Related Entries of the International Encyclopedia:

1. 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......
2. Freight Broker Synonymous with Cargo Broker (read this and related legal terms for further details), in vessel charter transactions.......
3. 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.......
4. 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......
5. 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......
6. 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.......
7. Cargo-Carrying Capacity Synonymous with Deadweight Tonnage (read this and related legal terms for further details).......
8. 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.......
9. 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......
10. 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......
11. 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 (...
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. 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 ......
14. 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.......
15. Real Interest Rate Synonymous with effective interest Rate (read this and related legal terms for further details).......
16. 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......
17. 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......
18. 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......
19. 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......
20. 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) ......
21. 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......
22. Offshore Finance Company Synonymous with Foreign Base Finance Company (read this and related legal terms for further details).......
23. Slot Ship Synonymous with cellularized vessel (read this and related legal terms for further details).......
24. 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......
25. Visby Amendment A proposed revision to the Hague Agreement (read this and related legal terms for further details) of 1924 on the liability of ocean carriers for loss and damage to cargo. The Visby Amendment does not contemplate materia......
26. Firm Indication An emphatic form of Indication (read this and related legal terms for further details) in vessel charter transactions.......
27. 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.......
28. 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 ......
29. 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......
30. 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......
31. 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).......
32. 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).......
33. 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 (...
34. 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......
35. 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......
36. International Reserves Gold, hard currencies, and special drawing rights (read this and related legal terms for further details) issued by the international monetary fund (...
37. 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......
38. Optional Bill Of Lading An ocean bill of Lading (read this and related legal terms for further details) that gives the carrier the prerogative of stowing the cargo anywhere aboard the vessel at his convenience; the effect is to permit cargoes s......
39. Liner Terms A provision in some ship charter contracts in which the vessel pays loading or discharging costs, or both.......
40. 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 (...
41. 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......
42. Roll Trailer A low-bed trailer used to carry containers, machinery, and similar cargo, usually on a pier-to-pier basis in conjunction with Roll-On Roll-Off (read this and related legal terms for further details) vessels. These traile......
43. 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......
44. 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......
45. 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 (...
46. Pivot Weight The minimum chargeable weight assigned to an air container or unit load Device (read this and related legal terms for further details). Each type of unit load device is assigned a weight (the pivot weight) for which the ......
47. 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......
48. 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 (...
49. Stowage The act of placing cargo within the hold of a vessel for transit. The term has been extended to include the loading of cargo within containers.......
50. 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 ......
51. 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......
52. 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......
53. Ab Quai Synonymous with AB KAI (read this and related legal terms for further details).......
54. Aggregated Shipment A sum of cargo, bound for a single consignee, which has been assembled over time by a carrier at his premises from smaller lots shipped in from one or more sources. The entire lot will be shipped on to the consignee as a single load. The carrier may impose a charge for performing the ASSEMBLY servic......
55. 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......
56. Net Register Ton Synonymous with net ton (read this and related legal terms for further details).......
57. 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......
58. 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 (...
59. 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......
60. Manufacturer's Particulars Details of the construction of an intermodal container, as specified in the container's DATA PLATE (read this and related legal terms for further details).......
61. Poultry War Synonymous with Chicken War (read this and related legal terms for further details).......
62. 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 ......
63. 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......
64. Net Capacity Synonymous with deadweight Tonnage (read this and related legal terms for further details).......
65. Quayage Synonymous with Quay Dues (read this and related legal terms for further details).......
66. Reliquidation An amendment of a customs entry Liquidation (read this and related legal terms for further details)......
67. 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 ......
68. 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 [...]...
69. Dollar Gap Synonymous with Dollar Deficit (read this and related legal terms for further details).......
70. Trade Cycle The British equivalent term for the U.S. term business cycle (read this and related legal terms for further details).......
71. 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......
72. 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......
73. 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......
74. Cross Bill Synonymous with re-draft (read this and related legal terms for further details).......
75. Directional Rate A freight rate reduced for cargo moving in a direction where cargo is light, for the purpose of stimulating movements. Under such circumstances, it is quite possible that the rate for the same product moving in the other direction (where tonnage is heavy) may be significantly higher.......
76. Distress Freight Cargo carried by a ship at a depressed freight rate because, in the absence of that cargo, the vessel would be obliged to sail empty or nearly so to its next port. The term is used most commonly in connection with tramp vessels.......
77. In Regular Turn Synonymous with berth Clause (read this and related legal terms for further details).......
78. 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......
79. Cargo Deadweight Tonnage The cargo- carrying capacity of a vessel, expressed in long tons, derived by substracting the weight of stores, fuel, water, and other necessary provisions from the vessel's deadweight tonnage.......
80. 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 (...
81. Cash Price The same as SPOT price (read this and related legal terms for further details), as used in grain transactions.......
