Related Entries of the International Encyclopedia:

1. 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 (...
2. 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......
3. 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......
4. 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 (...
5. 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 Foreign merchandise entering a zone remains exempt from duty until withdrawn,......
6. 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...
7. 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......
8. 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......
9. 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 (...
10. 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......
11. 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......
12. 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.......
13. 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......
14. 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 ......
15. 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 [...]...
16. 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 (...
17. 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).......
18. 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......
19. 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 ......
20. Bonded Warehouse Summary of Bonded Warehouse A warehouse storage area, or manufacturing facility in which imported merchandise may be stored or processed without payment of customs duties. Such premises are operated by a warehouse proprietor who holds a license from the U. S. Customs Service. Bonded [...]...
21. 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......
22. 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 (...
23. 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. [...]...
24. Quota Priority The precedence accorded one entry of quota-class merchandise (read this and related legal terms for further details) over other quota-class merchandise.......
25. 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......
26. Offshore Finance Company Synonymous with Foreign Base Finance Company (read this and related legal terms for further details).......
27. Quota Proration An adjustment to a consumption entry for quota-class merchandise (read this and related legal terms for further details) when the entry calls for more merchandise than will be allowed under the quota.......
28. 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......
29. 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 (...
30. 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.......
31. 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......
32. 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......
33. 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......
34. 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 ......
35. 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......
36. Clearing Summary of Clearing An arrangement by which two firms in different countries agree to purchase goods from each other over a specific period of time, thereby balancing out obligations to each other. Clearing is not synonymous with barter, which implies a simultaneous or near simultaneous [...]...
37. Commonwealth Preference Special preferential rates of duty applied by member states of the British Commonwealth on merchandise imported from other Commonwealth countries. In many cases, duties among Commonwealth members were totally abolished. The accession of Britain into the European Com-munities, coupled with the adopt......
38. Intermediate Goods Synonymous with Intermediate Products (read this and related legal terms for further details).......
39. Entry (Customs) The administrative processing associated with foreign merchandise that has landed in the United States for consumption, warehousing, or other reasons. The act of entry involves the submission to U.S. Customs of documents that identify the owner of the goods, the type and character of the merchandise......
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. 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 [...]...
42. Consign Summary of Consign The act of ordering a carrier to deliver a lot of merchandise from a given point to a given destination. The order is given via the medium of a Bill Of Lading (read this and related legal terms for further details).(Main Author: William J. Miller) Resources [...]...
43. 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).......
44. Reliquidation An amendment of a customs entry Liquidation (read this and related legal terms for further details)......
45. 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......
46. 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 [...]...
47. Balance of Trade Balance Of Trade Summary of Balance Of Trade The sum total, in monetary terms, of a nation's merchandise (i.e., "visible") exports less the value of merchandise imports during a given time period, usually one year. Merchandise imports and exports are contrasted with trade in [...]...
48. General Order A condition imposed upon merchandise that is imported into the customs territory of the United States but that is not promptly cleared through customs. General order merchandise is deposited in an approved warehouse pending disposition. Section 127 of the Customs Regulations governs the [...]...
49. 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.......
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. 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......
52. Goods In Free Circulation Merchandise not subject to customs restrictions. These goods would include locally produced (i.e., not imported) merchandise and goods that have been cleared by customs and upon which all duties and taxes have been paid.......
53. International Reserves Gold, hard currencies, and special drawing rights (read this and related legal terms for further details) issued by the international monetary fund (...
54. 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......
55. In-bond The condition of goods that have been temporarily exempted from customs clearance and duties, in lieu of which the importer or custodian of the goods has posted a surety with customs authorities to ensure that the goods will not be released or consumed until formal examination and clearance [...]...
56. Invoice A statement of charges, usually on a preprinted form, given by a seller to a buyer covering a specific transaction. Invoices commonly contain the following data: name and address of purchaser; description of merchandise, including prices; place at which goods were delivered or point to which they we......
57. 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......
58. 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......
59. 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......
