Related Entries of the International Encyclopedia:

1. Bound Rates Bound Rates and the GATT Policy Negotiations In relation to the GATT Policy Negotiations, Christopher Mark (1993) provided the following explanation and/or definition of Bound Rates: Most favored-nation tariff rates resulting from GATT negotiations and thereafter incorporated as integral [...]...
2. Currency Adjustment Factor A surcharge imposed on ocean freight by a carrier to offset or mitigate the impact of exchange rate fluctuations upon his freight revenue.......
3. Double Column Tariff Double-Column Tariff and the GATT Policy Negotiations In relation to the GATT Policy Negotiations, Christopher Mark (1993) provided the following explanation and/or definition of Double-Column Tariff: A tariff schedule listing two duty rates for some or all commodities. In any given case, the [...]...
4. General Tariff A tariff schedule in which a single rate of duty applies to a given commodity irrespective of the country of origin. A general tariff makes no provision for preferential duties.......
5. Exchange Rates Multiple Exchange Rates (also known as Differential Exchange Rates) and the GATT Policy Negotiations In relation to the GATT Policy Negotiations, Christopher Mark (1993) provided the following explanation and/or definition of Multiple Exchange Rates (also known as Differential Exchange Rates): [...]...
6. 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) ......
7. 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......
8. Fixed Exchange Rate Concept of Fixed Exchange Rate An introductory definition of Fixed Exchange Rate is provided here: the rate of exchange of a currency or currency is set by agreement between governments or by government policy (see also gold standard) Resources See Also Foregin Policy Foreign Affairs...
9. Tariff Rates Column 2 Rates and the GATT Policy Negotiations In relation to the GATT Policy Negotiations, Christopher Mark (1993) provided the following explanation and/or definition of Column 2 Rates: US tariff rates assessed on imports from countries not receiving most- favored-nationtreatment. Most [...]...
10. Single-Column Tariff Single-Column Tariff and the GATT Policy Negotiations In relation to the GATT Policy Negotiations, Christopher Mark (1993) provided the following explanation and/or definition of Single-Column Tariff: A tariff schedule specifying only one rate of duty for each imported commodity....
11. 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......
12. Soft Currency A national currency that, because of exchange controls, is not freely convertible into gold or other currencies. Such controls are usually manifest in officially set rates of exchange that do not reflect the price of the soft currency, were it permitted to trade freely.......
13. 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......
14. Tariff Quota Tariff Quota and the GATT Policy Negotiations In relation to the GATT Policy Negotiations, Christopher Mark (1993) provided the following explanation and/or definition of Tariff Quota: A two-stage tariff, providing a base tariff rate that applies to goods up to a specified quantity imported [...]...
15. Freight Rate LCL/fcl in International Trade Meaning of LCL/fcl, according to the Dictionary of International Trade (Global Negotiator): A way of quoting container freight rates in which the carrier agrees to pack the container at the outset (LCL) but unpacking at destination must be carried out by the [...]...
16. Concession Summary of Concession An undertaking by one nation to reduce a tariff rate, increase a quota, or otherwise relieve an economic impediment to trade, usually in response to like concessions from trading partners. In addition to such reciprocal concessions, a nation may offer special duty [...]...
17. 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......
18. Compound Tariff Compound Tariff and the GATT Policy Negotiations In relation to the GATT Policy Negotiations, Christopher Mark (1993) provided the following explanation and/or definition of Compound Tariff: A combination of a specific duty and an ad valorem tariff on the same imported item (e.g., $100 per [...]...
19. Multilateral Trade Negotiations Negotiations among many nations acting in concert for the purpose of reducing trade barriers. Since the inception of the General Agreement on Tariffs and Trade (read about the GATT for further details). in 1947, the mos......
20. Blocked Exchange An exchange restriction, imposed by governmental authority, that forbids the unlicensed purchase of bills of exchange, currency, or negotiable instruments denominated in a foreign currency. The object of this measure is to prevent transmission of foreign currency reserves out of the country. [...]...
21. Memorandum Tariff An abstract of a freight tariff. This document, usually published by carriers in a given trade, contains selected rates and other information extracted from the official tariff. The purpose of a memorandum tariff is to highlight information of wide interest.......
