereby agreeing to ship all its goods aboard vessels of steamship lines th......
88. Country of Origin For customs tariff purposes, the country in which an imported product was manufactured, grown, or produced. When goods pass through more than one country in the process of manufacture, the country of origin does not change unless the product has been transformed substantially; minor [...]...
89. 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 ......
90. Manufactured Or Processed In deter mining drawback (read this and related legal terms for further details) eligibility, an article must have been manufactured or processed in the United States; a simple change is not enough to permit recovery in......
91. Merchant's Contract In steamship usage, a Loyalty Agreement (read this and related legal terms for further details).......
92. Voluntary Stranding A grounding which results from the design and actions of the master to save the ship from imminent peril. Costs and sacrifices resulting from the voluntary act are recoverable in General Average (read this and related legal ......
93. Ab Quai Synonymous with AB KAI (read this and related legal terms for further details).......
94. 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......
95. Less Than Fair Value An export sale price below that charged on like sales in the country of origin. Such sales are usually regarded as dumping (read this and related legal terms for further details), which may result in the imposition by th......
96. 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......
97. 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......
98. 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 ......
99. Quayage Synonymous with Quay Dues (read this and related legal terms for further details).......
100. Section 204 A provision of the Agricultural Act of 1956 authorizing the president to negotiate bilateral agreements to limit exports to the United States of "any agricultural commodity or product manufactured therefrom or textiles or textile products." The president is also empowered to take steps to ......
101. Selective Safeguards In European usage, a synonym for a bilateral restraint agreement (read this and related legal terms for further details).......
102. 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......
103. Nominalism An economic viewpoint that asserts that MONEY (read this and related legal terms for further details) consists only of legal tender issued by governmental authority, as contrasted with more widely held views that would i......
104. Reliquidation An amendment of a customs entry Liquidation (read this and related legal terms for further details)......
105. Dollar Gap Synonymous with Dollar Deficit (read this and related legal terms for further details).......
106. 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 [...]...
107. 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 ......
108. Special And Differential Treatment The concept that developing nations require special consideration in bilateral and multilateral trade negotiations, and that concessions should be granted to the developing nations without reciprocity. Although this concept has been advanced in various individual multilateral trade agreements, the T......
109. Trade Act Of 1974 An act that provided the president the negotiating authority essential to participate in the Tokyo Round (read this and related legal terms for further details) of tariff reductions. The act empowered the president to re......
110. Customary Quick Despatch A provision in a vessel charter agreement that the ship will be loaded or unloaded with all reasonable speed. By including a customary quick despatch (or CQD) clause in the contract, the parties need not specify LAYTIME (rea......
111. 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 (...
112. Karat A measure of the fineness, i.e., purity, of gold. Pure gold is twenty-four karats; hence, an object that is an alloy of 50 percent gold and 50 percent other metals would be twelve-karat gold.......
113. Keelage A charge levied upon a vessel for the privilege of entering into, or anchoring in, a harbor.......
114. 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 [...]...
115. 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 [...]...
116. Key Industry An industry that, because of its size, export earnings, or other economic reasons, is viewed as essential to the economic well-being of the nation. The condition of a key industry is often viewed as a reflection of the economy as a whole.......
117. 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......
118. Knot The unit for measuring a vessel's speed, equaling one nautical mile per hour.......
119. Kyoto Convention An international agreement, sponsored by the Customs cooperation Council (read this and related legal terms for further details), the object of which is to harmonize the methods and procedures of national customs authori......
120. List of U.S. Cases applying New York Convention 1958 ContentsCommercial arbitration: U.S. Cases applying New York Convention 1958More U.S. Cases applying New York Convention 1958More U.S. Cases applying New ... Read more...