Related Entries of the International Encyclopedia:

1. Gold Sterilization A governmental policy to prevent the expansion of a nation's money supply by preventing the accumulation of gold. In the case of a nation on the Gold Standard (read this and related legal terms for further details), ......
2. 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......
3. International Gold Bullion Standard A Gold Bullion standard (read this and related legal terms for further details) that permits redemption of currency into gold only for purposes of export.......
4. 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......
5. Familiar Drawing Techniques process within the international monetary FUND (read this and related legal terms for further details) whereby a member nation suffering balance of payments problems may obtain foreign currencies from the IMF in exchange......
6. Fiduciary Currency A currency backed solely by the faith of the government that issues it. The term does not carry the negative import often associated with fiat money (read this and related legal terms for further details). See also Money......
7. 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......
8. Super Gold Tranche A condition in which drawings by a member of the international Monetary Fund (read this and related legal terms for further details) cause fund holdings of the member's currency to fall below 75 percent of the member......
9. Credit Currency Synonymous with Fiduciary Currency (read this and related legal terms for further details).......
10. 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 (...
11. 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 [...]...
12. 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......
13. Multiple Currency System Synonymous with Differential Exchange Rates (read this and related legal terms for further details).......
14. International Reserves Gold, hard currencies, and special drawing rights (read this and related legal terms for further details) issued by the international monetary fund (...
15. 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 (...
16. 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.......
17. 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......
18. 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......
19. 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......
20. Divergence Threshold Within the euro Pean Monetary System (read this and related legal terms for further details), each participating currency is assigned a value in terms of the European currency unit (ECU). The participating currency is pe......
21. Foreign Entity Within the meaning of financial Accounting Standards Board Statement No. 8 (read this and related legal terms for further details) relative to accounting for foreign currency transactions, aforeign entity is an affiliate......
22. 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 (...
23. 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......
24. 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......
25. Key Currency The currency of a major trading nation widely accepted in settlement of international accounts. At present, eight currencies are regarded as key currencies and are known as the Big Eight ("https://lawin.org/list-of-international-trade-law-terms/">read this and related legal [...]...
26. 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......
27. 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......
28. Intermediate Goods Synonymous with Intermediate Products (read this and related legal terms for further details).......
29. 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......
30. Gold Crisis A condition that arises when a nation exports so much gold as to draw close to the amount legally required as a reserve for currency outstanding. Often this condition is the product of a severe and protracted deficit in balance of payments.......
31. 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......
32. 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......
33. Fiduciary Standard Synonymous with FIDUCIARY CURRENCY (read this and related legal terms for further details).......
34. Gold Exchange Standard A condition in which a nation maintains its reserves in a currency convertible into gold rather than in the metal itself. Since August 15, 1971, the U.S. dollar has not been freely convertible into gold by foreign central banks; it therefore does not qualify as a reserve currency for a nation on a g......
35. 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......
36. Slot Ship Synonymous with cellularized vessel (read this and related legal terms for further details).......
37. Articles Of Mixed Status Merchandise manufactured within a foreign trade zone (read this and related legal terms for further details) of components of more than one status. The status of merchandise is the product of several factors. An item in ......
38. 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).......
39. Covered Transaction A transaction denominated in terms of a foreign currency, payable at a future date, in which protection against loss on exchange has been procured, usually in the form of a Forward Exchange Contract (read this and related le......
40. Firm Indication An emphatic form of Indication (read this and related legal terms for further details) in vessel charter transactions.......
41. Freight Broker Synonymous with Cargo Broker (read this and related legal terms for further details), in vessel charter transactions.......
42. Gold Reserves The gold held by a nation as reserves for currency issued. After U.S. abandonment of the gold standard in 1933, Congress mandated that the Federal Reserve banks would have to hold gold certificates, reflecting gold on deposit with the U.S. Treasury equivalent to at least 25 percent of currency [...]...
43. Hard Currency A national currency freely exchangeable into gold or the currencies of other nations.......
44. Currency Risk The economic risk assumed by a lender or seller who is to be paid in units of a foreign currency that, when translated at some future date into his own currency, he will have sustained a loss (in terms of his own currency) because the foreign currency has depreciated in value prior to settlement of ......
45. 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.......
46. 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 (...
47. 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......
