Related Entries of the International Encyclopedia:

1. Withdrawal Price A floor price at which European Economic Community producers of certain food products may withhold their goods from the market. The withdrawal price is generally below the base price (i.e., the target price set for a given commodity) and the purchase price at which EEC governments will intervene in ......
2. Spot Price The price of a commodity in the Spot Market (read this and related legal terms for further details), i.e., the price quoted for immediate sale and delivery. ......
3. 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......
4. 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......
5. 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......
6. Purchase Price Defined in 19 U.S.C. 162 as the price at which imported merchandise has been purchased, or will be purchased, prior to exportation. It is usually based on the ex factory price excluding any export duties levied in the country of manufacture. Within the framework of the European Economic Community......
7. 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 ......
8. 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 (...
9. Final List A listing of products upon which a unique standard of valuation was applied for duty purposes. Prior to 1958 duties were applicable on virtually all imports on the basis of foreign value or export value, whichever was higher. The foreign value was the price at which goods were freely offered for con......
10. 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......
11. 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......
12. Feeder Vessel A small vessel or barge that carries goods from a principal port to outlying ports not served directly by the mother ship.......
13. 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......
14. 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 (...
15. Cash Price The same as SPOT price (read this and related legal terms for further details), as used in grain transactions.......
16. 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).......
17. Lighterage A charge imposed for the transfer of cargo from vessel to shore and vice versa by means of lighters.......
18. 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......
19. 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......
20. 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 [...]...
21. Intervention Price The price at which the European Economic Community, in accordance with the Common Agricultural Policy (read this and related legal terms for further details), will intervene in the market to buy excess agricultural produ......
22. 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......
23. Threshold Price A minimum import price for commodities established under the common Agricultural Policy (read this and related legal terms for further details) of the European Economic Community, set so as not to hamper sales of EEC pro......
24. Free Market The economic system of a nation in which market forces determine which goods and services are produced, and at what price they are offered. Free market economies do not contain substantial government controls on resource availability, price levels, or central planning of economic objectives.......
25. Target Price An important concept within the common agricultural policy (read this and related legal terms for further details) of the European Economic Community. It represents an optimum wholesale price within the community for a g......
26. Cargo-Carrying Capacity Synonymous with Deadweight Tonnage (read this and related legal terms for further details).......
27. Dumping Margin In those instances where a product has been dumped, that is, sold abroad at a price below the fair market value in the country of origin, the dumping margin is the difference between the home market price and the price at which the goods are sold abroad less incidental charges, such as export [...]...
28. 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 (...
29. Minimum Import Price As used in conjunction with the Common Agricultural Policy of the European Economic Community, Gate price (read this and related legal terms for further details).......
30. 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......
31. Freight Broker Synonymous with Cargo Broker (read this and related legal terms for further details), in vessel charter transactions.......
32. 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......
33. Consular Invoice Read Invoice as cross-reference......
34. 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......
35. 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.......
36. Orientation Price As used in conjunction with the Common Agricultural Policy of the European Economic Community it is the target price (read this and related legal terms for further details) for cattle and calves, i.e., the equilibrium pr......
37. Compensatory Financing Facility A special lending facility of the International Monetary Fund designed to aid developing nations confronted with temporary payment imbalances. The facility was established in 1963 to provide shortterm financing to nations dependent upon primary products for export income, and where that income had d......
38. 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......
39. 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......
40. 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 (...
41. 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.......
42. 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......
43. Freight Summary of Freight The earnings that a carrier derives from the carriage of merchandise. Freight should not be confused with cargo, which is the merchandise itself. Also, the term freight is used to represent payment made by a charterer to the vessel's owner for use of a ship under a [...]...
44. Full Berth Terms Conditions of carriage by water under which the owner of the goods is not responsible for the costs of loading or discharging his cargo to or from the vessel.......
45. Gate Price The minimum price at which pork, poultry, and eggs werw permitted to enter the European Economic Community under the common AGRICULTURAL POLICY (read this and related legal terms for further details) without imposition o......
46. 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 [...]...
47. Standard Price The target price (read this and related legal terms for further details) for tobacco under the Common Agricultural Policy of the European Economic Community.......
48. 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......
49. Export Subsidy Summary of Export Subsidy A direct payment, tax relief, or other incentive provided by a government to encourage export sales. The use of such devices is apt to be regarded as undesirable by the importing nation and may result in the imposition of Countervailing Duties (read this legal term [...]...
50. 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 (...
51. 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......
52. On Deck Cargo Cargo, normally of a hazardous nature, that is stowed on the deck of the vessel for easy discharge overboard in the event of fire or other danger. The bill of lading for cargo stowed on deck for reasons of safety will bear a special "on deck" notation which conveys that the goods are carri......
