US CBPS International Trade Terms

US CBP S International Trade Terms

 Term Definition

A
Abandonment The act of relinquishing claim or right to property

About About , Approx , and Circa are terms which when used
in a letter of credit, are construed to allow a difference not to
exceed 10% more or 10% less than the monetary amount, or
the quantity, or the unit price stipulated in the letter of credit.

Absolute Advantage An advantage of one nation or area over another in the costs of
producing an item in terms of used resources.

Absorption 1. An economic term for the total expenditures by a nation s

residents on goods and services.
2. The assumption by one carrier of the charges of another with-
out any increase in the charges to the shipper.

Accelerated Tariff The reduction of import duties faster than originally had been
Elimination agreed upon or projected.

Acceptance 1. A draft calling for payment at a future date which the drawee
has agreed to pay by signing Accepted on the draft.
2. An unconditional assent to an offer ; or an assent to an offer
conditioned on only minor changes that do not affect any
material terms of the offer.
3. An agreement to purchase goods on specified terms.
4. Receipt of a shipment by a consignee thus terminating the lia-
bility of the carrier for delivery.

Acceptance Letter Of A letter of credit which instead of agreeing to pay the benefici-
Credit ary immediately upon presentation of documents, requires pres-
entation of a time draft drawn by the beneficiary upon the issu-
ing bank or another bank. However, the beneficiary may, in
effect, obtain prompt payment by discounting the draft.

Abandonment
 Term Definition

Accepted Draft A draft or a bill of exchange accepted by the drawee (accep-

tor) by putting his signature and accepted on its face. In
doing so, he commits himself to pay the bill upon presentation
at maturity.

Accepting Bank A bank which by signing accepted on a time draft accepts

responsibility to pay when the draft becomes due.

Acceptor The party that signs accepted on a draft or obligation, agree-

ing to pay the stated sum at maturity.

Accession Accession is a process by which a country becomes a member

of an international agreement (usually an agreement that has
already been accepted by other countries).

Accessorial Charges In transportation, those charges made for additional, supple-

mental, or special services performed in addition to the basic
transportation service.

Accessorial Services In transportation, services performed which are additional, sup-

plemental, or special, in addition to the basic transportation
service.

Accommodation An arrangement or engagement made as a favor to another, not

dependent upon a consideration received.

Accommodation Note Or A bill of exchange or banker s acceptance which is endorsed,

Paper accepted, or drawn by one party (the accommodating party) to
benefit another party. The accommodating party generally does
not charge or seek compensation for this act.

Accord And Satisfaction A means of discharging a claim whereby the parties agree to
give and accept something in settlement and perform the agree-
ment, the agreement being the accord and its performance
the satisfaction .

Account Number An identification number assigned in its records for purposes

of faster and more accurate accounting and record keeping, by
banks, institutions, and businesses of all kind to their deposi-
tors, users, members, subscribers, customers, vendors, or other
entities.

Accepted Draft
 Term Definition

Account Party Same as Applicant, the party at whose request a bank issues a
letter of credit.

Accounts Payable A current liability representing the amounts owed to creditors

for merchandise or services purchased on open account or
short-term credit.

Accounts Receivable The amount of money a business expects to receive for mer-
chandise or services furnished by it to others on open account.

Accrual Of Obligation The maturing of an obligation to the date when the obligated
party must perform. (Such as a time draft which must be paid
by the drawee on the date stated)

Acquisition The act of becoming owner of a property. In finance, it is the

purchase of a company s assets or its common stock.

Act Of God A violent act of nature such as lightning, flood, earthquake or

hurricane which man can neither cause nor intervene with.

Action Ex Contractu 1. A legal action for breach of a promise stated in an express or

implied contract.
2. An action arising out of a contract.

Action Ex Delicto 1. A legal action for a breach of a duty that is not stated in a con-
tract but arises from the contract.
2. A legal action that arises from a wrongful act, such as fraud,
fault, misconduct or malfeasance.

Ad Valorem Duty Duty calculated on the basis of value (usually a percentage of

the value.)

Address Of Record The official or primary location for an individual, company, or

other organization.

Adhesion Contract A contract with standard, often printed, terms for sale of goods
and services, offered to consumers who usually cannot negoti-
ate any changes in the terms and cannot acquire the product
unless they agree to them.

Account Party
 Term Definition

Adjustment Assistance Financial, training and re-employment technical assistance to

workers, and technical assistance to firms and industries, to help
them cope with adjustment difficulties arising from increased
import competition.

Admiralty Any civil or criminal matter having to do with maritime legal issues.

Admiralty Court A court of law that has jurisdiction over maritime legal issues.

Advance Against A short term loan or credit extended to a seller (usually the
Collection exporter) by the seller s bank once a draft has been accepted by
the buyer (generally the importer).

Advance Arrangements In transportation, advance arrangements must be made for cer-

tain kinds of cargo which require special handling: hazardous
cargo, over weight, over sized, over normal quantity, time sensi-
tive, shipped unpacked, live animals etc. Not every carrier can
or will transport every kind of cargo.

Advanced Technology Products whose technology is from a recognized high technolo-

Products (ATP) gy field, represent leading edge technology in that field, and
constitute a significant part of all items covered in the selected
classification code.

Advice 1. A report from one party to another informing them of an

occurrence with regard to some business transaction : a ship-
ment, a collection, a manufacture etc.
2. A notification by an advising bank on behalf of the issuing
bank to a beneficiary informing them of the terms of a letter
of credit.

Advised Credit A letter of credit whose terms and conditions have been notified
to the beneficiary by an advising bank on behalf of the issuing
bank. The advising bank does not thereby commit itself to pay
or guarantee the payment of the letter of credit.

Advising Bank An advising bank is a correspondent of a bank which issues a

letter of credit, and, on behalf of the issuing bank, the advising
bank notifies the beneficiary of the terms of the credit, without
engagement on its part to pay or guarantee the credit.

Adjustment Assistance
 Term Definition

Advisory Committee On A U.S. government interagency dispute resolution body that

Export Policy operates at the Assistant Secretary level.

Advisory Committee On A U.S. government group appointed by the President to provide

Trade Policy And advice on matters of trade policy and related issues, including
Negotiation trade agreements.

Affiliate A condition of being united, allied, associated, or attached. An

affiliate company is one effectively controlled by another.

Affreightment Contract A contract with a ship owner to hire all or part of a ship for
transporting goods - may involve a charter.

Afloat Refers to a shipment of cargo which is currently on board a ves-

sel between ports

Aft At or towards the stern of the ship or the tail of the aircraft.

After Date A notation used on financial instruments (such as drafts or bills

of exchange) to fix the maturity date as a fixed number of days
past the date of drawing of the draft.

After Sight A notation on a draft that indicates that payment is due a stated
number of days after the draft has been presented to the drawee.

Agent A person or legal entity authorized to act on behalf of another.

Agent Bank 1. A bank acting on behalf of another bank.

2. A bank acting for lenders and bondholders, similar to an
indenture trustee.

Aggregated Shipments Several shipments intended for one consignee from various
shippers that are consolidated and treated as a single consign-
ment.

Agreed Valuation The value of a shipment that is agreed upon by both the shipper
and the carrier to define the freight rate and/or the liability of the
carrier.

Air Cargo Property of any kind that is transported by aircraft (excluding

passenger baggage and mail).

Advisory Committee On Export Policy

 Term Definition

Air Express Expedited air freight service.

Air Parcel Post Parcels shipped through the mails to be transported by air.

Airwaybill The shipping document used for the transportation of air freight:
includes conditions, limitations of liability, shipping instruc-
tions, description of commodity, and applicable transportation
charges. It is generally similar to a straight non-negotiablebill of
lading and is used for similar purposes.

Alienable Ability to be transferred or conveyed.

All-Cargo Aircraft Any aircraft that is used for the sole purpose of transporting
cargo or mail.

Allowance A deduction or discount from the price permitted by a seller.

Alternative Tariff In transportation, a tariff with two or more rates for the same
goods, to and from the same points, with the opportunity avail-
able to the shipper to use the lowest of the charges.

Amendment An addition, deletion, or modification of a document.

Amidships The area of a vessel midway between the front (the bow) and
the rear (the stern). When the term applies to an airplane, it is
midway between the nose and the tail.

Amortization 1. The provision to pay a debt over a period of time.

2. The gradual repayment of borrowings in a series of install-
ments.
3. A transaction or security where the principal reduces over the
life of the agreement.
4. The writing off or reduction in value of an intangible asset
over time (c.f. depreciation)
5. Allocation of the cost of an asset over its estimated useful life.

Antidumping Duties Additional duties which are assessed on imported goods when
those goods are sold to the importing country at a price that is
less than fair value , ( fair value usually being defined as the
price on the exporting country s domestic market or to third
countries), and when those imported goods are found to cause or
to threaten material injury to industry of the importing country.

Air Express
 Term Definition

Any Quantity A cargo freight rate that applies to an article without regard to
the weight or quantity shipped.

Applicant (also Account 1. The party at whose request a bank issues a letter of credit.
Party) 2. A person who applies for something : a job, a passport, a visa,
a license, a ticket etc.

Appreciation An increase in the value of something: of goods, of currency, of

shares of stock, etc.

Approx (Approximately) Same as about and circa ; terms which when used in a let-
ter of credit are construed to allow a difference not to exceed
10% more or 10% less than the monetary amount, or the quan-
tity, or the unit price.

Appurtenance An accessory, adjunct, or appendage connected to a primary

property and used in conjunction therewith.

Apron 1. Area of the airport where planes are parked. May be used for
loading and unloading of aircraft.
2. Area along the waterside edges of a pier, not under cover,
used for loading and unloading of vessels.

Arbitrage A method of taking advantage of the fact that there may be dif-
ferent prices in different markets for identical goods such as
gold, foreign exchange or commodities. Simultaneously, one
buys in the lower price market and sells in the higher one.

As Is Indicates goods for sale do not include a warranty , implied or

expressed; the buyer takes the entire risk as to the quality or
condition of the goods involved and must trust to his own
inspection. In sum, the sale is without recourse .

Assembly Service A service under which a carrier or a forwarder or a warehouse

combines multiple shipments from multiple shippers into one
shipment for one receiver.

Assessment 1. The valuation, or determination as to value, of property.

2. The act of apportioning amounts to be paid.
3. An amount assessed or charged, for example: taxes or duties.

Any Quantity
 Term Definition

Assignment of Proceeds of If the bank agrees, the beneficiary assigns all or part of the pro-
a Letter Of Credit ceeds to be paid to another party after the required documents
have been presented.

At Sight A notation on a draft which indicates that payment is due upon

its presentation.

Athwartships Across a vessel form side to side.

Automated Broker (USA) A module of the U. S. Customs Automated Commercial

Interface (ABI) System which provides a communications link for the transmis-
sion of entry and entry summary data on imported merchandise
between ABI users and Customs.

Automated Commercial (USA) A US Customs electronic data system, which provides

Environment (ACE) support for enforcing trade and contraband laws, ensuring trade
compliance, and providing service and information to the inter-
national trade community. When completed, it will cover the
full gamut of Customs activities.

Automated Commercial (USA) The comprehensive electronic data system of U. S.

System (ACS) Customs for tracking, controlling, and processing commercial
importations.

Automated Information (USA) A module of the Automated Commercial System of U.

Exchange System (AIES) S. Customs which provides an automated method of exchang-
ing information between Field Import Specialists and National
Import Specialists.

Automated Manifest (USA) A module of the Automated Commercial System of U.

System (AMS) S. Customs designed to control imported merchandise from the
time a carrier s cargo manifest is electronically transmitted to
U.S. Customs until the cargo is properly entered, released by
customs and delivered.

Avoidance Of Contract The legal cancellation of a contract because an event occurs that
makes performance of the contract terms impossible or
inequitable and that releases the parties from their obligations.

Assignment of Proceeds of a Letter Of Credit

 Term Definition

B
Back Haul The return of a carrier to the original point or area from which
its journey began. If a carrier can obtain cargo to carry on the
back haul route, that cargo may often obtain a favorable freight
rate because otherwise the carrier would have to return empty.

Back Order That portion of an order that cannot be delivered at the sched-
uled time, but will be delivered at a later date when available.

Bad Faith The intent to mislead or deceive. It does not include misleading
by an honest, inadvertent or uncalled-for misstatement.

Bagged Cargo Goods shipped in sacks.