60. Associated Foreign Corporation As used in conjunction with the operations of a DOMESTIC INTERNATIONAL SALES CORPORATION (read this and related legal terms for further details), or DISC, a foreign corporation in which neither the DISC nor members of t......
61. Consignor The person or firm shown as shipper on the BILL OF LADING (read this and related legal terms for further details).......
62. Customs Transit The condition of merchandise that is transiting the customs territory of a nation without having been released from customs jurisdiction. Goods in customs transit are processed under an in transit entry at the time they enter the United States; the in transit, or I.T., entry is effected by filing wi......
63. Free Trade Zone Spanish Translation of free trade zoneThis is the legal translation of English to Spanish in relation to free trade zone and / or a definition of this topic: Zona de Libre Comercio (in Spanish, without translation of the dictionary entry)....
64. 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 (...
65. 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).......
66. Invisibles Synonymous with Invisible Exports And Imports (read this and related legal terms for further details).......
67. Straight Consignment Goods conveyed under a straight, i.e., nonnegotiable, Bill of lading (read this and related legal terms for further details).......
68. 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......
69. 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 (...
70. Real Property Holding Company A foreign corporation (i.e., not chartered in the United States) in which a Domestic International Sales Corporation (read this and related legal terms for further details), or DISC, controls more than 50 percent of the ......
71. 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 (...
72. Minimum List A statistical classification system for foreign trade advanced by the League of Nations. The report entitled Minimum List of Commodities for International Trade Statistics was published in 1938. Following World War II, it was superseded by the United Nations standard international Trade Classificati......
73. 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.......
74. 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......
75. Designated State A nation from which an inventor seeks patent protection under the patent Cooperation Treaty (read this and related legal terms for further details)......
76. 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 ......
77. 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......
78. 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 [...]...
79. Subpart F A provision of the Internal Revenue Code (Sections 951-64) that imposes U.S. income taxes on the undistributed earnings of "controlled foreign corporations." Subpart F was incorporated into the Code by the Revenue Act of 1962; prior to that time, earnings by foreign subsidiaries of U.S. fi......
80. Export Trading Company Export Trading Company and International Trade Economy In relation to international trade economy, Christopher Mark (1993) provided the following definition of Export Trading Company: (Also known as an export management company.) A private firm that provides related-related services to other [...]...
81. Beneficiary Developing Country As provided in Section 501 of the Trade Act of 1974, any nation or possession of a nation authorized by the president to be accorded duty-free entry of merchandise into the United States under the GENERALIZED SYSTEM OF PREFERENCES (...
82. Carrier's Certificate A document issued by a steamship line, an airline, or other transportation company carrying imported merchandise certifying to the customs authorities that the party named is the legitimate recipient of the goods and is authorized to effect clearance through customs (see figure). The party so named ......
83. Clause Paramount A provision in an ocean bill of lading that incorporates by reference laws or international agreements into the bill. The term is most commonly used with reference to the enacting clause of the CARRIAGE OF GOODS BY SEA ACT (......
84. 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......
85. 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......
86. Rhodian Sea Code The earliest known compilation of maritime laws, believed to have been formulated c. 900 B.C. on Rhodes. The text is lost, save the provision concerning jettisons, which has been preserved in Justinian's Code. The jettison article deals with a ratable contribution to an owner whose merchandise h......
87. 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 [...]...
88. 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 ......
89. Yugen Kaisha A form of limited company organization used in Japan for small or family-con- trolled corporations. This form, usually identified by the letters YK, resembles the American dosed corporation and usually includes restrictions on the transfer of stock. A large or public company is usually organized as ......
90. Assist Inputs to production, including tools, dies, blueprints, designs, or development engineering provided by an American importer to a foreign manufacturer for use in producing merchandise for export to the United States. Such inputs must be declared to U.S. Customs on the first importation of the [...]...
91. Gross Terms Synonymous with Gross Charter (read this and related legal terms for further details).......
92. 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......
93. 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......