53. Dock Receipt A document used at some ports to acknowledge delivery of cargo to a pier for shipment aboard a given vessel. The format of a dock receipt often resembles that of a bill of lading and contains substantially the same information concerning the cargo; it is signed and/or stamped by the stevedore [...]...
54. Foreign Market Price For purposes of customs valuation comparisons, generally the price of like merchandise sold for consumption in the country of origin.......
55. 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......
56. Reference Price A mechanism of the Common Agricultural policy (read this and related legal terms for further details) of the European Economic Community designed to prevent disruptive import competition for certain vegetables, fruits, f......
57. 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......
58. Liner Terms A provision in some ship charter contracts in which the vessel pays loading or discharging costs, or both.......
59. 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......
60. Devaluation Summary of Devaluation The official reduction of the value of a nation's money in relation to a standard (usually gold), special drawing rights, or the U.S. dollar. Inasmuch as all currencies are ultimately valued in terms of some standard, devaluation results in the conscious increase [...]...
61. Guide Price As used in conjunction with the European Economic Community's Common Agricultural Policy on cattle and calves, it is synonymous with Orientation Price (read this and related legal terms for further details).......
62. 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 ......
63. 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.......
64. Gross Terms Synonymous with Gross Charter (read this and related legal terms for further details).......
65. 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......
66. Overcarried Cargo Goods not discharged at their port of destination, but left aboard the vessel for discharge at a subsequent port.......
67. Intermediate Goods Synonymous with Intermediate Products (read this and related legal terms for further details).......
68. Cargo Preference Act A 1954 amendment to the Merchant Marine Act of 1936 which mandates that at least 50 percent of all government generated cargoes move on U.S. flag ships. Included in the category of such cargoes are Department of Defense movements, Department of Agriculture surplus commodities, goods financed by the ......
69. Consignor The person or firm shown as shipper on the BILL OF LADING (read this and related legal terms for further details).......
70. Export Quota Agreement An arrangement arising under an international commodity agreement whereby each participating exporting nation is allocated a portion of the market. Participating importing nations agree to limit imports from nonmember nations. The object of the system is to maintain price stability, thus [...]...
71. 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......
72. 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......
73. New Jason Clause A stipulation in ocean bills of lading subject to the U.S. carriage of goods by Sea Act (read this and related legal terms for further details). Prior to the adoption of the Harter Act of 1893, American law recognized no......
74. 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.......
75. Dumping Dumping in International Trade Meaning of Dumping, according to the Dictionary of International Trade (Global Negotiator): The practice of selling a product in a foreign market at an unfairly low price (a price that is lower than the cost in the home market, or which is lower than the cost of [...]...
76. 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 (...
77. Export Management Company A private company that serves as the export department of other firms, usually small- and medium-size manufacturers. An EMC will provide a variety of services for its clients, to include locating customers abroad, arranging transportation and financing for the merchandise, developing foreign [...]...
78. Transshipment The act of passing cargo from one carrier to another to continue the journey in those cases where the first carrier does not go from origin of a shipment to destination.......
79. 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......
80. 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 [...]...
81. 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......
82. Loading Summary of Loading A risk premium in addition to interest charges and acceptance fees deducted by a bank or discount house from the face value of a bill of exchange (read here for further details) presented for discounting. This additional margin will vary, depending upon the quality of the [...]...
83. 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 [...]...
84. 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 (...
85. 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 (...
86. 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......
87. Resale Price Method Synonymous with Arm's Length Price (read this and related legal terms for further details).......
88. 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).......
89. Webb-Pomerance Act An act of 1918 authorizing exemptions from the Sherman Act (read this and related legal terms for further details) to certain combinations of firms for the purpose of promoting exports. The combinations formed under the ......
90. Wharfage A charge imposed by a pier operator for receiving, handling, and transferring cargo to or from a vessel. Customarily, these charges are absorbed by the vessel. ......
91. Agency For International Development A component of the united states international DEVELOPMENT COOPERATION AGENCY (read this and related legal terms for further details).......
92. Light Cargo A cargo that fully occupies the cubic capacity of a ship but does not bring the vessel down to its marks in the water.......
93. Sliding Scale Tariff A customs tariff in which rates of DUTY (read this and related legal terms for further details) vary according to the price of a given import. Usually, as the price of the item declines, the duty is reduced. Duties may b......
94. Slot Ship Synonymous with cellularized vessel (read this and related legal terms for further details).......
95. 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......
96. 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......
97. 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......
98. Heavy Cargo A load of cargo that settles a vessel down to its marks in the water but does not fully occupy the cubic capacity of the ship.......
99. Port Summary of Port An area within which vessels regularly load or discharge cargo, including such places where vessels await berthing.(Main Author: William J. Miller) Resources See Also International Trade Trade Regulation International Economic Law Export License International [...]...
