Related Entries of the International Encyclopedia:

1. 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......
2. 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......
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. 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).......
5. 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).......
6. 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).......
7. 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).......
8. Brussels Definition Of Value A system for the valuation of imports for the application of ad valorem duties, adopted in 1953 following attempts to establish a European customs union. The European Customs Union Study Group submitted to the contracting states the Convention on the Valuation of Goods for Customs Purposes, along w......
9. 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......
10. Superdeductive A procedure authorized by U.S. Customs in ascertaining the deductive value of merchandise for assessment of ad valorem duties; deductive valuation is an alternative valuation method specified in the customs valuation agreement (...
11. 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.......
12. 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).......
13. 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 (...
14. 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......
15. United States Value A basis for assessing duties predicated upon the wholesale price of the imported product (or a like domestic product if the value of the imported product cannot be ascertained), less normal markups, transportation costs, insurance, and duties. This method of valuation has been supplanted by the cust......
16. 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......
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. 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 (...
19. Cash Price The same as SPOT price (read this and related legal terms for further details), as used in grain transactions.......
20. 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).......
21. Customs Cooperation Council An international organization established for the purpose of harmonizing the customs procedures and techniques of member countries. The agency is concerned with the mechanics of customs administration and is not involved in matters relating to tariff levels or similar substantive economic [...]...
22. 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. ......
23. 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 ......
24. Customs Enforcement Area An area not to extend more than fifty miles seaward, beyond the CUSTOMS WATERS (read this and related legal terms for further details). Within this zone customs officers are authorized to enforce U.S. laws if the preside......
25. 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......
26. 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......
27. 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......
28. 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......
29. 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......
30. 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.......
31. 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......
32. 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.......
33. Resale Price Method Synonymous with Arm's Length Price (read this and related legal terms for further details).......
34. 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......
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. 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......
37. 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 [...]...
38. 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.......
39. 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......
40. 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 [...]...
41. 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......
42. Public Stores Generally, a warehouse or other facility operated by the Federal government for the storage of contraband, seized merchandise, or goods not released from Federal custody. Under the customs regulations, these storage facilities are operated by government personnel for merchandise not released from cu......
43. Real Interest Rate Synonymous with effective interest Rate (read this and related legal terms for further details).......
44. 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).......
45. Intermediate Goods Synonymous with Intermediate Products (read this and related legal terms for further details).......
46. 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......
47. 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).......
48. 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 ......
49. 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) ......
50. 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 ......
51. Gross Terms Synonymous with Gross Charter (read this and related legal terms for further details).......
52. 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......
53. 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......
54. 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......
55. 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......
56. Offshore Finance Company Synonymous with Foreign Base Finance Company (read this and related legal terms for further details).......
57. 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......
58. 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......
59. 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......
60. Slot Ship Synonymous with cellularized vessel (read this and related legal terms for further details).......
61. 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......
62. Reliquidation An amendment of a customs entry Liquidation (read this and related legal terms for further details)......
63. 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......
64. 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......
65. Warrant A warehouse receipt (read this and related legal terms for further details) containing Trust Receipt ("https://lawin.org/list-of-international-trade-law-terms/">read this and related legal terms for furt......
66. 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......
67. 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 (...
68. Firm Indication An emphatic form of Indication (read this and related legal terms for further details) in vessel charter transactions.......
69. Freight Broker Synonymous with Cargo Broker (read this and related legal terms for further details), in vessel charter transactions.......
70. 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.......
71. 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......
72. 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......
73. 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.......
74. 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......
75. 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......
76. Consignee The person or firm to whom goods are shipped under a bill of lading (read this and related legal terms for further details) and so named in the bill.......
77. International Reserves Gold, hard currencies, and special drawing rights (read this and related legal terms for further details) issued by the international monetary fund (...
78. 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......
79. 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 (...
80. 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).......
81. 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......
82. Consignor The person or firm shown as shipper on the BILL OF LADING (read this and related legal terms for further details).......
83. 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......
84. 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 ......
85. 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 (...
86. 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......
87. Foreign Market Price For purposes of customs valuation comparisons, generally the price of like merchandise sold for consumption in the country of origin.......
88. 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. [...]...
89. Straight Consignment Goods conveyed under a straight, i.e., nonnegotiable, Bill of lading (read this and related legal terms for further details).......
90. 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......
91. 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......
92. 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 ......
93. 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......
94. Tokyo Round The seventh, and latest, round of multilateral trade negotiations sponsored by the General Agreement on Tariffs and Trade (read about the GATT for further details). Running from 1973 to 1979, the Tokyo Round resulted in......
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. Privileged Domestic Status A condition that may be accorded to merchandise of U.S. origin, or to imported merchandise upon which duties have been paid, that is entered into a foreign Trade Zone (read this and related legal terms for further details...