22. Tariff Act Of 1930 Also known as the Smoot- Hawley Act, this established the highest rates of duty ever imposed by the United States. Its passage was essentially a response to domestic unemployment during the Depression and protectionist forces in the agricultural and certain manufacturing sectors. Other nations accom......
23. Common External Tariff Summary of Common External Tariff The uniform customs tariff applied by all the member states of a customs union or common market to imports from nonmember nations.(Main Author: William J. Miller) Common External Tariff and the GATT Policy Negotiations In relation to the GATT [...]...
24. Customs Classification Customs Classification and the GATT Policy Negotiations In relation to the GATT Policy Negotiations, Christopher Mark (1993) provided the following explanation and/or definition of Customs Classification: The determination of the appropriate category in which a traded product is classified for [...]...
25. Dutiable Status A determination made by customs authorities, in accordance with the laws of the importing nation, as to whether a given imported article is subject to duty, and if so, at what rate. The dutiable status is determined by classifying the merchandise, i.e., determining into which category the [...]...
26. Flexible Tariff Special Drawing Ria customs tariff in which rates of duty can be raised or lowered by administrative action. In the United States the Reciprocal Trade Agreements Act of 1934 and other legislation have authorized the President to adjust duty rates downward in response to concessions from other nation......
27. Gold Standard Summary of Gold Standard A system under which a nation's currency is freely convertible into gold. The quantity of gold per unit of currency is fixed by law. Most major trading nations, however, abandoned the gold standard because of the constraints it imposes upon liquidity, although [...]...
28. Margin of Preference Margin of Preference and the GATT Policy Negotiations In relation to the GATT Policy Negotiations, Christopher Mark (1993) provided the following explanation and/or definition of Margin of Preference: The difference between the duty paid under a system of tariff preferences and the duty [...]...
29. Economic Union Summary of Economic Union Also known as an economic community, an advanced form of economic integration on the part of several states. The economic union incorporates the features of a Common market (read this and related legal terms for further details)—unrestricted free trade among [...]...
30. Multiple Exchange Rates Synonymous with Differential Exchange Rates (read this and related legal terms for further details).......
31. Tariff Escalation Tariff Escalation and the GATT Policy Negotiations In relation to the GATT Policy Negotiations, Christopher Mark (1993) provided the following explanation and/or definition of Tariff Escalation: The application of tariff rates on raw materials that are lower than on processed versions of the [...]...
32. Conference Summary of Conference An association of steamship lines operating over a specific trade route, formed for the purpose of setting freight rates and service standards to be applied uniformly by all the member carriers. The Shipping Act of 1916 empowers the Federal Maritime Commission to [...]...
33. 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 [...]...
34. Principal Supplier A nation that serves as the major source of supply to another country for a specific product.......
35. Purchasing Power Parity An equal relationship of prices between two countries. Price levels in both countries are substantially the same, considering the rate of exchange.......
36. Tariff Schedule Tariff Schedule and the GATT Policy Negotiations In relation to the GATT Policy Negotiations, Christopher Mark (1993) provided the following explanation and/or definition of Tariff Schedule: A comprehensive list of the goods, which a country imports, and the import duties applicable to each [...]...
37. Multiple Currency System Synonymous with Differential Exchange Rates (read this and related legal terms for further details).......
38. 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 [...]...
39. Tariff Anomaly Tariff Anomaly and the GATT Policy Negotiations In relation to the GATT Policy Negotiations, Christopher Mark (1993) provided the following explanation and/or definition of Tariff Anomaly: A situation in which the tariff on raw materials or semi-manufactured goods is higher than the tariff on [...]...
40. Forward Exchange Contract An agreement to exchange, at a specified future date, a fixed number of units of one currency for a fixed number of units of another currency. Such contracts are often procured by merchants when they must settle future accounts in a foreign currency and wish to protect against possible losses [...]...
41. Trade Act Of 1974 An act that provided the president the negotiating authority essential to participate in the Tokyo Round (read this and related legal terms for further details) of tariff reductions. The act empowered the president to re......
42. Dillon Round A series of multinational trade discussions conducted during 1960-1962 under the sponsorship of the general agreement of tariffs and Trade (read this and related legal terms for further details). The principal result of ......