48. 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.......
49. 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......
50. 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 (...
51. 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......
52. 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 (...
53. Excess Foreign Currencies Foreign currency, derived from the sale of U.S. agricultural commodities under P.L. 480, in excess of current U.S. requirements. Periodically, the U.S. Treasury reviews the foreign currency position of the U.S. government. Upon finding that holdings of any given currency exceed requirements for that......
54. Gold Bullion Standard A monetary policy that permits redemption of currencies into gold, but only for significant amounts. Under a true gold standard, all currency is redeemable into gold on demand; under a gold bullion standard, gold might be redeemable only in minimum lots of one ingot.......
55. 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 (...
56. 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......
57. 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).......
58. Differential Exchange Rates A scheme in which a government prescribes different rates of exchange for the local currency, depending upon the transaction involved. The government may assign its currency a given value in terms of gold for capital transfers, for example, but provide for a less favorable rate of exchange for impor......
59. Gross Terms Synonymous with Gross Charter (read this and related legal terms for further details).......
60. 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......
61. 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 ......
62. Foreign Currency Translation The accounting process employed in expressing, in terms of a firm's reporting currency, those transactions that are denominated in a different currency.......
63. Net National Product Summary of Net National Product The sum total, expressed in monetary terms, of all goods and services produced in a country during a given period (usually one year), less the value of capital consumed (depreciation).(Main Author: William J. Miller) Resources See Also Gross [...]...
64. 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......
65. 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. [...]...
66. 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......
67. Currency Convertible In Fact A national currency that can be used for the settlement of private transactions, as contrasted with an artificial CURRENCY UNIT (read this legal term for further details), such as special drawing rights, which are used only by governments for t......
68. Liquidity Summary of Liquidity The quality of being convertible into monetary wealth; as relates to a given nation's economic condition, liquidity consists of that country's supply of gold, foreign exchange holdings, and Special drawing Rights (read this and related legal terms for further [...]...
69. 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 ......
70. Straight Consignment Goods conveyed under a straight, i.e., nonnegotiable, Bill of lading (read this and related legal terms for further details).......
71. 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......
72. 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......
73. Soft Loan A loan repayable by a foreign borrower in a Soft Currency (read this and related legal terms for further details). Such loans usually have been the product of long-term sales to countries without hard currency repayment ......
74. Triffin Plan A proposal advanced by Professor Robert Triffin to establish a system for the settlement of international accounts. Originally articulated in Gold and the Dollar Crisis (1960), the Triffin Plan urged the creation of an international reserve asset to be used only for international account settlement.......
75. Balance of Payments Balance Of Payments Summary of Balance Of Payments The sum owed to or by a nation as the result of its international transactions during a given time period, usually one year. The balance of payments is calculated by subtracting the nation's total payments to foreigners from total [...]...
76. Coastwise Option A provision of the carriage OF GOODS BY SEA ACT (read this and related legal terms for further details) (COGSA) which permits COGSA to be incorporated into bills of lading covering shipments in the domestic maritime comm......
77. Quota-Class Merchandise Goods subject to Quota (read this and related legal terms for further details) restrictions.......
78. 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).......
79. 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......
80. Roosa Bonds Bonds sold by the U.S. Treasury in the 1960s to foreign central banks for dollars as part of a Swap Arrangement (read this and related legal terms for further details) to relieve exchange rate instability. The bonds prov......
81. 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 (...
82. Credit Tranche A lending facility at the International Monetary Fund for nations suffering balance of payments difficulties. Before borrowing in the credit tranche, a nation must have exhausted its gold tranche facility. The gold tranche is equivalent to the amount of gold that a nation has deposited with the IMF,......
83. National Flag Carrier A common car RIER (read this and related legal terms for further details)-usually a steamship line or an airline- that bears its country's flag and is viewed in the trading community as representing the commercial in......
84. Gold Certificates Paper currency issued by the U.S. Treasury denominated in dollars and freely convertible by the bearer into gold at the fixed rate. When the United States went off the gold standard in 1933, gold certificates were removed from circulation, except for use by Federal Reserve banks.......
85. Mint Par Of Exchange The relationship, in terms of precious metal value, of two nations' currencies, derived by dividing the gold or silver content, by weight, of one nation's currency unit by the comparable metal content of another nation's currency unit.......