97. Quota-Class Merchandise Goods subject to Quota (read this and related legal terms for further details) restrictions.......
98. Customs Valuation For importers, the process of estimating the value of a product at customs presents problems that can be just as serious as the actual duty rate charged. The WTO agreement on customs valuation aims for a fair, uniform and neutral system for the valuation of goods for customs purposes — a system that conforms to commercial realities, and which outlaws the use of arbitrary or fictitious customs values. The Committee...
99. 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).......
100. Valuation Tariff A customs tariff in which ad valorem duties are applied not on the sale or commercial value of the merchandise, but on a nominal value for the product prescribed by governmental authority. For example, sheet steel might carry a duty of 5 percent ad valorem, but the tariff prescribes that the value f......
101. Customs Valuation Code A uniform system for valuing imports for the application of customs duties. The agreement is a product of the Tokyo Round of multilateral trade negotiations. It provides for five methods of valuing imported merchandise. Transaction value is the price actually paid or payable for the goods, with [...]...
102. Released Valuation Rate A lower tariff rate provided by a common carrier to a shipper in return for a reduced claim liability on the part of the carrier. For example, a carrier may offer a reduced rate if the shipper agrees to release the value of the product at fifty cents per pound. The Interstate Commerce Commission mus......
103. Concept of Extradition Contents Concept of Extradition Extradition is the transfer (sometimes, after his or her apprehension) of an accused person from one ... Read more...
104. Concept of Aggression in International Law Contents Concept of Aggression in International Law Aggression and self desence in international law The issue of aggression and self ... Read more...
105. Codification Concept Codification: Concept and Misconceptions Codification: The Making of a Civil Code Note: there is an entry about the subject of this section in this legal Encyclopedia. Codification There is more general information about this topiIn relation to this entry, explore, in special, the information [...]...
106. Concept of Territory Embracing mainstream international law, this section on concept of territory explores the context, history and effect of the area of the law covered here. Resources Further Reading The entry "territory, concept of" in the Parry and Grant Encyclopaedic Dictionary of International Law [...]...
107. Aggregate Concept Description of Aggregate Concept In this reference work, aggregate concept is a sort of the Tax category. Resources See Also Internal Revenue Taxation Tax...
108. Law is force and a negative concept Contents Law is force and a negative concept Law Is Force Since the law organizes justice, the socialists ask why ... Read more...
109. Concept of Human Development Major Components _f the Concept of Human Development (in the Human Development Area) In this context, Major Components _f the Concept of Human Development means: Efficiency. People must be productive agents of the economy so that they possess the economic means to broaden their choices. [...]...
110. Valuation Valuation and International Trade Resources See Also customs valuation...
111. Minimum Valuation Minimum Valuation and the GATT Policy Negotiations In relation to the GATT Policy Negotiations, Christopher Mark (1993) provided the following explanation and/or definition of Minimum Valuation: A form of valuation for tariff purposes in which all items below a certain threshold value in an [...]...
112. Product Valuation In the United States For information about Product valuation in the context of international trade, click here...
113. Valuation Charges Valuation Charges in International Trade Meaning of Valuation Charges, according to the Dictionary of International Trade (Global Negotiator): Transportation charges assessed shippers who declare a value of goods higher that the value of carriers' limits liability. See declared value for [...]...
114. Valuation Clause Valuation Clause in International Trade Meaning of Valuation Clause, according to the Dictionary of International Trade (Global Negotiator): The clause in a marine cargo insurance policy that contains the agreed basis for determining the value of covered goods. This sets the amount due under [...]...
115. Bond Valuation Literature Review on Bond Valuation In the Encyclopedia of Public Administration and Public Policy, [1] Richard L.B. LeCompte offers the following summary about the topic of Bond Valuation: Bond valuation is the process of valuing long-term debt securities. Bonds are fixed-income financial [...]...
116. Actuarial Valuation Resources See Also Social Security Financing Social Insurance Social Security System...
117. Agreement on Customs Valuation The Agreement on Customs Valuation and the World Trade Organization The Agreement on Customs Valuation in relation to the World Trade Organization (WTO) covers several issues....
118. Wto Agreement on Customs Valuation The Agreement on Customs Valuation and the World Trade Organization The Agreement on Customs Valuation in relation to the World Trade Organization (WTO) covers several issues....
119. Alternate Valuation Date Description of Alternate Valuation Date In this reference work, alternate valuation date is a sort of the Tax category. Resources See Also Basis Cases Internal Revenue Taxation Tax...
120. Nominal Interest Rate The rate of interest earned by an investment, without adjustment for inflation. Deducting the inflation factor from the nominal rate yields the effective or real interest rate, which is a more accurate reflection of the return on the investment.......