43. Quantitative Restriction A limitation on the quantity of a given commodity that may be imported into a country during a specified period of time. A quantitative restriction is manifested as a Quota ("https://lawin.org/list-of-international-trade-law-terms/">read this and related legal terms for further [...]...
44. Exchange Rate Mechanism Exchange Rate Mechanism (ERM) and Europe There is an entry on exchange rate mechanism (erm) in the European legal encyclopedia. Resources See Also Further Reading Entry "Exchange Rate Mechanism (ERM)" in the work "A Concise Encyclopedia of the European Union from Aachen to [...]...
45. 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 ......
46. Freight Tariff Not Otherwise Specified (NOS) in International Trade Meaning of Not Otherwise Specified (NOS), according to the Dictionary of International Trade (Global Negotiator): This expression and abbreviation is often applied to air freight tariffs, indicates that the rate stated in the tariff applies [...]...
47. Most-favored-nation A privilege granted to a nation to have customs duties levied upon its products at the lowest rate offered to any other nation. Customarily, the extension of most favored nation status is reciprocal. See tariff (Customs).......
48. GATT Standing Committee GATT Standing Committee and the GATT Policy Negotiations In relation to the GATT Policy Negotiations, Christopher Mark (1993) provided the following explanation and/or definition of GATT Standing Committee: A permanent body of GATT members dealing with a specific area of trade policy. Includes [...]...
49. Free Trade Agreement Free Trade Agreement and the GATT Policy Negotiations In relation to the GATT Policy Negotiations, Christopher Mark (1993) provided the following explanation and/or definition of Free Trade Agreement: An agreement between two or more countries establishing a free trade area (FTA)....
50. Freight of All Kinds Freight of All Kinds in International Trade Meaning of FAK (Freight of All Kinds), according to the Dictionary of International Trade (Global Negotiator): Freight rate applicable to all types of goods and therefore is not restricted to a particular commodity. FAK freight rates are quoted [...]...
51. 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. [...]...
52. Highest Original Statutory Rate A provision contained in General Headnote 10(d) of the Tariff Schedules that stipulates that in any case where two or more tariff classifications could be applied equally to an imported product, the classification having the highest original statutory rate (Column 2) shall be imposed, even though a ......
53. Step-Down Rate A financing agreement in which a lower rate of interest is charged later in the life of the loan than at the beginning.......
54. Step-Up Rate A financing arrangement in which a higher rate of interest is charged later in the life of the loan than at the beginning.......
55. Statutory Law Statutory Law Definition Statutory law is written and set by a legislative act. Statutes can originate with a local municipality or with the state or national legislatures. Read more about the definition of Statutory Law in the legal dictionary. Statutory Law Updating Due to the number [...]...
56. Statutory Rape Rape Types of Rape Statutory RapeIntroduction to Statutory RapeSexual intercourse with a person who has not reached the age of consent is known as statutory rape. The age of consent for sexual intercourse varies depending on state law, but is no higher than 18 in any state. Under ......
57. Statutory Interpretation The Legal History of Statutory Interpretation and LegislationThis section provides an overview of Statutory Interpretation and Legislation ResourcesSee AlsoLegal Biography Legal Traditions Historical Laws History of Law Further Reading Statutory Interpretation and Legislation in the Oxford [...]...
58. Statutory Laws Statutory Laws as Legal Research Source Federal Law There is more information about this subjet related to the field of legal research in the legal encyclopedia.State Statutory Law, Codes, and Ordinances There is more information about this subjet related to the field of legal research in the [...]...
59. Statutory Action Description of Statutory Action Resources See Also Action...
60. Statutory Agent Description of Statutory Agent Resources See Also Corporations...
61. Specific Duty Cross-reference: Duty......
62. Statutory Protection of Individual Rights Statutory Protection of Individual Rights: Summary In this entry, Statutory Protection of Individual Rights covers: Freedom of Religion Establishment Clause Free Exercise Clause Tension between the Free Exercise and Establishment Clauses Statutory Protection of Individual Rights: Main [...]...
63. Statutory Protection of Individual Rights Main Cases References See Also Constitutional Law Individual Rights Statutory Protection Individual Rights Resources See Also Constitutional Law Individual Rights Statutory Protection Individual Rights...