Bailment A delivery of goods or personal property by one person (the

bailor) to another (the bailee) on an express or implied contract
for a particular purpose related to the goods while in possession
of the bailee, who has a duty to redeliver them to the bailor

Balance Of Payments A statement summarizing all the economic and financial trans-
actions between companies, banks, private households and pub-
lic authorities of one nation with those of the other nations of the
world over a specific time period. It includes merchandise trade
payments, payments and receipts on account of shipping servic-
es, tourist services, financial services, government expenditures,
short and long term capital movements, interest and dividends,
gold movements, etc.

Balance of Trade The difference in value between a country s total imports and
exports over a specific time period.

Balanced Economy A condition of national finances in which imports and exports

are equal.

Bale A large bundle or package of compressed and bound goods,

usually with an outer covering, often of burlap.

Back Haul
 Term Definition

Bale Cargo Cargo shipped in bales.

Ballast Heavy material or water placed in the lower holds of a ship or in

strategically placed tanks along the sides to improve its stability.

Bank Acceptance A draft drawn on and accepted by a bank.

Bank Delivery Order to an A letter addressed to an air carrier from a bank who is shown as
Airline consignee on an airwaybill instructing the carrier to release a
shipment. Often airlines will accept as a delivery order a bank s
endorsement on the airwaybill, although an airwaybill is a non-
negotiable document.

Bank Draft A form of check drawn by a bank against its account in another
bank.

Bank Guarantee An indemnity letter in which the bank commits itself to pay a
certain sum if a third party fails to perform or if any other form
of default occurs. One use is when a bank wants a carrier to
release a shipment which it has financed but the original billsof
lading are not yet available for surrender to the carrier.

Bank Holding Company (USA) Any company which directly controls, with power to
vote, more than five percent of voting shares of two or more
banks (as defined by the Bank Holding Company Act).

Bank Holiday A day on which banks are closed.

Bank Note A promissory note having the appearance of currency, issued

by a bank or banker authorized to do so, payable to bearer on
demand, and intended to circulate as money.

Bank Release A document issued by a bank who is the consignee of a ship-

ment authorizing a carrier to deliver a shipment.

Banker's Bank A bank that is established by mutual consent by independent

and unaffiliated banks to provide a clearinghouse for financial
transactions.

Bale Cargo
 Term Definition

Banker's Draft A draft payable on demand and drawn by, or on behalf of, a
bank upon itself or upon another bank, sometimes a foreign
bank, where it maintains an account or a relationship.

Bankers Acceptance A draft calling for payment at a future date on which the drawee
is a bank, and the bank has agreed to pay by signing accepted
on the draft.

Bankruptcy The condition of a legal entity that does not have the financial
means to pay their incurred debts as they come due. In the U.S.
this status is established through legal procedures involving a
petition by the bankrupt or by its creditors.

Bareboat Charter The charter of a vessel where the charter party has the right to
use his own master and crew on the vessel. Pays all operating
expenses.

Barge A flat bottomed cargo vessel primarily used on rivers and

canals. Usually it is towed or pushed but it may be self-pro-
pelled.

Barratry 1. In maritime law the intentional misconduct of the ship s mas-

ter or crew ; includes theft, intentional casting away of vessel,
or breach of trust.
2. The offense of frequently stirring up quarrels and suits, either
at law or otherwise.

Barter Trade of goods or services without the use of money.

Basing Point A location which is used to set the selling price of goods and the
freight rates to all points. A price is set at a given location chosen
as the ex-factory basing point with freight to the place of delivery
added to create a delivered price. Then like gwherever they may
be sold from, are charged freight to their destination as if they
were shipped from the same location (the basing point).

Basing Rate A freight rate which is used for the sole purpose of determining
other freight rates. For an explanation of how this works, see
Basing Point .

Banker's Draft
 Term Definition

Basket of Currencies A composite unit consisting of weighted amounts of the curren-

cies of a group of designated nations.

Battens 1.The protruding fixtures on the inside walls of a vessel s hold

which are used to keep the cargo away or to fasten it in place.
2. Similar structural parts to the above in truck bodies, contain-
ers and rail cars.

Bearer The person in possession of a negotiable instrument, document

of title, or security marked payable to bearer , or the person in
possession of one of these documents endorsed in blank.

Beggar-Thy-Neighbor A course of action through which a country tries to reduce

Policy unemployment and increase domestic output by raising tariffs
and instituting non-tariff barriers that impede imports, and thus
improve its own position at the expense of its trading partners.

Belly Pits or Holds Compartments beneath the cabin of an aircraft used for the
transport of cargo or baggage.

Beneficiary 1. In the case of a letter of credit, the individual or company

who is entitled to draw or demand payment under its terms.
2. In the case of insurance, the person entitled to take the pro-
ceeds.
3. The person for whose benefit a contract, or trust, or will is
executed or enforced.

Berth The place beside a docking area where a ship is secured and
cargo can be loaded or unloaded.

Bid Bond A type of indemnity bond. A surety guarantee often required to

be established by a bidder to guarantee fulfillment of his offer if
accepted.

Bilateral Investment Treaty A treaty between two countries with the goal of ensuring that
investments made by either of them in the other receive treat-
ment equal to that afforded their domestic entities or any third
country entities.

Bilateral Trade The commerce between two countries.

Basket of Currencies
 Term Definition

Bill 1. A Bill of Exchange or Draft (same thing).

2. A written statement of contract terms.
3. The word Bill has many other international trade connota-
tions - Invoice etc.

Bill of Credit A written authority from one person to another, empowering

the recipient of the document to receive money from the corre-
spondents of the issuer abroad. (The usual issuer is a bank)

Bill of Exchange Draft or Bill.

Bill of Health An official certificate (Pratique) issued by the authorities upon

the departure of a vessel or airplane showing the state of health
at the place of departure, and of the passengers and crew.

Bill of Lading A document issued by a carrier which is evidence of receipt of

the goods, and is a contract of carriage. It describes the goods,
the details of the intended voyage, and it specifies the conditions
of transportation. If issued in negotiable form, i.e. to order , it
becomes documentary evidence of title to the goods.

Bill of Sale A written document by which a party legally transfers owner-

ship of goods to another party.

Bill-To Party The party designated on purchase order, invoice, or bill of lad-
ing as the one to whom the bill should be sent for payment.

Billed Weight The designated weight shown on the freight bill which is used
to calculate the freight charges.

Billing Third Party The transference of transportation charges to a party other than
the shipper or consignee.

Biological Agents A complex substance of organic origin which can treat or cause
disease.

Black Market Buying or selling of products that violate government

restrictions.

Bill
 Term Definition

Blanket Rate In insurance, a rate of premium applied across the board when
there is more than one kind of property which is the subject of
insurance.

Blockade Prevention of commercial exchange by physically preventing

carriers from entering a port or nation.

Bona Fide In or with good faith, honesty, and sincerity.

Bond 1. A written undertaking to perform or refrain from performing

specified acts, usually guaranteed by a third party.
2. A security evidencing debt, specifying the date payment is
due and usually specifying a rate of interest and its dates of
periodic payment.

Bond of Indemnity A bond to indemnify and save harmless the party to whom the
bond is issued against some anticipated loss.

Bond System (USA) An automated electronic system, part of the Automated

Customs System, whose purpose is to control and track indemnity
bonds issued to Customs to secure compliance with various laws.

Bonded (USA) This term refers to goods which are held, stored or trans-
ported under circumstances where applicable duty or taxes have
not yet been definitely determined or paid, and admissibility has
not yet been arranged. Bonds must be posted by those who are
responsible for the goods during this period (the carriers, ware-
houses, and/or importers) to indemnify the government if the
goods are released improperly.

Bonded Terminal (USA) A terminal approved by Customs for temporary storage

of imported goods until Customs duties are paid or goods
released. Bonds must be posted by the terminal operator to
indemnify the government if the goods are released improperly.

Bonded Warehouse (USA) An approved private warehouse used for the storage of
goods until duties or taxes are paid and the goods are properly
released by Customs. Bonds must be posted by the warehouse
proprietor and by the importer to indemnify the government if
the goods are released improperly.

Blanket Rate
 Term Definition

Booking The making of arrangements for a shipment with the represen-

tatives of a vessel or airline.

Bounties A compensation paid to persons to induce certain actions. In

this class are government payments to producers or exporters to
strengthen their competitive position.

Box 1. Term referring to a trailer, semi-trailer, or container used in

transportation.
2. A type of package of wood, cardboard, metal, plastic or other
material.

Box Car A closed railroad freight car.

Boycott A concerted refusal to deal commercially with a person, firm, or

country.

Breakage 1. A monetary allowance that a manufacturer allots for compen-

sation to a buyer for breakage to goods (usually fragile) while
in shipment.
2. A fractional amount due either party in a transaction, for
example in computing interest.
3. In marine insurance, breakage refers to breakage of fragile
goods such as glass and china.

Breakbulk 1. A breakbulk ship is one which transports cargo which is

packed in cases, bales, cartons, drums, carboys etc., and this
cargo is carried in the ship s cargo holds rather than in con-
tainers (although some loaded containers may be carried).
2. to breakbulk is to unload packaged cargo from a break-
bulk ship or from a container and to distribute it.

Breakbulk Cargo Cargo that is shipped in packing units such as cartons, cases,
crates, bales, or drums, but not containerized.

Broker One that acts as an agent for others, as in negotiating contracts,

purchases, or sales in return for a fee or commission.

Booking
 Term Definition

Bulk Cargo Cargo that is made up of an unpacked commodity ; examples

include grain, oil, and ore.

Bulk Carrier A vessel designed for the shipment of bulk cargo.

Bulk Freight Cargo not in packages or containers.

Bulk Sale The transfer or sale of substantially all of an inventory of an

enterprise in a single transaction not in the usual course of busi-
ness.

Bulk Solids Dry cargo shipped loose, such as grain, ore, etc.

Bunker Adjustment Factor An adjustment in shipping charges to offset price fluctuations in

the cost of bunker fuel.

Bunker Fuel The fuel used to power a ship.

Bunker(s) 1. A compartment (hold) of a ship for storage of fuel.

2. The fuel for a vessel

Bureau Of Alcohol, The Bureau of Alcohol, Tobacco and Firearms (ATF) is a law
Tobacco And Firearms enforcement organization within the United States Department
of Treasury with unique responsibilities dedicated to reducing
violent crime, collecting revenue, and protecting the public.
ATF enforces the Federal laws and regulations relating to alco-
hol, tobacco, firearms, explosives and arson by working directly
and in cooperation with others.

Bureau of Industry and A U.S. government agency responsible for control of exports
Security for reasons of national security, foreign policy and short supply.

Buy American Acts U.S. federal and state government statutes that give a preference
in government contracts to U.S. produced goods.

Bulk Cargo
 Term Definition

C
Cabotage 1. Water transportation, navigation or trade along the coasts,
between the ports of one nation.
2. Inland freight movements confined with the national bound-
aries of a nation are also sometimes called cabotage.

Call 1. A demand for early repayment of an obligation, or for the

performance of a specific act under a contract.
2. A demand for the payment of money
3. The act of redeeming a bond earlier than the full term.
4. Short for Call Option, a contract giving the holder the right
to receive from the issuer a specified amount of a security at a
specified price on or before a certain date.
5. Short for Margin Call - a call by a future or an options
exchange, or by a broker to its clients, for additional collateral
to that previously posted when the futures, options, or securi-
ties were purchased without posting their full value.

Call Money Money lent by banks on a short term basis which the bank, as
lender, can call (demand payment at any time, usually on 24
hours notice).

Capacity To Contract Legal competency to make a contract.

Capital Goods 1. Durable goods which are used to produce other goods for
consumption: for example machinery, equipment, buildings
2. Also, material used or consumed to produce other goods.

Capital Market The market for long term investment funds in the form of
stocks, bonds, commercial paper etc.

Captain's protest A written sworn statement of the master of a vessel to the effect
that damage suffered by the ship during the voyage was caused
by storm or other peril of the sea, without any negligence or
misconduct on his own part.

Cargo Merchandise hauled by transportation lines.

Cabotage
 Term Definition

Cargo Agent An agent appointed by an airline or shipping line to solicit and

process international air and ocean freight shipments.

Cargo Manifest A list of cargo being transported or warehoused.

Cargo Selectivity System (USA) An Automated Customs System module which is used
to identify high risk cargo and to apply more intensive examina-
tions to it.

Cargo Tonnage The weight of a shipment or of ship s total cargo expressed in

tons.

Carnet Called an A T A Carnet . An international customs document

which incorporates guarantees to be used in lieu of Customs
documents to enter goods into certain countries temporarily
without paying import duty or posting bonds.