94. Consignment Summary of Consignment Goods in transit under a bill of lading (read this and related legal terms for further details)(Main Author: William J. Miller) Consignment in International Trade Meaning of Consignment, according to the Dictionary of International Trade (Global [...]...
95. 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).......
96. 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 (...
97. 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).......
98. 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).......
99. Commingled Merchandise Merchandise that is packed together so that a customs inspector cannot readily determine the value or quantity of the individual items. A provision of customs regulations stipulates that under these conditions, duty on the entire shipment will be imposed upon whichever of the commingled items bears ......
100. General Order Merchandise Goods that have arrived at a U.S. port of entry but have not been claimed or entered within the prescribed period after arrival. In most cases an importer must claim and enter merchandise within five working days following arrival of the goods. District directors of customs may authorize a longer pe......
101. Quota-Class Merchandise Goods subject to Quota (read this and related legal terms for further details) restrictions.......
102. Transaction Cost Literature Review on (Policy Analysis) Transaction Cost Economics In the Encyclopedia of Public Administration and Public Policy, [1] Glenn A. Daley offers the following summary about the topic of (Policy Analysis) Transaction Cost Economics: Transaction cost economics (TCE) is the study [...]...
103. Arm's Length Transaction An economic transaction between unaffiliated parties undertaken as a product of commercial negotiation or market forces. Section 482 of the Internal Revenue Code authorizes the Internal Revenue Service to reallocate income to a domestic corporation when transactions with a controlled affiliate are u......
104. 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......
105. Foreign Currency Transaction For accounting purposes, a transaction stated in terms of a currency other than the firm's functional currency. The purchase or sale of goods priced in terms of a foreign currency and the lending or borrowing of foreign funds represent such transactions.......
106. Merchandise In the United States For information about Merchandise in the context of international trade, click here...
107. Abc Transaction Description of Abc Transaction In this reference work, abc transaction is a sort of the Oil, Gas, Energy Law category. Resources See Also Oil Gas Energy Law...
108. Aleatory Transaction Resources See Also Aleatory contract...
109. Trade Acceptance Summary of Trade Acceptance Cross-reference: Acceptance.(Main Author: William J. Miller) Trade Acceptance in International Trade Meaning of Trade Acceptance, according to the Dictionary of International Trade (Global Negotiator): A bill of exchange drawn by the exporter/seller on [...]...
110. 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......
111. 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......
112. Trade Barrier Summary of Trade Barrier Constraints upon the exchange of goods among nations imposed by governments; such constraints are manifested in the form of tariffs, quotas, exchange controls, and a variety of so-called nontariff barriers. Barriers usually arise to protect domestic industries, [...]...
113. Trade Creation The substitution of lower- cost foreign goods for higher-cost domestic manufactures.......
114. Trade Credit Credit granted by nonfinancial firms, usually in the form of short-term deferral of payment of invoices by customers, e.g., account open sales. Also, trade credit represents the purchase of a firm's accounts receivable or trade acceptances.......
115. Trade Cycle The British equivalent term for the U.S. term business cycle (read this and related legal terms for further details).......
116. Trade Deficit An excess of imports over exports during a given period of time (usually a year) as measured in units of currency.......
117. Trade Diversion The shift in purchases from sources outside a free-trade area (within which tariffs have been eliminated) to a union member, even though the cost of purchasing outside the union (before duty) is less than procuring from within. The absence of duty among members of the free- trade area more than [...]...
118. Trade Gap The spread between the value of a nation's merchandise imports and a lesser value of merchandise exports during a fixed time period.......
119. Trade Impacted Area As provided in the Trade Act of 1974, a geographic area defined by the secretary of commerce in which significant numbers of workers have been laid off or in which the sales and/or production of firms has fallen, and where these conditions are directly attributable to increased imports of products s......
120. Trade Opportunities Program An export promotion service of the U.S. Department of Commerce, International Trade Administration. U.S. firms interested in marketing abroad may list their products with the International Trade Administration; this data will be retained in IT A computers and matched with inquiries received by [...]...