64. Autonomous Duty A rate of duty imposed by law, as contrasted with concessional duties which arise as the result of treaty or other international agreement.......
65. Bound Duty A rate of duty that a nation agrees it will not raise without the concurrence of its trading partners.......
66. Compensatory Duty Cross-reference: Duty.......
67. Compound Duty Cross-reference: Duty......
68. Conventional Duty A customs duty, or rate of duty, arising out of a treaty or other international agreement, as contrasted with an autonomous duty unilaterally imposed by a government absent of any international agreement.......
69. Differential Duty A rate of duty on a given commodity that varies according to the country of origin.......
70. Discriminating Duty Synonymous with DIFFERENTIAL DUTY (read this and related legal terms for further details).......
71. Duty Liability The obligation to the government that arises from the importation of dutiable merchandise. Unpaid duties constitute a personal obligation to the government and may be satisfied from any assets of the importer or his estate. The government retains a lien upon the imported merchandise pending satisfac......
72. Prohibitive Duty A rate of duty so high as to effectively preclude entry of an item. Generally, prohibitive duties increase the selling price to such a level that the item cannot compete with domestic substitutes. Prohibitive duties are designed to protect domestic infant or ailing industries from vigorous [...]...
73. Through Rate A freight rate that is the total rate from origin to destination; in some cases, surcharges may be applicable to the basic freight, and are additional to the through rate.......
74. Actual Value Rate A freight rate applicable to certain commodities where, depending upon the actual goods, value may vary greatly. For example, the classification "scientific instruments" may embrace low-value laboratory glassware or high-value precision instruments. In such cases, the shipper must declare ......
75. Any Quantity Rate A freight rate applicable to a specific commodity irrespective of the quantity shipped, without provision for quantity discounts.......
76. Base Rate The specific commodity or general class rate applicable to a product in a common carrier's tariff. Various surcharges, fuel adjustments, currency adjustment factors, et cetera, may be imposed on top of the base rate; they are often expressed as a percentage of the base rate.......
77. Block Rate A reduced rail freight rate levied on movements of ten or more cars at one time from one shipper to a simple consignor.......
78. 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.......
79. 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......
80. Combination Rate An inland freight rate from point of origin to destination derived by adding two or more intermediate rates.......
81. 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 (...
82. Cross Rate The ratio between the exchange rate of two currencies in relation to a third currency.......
83. Differential Rate A freight rate derived by compiling existing intermediate rates; this process is used where no through rate exists between the points of origin and destination.......
84. Directional Rate A freight rate reduced for cargo moving in a direction where cargo is light, for the purpose of stimulating movements. Under such circumstances, it is quite possible that the rate for the same product moving in the other direction (where tonnage is heavy) may be significantly higher.......
85. Effective Interest Rate Also known as the real interest rate, the return to capital derived by adjusting the nominal rate of interest for inflation. For example, a bond may bear a nominal rate of interest (the rate that the instrument pays) of 10 percent; by deducting the rate of inflation—say, 4 percent—we derive the ......
86. Effective Lending Rate The actual cost of a loan when such factors as commitment fees and compensating balances are computed on top of the interest rate.......
87. Effective Rate Of Exchange The true cost of acquiring a unit of a given currency in terms of another currency. The effective rate includes taxes and other costs that are factored into the price of the currency converted.......
88. Effective Rate of Protection The net protection afforded by a nation's tariff system to any given domestic product. For example, the higher the rate of duty, the greater the protection against foreign imports; conversely, as rates are increased on raw materials or production inputs, the costs of domestic production are [...]...
89. Extraction Rate The proportion, on a weight basis, between a finished or processed product and the raw materials from which it was manufactured.......
90. Freight, All Kinds Rate A fixed charge levied by a carrier to ship a container, trailer, car, et cetera, from one point to another, irrespective of the contents. A FAK rate supersedes class or commodity rates. The shipper, in effect, pays a flat charge to move the unit and may ship whatever he wishes up to the rated capaci......
91. Interest Rate Risk The risk borne by the holder of fixed rate securities that interest rates will rise above those paid by his holdings, thereby depriving him of interest that might otherwise have been earned.......
92. Joint Rate Summary of Joint Rate A single factor rate applicable to the movement of goods through two or more carriers.(Main Author: William J. Miller) Resources See Also Joint through rate Rate...
