Related Entries of the International Encyclopedia:

1. 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......
2. 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 (...
3. 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......
4. 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......
5. 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......
6. Intermediate Goods Synonymous with Intermediate Products (read this and related legal terms for further details).......
7. Freight Broker Synonymous with Cargo Broker (read this and related legal terms for further details), in vessel charter transactions.......
8. 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......
9. 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.......
10. 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......
11. 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......
12. 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......
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. 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......
15. 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.......
16. 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 [...]...
17. 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......
18. Cargo-Carrying Capacity Synonymous with Deadweight Tonnage (read this and related legal terms for further details).......
19. Export-Import Bank Of The United States Commonly known as Eximbank, an independent, self-funding agency of the U.S. government created to facilitate exports of American products. Originally chartered under the laws of the District of Columbia in 1934, Eximbank was rechartered by an act of Congress in 1945. The bank provides short-, medium......
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. 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 [...]...
22. 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.......
23. 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......
24. 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 [...]...
25. 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 [...]...
26. 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......
27. 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 ......
28. Credit Currency Synonymous with Fiduciary Currency (read this and related legal terms for further details).......
29. Feeder Vessel A small vessel or barge that carries goods from a principal port to outlying ports not served directly by the mother ship.......
30. 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 ......
31. 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......
32. 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.......
33. Clean Credit A letter of credit (read this and related legal terms for further details) against which the beneficiary may draw without supplying documents.......
34. 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......
35. Commodity Control List A listing of products subject to U.S. export controls administered by the Department of Commerce. The list includes items under controls imposed by COCOM (read this and related legal terms for further details) as well as......
36. Lighterage A charge imposed for the transfer of cargo from vessel to shore and vice versa by means of lighters.......
37. Sight Credit A letter of credit (read this and related legal terms for further details) under which sight drafts shall be drawn.......
38. 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 [...]...
39. 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 (...
40. 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......
41. Foreign Assets Control Regulations A pronouncement issued under authority of Section 5 (b) of the trading with the enemy act (read this and related legal terms for further details) that prohibits importation of products manufactured in, or containing comp......
42. 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 [...]...
43. 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 [...]...
44. 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......
45. 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......
46. 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......
47. 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......
48. 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 [...]...
49. Gross Terms Synonymous with Gross Charter (read this and related legal terms for further details).......
50. 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.......
51. 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 ......
52. Private Export Funding Corporation A private corporation organized in 1970 for the purpose of providing medium- to long-term financing to foreign buyers of U.S. goods and services. PEFCO is owned by commercial banks and major industrial firms. Working capital is raised by issuance of commercial paper, guaranteed by the U.S. Export-Im......
53. 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......
54. Consignor The person or firm shown as shipper on the BILL OF LADING (read this and related legal terms for further details).......
55. 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......
56. 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......
57. Guest Currency The currency in which a Eurobond (read this and related legal terms for further details) or other financial obligation is issued. The currency is selected to be acceptable to both the foreign borrower and the lender, and......
58. 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 [...]...
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. 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......
61. Slot Ship Synonymous with cellularized vessel (read this and related legal terms for further details).......
62. 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.......
63. 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......
64. 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).......
65. 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......
66. 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 [...]...
67. Agricultural Trade Development And Assistance Act Known commonly as P.L. 480, a 1954 act of Congress directed at the long-term improvement of the economies of developing nations through the concessional sale or grant of American agricultural products. The act is implemented by the Foreign Agricultural Service of the U.S. Department of Agriculture t......
68. 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 ......
69. Firm Indication An emphatic form of Indication (read this and related legal terms for further details) in vessel charter transactions.......
70. 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 (...
71. 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......
72. 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......
73. 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......
74. Ocean Freight Differential A sum rep resenting the difference in freight costs associated with moving subsidized agricultural exports on American rather than cheaper foreign vessels. The differential is provided for shipments under the Agricultural Trade Development And Assistance Act (...
75. 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 ......
76. 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......
77. 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......
78. Liner Terms A provision in some ship charter contracts in which the vessel pays loading or discharging costs, or both.......
79. 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.......
80. 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......
81. Underdevelopment Summary of Underdevelopment A condition in which a nation's per capita real income is significantly below that enjoyed in the industrialized world, and where national income is inadequate to provide the investment capital essential to expand the economy. In addition, most underdeveloped [...]...
82. 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......
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. 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......
85. 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).......
86. 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.......
87. 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......
88. 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......
89. 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......
90. Overcarried Cargo Goods not discharged at their port of destination, but left aboard the vessel for discharge at a subsequent port.......
91. 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 [...]...
92. 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 ......
93. 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 [...]...
94. 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......
95. Dock Warrant A term often used to mean a WAREHOUSE RECEIPT (read this and related legal terms for further details) issued by the proprietor of a waterfront warehouse.......
96. Foreign Credit Insurance Association An association of fifty U.S. insurance companies that operates in conjunction with the EXPORT-IMPORT bank (read this and related legal terms for further details), or Eximbank, to insure commercial risks associated with e......
97. 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......
98. Commercial Risk The risk borne by an exporter that his foreign customer may be unable to pay for merchandise imported under open account terms. Commercial risk is contrasted with political risks, which arise from governmental actions and are unrelated to the financial condition or credit-wor- thiness of the [...]...
99. Countertrade A commercial arrangement in which the buyer pays for his purchases, wholly or partly, with something other than money. Very often countertrade deals include some cash, but a significant portion of the transaction is settled with commodities or services. Countertrade has been employed heavily [...]...
100. Paper Gold A common reference to Special Drawing Rights (read this and related legal terms for further details) issued by the International Monetary Fund.......
101. 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,......
102. 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.......
103. 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).......
104. Export Contract Export Contract in International Trade Meaning of Export Contract, according to the Dictionary of International Trade (Global Negotiator): The export contract is used for the international sale of certain products (industrial supplies, raw materials, manufactured goods), which are projected [...]...
105. Straight Consignment Goods conveyed under a straight, i.e., nonnegotiable, Bill of lading (read this and related legal terms for further details).......
106. Monopoly Summary of Monopoly The condition in which a given product or service can be obtained only from a single supplier that is free to use its market position to exact excessive prices for the product or service it controls. The Sherman Act of 1890 makes monopolies and attempts to monopolize [...]...
107. 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.......
108. 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.......
109. 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.......
110. 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 [...]...
111. 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.......
112. 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.......
113. Monetary Unit The unit of account established by law in terms of which transactions are expressed. In the United States the monetary unit is the dollar, which, although no longer officially converted into gold, is tied to gold at the rate of $42.22 per fine ounce.......
114. Money Any unit or instrument generally accepted as having value to effect the purchase of goods or services, or to settle debts. All money enjoys three characteristics: (1) it is a unit of account in which values can be measured; (2) it is a medium of exchange; and (3) it is a store of value (i.e., a [...]...
115. Money At Call Also known as call money, a demand deposit in a British bank.......
116. Money Value The value of a good or service expressed in units of the currency in use.......
117. Monobank A bank created when the banks of a nation are consolidated into a single institution. This consolidation occurred in the Soviet Union following the Revolution, and in certain other countries with centrally planned economies.......
118. Moorsom Ton A unit of measurement consisting of one hundred cubic feet, used principally in connection with measuring vessels.......
119. Moratorium An official suspension of foreign remittances, including commercial settlements, usually as a result of a chronic negative balance of payments.......
120. Mother Ship A long-haul vessel that serves only selected major ports directly, turning over its cargo for output to barges or smaller conveyances for delivery.......