Carriage Of Goods By Sea (USA) The basic law of ocean shipping in the U.S. Among
Act Of 1936 other provisions, it establishes parameters for the carrier s liabil-
ity for loss or damage to cargo.

Carrier A legal entity that is in the business of transporting passengers

or goods for hire.

Carrier's Certificate (USA) A document issued by a carrier providing the particulars

of a shipment and designating to customs who may make a cus-
toms entry on that shipment.

Cartel A group of independent producers which regulates production,

pricing, and marketing by members to maximize market power
and limit competition.

Cash Against Documents A term used in collections supported by shipping documents

(CAD) which are released to the buyer only against payment. Same as
Documents Against Payment (D/P).

Casus Major An extraordinary casualty such as a fire, shipwreck etc.

Category Groups A classification system which groups various products for sta-
tistical, export control or quota control purposes.

Cargo Agent
 Term Definition

Caveat Emptor Let the buyer beware, which is to say the purchaser buys at his
own risk.

Cell The space constructed on a ship into which one container fits.

Census Interface (USA) An Automated Customs System module that captures

trade data for the U.S. Bureau of Census.

Central Bank An institution with the sole right to issue bank notes and power
to dictate the monetary policy for a currency zone.

Certificate of Inspection A certificate issued by an independent third party verifying the

condition of cargo or of property.

Certificate of Manufacture 1. A certificate sometimes required from a manufacturer to

attest that goods have been manufactured according to the
contract; for example, to support payment under a letter of
credit.
2. (USA) A form required to support a claim for duty drawback
based on manufacture in the United States.

Certificate of Weight A document certifying to the weight of a shipment.

Certification 1. Official proof of authenticity.

2. The formal assertion of some fact in writing.

Cession of Goods A surrender or assignment of goods for the benefit of one s

creditors.

CFR (Cost and Freight The seller must pay the costs and freight necessary to bring the
...named port of goods to the named port of destination but the risk of loss of or
destination) damage to the goods, as well as any additional costs due to
events occurring after the time the goods have been delivered
on board the vessel, is transferred from the seller to the buyer
when the goods pass the ship s rail in the port of shipment.
(Note : this Incoterm, CFR, has replaced the term C&F which
has been in common usage)

Chargeable Weight The weight or volume of a shipment used in determining freight

charges.

Caveat Emptor
 Term Definition

Charter Service Temporary hiring of an aircraft or vessel for the transportation

of cargo or passengers.

Chartered Ship A ship leased for a stated time, voyage, or voyages.

Chassis 1. A special trailer or undercarriage on which containers are

moved over the road.
2. The undercarriage of a vehicle.

CIF (Cost, Insurance and The seller has the same obligations as under CFR but with the
Freight... named port of addition that he has to procure marine insurance against the
destination) buyer s risk of loss of or damage to the goods during the car-
riage. The seller pays the insurance premium and is only
required to obtain minimum coverage.

CIP (Carriage and The seller has the same obligations as under CPT but with the
Insurance Paid To...named addition that the seller has to procure cargo insurance against
place of destination) the buyer s risk of loss of or damage to the goods during the
carriage. The seller pays the insurance premium and is only
required to obtain minimum coverage.

Circa Same as about and approx. ; terms which when used in a

letter of credit are construed to allow a difference not to exceed
10% more or 10% less than the monetary amount, or the quan-
tity, or the unit price.

City Terminal Service A service provided by some airlines that involves receiving or
delivering cargo at terminals in-town instead of at airports.

Claim 1. A demand of payment.

2. In insurance, a demand for payment of money or property as
the result of an insured loss.
3. In transportation, a demand for return of overpaid charges.
Also, a demand for reimbursement of losses due to loss or
casualty to cargo or failure to deliver.

Classification The categorization of merchandise :

In transportation - to permit determination of freight rates
within a tariff.
In customs - to permit the determination of duty status within
the Harmonized Tariff Schedules.

Charter Service
 Term Definition

Claused Bill of Lading A notation on a bill of lading which denotes a deficient condi-
tion of the goods or packaging, or other annotated conditions
modifying the printed conditions on the Bill Of Lading.

Clean Bill of Lading A bill of lading issued by a carrier for goods delivered in
apparent good order and condition - bearing no notations or
added clauses which may limit the liability of the carrier.

Clean Draft A draft with no commercial documents attached.

Clearance 1. The completion of governmental requirements so that a carri-

er may arrive in a port and unlade cargo and passengers, or
may lade cargo and passengers and depart for a foreign desti-
nation.
2. The accomplishment of the customs formalities necessary to
allow goods to be imported or to be exported.

Closed-End Transaction A credit transaction with a fixed amount of time for repayment.

Coastal Trade Trade by vessel between the ports of one nation.

Collar An agreement that puts upper and lower limits on the interest
rate of a financial instrument or on the price of something, and
through this device limits the possible amount of loss or gain
from the rise or fall of interest or price of the thing collared

Collect Charges 1. Transportation practice where the receiver of the goods pays
the freight and charges to the carrier.
2. Collection practice where the buyer is expected to pay the
bank charges for handling the collection.

Collect on Delivery (COD) A service where the purchase price of a shipment is collected by
the carrier upon delivery of the shipment and subsequently paid
to the shipper.

Collecting Bank A bank involved in the collection process. In this process if

presentation is made to the drawee, it becomes also the pre-
senting bank.

Claused Bill of Lading

 Term Definition

Collection 1. The presentation for payment of an obligation and the pay-

ment thereof.
2. A gathering of similar goods.

Collection Letter Customer s written instructions to a bank on how to handle a

collection. Many banks have an instruction form for use instead
of a letter.

Collection Papers Drafts, invoices, printed lists, documents which relate to a ship-
ment, and other similar instruments presented to the designated
buyer/ payee to obtain payment or acceptance.

Collection System (USA) In U.S. Customs, it is the process that controls and
accounts for payments collected by the agency.

Combination Aircraft An aircraft capable of transporting both cargo and passengers

on the same flight.

Combined Bill of Lading A bill of lading covering a shipment of goods by more than one
mode of transportation.

Combined Transport Consignment sent by means of various modes of transport.

Comity 1. In international relations it is the recognition that one sover-

eignty allows within its territory to the legislative, executive
or judicial acts of another sovereignty, with due regard to the
rights of its own citizens.
2. Courtesy, respect, and good will.

Command Economy An economic system where the decisions about allocation of

resources, production, distribution and consumption are made
by a central government authority instead of being determined
by market forces. An example was the Nazi economy.

Commercial Bank In the USA, a bank that is authorized to accept demand

deposits. It may also receive time deposits, make loans, engage
in trust services, issue letters of credit, accept and pay drafts, rent
safe deposit boxes and engage in many other similar activities

Collection
 Term Definition

Commercial Invoice A document which details the transaction between a seller and a
buyer. It minimally should give the name and address of the
seller and of the buyer, the date of the sale, a description of the
goods sold, the quantity, the unit price, the terms of sale, and the
total money amount due. If it is an invoice between buyer and
seller of different countries it should also indicate the kind of
currency.

Commercial Letter of An instrument by which a bank substitutes its credit for that of
Credit a customer to enable him to finance the purchase of goods or to
incur other commitments. The bank issues a letter (or docu-
ment) on behalf of its client to a supplier and agrees to pay
them upon presentation of documentary evidence that the sup-
plier has performed in accordance with the terms of the letter
of credit.

Commercial Officers Embassy and consular officials who assist their country s citi-
zens and businesses in a foreign country through arranging
appointments with local business and government officials
and providing counsel on local trade regulations, laws, and
customs.

Commercial Paper Negotiable instruments used in commerce. Usually they are

short term, unsecured, promissory notes issued by highly rated
entities and are traded on the money markets.

Commercial Set The documents required to evidence the shipment of goods;

usually includes an invoice, packing list, and bill of lading; may
include certificate of origin, certificate or policy of insurance,
and other special documents.

Commercial Treaty An agreement between two or more countries that establishes

the conditions under which business may be conducted
between their citizens within their countries.

Commingling 1. The packing or mingling of various goods subject to different

rates of duty so that the value and quantity of each class of
goods cannot be readily determined.
2. To combine funds or properties into a common mass.

Commercial Invoice
 Term Definition

Commission 1. A board or committee officially appointed to perform certain

functions or exercise certain jurisdiction of a public nature.
2. The amount paid by a principal to an agent for their role in
the completion of a transaction involving the sale of goods or
services.
3. The authority under which one acts, transacts business or
negotiates for another.

Commodity Code The system of identifying a commodity by an assigned number.

Commodity Rate The rate applicable to shipping a given commodity between

points.

Common Point 1. A location serviced by two or more transportation lines.

2. A significant point over which aircraft fly and report to the air
controllers.

Competitive Rate Rate determined by one transportation line to compete with the
rate of another transportation line.

Compradore An agent in a foreign country employed by a domestic busi-

nessman to facilitate transactions with local businesses within
the foreign country.

Concealed Damage Damage to the contents of a package which is not evident from
the appearance of the exterior of the package.

Concealed Loss 1. Loss from a package bearing concealed damage.

2. Damage, loss, or shortage of goods within a package which is
not apparent from its exterior condition.

Confirming Bank A bank which engages to honor a letter of credit issued by

another, or engages that such letter of credit will be honored by
the issuer or by a third bank.

Connecting Carrier A carrier which has direct physical connection with another car-
rier or forms a connecting link between two or more carriers.

Consignee The person or firm named in a freight contract to whom goods

have been shipped or turned over for care.

Commission
 Term Definition

Consignment 1. Goods or property sent by the aid of a carrier from one per-
son (the consignor) to another (the consignee).
2. Entrusting of goods to another to sell as agent for the sender.

Consignor The entity that ships goods to another. On a bill of lading, the
shipper.

Consolidated Container A shipping container that contains cargo from various shippers
for delivery to various consignees.

Consolidation 1. In transportation, the combining of smaller shipments into a

single shipment that is sent to a destination point.
2.The reorganization of corporations to combine two or more
into a successor corporation.

Consolidator A company that provides freight consolidation services.

Consular Invoice An invoice covering a shipment of goods, usually required to be

certified by the counsel of the country for which the merchan-
dise is destined. It may be required to be on a special form and
be subject to the payment of special fees.

Consulate An office of a country within another country (often there are

several, located in the larger commercial centers). These
offices represent the commercial interests of the citizens of
their country.

Consumer Goods Any goods produced for the express use of individuals rather
than the production or manufacturing of other goods.

Consumption Entry (USA) A consumption entry is the filing with Customs in

proper form of an entry summary for consumption on
imported goods , and payment of estimated duties, taxes, and
fees, if any, resulting in the release of the goods by Customs.
When the release is unconditional, the importer may dispose of
the goods.

Container A reusable, rigid, exterior box in which merchandise is

shipped by air, vessel, truck, or rail.

Consignment
 Term Definition

Container Freight Charge Charge made for the packing or unpacking of cargo from ocean
freight containers.

Container Load A shipment of cargo that, according to weight or volume, will

fit a standard container.

Container on Flatcar A container without wheels put on railcars for transport inland,

Container Part Load A shipment of cargo that according to weight or volume will
not fill a standard container on its own but is expected to be
shipped in a container, if necessary with other shipments which
are also too small to take up a full container themselves.

Container Vessel An ocean going vessel designed specifically to handle the load-
ing, carriage and removal of standard freight containers.

Contraband Any product that a nation has made unlawful to possess, pro-
duce, transport, import, or export.

Contract Carrier Excluding common carriers, any person who under contract will
transport passengers or goods for agreed upon compensation.

Convertibility The attribute of being exchangeable, such as a currency freely

able to be exchanged for another, or as preferred stock or bonds
to be exchanged for common stock.

Core Inflation The basic level of inflation over a period of time as opposed to
temporary fluctuations.

Corporate Dumping The practice of exporting banned or out of date goods to a for-
eign market where restrictions on that product are not as severe.

Cost Plus A pricing method where the purchaser agrees to pay the pro-
duction cost of the good plus a fixed percentage to the seller for
profit.

Countervailing Duties (USA) Duties which are assessed, in addition to regular duties,
(CVD) to offset the effects of foreign subsidies or bounties upon the
export of merchandise to the United States which has been
found to materially injure, or threaten material injury to, an
American industry.

Container Freight Charge

 Term Definition

Country of Departure The country from which a shipment of goods, a carrier, or a

passenger has or is scheduled to depart.