93. Lombard Rate The interest rate charged West German commercial banks on loans from the central bank using securities as collateral.......
94. Long Rate The rate paid by a bank or foreign exchange broker for long bills of exchange (i.e., those having a tenor of more than thirty days) payable abroad.......
95. Minimum Lending Rate The rate at which the Bank of England lends to members of the discount market against the security of treasury bills or other government paper with less than five years to mature.......
96. Missionary Rate A freight rate established a: a particularly low level as an impetus to an infant industry.......
97. 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.......
98. 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......
99. Paper Rate A rate in a tariff under which no cargo moves.......
100. 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......
101. Riskless Rate Of Return The rate of interest paid by government securities; it constitutes a base against which other rates of return may be judged in assessing the effective use of capital.......
102. Royalty Rate The return that a firm receives from granting license for the use of its processes, trademarks, et cetera, to another firm.......
103. Variable Rate Loan A loan on which the rate of interest is adjusted periodically in accordance with market rates.......
104. American Tanker Rate Schedule A schedule of nominal rates for tanker movements between world ports. Publication was ceased in 1969, and it has been succeeded by WORLDSCALE (read this legal term for further details).......
105. Equity Plus Fixed-Rate Debt A purchase arrangement in which the borrower contributes a portion of the purchase price (his equity) and takes a loan for the rest at a fixed rate of interest.......
106. Equity Plus Variable-Rate Debt A purchase arrangement in which the borrower contributes a portion of the purchase price (his equity) and takes a loan for the rest at a rate of interest that fluctuates periodically in response to some specified money market index.......
107. London Interbank Offered Rate Often abbreviated as LIBOR, the rate at which major London banks will lend funds to each other. It is used as a money market index, and loans are often expressed in terms of LIBOR plus a percentage. LIBOR is used, in Eurodollar loans, as an equivalent to prime rate in the United States.......
108. Ad Valorem Duty Any duty that is expressed as a percentage of the value of the imported merchandise. Most customs duties, particularly in the developed nations, are ad valorem duties.......
109. Export Duty A tax imposed on exports. This mechanism serves as a source of government revenue and is imposed by some countries on a limited number of products. Export duties are expressly forbidden by the U.S. Constitution.......
110. Dictionary of Statutory Interpretation Contents Dictionary of Statutory Interpretation In the introduction to this legal Dictionary, the author believes that, whatever the “merits of ... Read more...
111. Forcible and Statutory Rape Criminal Law: Crimes Against the Person: Forcible and Statutory RapeIntroduction to Forcible and Statutory RapeThe common law felony of rape referred to forcible rape. It was defined as unlawful sexual intercourse with a woman by a man who was not her husband, without the woman'......
112. Bank Rate The rate at which the Bank of England and the Bank of Canada lend to commercial banks.......
113. Cable Rate The exchange rate quoted for a given currency transferred by cable. The cable rate is higher than the rate for checks or bills of exchange denominated in the same currency because cable transfers are virtually instantaneous, thereby denying the bank or broker use of the funds during the collection p......
114. Check Rate The rate of exchange applicable to bankers' checks. This rate is lower than the cable rate but higher than the rate applicable to time bills of exchange, owing to the time value of money.......
115. Customs Rate The rate of exchange employed by U.S. Customs in converting foreign currency invoices for the purpose of arriving at a value, in U.S. dollars, for imported merchandise. Ad valorem duties are applied on the dollar value. In accordance with the Customs Simplification Act of 1956, the secretary of the......
116. Discount Rate Also known as the re-discount rate, the rate of interest charged by the Federal Reserve to member banks for advances. The rates are set every fourteen days by the regional Federal Reserve banks upon approval of the Board of Governors of the Federal Reserve system.The discount rate is a p......
117. 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......
118. Noncontract Rate The freight rate applicable to commodities shipped by a firm that has not executed an exclusive patronage contract (read this and related legal terms for further details).......
119. Predatory Rate An ocean freight rate set intentionally low so as to drive out competition. Soviet flag carriers, animated by motives other than commercial profit, were widely criticized for establishing predatory rates. Certain noncommunist carriers, enjoying heavy state subsidies, were also suspected of setting p......
120. 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......