100. Cargo Deadweight The cargo-carrying capacity, expressed in long tons, of a vessel when fully loaded excepting water, stores, bunkers, and supplies.......
101. Export Processing Zone Summary of Export Processing Zone A special type of Foreign Trade Zone (read this and related legal terms for further details) within which certain exemptions from duties, taxes, and regulations are granted as an inducement to export-oriented manufacturing. Customarily a manufacturer within [...]...
102. Monopoly Profits An excess profit achieved by the monopolist as a result of monopolistic behavior. The effect is to make the marginal cost of production higher than necessary, thereby disrupting the allocation of resources through market forces.......
103. Discrimination Summary of Discrimination Unequal treatment in the duties, quotas, or administrative controls accorded to the products of one or more nations. Generally speaking, any nation which does not enjoy most FAVORED NATION (read this and related legal terms for further details) status is the subject [...]...
104. Monopsony The condition in which there is a single buyer for a given product or service, although there may be many suppliers.......
105. Parity In arbitrage usage, an equivalent value for two currencies; for example, the Bermuda dollar enjoys parity with the U.S. dollar (B$l = U.S.SI).......
106. Terms of Trade Summary of Terms of Trade An export-import price ratio derived by dividing indices of export prices by indices of import prices. For example, when export indices are 105 percent of a base period, and import indices are 98 percent of the same base period, then the terms of trade [...]...
107. Montreal Protocol   Article 1: Definitions For the purposes of this Protocol: 1. "Convention"means the Vienna Convention for the Protection of the Ozone Layer, adopted on 22 March 1985. 2. "Parties"means, unless the text otherwise indicates, Parties to this Protocol. 3. [...]...
108. Basic Needs Summary of Basic Needs A code word for official development ASSISTANCE (read this legal term for further details) programs aimed toward the improvement of health care, education, nutrition, and like fundamental services in poorer nations. The basic needs concept has been criticized by some [...]...
109. Cartel Summary of Cartel An alliance among firms in the same line of business aimed at controlling or dominating their field on an international basis.(Main Author: William J. Miller) Definition of Cartel In accordance with the work A Dictionary of Law, this is a description of Cartel : [...]...
110. Consumer Price Index Summary of Consumer Price Index An index of the retail price of four hundred consumer products and services, computed monthly by the Bureau of Labor Statistics. Formerly known as the Cost of Living Index, the compilation includes retail price inputs of given items from many cities across [...]...
111. GATT Accession GATT Accession Summary of GATT Detais can be found in General Agreement on Tariffs and Trade). Accession Process The process was described by Christopher Mark in 1993: "Joining the GENERAL AGREEMENT ON TARIFFS AND TRADE is rarely a simple or straightforward matter --especially if the [...]...
112. Gross Domestic Product Summary of Gross Domestic Product The aggregate value, expressed in monetary terms, of all goods and services produced within a national economy during a given time period, usually one year.(Main Author: William J. Miller) Gross Domestic Product (gdp) (in the Human Development [...]...
113. Human Capital Summary of Human Capital An enrichment of the productive capacity of labor by means of specialized training and education.(Main Author: William J. Miller) Human Capital (in the Human Development Area) In this context, Human Capital means: is formed from investments in human [...]...
114. Joint Venture Summary of Joint Venture A business enterprise with more than one equity participant; for example, an agreement between a German firm and a U.S. firm to capitalize jointly a new factory in Venezuela. Many countries impose restrictions on joint ventures; these restrictions may take the form [...]...
115. Manifest A document listing all the cargo stowed aboard a vessel, usually broken down by port of unloading. The manifest is an abstract of the individual bills of lading issued for each consignment and is customarily provided to customs authorities for inspection upon landing.......
116. Margin A cost calculation performed in association with vessel operations that allows for potential cost overruns, e.g., lost days due to adverse weather. A margin of 5 percent is common per voyage.......
117. Mate's Receipt A document issued by a ship's officer acknowledging receipt of a specific quantity of cargo. A mate's receipt is usually issued only in conjunction with a vessel charter.......
118. Measurement Ton An expression of cubic measurement equal to forty cubic feet, used either to define the interior of a vessel or as a basis for assessing freight on cargo. With virtually worldwide conversion to metric measurement, a measurement/stow ton may be defined as the equal of a cubic meter, depending [...]...
119. Monetary Approach A view held by one school of economics, that the rate of exchange between two currencies is determined by the relative supply and demand for those currencies.......
120. Monetary Bloc A group of countries that have in common the use of a particular reserve asset. Traditionally, the U.S. dollar and the pound sterling have served as primary reserve assets for many nations, resulting in monetary blocs arising around the dollar or the pound.......