Country of Destination The country that is the ultimate destination for a shipment of
goods. For a carrier, it is the country in which it intends to com-
plete its current voyage or flight.

Country of Dispatch The country from which a cargo is shipped.

Country of Export The country to which goods are going in order to be consumed,
Destination further processed, or manufactured, as presumed by the shipper
at the time of exportation.

Country of Exportation The country from which goods are shipped with intention to
separate them from the mass of goods in that country.

Country of Origin The country in which goods were produced, mined, grown or
manufactured.

Country Risk The financial risks of a transaction which relate to the political,
economic, or social instability of the country of the debtor, and
is over and above the credit risk of the borrower.

Courier 1. Attendant who accompanies shipments.

2. Express company which handles shipments of documents
and small packages on an expedited basis and may or may
not have the shipments accompanied by attendants.

CPT (Carriage Paid The seller pays the freight for the carriage of the goods to the
To...named port of destina- named destination. The risk of loss of or damage to the goods,
tion) as well as any additional costs due to events occurring after the
time the goods have been delivered to the carrier, is transferred
from the seller to the buyer when the goods have been delivered
into the custody of the carrier.

Customs The government service which is responsible for the adminis-

tration of Customs law and the collection of duties and taxes
relating thereto, and which has responsibility for the application
of other laws and regulations relative to the importation, transit,
and exportation of goods.

Country of Departure
 Term Definition

Customs Electronic (USA) Customs Electronic Bulletin Board (CEBB) : An elec-

Bulletin Board (CEBB) tronic bulletin board accessible by computer, sponsored by U.S.
Customs, providing the trade community with up-to-date infor-
mation, clearance requirements, and operation instructions.

Customs Electronic Bulletin Board (CEBB)

 Term Definition

D
DAF (Delivered At Frontier The seller fulfils his obligation to deliver when the goods have
...named place) been made available, cleared for export, at the named point and
place at the frontier, but before the customs border of the adjoin-
ing country.

Damages 1. A loss or harm to a person or their property.

2. The pecuniary compensation or indemnity which may be
recovered by any person who has suffered loss, detriment or
injury to his person, property or rights through the unlawful
act, omission, or negligence of another.

Dangerous Goods Goods which are capable of posing a health or safety risk.

Date Draft A draft which matures a specified number of days after the date
it is issued.

Date of Issue The arbitrary date on a contract or on a financial instrument

fixed as the date from which the term runs. (Neither the actual
date on the instrument, nor the date the instrument was actually
signed, nor the date the instrument was executed, nor the date
the instrument was delivered, are considered to be the Date of
issue or the issuance date .)

DDP (Delivered Duty The seller fulfils his obligation to deliver when the goods have
Paid...named place of desti- been made available at the named place in the country of
nation) importation. The seller has to bear the risks and costs, including
duties, taxes and other charges of delivering the goods thereto,
cleared for importation.

DDU (Delivered Duty The seller fulfils his obligation to deliver when the goods have
Unpaid... named place of been made available at the named place in the country of
destination) importation. The seller has to bear the costs and risks involved
in bringing the goods thereto (excluding duties, taxes and other
official charges payable upon importation as well as the costs
and risks of carrying out customs formalities). The buyer has to
pay any additional costs and bear any risks caused by his failure
to clear the goods for import in time.

DAF (Delivered At Frontier ...named place)

 Term Definition

Deadweight 1. In maritime terms, the deadweight of a vessel is the maxi-

mum weight of the cargo, crew, stores and bunkers that it can
carry when loaded so that it settles in the water to the Plimsoll
line. This is also measurable by the weight of the water the
vessel displaces when fully loaded less the displacement
when it was unloaded.
2. Deadweight cargo is cargo of such high density that a long
ton (2240 lbs.) of such cargo can be stowed in less than 70
cubic feet.

Dealer An individual or firm who purchases goods for resale.

Debtor Nation A nation that is owed less foreign currency obligations than it
owes other nations.

Deck Cargo Cargo that is shipped on the deck of a vessel rather than in holds
below.

Declared Value For The value of goods declared to the carrier by the shipper for the
Carriage purposes of determining charges and establishing the liability of
the carrier.

Declared Value for The value of a shipment according to the customs laws of the
Customs destination country required to be declared by the shipper on the
shipping documents or by the importer when he presents the
goods for customs clearance.

Deferred Air Freight Arrangements can be made according to the tariffs of some air
carriers to have less urgent freight delivered at a lower cost on
later flights which are more convenient for the airline.

Deferred Payment Letter of A letter of credit that allows the buyer to take possession of
Credit goods by agreeing to pay the issuing bank or the confirming
bank at a fixed future date.

Del Credere Risk A situation where a sales agent sells on credit and for an addi-
tional commission guarantees to his principal the credit of the
purchaser and the performance of the contract.

Deadweight
 Term Definition

Delivery 1. In the case of transportation, the act of transferring physical

possession.
2. The act of actually or of constructively placing goods or
property within the possession or control of another.

Delivery Carrier The transport carrier whose responsibility it is to place a ship-

ment at the disposal of the consignee at the named destination.

Delivery Instructions Specific delivery instructions for the freight forwarder or carri-
er stating exactly to whom, where and when goods are to be
delivered.

Delivery Order A document from the consignee, shipper, or owner of freight

ordering the release of freight to another party.

Demise 1. A lease of property.

2. Death.

Demise charter A lease of a vessel in which all control is relinquished by the

owner to the charterer, and the charterer bears all the expenses
of operation. Similar to bareboat charter.

Demurrage 1. In international transportation, a charge for the failure to

remove cargo from a terminal within the allowed free time.
Also, a charge for failure to load or unload a ship within the
allowed period.
2. (USA) In domestic transportation, a penalty charge against users
for use of carriers' equipment beyond the allowed free time.

DEQ (Delivered Ex Quay - The seller fulfils his obligation to deliver when he has made the
Duty Paid - ...named port of goods available to the buyer on the quay (wharf) at the named
destination) port of destination, cleared for importation. The seller has to bear
all risks and costs including duties, taxes and othr charges of
delivering the goods thereto. (Note : If the parties wish the buyer
to clear the goods for importation and pay the duty, the words
duty unpaid should be used instead of duty paid , and other
costs of importation can also be excluded from the seller s obli-
gations if this is made clear by adding words to this effect.)

Delivery
 Term Definition

DES (Delivered Ex The seller fulfils his obligation to deliver when the goods have
Ship...named port of desti- been made available to the buyer on board the ship uncleared
nation) for import at the named port of destination. The seller must bear
all the costs and risks involved in bringing the goods to the
named port of destination.

Destination The place to which a shipment or person is going..

Detention The act of keeping back or withholding either accidentally or by

design a person or thing.

Devanning The unloading of cargo from a shipping container.

Developed Countries A term used to describe the industrialized nations.

Developing Countries A term used to describe countries that lack strong amounts of
industrialization, infrastructure, and sophisticated technology,
but are beginning to build these capabilities.

Differential An amount added to or deducted from a base shipping freight

rate between two given locations to determine a new rate to or
from some other point or via another route.

Direct Mail Collection A seller may forward his documents and instructions for col-
(DMC) lecting payment directly to a collecting bank in a foreign coun-
try, without going through the intermediary of the seller s own
domestic bank.

Discharge 1. To release; liberate; annul; unburden; disencounter; dismiss.

To extinguish an obligation; terminate all employment of a
person; release, as from prison or military services.
2. The unloading of passengers or cargo from a vessel, vehicle,
or aircraft.

Discharging The unloading of cargo from a carrier, or of the contents from a

container.

Discounted Bill An accepted draft against which a loan is made and the interest
is deducted immediately.

DES (Delivered Ex Ship...named port of destination)

 Term Definition

Discounting 1. The sale at less than original price of a commodity or mone-

tary instrument, often for immediate payment.
2. A loan by a bank with a deduction of the interest in advance.

Discrimination A failure to treat all persons or parties equally where no reason-

able distinction can be found between those favored and those
not favored. It may be reflected in treatment, service or rates.

Dishonor 1. The refusal by a drawee to accept a draft or to pay it when

due.
2. The act of disrespect or insult.

Dispatch 1. An amount paid by a vessel s operator to a charterer if load-

ing or unloading is completed in less time than stipulated in
the charter agreement.
2. a message or report to a newspaper from a correspondent, or
between government services such as state or military.
3. to send to a destination.

Distribution Service A transportation service that accepts a shipment from a shipper

and at destination separates and sorts the packages and distrib-
utes them to many receivers.

Distributor An agent who sells for a supplier at wholesale and usually

maintains an inventory of the supplier s products.

Diversion Any change in the routing of a shipment once it has been

received by the carrier at point of origin and prior to delivery at
destination.

Dock 1. A loading or unloading platform at an industrial location or

carrier terminal.
2. A ship s berth or wharf.

Dock Examination (USA) Examination of imported merchandise by Customs at

the terminal where it is discharged from the import carrier.

Dock Receipt A receipt issued by a vessel agent that certifies that goods have
been received.

Discounting
 Term Definition

Documents Against As a procedure to collect payment on an exported shipment,

Acceptance (D/A) instructions are given that documents necessary to obtain the
merchandise from customs and the carrier are to be released to a
buyer only against the buyer s acceptance of a time draft drawn
upon him.

Documents Upon Payment As a procedure to collect payment for an export shipment,

(D/P) instructions are given that the documents necessary for the
buyer to obtain the shipment from customs and the carrier are to
be released to him only upon payment of the draft. (Same as
CAD)

Dolly A piece of equipment with wheels used to move freight with or

without a tractor.

Domestic Exports Exports of goods which were grown, produced, mined, or man-
ufactured in the country from which exported.

Domicile That place where a person or organization has their principal

residence with intent to make it their permanent home.

Door-To-Door Shipping service from shipper s door to consignee s door.

Double-Column Tariff A customs tariff schedule with two columns of rates, one for
preferred trading partners and one for imports from others.

Downstream Dumping The sale of products below cost or below fair value by a pro-
ducer to a another producer in its own domestic market by
whom the product is then further processed and exported to
another country at a price lower than would otherwise be
charged and thus causing injury in that country.

Drawback (USA) A refund of duty and taxes which may be obtained upon
the exportation or destruction of certain articles under certain
conditions.

Drawback System (USA) An Automated Customs System module that provides

the means for processing and controlling all types of drawback
entries.

Documents Against Acceptance (D/A)

 Term Definition

Dray A vehicle used to haul cargo or goods, usually drawn by a

horse.

Drayage The charge made for hauling freight via carts, drays or trucks.

Drop Shipment At the request of a wholesaler, a shipment of goods from a

manufacturer directly to a dealer or consumer, avoiding deliv-
ery to the wholesaler.

Drop-off The delivery of a shipment by a shipper to a carrier for trans-

portation.

Dry Cargo Cargo which is of solid, dry material. It is not liquid or gas, and
generally the term excludes cargo requiring special temperature
controls.

Dry-Bulk Container A shipping container designed to carry unpackaged free-flow-

ing dry solids such as grain or sand.

Dry-Cargo Container Any shipping container designed to transport goods other than
liquids or gasses.

Dual Exchange Rate The existence of two exchange rates for a single currency for
use in different circumstances as mandated by the government.

Dual Pricing The selling of identical products in different markets for differ-
ent prices.

Dumping The sale of goods in a foreign country at less than fair value
(a price lower than that at which it is sold within the exporting
country or to third countries), and which thereby materially
injures, or threatens to materially injure, that indust in the for-
eign country.

Dunnage Materials placed around cargo to prevent shifting or damage

while in transit.

Durable Goods Any product which is not consumed through use.

Dray
 Term Definition

Dutiable List The list of Items in a country s tariff schedule on which it

charges import duty.

Duty A tax levied by a government on the import or export of goods.

(Note : The U.S. Constitution forbids the levying of taxes by the
U.S. on exports. However, most foreign governments do not
have this restriction)

Dutiable List
 Term Definition

E
Easement A right to use another person s property.

Edge Act Corporations Banks that are subsidiaries either to bank holding companies or
other banks established to engage in foreign business transac-
tions.

Electronic Commerce A system of integrated communications, data management, and

security services that allow business applications within differ-
ent organizations to automatically interchange information.

Electronic Data Electronic transmission of data and information according to

Interchange (EDI) particular protocols .

Electronic Funds Transfer System of transferring funds from one account to another by
electronic means.

Electronic Meat Health (USA) A demonstration project that illustrates the electronic
Certificate transmission of fresh meat health certificates.

