Tag: International Commercial Law
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As Freighted
The process by which surcharges and accessorial charges on ocean freight are computed. Most ocean tariffs provide for freight to be assessed on cargo by weight (usually a ton) or measurement (usually a cubic meter or forty cubic feet), whichever provides greater revenue to the carrier. Units of […]
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Cross-licensing
An arrangement in which one firm grants to another licenses to exploit proprietary rights in its patents or trademarks, secret processes, et cetera, in return for similar licensure to use the rights or processes of the recipient firm….
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Customs Invoice
Read Invoice as cross-reference….
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Clearance
The completion of customs formalities including, but not limited to, the physical examination of imported merchandise, and the submission of documents necessary to permit the release of merchandise from customs control to the importer….
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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….
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Tie-In Contract
An arrangement by which a desired product (tying product) can be purchased only upon agreement to purchase certain other products (tied products). Tie-in contracts are largely forbidden by the antitrust Clayton Act. …
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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 […]
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Government Procurement Code
A multinational agreement among trading nations, concluded at Geneva in April 1979, opening government purchasing contracts to competitive bids from firms in other signatory nations. The code was adopted by the United States as Title III of the Trade Agreements Act of 1979 and provides that, […]
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Conventional International Law
International law that has arisen as the product of treaties or formal agreements among nations, as compared with international law that has developed through custom and usage over time….
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Customs Territory
The geographical area of a country, its possessions, and surrounding waters within which the customs authority is empowered to impose duties and controls upon foreign merchandise entering therein. The customs territory need not necessarily incorporate all the territory over which a nation […]
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Defensive Investment
An investment undertaken to protect larger commercial interests rather than for the return that the investment itself generates….
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Knot
The unit for measuring a vessel's speed, equaling one nautical mile per hour….
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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. […]
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Common Carrier
Read Carrier as cross-reference…
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Unconfirmed Letter of Credit
See Letter of Credit….