82. Certificate Of Receipt Synonymous with FORWARDER'S RECEIPT (read this and related legal terms for further details).......
83. Credit Currency Synonymous with Fiduciary Currency (read this and related legal terms for further details).......
84. Discriminating Duty Synonymous with DIFFERENTIAL DUTY (read this and related legal terms for further details).......
85. Dollar Shortage Synonymous with Dollar Deficit (read this and related legal terms for further details).......
86. Fiduciary Standard Synonymous with FIDUCIARY CURRENCY (read this and related legal terms for further details).......
87. Gross Register Ton Synonymous with Gross Ton (read this and related legal terms for further details).......
88. Imperial Preference A synonym occasionally used for commonwealth preference (read this and related legal terms for further details).......
89. Intermediate Goods Synonymous with Intermediate Products (read this and related legal terms for further details).......
90. Managed Float Synonymous with dirty float (read this and related legal terms for further details).......
91. Minimum List A statistical classification system for foreign trade advanced by the League of Nations. The report entitled Minimum List of Commodities for International Trade Statistics was published in 1938. Following World War II, it was superseded by the United Nations standard international Trade Classificati......
92. National Line Synonymous with national FLAG CARRIER (read this and related legal terms for further details).......
93. Noncontract Shipper A firm that has not executed an exclusive patronage contract (read this and related legal terms for further details).......
94. 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......
95. Owner's Item Synonymous with Owner's Account (read this and related legal terms for further details).......
96. Port Dues Synonymous with harbor dues (read this and related legal terms for further details).......
97. 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 (...
98. 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......
99. Self-Liquidating Loan Synonymous with Asset Conversion Loan (read this and related legal terms for further details).......
100. Shut-Out The act of leaving behind certain cargoes when too much cargo arrives for a given vessel sailing. Usually the cargo is not turned away upon delivery to the pier but is accepted by the carrier and despatched aboard a subsequent vessel.......
101. Sterling Bloc Synonymous with sterling area (read this and related legal terms for further details).......
102. Warehouse Certificate A warehouse receipt (read this and related legal terms for further details).......
103. Forty-Forty-Twenty A provision of the Unctad Code Of Conduct For Liner Conferences (read this and related legal terms for further details) that calls for a system of cargo preference in which 40 percent of export cargoes would move on shi......
104. Turning Point A change in the economy marking transition into the next phase in the Business Cycle (read this and related legal terms for further details).......
105. Free Of Address A condition in some charter parties stipulating that no address commission (read this and related legal terms for further details) will be paid.......
106. 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......
107. 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......
108. Straight Consignment Goods conveyed under a straight, i.e., nonnegotiable, Bill of lading (read this and related legal terms for further details).......
109. 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......
110. Touch And Stay A clause in a marine insurance contract which stipulates that a vessel may call at customary ports along its route, and that such calls will not of themselves be regarded as a deviation (read this and related legal terms for......
111. 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 (...
112. 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 ......
113. Arbitration: Right to a Fair Hearing Contents Arbitration: Right to a Fair Hearing     Article V(1)(b) requires that parties be afforded a fair hearing that ... Read more...
114. Fair Trade Laws Introduction to Fair Trade LawsFair Trade Laws, in commerce, legislation permitting manufacturers to set minimum resale prices for their branded products sold by retailers to consumers. The proliferation of chain stores prompted attempts to introduce such legislation in the 1920s to prevent......
115. Fair Use Contents Fair Use Fair Use and Copyright One of the rights accorded to the owner of copyright is the right ... Read more...
116. Fair Value Fair Value and the GATT Policy Negotiations In relation to the GATT Policy Negotiations, Christopher Mark (1993) provided the following explanation and/or definition of Fair Value: The benchmark against which selling prices of imported merchandise are compared in adumping investigation. In US [...]...
117. Fair-use Guidelines Fair-use guidelines in Law LibrariesThe follow definition of Fair-use guidelines is of use in law library research: The doctrine of fair use allows copyrighted works to be used for purposes such as criticism, news reporting, teaching, scholarship, or research. Fair use generally applies to [...]...
118. Fair Trade Fair Trade and International Trade Economy In relation to international trade economy, Christopher Mark (1993) provided the following definition of Fair Trade: International trade involving shipments that do not benefit from government assistance. Fair trade --and the related concept of unfair [...]...
119. Trade Fair Trade Fair in International Trade Meaning of Trade Fair, according to the Dictionary of International Trade (Global Negotiator): A stage-setting event in which firms of several nationalities present their products or services to prospective clients in a pre-formatted setting, usually a booth [...]...
120. Fair Trial Charges, Fair Trial, Hearsay Evidence From the book The Clergyman's Hand-book of Law, about Charges, Fair Trial, Hearsay Evidence (1): When a clergyman or officer is to be removed or a member of the congregation is to be excommunicated, it is necessary to fully state the charges against [...]...