Electronic Visa Information (USA) An electronic data system via which participating for-
System (ELVIS) eign governments transmit electronically to the U. S.
Government details of shipments of quota controlled textile
goods they have made to the U.S.

Embargo A government prohibition of exports or imports with respect to

specific products or specific foreign countries.

En Route In transit (referring to goods, passengers, or vessels).

Entrepot An intermediary storage facility (often in an intermediate coun-

try) where goods are kept temporarily for distribution.

Entrepot Trade The import and export of goods which receive no further pro-
cessing but are distributed from the entrepot facility which is
chosen for its location and lack of restrictions on trade.

Easement
 Term Definition

Entry 1. That documentation required to be filed with the appropriate

customs officer to secure the release of imported merchandise
from customs custody.
2. The act of filing that documentation.

Entry Documents The documents required to complete customs entry to secure

the release of imported merchandise.

Entry Summary (USA) Documentation which is necessary to enable US Customs

to collect duties, collect statistics, and determine whether other
requirements of law or regulations are met upon importation. In
the US, the importer must classify the goods, determine their cus-
toms value, and calculate duties, taxes and fees.

(USA) An Automated Customs System module that automates

Entry Summary System the entry processing cycle.

(USA) An independent agency in the executive branch whose

Environmental Protection mandate is to control and abate pollution in the areas of air,
Agency (EPA) water, solid waste, pesticides, radiation, and toxic substances.

In transportation, a money allowance given the customer if the

Equalization transport company picks up the goods at origin points or deliv-
ers them to destination points other than those named on the bill
of lading.

1. A provision in a bilateral or multilateral commercial agree-

Escape Clause ment permitting a signatory nation to change their obligations
when imports threaten serious harm to the producers of com-
petitive domestic goods.
2. A provision in a contract or other document permitting par-
ties to avoid liability for nonperformance under certain condi-
tions.

ETA(Estimated Time of The expected date and time of arrival of a carrier.

Arival)

ETD(Estimated Time of The expected date and time of departure of a carrier.

Departure)

Entry
 Term Definition

Eurobond A bond issued in a Euro-currency, usually Euro-dollars

Ex Factory This term is still widely used but it is being replaced by the
Incoterm EXW - Ex Works. It is a sale term where the title to
goods passes to the buyer when they leave the vendor s dock
and consequently at that point the liability for loss or damage
and the expenses of shipment also pass from vendor to buyer.

Exchange Rate The price of one currency expressed in terms of another.

Excise Tax Taxes on the manufacture, sale, or consumption of goods, or

upon licenses to pursue certain occupations, or upon corporate
privileges. In current usage it covers various license fees
imposed by government and practically every internal revenue
tax from any source except the income tax.

Exculpatory Clause 1. A contractual clause that releases one party from liability in
case of wrong doing by the other party involved.
2. A contractual clause which excuses a trustee from liability
where he executes a power in good faith.

Expiry Date The End , specifically : the cessation; termination by lapse of

time as the expiration of a lease, insurance policy, or statute.
Coming to a close or termination. The expiry date is the date on
which these events occur. It is the last date that ops or warrants
can be executed.

Export To send or transport goods abroad out of a customs territory; to

sever them from the mass of things belonging to one country
with the intention of uniting them to the mass of things belong-
ing to a foreign country.

Export Broker A firm that specializes in bringing foreign buyers and domestic
sellers together for a fee but usually does not participate in the
actual business transaction.

Export Control The establishment of procedures for the governmental control

of exports for statistical or strategic purposes.

Eurobond
 Term Definition

Export Declaration (USA) The Shipper s Export Declaration is a required customs

document for exportation of goods from the United States which
provides statistics and facilitates control where applicable.

Export Draft A documentary order in the form of a draft drawn on the

importing party to pay the seller for the exported goods.

Export Duty A tax imposed by some nations on their exports.

Export License A license issued to exporters by governments to permit them to

export certain goods to certain countries. Such goods may be of
strategic importance, or simply in short supply, or are controlled
to comply with foreign agreements.

Export Management A private firm that serves as the export department for several
Company manufacturers and handles the exporting aspect of the business
for a commission or fee.

Export Merchant A company that buys domestic and foreign products and sells to
foreign purchasers. Usually an export merchant is able to com-
pete because of specialized knowledge of the products in which
they deal, detailed knowledge of foreign markets, and expertise
in international trading techniques.

Export Processing Zone Industrial parks designated by a government to provide tax and
other incentives to export firms.

Export Quotas Specified maximums which a nation places on the value or vol-
ume of certain of its exports.

Export Restraints Restrictions which a nation places upon its exports, often to
avoid more burdensome restrictions being applied by the
importing nations.

Export Statistics The statistics that cover the exports from one country to other
countries.

Export Subsidies Government payments to induce exportation by domestic pro-

ducers.

Export Declaration
 Term Definition

Export Trading Company A corporation organized for the principal purpose of exporting
goods and services.

Exporter An individual or company that ships goods from one country to

another in the course of trade.

Exporter Identification (USA) An identification number assigned to exporters of goods

Number from the United States which is required to be shown on the
Shipper s Export Declaration for all shipments from the USA..

External Value The purchasing power of a currency abroad, converted using

the exchange rate.

Extradition The surrender by one state or country to another of an individ-

ual accused or convicted of an offense within the jurisdiction of
the other.

EXW (Ex Works ...named The seller fulfils his obligation to deliver when he has made the
place) goods available at his premises (i.e. works, factory, warehouse,
etc.) to the buyer. In particular, he is not responsible for loading
the goods on the vehicle provided by the buyer or for clearing
the goods for export, unless otherwise agreed. The buyer bears
all costs and risks involved in taking the goods from the seller s
premises to the desired destination.

Export Trading Company

 Term Definition

F
Facilitation 1. Programs designed to expedite the flow of international com-
merce.
2. The act of freeing more or less completely from obstruction
or hindrance.

Factor 1. An agent who receives merchandise under consignment or

under a bailment contract, who sells it for the principal or in
the factor s own name, and who is paid a commission for
each sale.
2. A financing company which purchases accounts receivable
under agreed conditions and at agreed discounts and thus
makes funds immediately available to approved sellers.

Factor's Lien The right of a factor to retain possession of designated assets of

the principal until the factor receives full compensation from the
principal.

Factorage The commission or other compensation paid to a factor.

Fair Value (USA) In dumping evaluations, it is the price at which the items
being reviewed should have been sold in the home market in
order to be considered as goods offered for export in the usual
course of trade at fair market value and not guilty of being
dumped.

FAS (Free Alongside The seller fulfils his obligation to deliver when the goods have
Ship...named port of ship- been placed alongside the vessel on the quay or in lighters at the
ment) named port of shipment. The buyer has to bear all costs and
risks of loss or of damage to the goods from that moment.

FCA (Free Carrier...named The seller fulfils his obligation to deliver when he has handed
place) over the goods, cleared for export, into the charge of the carrier
named by the buyer at the named place or point.

FDA Food And Drug Administration.

Facilitation
 Term Definition

Federal Reserve System (USA) The equivalent of the central bank of the USA and the
coordinator of monetary policy.

Feeder Vessel A vessel which is part of a cargo network in which the larger,
faster vessels only call at the major ports at both ends of the area
being covered, and the smaller ports are served by the smaller
feeder vessels which transfer the cargo to and from the major
port terminals and thus keep the larger vessels filled closer to
capacity and spare them the expense and loss of time in loading
and unloading in the subsidiary ports.

FEU Forty foot equivalent units of shipping containers (Two 20 ft

containers = 1 FEU).

Financial Instrument A document which has a monetary value or is evidence of a

monetary transaction, such as drafts, bills of exchange, checks
and promissory notes.

Financial Market Market for the exchange of capital and credit in an economy.

First World Countries Western, industrialized, non-communist countries, was the

previously accepted criteria, but in view of the emergence of
Japan as an economic power and the rising status of Russia and
China, industrialized is probably the only remaining valid
criterium for a First World Country at this time.

Five Dragons Term used to describe the emerging economies of Hong Kong,
Singapore, South Korea, Taiwan, and Thailand.

Fixed Charges 1. Charges which do not increase or decrease with a change in

volume.
2. Expenses that have to be borne whether any business is done
or not.

Fixed Exchange When Governments or their Central Banks administratively set

the exchange rate for their currency.

Fixing The setting of a price by a known method at regular times. For

example, the establishment of an official exchange rate, interest
rate, or security or commodity price.

Federal Reserve System

 Term Definition

Flag A reference to the country of registry of a vessel.

Flag of Convenience The national flag flown by a ship that is registered in a country
other than that of its owners. (Usually arranged in order to save
taxes and operating expenses)

Flight of Capital The movement of capital to another country to avoid loss.

Floating Free determination of rates based on supply and demand, for

example exchange rates or interest rates.

Flotsam Floating debris or wreckage of a ship and its cargo.

FOB (Free On Board ... The seller fulfils his obligation to deliver when the goods have
named port of shipment) passed over the ship s rail at the named port of shipment. The
buyer has to bear all costs and risks of loss or damage to the
goods from that point.

Force Majeure A condition of superior or irresistible force such as Acts of God,

including earthquakes and floods, which cannot be avoided by
the exercise of due care and is included in contracts to excuse
parties from performance when such events occur.

Foreign Bond An international bond usually denominated in the currency of

the country where it is issued.

Foreign Commerce Trade between individuals or legal entities in different countries.

Foreign Currency The currency of any foreign country which is authorized by that
country as the medium of circulation.

Foreign Exchange Currency of countries exchangeable for other currencies

according to their relative values based on supply and demand.

Foreign Exchange A contract for the sale or purchase of the currency of one coun-
Contract try to be paid for with the currency of another country, specify-
ing an amount, an exchange rate, and delivery date.

Foreign Exchange Rate The rate or price of the currency of one country in terms of the
currency of another.

Flag
 Term Definition

Foreign Exports 1. (USA) Exports from the United States of foreign origin mer-
chandise. (for the purposes of USA export statistics)
2. Exports by other countries.

Foreign Flag The national identification of a carrier registered in a foreign

country. A vessel flies the national flag of the country in which
it is registered, and it may be registered in a country different
from that of its owner.

Foreign Income Income gained by residents of one country from another

country.

Foreign Investment The purchase of assets which are abroad.

Foreign Market Value From the American point of view it is the price at which mer-
chandise is sold at wholesale in the principal markets of the
country from which it is exported.

Foreign Parent The first foreign person or entity outside the United States in an
affiliate s ownership chain that has direct investment in the affiliate.

Foreign Person 1. A person belonging to or under citizenship of another

country.
2. Using the United States as an example, a person who resides
outside of the United States or is subject to the jurisdiction of
another country other than the United States is a foreign
person .

Foreign Remittances The transfer of any funds across national boundaries.

Foreign Trade Zone Act (USA) The act which established foreign trade zones in the
(FTZA) USA.

Forward Foreign Exchange An agreement to purchase or sell an amount of foreign currency

at a future date at a predetermined price.

Foul Bill of Lading A bill of lading issued with notations on it which limit the carri-
er s liability ; for example, a notation that the goods were
received damaged, or short, or improperly packaged.

Foreign Exports
 Term Definition

Fractional Currency Any currency that is smaller than a standard money unit.

Franco Free from duties, transportation charges and other levies.

Free Domicile Free Domicile is still a widely used pricing term to describe
when the shipper pays all the applicable duties and all the trans-
portation and other charges until delivered to the buyer s prem-
ises. The term is being replaced by Incoterm DDP -Delivered
Duty Paid ... named point of destination.

Free In and Out A pricing term indicating that the vessel operator is responsible
for the cost of loading and unloading.

Free List A schedule of items in a customs tariff that are not subject to the
payment of duties.

Free Market A market in which there is unrestricted trading of goods with

prices determined by supply and demand. Internationally, there
is an unrestricted movement of goods in and out, and it is
unhampered by the existence of tariffs or other trade barriers.

Free Port An area where imported goods may be brought without pay-
ment of duties.

Free Time 1. The time allowed shippers and receivers to load or unload rail
cars before demurrage or detention.
2. The time allowed consignees to take physical delivery of
cargo before storage or demurrage is assessed.

Free Zone An area within a country (a seaport, airport, warehouse or any

designated area) regarded as being outside its customs territory
where importers may bring goods of foreign origin without
paying customs duties and taxes, pending their eventual pro-
cessing, transshipment or re-exportation.