86. 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......
87. 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).......
88. 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......
89. 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......
90. 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......
91. Manufactured Or Processed In deter mining drawback (read this and related legal terms for further details) eligibility, an article must have been manufactured or processed in the United States; a simple change is not enough to permit recovery in......
92. 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......
93. Consignor The person or firm shown as shipper on the BILL OF LADING (read this and related legal terms for further details).......
94. Cross-Currency Exposure Obligations denominated in terms of a given currency that are not matched by equivalent revenues in terms of that currency. For example, a firm with obligations of 10 million Japanese yen but revenues of only 8 million yen are exposed to the degree that they must purchase, in the foreign exchange ma......
95. Gold Clause A provision in a debt instrument defining the monetary obligation in terms of gold, or a dollar of a prescribed weight and fineness of gold......
96. 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 ......
97. Buy American Act A 1933 act of Congress which provides that Federal agencies and certain contractors to the Federal government are obliged to buy articles of American manufacture unless American goods cannot be procured at reasonable cost in relation to foreign equivalents. The act has been challenged in multilatera......
98. Domestication The process whereby foreign investors are forced, by governmental sanction, to relinquish their control or interest in local enterprises to local nationals. The term can be applied to an Expropriation (read this and related ......
99. Drawing Unit Reserve Asset More commonly known by the acronym DURA, a proposed artificial currency unit to be used as an international reserve asset. The Dura was an evolutionary step toward the creation of the special drawing rights (read this and re......
100. 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 (...
101. Gold Flow Also known as gold movements, the pattern by which monetary gold enters and leaves a country. Theoretically, an inflow of gold should expand the national monetary supply; conversely, an export of gold should contract the money supply, thus eliminating imbalances in international payments over time. ......
102. Section 204 A provision of the Agricultural Act of 1956 authorizing the president to negotiate bilateral agreements to limit exports to the United States of "any agricultural commodity or product manufactured therefrom or textiles or textile products." The president is also empowered to take steps to ......
103. 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......
104. 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......
105. 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).......
106. Swapping A form of countertrade (read this and related legal terms for further details) by which the parties trade off goods that each controls at various locations so as to eliminate or mitigate transportation costs.......
107. Peage Dues A special form of harbor dues imposed by some North African ports upon cargoes of phosphates in bulk.......
108. Pecuniary Exchange The settlement of obligations by payment of money, rather than by goods or services.......
109. Period And Trading Limits A provision in a charter party that specifies limitations on the use of a chartered vessel, e.g., restrictions on the carriage of certain cargoes.......
110. Period Charter A time charter, See Charter Party.......
111. Periodic Requirements License A special validated license authorizing the exportation, during a one-year period, of articles covered in the Commodity Control List (read this and related legal terms for further details) to one or more specified consig......
112. Personal Effects In customs usage, those articles that a traveler might reasonably require during the course of his journey, excluding goods carried for commercial purposes (e.g., trade samples) or contraband.......
113. Petrocurrency Currency remitted to petroleum-producing countries in satisfaction of oil purchase transactions.......
114. Protectionism Protectionism Definition Protectionism may be defined as government policies that favor domestic products over imported goods. The debate between protectionism and free trade has been a continuing issue in United States politics. Meanings For information on: * systematic protectionism [...]...
115. Pacta Sunt Servanda Summary of Pacta Sunt Servanda A principle of international law that treaties and other international engagements are binding upon the nations that accede to them, and obligations accepted under such engagements must be performed, or reparations made in the event of a breach.(Main [...]...
116. Paddy Rice Rice, shipped in bags or bulk, without the husks removed.......
117. Pallet Allowance A provision in some ocean tariffs that the cubic measurement of pallets used in unitized cargoes will be deducted from total cubic measurement for computation of freight. This allowance reflects the carrier's ease of handling palletized cargo. Normally, pallet dimensions must be shown on the bil......
118. Pancafe Trading arm of the International Coffee Organization. See the International Commodity Organization.......
119. Panlibhon Group An acronym for a group of countries where foreign vessels are registered under flags of convenience, derived from the first letters of Panama, Liberia, and Honduras, where many such vessels are registered. See flag of CONVENIENCE.......
120. Paper Basis A system in which the national currency is not based upon precious metal.......