Free-Astray A shipment or part of a shipment which has been dropped off at

a wrong location by a carrier

Fractional Currency
 Term Definition

Freight 1. All merchandise, goods, products, or commodities shipped

by rail, air, road, or water, other than baggage, express mail,
or regular mail.
2. The compensation paid for the transport of goods.

Freight Charge The charge assessed for transporting cargo.

Freight Claim 1. A demand upon a carrier for the repayment of overcharge.

2. A demand upon a carrier for cargo loss or damage.

Freighter A ship or airplane used primarily to carry cargo.

Fungibles Goods that, for commercial purposes, are identical with other
goods and interchangeable in all situations.

Futures Contract A contract for the future delivery of a specified commodity, cur-
rency or security on a specific date at a rate determined in the
present.

Freight
 Term Definition

G
Gang Maritime : A group of longshoremen under a supervisor who
are assigned to load or unload a portion of a vessel.

Gangway 1. The opening through which a ship is boarded.

2. A platform connecting quarterdeck and forecastle of a ship.

Gantry Crane A specialized crane which travels on a structure which can span
a wide area and raises and lowers cargo. Some of them span the
deck of a vessel.

Gateway 1. A major airport or seaport.

2. the port where customs clearance takes place.
3. a point at which freight moving from one territory to another
is interchanged between transportation lines.

Geisha Bond Bond issued on the Japanese market in currencies other than
yen.

General Agreement On Both a multilateral trade agreement aimed at expanding interna-

Tariffs And Trade (GATT) tional trade and the organization which oversees the agreement.
The main goals of GATT are to liberalize world trade and place
it on a secure basis thereby contributing to economic growth
and development and the welfare of the world s people. The
organization, GATT, has been succeeded by the World Trade
Organization (WTO).

General Average 1. loss that affects all cargo interests on board a vessel as well as
the ship herself.
2. An internationally accepted rule of the sea which says when a
peril threatens the survival of the ship, there may be sacrificed
(thrown overboard) any cargo or supplies or ship s furnish-
ings, and any expense incurred necessary to save the ship. If
the vessel is saved, all cargo owners, ship owner, and owners
of the freight revenue share pro rata in the loss.

Gang
 Term Definition

General Cargo Rate The rate of a carrier charges for the transportation of cargo
which does not qualify for a lower special class or commodity
rate in the carrier s tariff.

General Cargo Vessels A vessel designed to handle breakbulk cargo such as bags, car-
tons, cases, crates and drums, either individually or in unitized
or palletized loads.

General Commodity Rate In a maritime tariff, a freight rate applicable to all commodities
except those for which specific rates have been filed.

General Imports The total physical arrivals of merchandise into one country
from foreign countries during a period of time.

General Liability Unlimited responsibility for an obligation, such as payment of

debts of a business.

General Order (USA) The customs requirement that goods not cleared within
a specific number of days after arrival of the carrier must be
taken into custody of customs and deposited in a warehouse at
the risk and expense of the consignee.

General Order Warehouse (USA) A bonded warehouse authorized by customs to store

goods sent to General Order.

General Partnership A partnership where all partners have joint ownership. They
share the profit, losses and management equally and each has
personal liability for all the debts.

General Tariff A tariff that applies to countries that do not enjoy either prefer-
ential or most favored nation tariff treatment.

Generalized System Of A program providing for free rates of duty for merchandise
Preferences (GSP) from beneficiary developing independent countries and territo-
ries to encourage their economic growth.

Global Bond A bond that can be traded in any United States capital market
and in the Euromarket with special arrangements made for
transferability between the markets.

General Cargo Rate

 Term Definition

Global Quota A quota set by a nation on the total imports of a product from all
countries.

Gold Exchange Standard A monetary system adopted by some countries which did not
have enough gold to go onto the gold standard so they deposit-
ed their gold with one of the leading gold standard countries and
made their currency more or less freely convertible to the cur-
rency of that country.

Gold Reserves Gold retained by a nation or its central banks contributing to the
nation s creditworthiness in the issuance of bonds and currency,
although there may be no commitment by it to exchange gold
for its currency.

Gold Standard A monetary system whereby every form of currency issued by

a country is convertible on demand into its legal equivalent in
gold or gold coin

Gondola Car An open railway car with sides and ends, used principally for
hauling coal, sand, etc.

Goods Merchandise; supplies; raw materials; wares; commodities;

products. The meaning may vary in various situations but for
purposes of a contract for storage or transportation, or with ref-
erence to collateral for security, it means all things treated as
movable.

Grantee 1. One to whom a grant is made; a grant being the giving or per-
mitting as a right or privilege, an authority, a power, a license,
or a property.
2. (USA) As to foreign trade zones in the US, a corporation to
which the privilege of establishing, operating, and maintain-
ing a foreign trade zone has been granted by the Foreign
Trade Zone Board.

Green Card A popular name for an identity card (visa) issued by the U.S.
Immigration and Naturalization Service entitling a foreign
national to enter and reside in the United States as a permanent
resident.

Global Quota
 Term Definition

Grid Fixed margin within which exchange rates are allowed to fluc-
tuate.

Gross 1. 12 dozen or 144 articles.

2. Total (as in Gross Weight )

Gross Domestic Product A measure of the market value of all goods and services pro-
duced within the boundaries of a nation. It excludes income
from external enterprises or investments.

Gross National Product A measure of the market value of all goods and services pro-
duced within the boundaries of a nation plus receipts from for-
eign business activities and investments beyond the national
boundaries.

Gross Weight The total weight of a package or a shipment, including goods

and packaging.

Grid
 Term Definition

H
Hallmark 1. Originally an impression made on gold and silverware intro-
duced in the beginning of the fourteenth century in England
to identify the quality of the metal used. Later, a mark to iden-
tify the maker and year of production.
2. Figuratively, a distinguishing characteristic.

Harbor Fees Charges assessed to users for use of a harbor, used generally for
maintenance of the harbor.

Harbor Master An officer who is commander of harbor activities and directs

the berthing, etc. of ships in a harbor.

Hard Loan A foreign loan that must be paid in hard money.

Hard Money Currency of a nation having stability in the country and a repu-
tation abroad for economic strength, and as a result it has wide
and ready acceptability on world markets.

Harmonized System (HS) A multipurpose international goods classification system

designed to be used by manufacturers, transporters, exporters,
importers, customs, statisticians, and others in classifying under
a single commodity code goods moving in international trade.

Harmonized Tariff (USA) An organized listing of goods and their duty rates which
Schedule of the United is used as the basis for classifying imported products and identi-
States (HTSUS) fying the rates of duty to be charged on them. It is based on the
international Harmonized System Convention.

Harter Act (USA) An 1893 Federal Statute regarding ocean bills of lading
and limitation of some carrier liabilities. It has been substantially
superseded by the Carriage of Goods by Sea Act of 1936 and
others.

Hatch The opening in the deck of a vessel which gives access to a

cargo hold.

Hallmark
 Term Definition

Haulage 1. The local transport of goods.

2. Also the charge(s) made for hauling freight on carts, drays or
trucks.

Hazardous Materials A substance or material which has been determined to be capa-

ble of posing an unreasonable risk to health, safety, and proper-
ty when transported in commerce.

Heavy Lift Any article deemed by rules in a vessel s tariff to be beyond a

certain weight. It may be too heavy for the ship s tackle and
require special equipment such as a floating crane.

Heavy Lift Charge In a maritime tariff, a charge made for lifting heavy articles to
load or unload them.

Heavy Lift Vessel A vessel with heavy lift cranes and other equipment designed to
be self-sustaining in the handling of heavy cargo.

Hedge To reduce one s risk of loss by compensating transactions on

the other side. For example, buy goods for future delivery
priced in a foreign currency. Hedge by buying the foreign
exchange needed at the rate then in effect. Or, another way of
hedging is to buy a forward exchange contract. In both cases the
buyer will have a known cost in its own currency. This is a
hedge against the risk of foreign exchange fluctuation ; it is not
a hedge against a change in the price of the goods.

Hedge Ratio The amount of future exchange contracts, options, or underly-

ing financial instruments, purchased or sold against a position to
accomplish a hedge of the position.

High Density High density cargo is cargo whose weight is high compared to
its volume. A vessel tariff in which freight is charged according
to weight or volume, whichever yields the highest freight
charge, will result in high density freight being charged on a
weight basis.

Hitchment In maritime situations, if the tariff of the steamship company

provides for it, portions of a shipment originating in different
places may be joined together under one bill of lading from one
shipper to one consignee at one destination.

Haulage
 Term Definition

Hold 1. The interior of a vessel below deck where cargo is carried.

2. to delay ; to pause (verb) ; a delay ; a pause (noun).
3. A verb with multiple other meanings than those noted above
such as : to retain, to contain, to maintain, to bind, to bear, to
own.

Hold For Pickup Freight to be held at the carrier s destination location for pickup
by the recipient.

Hold Harmless Contract An agreement by which one party accepts responsibility for all
damages and other liability that arise from a transaction, reliev-
ing the other party of any such liability.

Honor To accept a bill of exchange; or to pay a note, check or draft at

maturity.

Horizontal Export Trading An export trading company which exports a range of similar or
Company identical products supplied by a number of manufacturers who
may be competitors on the domestic market.

House Air Waybill 1. A bill of lading issued by a freight forwarder for consolidated
air freight shipments.
2. An airwaybill issued by an airfreight forwarder by which the
forwarder assumes the risk and obligations of being the car-
rier.

House-To-House A shipping term indicating that a container will be offered by

the carrier for use by the shipper and the receiver for the trans-
port of the contents from the domicile of one to the domicile of
the other, but the carrier only contracts to transport the loaded
container from terminal at origin to terminal at destination.(usu-
ally called C/Y to C/Y - container yard to container yard.)

Hub And Spoke Routing Air cargo routing pattern that feeds traffic from many places to
a central airport where it is sorted and rerouted on other aircraft
to final destinations.

Hull The outer shell of a vessel.

Hold
 Term Definition

Hump An essential feature of a railcar sorting yard . The hump is

that part of the track which is elevated so that when a car is
pushed up on it and uncoupled, it runs down the other side by
gravity and is switched onto the siding where a train is being
made up for the desired destination.

Hundredweight Pricing In transportation, special pricing for multiple-piece shipments

(weighing over 100 pounds in total) traveling to one destination,
which are rated on the total weight of the shipment as opposed
to rating on a per package basis.

Hump
 Term Definition

I
Irrevocable Corporate A purchase order completed by a buyer on corporate letter head
Purchase Order indicating type and quantity of products being ordered from a
supplier.

Identical Merchandise (USA) For U.S. Customs purposes of appraisement, identical

merchandise means merchandise identical in all respect to and
produced in the same country and by the same person as, the
merchandise being appraised.

Immediate Delivery(ID) (USA) In certain circumstances, merchandise may be released

by U. S. Customs under a special permit for immediate delivery
with entry summary (details) and duty to be submitted subse-
quently. It is a procedure principally utilized along the land bor-
ders.

Immediate Transportation (USA) A form of U.S. Customs entry which allows imported
Entry merchandise to be transported under bond to another port for
customs clearance thereat.

Immigration The entry of foreign nationals into a country for the purpose of
establishing permanent residence.

Implied Conditions Certain implied conditions are not written into marine insurance
policies, but they are so basic to the understanding between the
underwriter and the assured that the law gives them much the
same effect as if written. (In many other types of contracts there
also may be implied conditions , for example a seller of
goods implies that they are fit for the purpose they purport to
serve.)

Import The act of bringing or causing any goods to be brought into a

customs territory.

Import Credit A commercial letter of credit issued for the purpose of financing
the importation of goods.

Irrevocable Corporate Purchase Order

 Term Definition

Import Duty Customs duty which is collected on in connection with the

importation of goods.

Import License An import license (or import permit) is an authorization by a

competent authority for the importation of goods which are sub-
ject to restriction.

Import Quota A protective device establishing limits on the quantity of a par-

ticular product that may be imported into a country.

Import Quota Auctioning The process of auctioning the right to import specified quanti-
ties of quota-restricted goods.

Import Relief Any of several measures imposed by a government to tempo-

rally restrict imports of a product or commodity to protect
domestic producers from competition. Or, any of several meas-
ures to strengthen domestic producers such as subsidies, educa-
tional assistance to workers, training assistance to workers, low
interest loans to producers, tax relief to producers etc.

Import Restrictions Any one of a series of tariff and non-tariff barriers imposed by
an importing nation to control the volume of goods coming into
the country from other countries.

Import Sensitive Producers Domestic producers whose economic viability is threatened by

competition (quality, price or service) from imported products.

Import Substitution A national economic strategy to build up a domestic economy

by emphasizing the replacement of imports by domestically
produced goods.

Importer The individual, firm or legal entity that brings goods, or causes
goods to be brought from a foreign country into a customs terri-
tory.

Importer Number (USA) An identification number assigned by the U.S. Customs

Service to each importer to track entries and other transactions.
In most cases the Taxpayer s Identification Number assigned
by the Internal Revenue Service is the number also used by
Customs.

Import Duty
 Term Definition

Imports Goods brought into a customs territory.

Imports For Consumption The total of merchandise that has physically cleared through the
customs of a country either entering domestic consumption
channels immediately or entering after withdrawal for con-
sumption from bonded warehouses or from foreign trade zones.

Impost 1. A tax, especially an import duty.

2. To classify an impost in order to fix the duty (rarely used).
(Note: an imposter is one who imposts. Another definition of
an imposter is a pretender but that is not the meaning
intended here.)

Impound To seize or hold ; or to place in custody by order of a court.

In Bond (USA) A procedure under which goods are transported, stored,

or handled, prior to clearance and release by customs, and the
government s interest is secured by indemnity bonds.

In Bond Shipment An import or export shipment which has not been cleared by
Customs and is transported, stored, or handled with security to
the government provided by indemnity bonds.

In-Bond System (USA) A part of U.S. Customs Automated Commercial

System, controls merchandise from the point of unloading at
the place of arrival, while handled or transported further in
bond, until customs cleared.

Incentive A motivational force that stimulates people to greater activity or

increased efficiency.

Income Money or its equivalent, earned or accrued, arising from the

sale of goods or services.

Incoterms An abbreviation of International Commercial Terms pub-

lished by the International Chamber of Commerce. It is a set of
rules for the interpretation of the most commonly used trade
terms in foreign trade which parties to a contract can agree upon
to avoid misunderstandings, disputes and litigation.

Imports
 Term Definition

Indemnify 1. To compensate for actual loss sustained.

2. To give security for the reimbursement of a person in case of
an anticipated loss falling upon him.

Indemnity 1. A compensation to make a person whole from a loss already

sustained.
2. A contract or assurance by which one engages to secure
another against an anticipated loss.

Independent Action The right of a conference member to depart from the common
freight rates, terms or conditions of the conference without the
need for prior approval of the conference.

Indexed In finance this term means measured by and/or adjusted

according to , thus an interest rate on a note may be, by agree-
ment, indexed i.e. adjusted according to the market at time the
interest is due. Or a note denominated in a fore currency may
have its exchange rate indexed , adjusted according to the mar-
ket rate in effect at the time of payment.

Indexed Currency Borrowings in a foreign currency where the rate of interest is

Borrowings linked to an agreed scale, and/or the rate of exchange at repay-
ment is linked to an agreed scale.

Indexed Currency Option Note denominated and paying interest in one currency but
Note whose redemption value is linked to an exchange rate for anoth-
er currency.

Industrial List (USA) The Coordinating Committee for Multilateral Export

Controls industrial list contains dual-use items (usable for mili-
tary or nuclear purposes in addition to normal commercial uses)
and as a result whose export is controlled for strategic reasons.

Industrial Policy Traditional activist governmental policies intended to provide a

favorable economic climate for the development of industry in
general or specific industrial sectors.

Infant Industry Argument The view that temporary protection for a new industry or
firm in a particular country through tariff and non-tariff barriers
to imports can help it to become established and eventually
competitive in world markets, in which case the protective
measures will no longer be needed.

Indemnify
 Term Definition

Inflation Loss of purchasing power of money caused by growth of the

amount of money in circulation and reflected in a rise in prices
without a proportionate increase in value of the things pur-
chased.

Informal Entry (USA) A simplified import entry procedure accepted at the

option of Customs for any baggage or commercial shipment
that does not exceed a specified value.

Informed Compliance (USA) A term that describes the improved ability of a entity to
comply with Federal rules and regulations through easy access
to up-to-date information.

Infrastructure The institutions and fundamental organizations which support the

basic structure of a nation s economy, among these are : the edu-
cational system, the transportation systems, the banking system,
the public utilities, the water supply system, the sanitation system,
the health maintenance network, the public security and safety
systems, the communication systems, the postal system etc.

Inherent Vice The inherent physical properties of goods which may cause
them to suffer deterioration or damage without outside influ-
ence. (For example : spontaneous combustion, rust etc.)

Injury 1. (USA) A finding by the U.S. International Trade

Commission that an import is causing harm (material injury)
or threatening to cause harm (material injury) to a U.S. indus-
try.(If caused by sales to the U.S. at less than fair value , it
may be considered dumping and trigger antidumping
duties , or if it is caused by foreign subsidies or bounties, it
may trigger countervailing duties ).
2. A wrong or damage done to another, either in his person,
rights, reputation, or property.
3. The invasion of any legally protected interest of another.

Inland Bill of Lading A bill of lading used in transporting goods overland.

Inland Carrier A transportation line which hauls cargo inland: truck, rail,
barge, inland waterways, or domestic airline flights.

Inflation
 Term Definition

Inspection Certificate A document describing the condition of goods and confirming

that they have been inspected.

Instrument Any written document that gives formal expression to a legal

agreement or act.

Integrated Cargo Service A blend of all segments of the cargo system providing the com-
bined services of carrier, forwarder, handlers, and agents, utiliz-
ing all forms of transport.

Integrated Carriers Carriers that have multiple varieties of fleets (i.e. air and ground,
truck and rail, etc.).

Intellectual Property Non-tangible property that is the result of creativity such as

copyrights and patents.

Interbank Dealings Dealings between banks.

Interchange Agreement An agreement that specifically lays out the terms of leasing or
temporarily borrowing equipment from a carrier. A frequent
use of an interchange agreement is between an ocean carrier
and a trucking company when the trucking company takes a
container from the pier for delivery to the consignee.

Interchange Point A location where one carrier delivers freight to another carrier.

Interline Shipping The movement of a single shipment on two or more carriers.

Intermodal Compatibility The physical capability of a shipment of goods to be transported

from one form of transportation to another.

Intermodal Transport Coordinated transport of freight using multiple methods of

transportation.

International Trade The business of buying and selling commodities beyond nation-
al borders.

International Trade Data A proposed electronic system that would integrate the different
System government trade and transportation data processes into a sys-
tem that provides a standard means of gathering, processing,
storing and disseminating import and export trade data.

Inspection Certificate
 Term Definition

Interstate Carrier (USA) A common carrier whose business extends beyond the
boundaries of one state.

Interstate Commerce (USA) Trade, transport, and communication between or among

the several states of the United States.

Invisible Barriers to Trade Government regulations (national and local), and cultural con-
ditions that do not directly restrict trade but hinder it with exces-
sive and obscure requirements.

Invisible Trade Balance The balance of invisible trade reflecting the import and export
of services.

Invoice A written account or itemized statement, usually on a printed

form with the name and address of the seller, listing merchan-
dise sold or shipped to a purchaser, consignee, factor etc., show-
ing their name and address, and containing a description of the
merchandise, the quantity, values or prices and charges, and
other significant details of the transaction such as the terms of
sale and the currency of the purchase.

Inward Foreign Manifest (USA) A U.S. Customs mandated document requiring the
(IFM) complete listing by bill of lading number or airwaybill numbers
of an arriving carrier s cargo. It should give the commercial par-
ticulars of the goods including : consignors, consignees, marks
and numbers, number and kind of packages, their weights or
measures, descriptions and quantities of the goods, their port of
loading and intended port of discharge.

Irrevocable Letter of Credit A letter of credit which cannot be amended or canceled without
prior mutual consent of all parties to the credit.

Issuance 1. The execution, validation, and tender of delivery of a contract

or financial instrument to the appropriate party.
2. The act of sending forth, promulgating, or the giving of a
thing its first inception. The first delivery of an instrument to a
holder or remitter.

Interstate Carrier
 Term Definition

Issuance Date of the The date indicated on documents as their date of preparation,
Documents subject to correction when necessary as noted above under the
term issuance and under the definition of Date of Issue
elsewhere in this glossary.

IT 06 An initiative calling for the development of an international

trade data system sponsored by the US Government that will
meet the needs of Federal agencies involved in international
trade as well as the trade information needs of businesses and
the general public.

Issuance Date of the Documents

 Term Definition

J
Jetsam Articles from a ship or ship s cargo that were thrown overboard.
(usually to lighten the load in times of emergency or distress.).
The articles may sink or be washed ashore.

Jettison The act of throwing overboard at sea part of a vessel s parapher-

nalia or cargo or hull - usually in hopes of saving the ship from
sinking.

Joint Agent A person having authority to transact business for two or more
principals . In transportation it is a common occurrence.

Joint And Several Liability Liability for damages imposed on two or more individuals or
legal entities who are responsible together and individually,
allowing the party harmed to seek full remedy against all or any
number of the wrongdoers.

Joint Rate A single freight rate on cargo moving via two or more carriers
who then share the income.

Joint Stock Company An unincorporated business enterprise with ownership interests

represented by shares of stock. Also a joint Stock Association.

Joint Venture A combination of two or more individuals or legal entities who

undertake together a transaction for mutual gain or to engage in
a commercial enterprise together with mutual sharing of profits
and losses.

Jurat A statement signed by a person authorized to take oaths certify-

ing to the authenticity of a document or affidavit.

Juristic Act Action intended to, and capable of having, a legal effect, such as
the creation, termination, or modification of a legal right.

Just In Time The principle of production and inventory control that pre-
scribes precise controls for the movement of raw materials,
component parts and work-in-progress. Goods are expected to
arrive when needed for production rather than arriving prior to
need and becoming inventory.

Jetsam
 Term Definition

K
Keelage The charges paid by a ship entering or remaining in certain
ports.

Key Currency A major currency in the global economy. Key currencies

include the U.S. dollar, the British pound sterling, the German
mark, the Swiss franc, the French franc, the Dutch guilder, the
Japanese yen and the Canadian dollar.

Kiosk A small structure suitable for use as a newsstand, display stand,

bandstand, study stand etc.

Knocked Down An article disassembled, or unassembled, or taken apart, or

folded, or telescoped to reduce its bulk; subject to easy assem-
bly. This is usually done to reduce the dimensions of the ship-
ping package and thereby to save transportation and storage
costs.

Known Loss 1. loss discovered before or at the time of delivery of a ship-

ment.
2. An evident loss (as opposed to a concealed loss or damage to
contents within a package).
3. A loss of which the insured and/or the insurer is aware at the
time the insurance is effected.

Keelage
 Term Definition

L
Laissez-faire A term used to describe minimal governmental involvement in
an economy, allowing market forces and individuals to make
their own decisions, with little or no regulation.

Landbridge The movement of cargo (usually in containers) from one for-

eign country by vessel, transiting another country by rail or
truck, and then being loaded aboard another vessel for delivery
to the destination country. The movement across the country
from port to port is the landbridge portion of the transporta-
tion.

Lanham Act Of 1947 Federal legislation governing trademarks and trademark regis-
tration.

Lay Order The period during which imported merchandise may remain at
the place of unloading without some action being taken for its
disposition.

Lead Time That period of time needed to prepare for an action.

Legal Entity Any individual, proprietorship, partnership, corporation, associ-

ation, or other organization that has, in the eyes of the law, the
capacity to make a contract or an agreement, and the ability to
assume an obligation and to discharge an indebtedness.

Legal Tender Any money that is recognized as being lawful for use by a
debtor to pay a creditor, who must accept same in the discharge
of a debt unless the contract between the parties specifically
states that another type of money is to be used. It is that money
which is lawful for the payment of all debts, public and private,
public charges, taxes, duties and dues.

Less Than Truckload A shipment which does not completely fill a truck or which
weighs less than the weight required for the application of the
truck load freight rate (which is usually a lower freight rate than
applied to less-than-truckload cargo.)

Laissez-faire
 Term Definition

Letter Of Assignment A document with which the assignor assigns its rights to a third
party, the assignee.

Letter Of Credit A commitment, usually by a bank on behalf of a client, to pay a

beneficiary a stated amount of money under specified condi-
tions.

Letter of Indemnity A document which the writer issues to another party agreeing to
protect them from liability for the performance of certain acts.
1. In the case of international transportation when a negotiable
bill of lading has been issued but is not available for surrender
to the carrier when it is desired to take delivery of the ship-
ment, a bank may issue a letter of indemnity to the carrier to
persuade them to release the cargo. (A Letter of Guarantee
may also be used ). The bank will usually obtain a similar let-
ter from its client to protect itself against the liability it
assumes on behalf of the client.
2. On export shipments, some carriers may permit shippers to
issue letters of indemnity to the carriers in order to secure
from them clean bills of lading in place of foul, or to replace
lost original bills of lading.

Letter of Intent A document that describes the preliminary understanding

between parties who intend to make a contract or join together
in another action.

Licensing Agreement The issuance of a license permitting the use of patents, trade-
marks, or other technology.

Lift Van A wooden or metal container used for packing household

goods and personal effects.

Lighter A barge towed by a tugboat and used mainly in harbors and

inland waterways for the transport of cargo to and from ships.
Some may be self-powered.

Lighter Aboard Ship Some ships are constructed to carry special barges (lighters).
These barges can go to smaller docks, go into inland water-
ways, load cargo at those places, and then carry it back to the
ship which lifts the barges aboard, with their cargo, and trans-
ports them overseas. Discharge of cargo is accomplished in the
same manner.

Letter Of Assignment
 Term Definition

Lighterage The loading or unloading of a ship by means of a lighter

(barge), especially when shallow waters prevent an ocean going
vessel from approaching a berth, or if berths are unavailable.

Limitation Period A maximum period set by a statute within which a legal action
can be brought or a right enforced.

Limited Liability 1. Restricted liability for obligations.

2. (USA) Limitation of Liability Act. A U.S. statute which per-
mits a shipowner to restrict his liability to whatever value his
ship has after an event such as a sinking or collision.

Limited Partnership A partnership in which at least one of the partners is a general

partner who conducts the business and has personal liability for
the partnership debts, and at least one of the other partners is a
special partner who shares in the profits and losses but their lia-
bility is limited to the sum they contribute to the partnership.

Line Haul The direct movement of freight between two major ports by a
single ship.

Line Haul Vessel A vessel which is on a regularly defined schedule between

ports.

Line Release System (USA) A separate part of the U.S. Customs Automated
Commercial System used for truck traffic along the land bor-
ders designed for the release and tracking of shipments through
the use of personal computers and bar code technology.

Liner A vessel carrying passengers and cargo that operates with a

fixed schedule on a particular route.

Liner Terms Conditions under which a shipping company will transport

goods, including in the amount payable for freight the cost both
for loading and discharge of the cargo from the vessel.

Liquidated Damages A sum of money that a contracting party agrees to pay to the
other party for breaching an agreement.

Lighterage
 Term Definition

Liquidation 1. The act or process of settling or making clear, fixed and

determined.
2. The winding up and settlement of a debt.
3. The winding up of the financial affairs of a business.
4. (USA) The final computation or ascertainment of the duties
accruing on an entry.

Liquidation System (USA) A part of U.S. Customs Automated Commercial

System, which closes the file on each entry.

Liquidity 1. The availability of liquid funds in an economy.

2. The status or condition of a person or business in terms of its
ability to convert its assets into cash and to meet its obliga-
tions.
3. The capacity of a market in a particular security or commodi-
ty to withstand an unusual amount of buying or selling with-
out affecting the market substantially.

Lloyds Of London An English association of insurance underwriters, the oldest of

its kind in the world. Not in itself an insurance company.

Lloyds Registry An English society, independent of Lloyds of London, which

surveys and classifies the ships of the world according to their
description, condition, seaworthiness, and compliance with
codes and protocols. Also establishes standards for maintenance
and construction. (Correct name is : Lloyds Register of
Shipping.)

Loading The physical placing of cargo into a truck, a shipping container,

or onto a vessel.

Longshoreman A laborer who loads and unloads ships, handles cargo and con-
tainers at shipping terminals, and loads and unloads containers
at shipping terminals.

Liquidation
 Term Definition

Lot Labels Labels attached to each piece of multiple lot shipment for iden-
tification purposes. Each lot label will carry the same number
(the lot number) . There may also be a consecutive number on
each label to separately identify each package.

Lower Deck Containers Carrier owned containers specially designed as an integral part
of the aircraft to fit in the cargo compartments of a wide body
aircraft. These compartments are on the lower deck of the air-
craft below where the passengers sit.

Lot Labels
 Term Definition

M
Macroeconomics The study of large scale economic factors affecting an economy
as a whole.

Mail Entry A means of shipping and entering goods into a Customs

Territory through the postal system.

Mala Fides In bad faith. (A seller s representation that goods are usable for a
particular purpose when in fact the seller knows that the goods
are not.)

Manifest 1. A document listing and describing the cargo contents of a

carrier, container or warehouse.
2. Evident to the senses, especially to the sight. obvious to the
understanding, evident to the mind. open, clear, visible,
unmistakable, indubitable, indisputable, self-evident.

Manufacturer's (USA) An identification number used by U. S. Customs in its

Identification Number (MID) electronic data processing system for each manufacturer whose
goods are shipped to the United States.

Maquiladora A Mexican factory, usually located in a zone close to the US

border, which has special privileges from the Mexican govern-
ment to produce goods for the US market. Much of the work
performed in these factories is the assembly of imported com-
ponents.

Margin 1. In commercial terms the difference between the cost of goods

sold and the total net sales price.
2. The purchase of a stock or a commodity with payment of
only part of the purchase price in cash (called the margin) and
the balance by loan (usually made by the broker.)

Marginal Cost The increase in the total costs of a producer of producing one
more unit of output, or the decrease in producing one less unit
of output.

Macroeconomics
 Term Definition

Maritime Business pertaining to commerce or navigation by sea.

Market Access The openness of a national market to foreign products and

services.

Market Disruption A situation where a surge of imports of a certain product causes

a sharp decline in the domestic sales of that product and creates
a hardship for domestic producers.

Market Economy An economic system where resources are allocated and produc-
tion of goods determined by market forces rather than by gov-
ernment decree.

Market Price The price established in the market where buyers and sellers
compete with each other to negotiate the best prices and terms.

Marking : Country of Origin The physical markings on a product that indicate the country of
origin where the article was produced. (With very few excep-
tions, the U.S. requires every imported article to be so marked.)

Marks Identification placed on the outer surface of shipping containers

or packages. At one time it consisted of pictures, letters and
numbers. With the advent of computers, pictures are no longer
used. Instructions on the packages for their proper handling,
such as This side up may also be considered part of the
marks. Also the weight and measurements of the packages.

Matador Bond Bond issued on the Spanish market by an obligor who is not
domiciled in Spain.

Mate's Receipt A declaration issued by an officer of a vessel stating that certain

goods have been received on board his vessel.

Material Contract Terms Terms in a purchase/sale contract that are considered essential;
they describe the goods, fix the price, fix the quantity, and set
the delivery date.

Measurement Cargo A cargo on which the transportation charge is assessed on the

basis of size or dimensions, instead of upon the gross weight.

Maritime
 Term Definition

Medium of Exchange Anything which is widely accepted in payment for goods and
services and in settlement of debts. Its acceptability is based
upon the fact that it can provide a common basis of measure-
ment of the value of things.

Memorandum Bill of Sometimes the duplicate (non-original) copies of bills of lading

Lading are marked Memorandum and are intended for informational
purposes only.

Memorandum of An informal record, document, or instrument that serves as the

Understanding basis of a future contract.

Merchant's Credit A form of commercial letter of credit which the buyer, with no
commitment on the part of a bank, sends to the seller via a bank
in the district of the buyer. The seller presents his bill of sale and
evidence of shipment in order to obtain payment from the
buyer.

Microbridge An intermodal movement of cargo which involves a vessel leg

to a port and then a movement via another transportation mode,
truck or rail, to an inland point where the movement terminates.
In the reverse direction, the cargo is picked up at a point inland
for transport via truck or rail to a port where a vessel loads the
cargo and transports it to an overseas port. The land portion of
the two intermodal moves described is the microbridge .

Minibridge An intermodal movement of cargo involving a vessel leg from

one country to a port in another country, and then a movement
via truck or rail to another port in that country, and there the voy-
age is terminated. The traversing of the land in the second coun-
try from discharge port to destination port is the minibridge
portion of the movement. There could be a similar but opposite
combined minibridge movement in the other direction.

Minimum Charge The lowest amount that will be charged regardless of the
amount of service rendered.

MOD Act (USA) Customs Modernization and Informed Compliance Act

: Passage 1992, HR 3935.

Medium of Exchange
 Term Definition

Money Any denomination of coin or paper currency of legal tender that

passes freely as a medium of exchange.

Money Creation The increase in money supply by the central or commercial

banks.

Money Market The market for short term financial instruments (i.e. commer-
cial paper, treasury bills, discount notes).

Money Market Operations Creating, investing in, buying and selling short term obligations
in the market for short term debt instruments.

Money Supply The amount of cash and bank deposits available in an economy.

Moor To secure a vessel to an anchor, buoy, or pier.

Moorage Charges assessed for mooring a vessel to a pier or wharf.

Most Favored Nation A trade policy commitment on the part of one nation to extend
to another nation tariff rates as low as applies to any other
most favored nations, and to treat imports from that nation
without discrimination.

Motor Carrier's Terminal The place where a motor carrier receives freight, delivers freight
to other motor carriers, temporarily stores freight, loads trucks
and containers, and generally does all the things which a carrier
has to do regarding freight handling and servicing of its trucks
and equipment.

Multilateral Agreement An agreement among more than two persons, firms, or govern-
ments.

Multimodal Transport Transportation which includes at least two modes of transport,

such as shipping by rail and by sea.

Multinational Corporation A corporation having subsidiaries in more than one country.

Money
 Term Definition

N
NAFTA North American Free Trade Agreement.

National Association Of A nonprofit organization to act as the information provider, sup-

Export Companies port clearinghouse forum, and advocate for those involved in
exporting and servicing exporters.

National Customs Brokers (USA) A non-profit organization which serves as the trade
And Freight Forwarders organization of customs brokers and international freight for-
Association warders in the U.S.

National Trade Data Bank (USA) An electronic data base which contains international
(NTDB) economic and export promotion information supplied by 15
U.S. governmental agencies.

National Treatment National treatment affords foreign individuals and firms the
same competitive opportunities, including market access, as are
available to domestic parties.

Nationalization Takeover by a government of a public or private activity.

Negotiable Legally capable of being transferred by endorsement or delivery.

Negotiable Bill of Lading A bill of lading transferable by endorsement by virtue of its

terms which make the goods which it covers deliverable to
bearer , or to the order of a named party, or to the assigns.

Nested Packed one within another ; for example the way paper cups are
stacked as a way of saving space.

Net Cash Payment for goods sold without any deduction allowed from
the price.

Net National Product The total amount of goods and services produced in a nation in
a given period of time less the quantity of goods and services
needed for its production.

NAFTA
 Term Definition

Net Price Price after all deductions, discounts, rebates, etc have been
taken.

Net Weight The weight of goods without packaging. The weight of the con-
tents of a package.

No Show Freight that has been booked for shipment on a carrier, but has
not physically arrived in time to be loaded before departure of
the carrier. This term is also applied to passengers who do not
arrive for a departure

Notary Public A person commissioned by a state for a stipulated period to

administer certain oaths and to attest and certify documents. In
some countries, the authority of a notary public is much more
extensive.

Notify Address Address of the party mentioned in the transport document to

which the carrier is to give notice about the arrival of the ship-
ment.

Notify Party Name and address of a party indicated in the transport docu-
ment to be notified by the shipping company of the arrival of a
shipment.

NTDB (USA) National Trade Data Bank : A data base used as the cen-
tral collection point for US government generated export pro-
motion information.

Net Price
 Term Definition

O
Ocean Bill of Lading A receipt for the cargo and a contract for transportation issued
by an ocean carrier. When issued in negotiable form, it is also
an instrument of title.

Offer 1. A proposal that is made to a certain individual or legal entity

to enter into a contract, that is definite in its terms, and that
indicates the offerer s intent to be bound by an acceptance.
2. With respect to securities, the price at which one is ready to
sell.

Office Of Export Licensing An agency under the Bureau of Industry and Security that
(OEL) administers export licenses.

Office Of Management And An executive office of the President which evaluates, formu-
Budget lates and coordinates management procedures and program
objectives within and among federal departments and agencies.
It also controls the administration of the federal budget.

Official Development Official Development Assistance Financial flows to developing

Assistance countries and multilateral institutions provided by official gov-
ernment agencies.

Offshore Bank A bank located in a country other than the bank which owns it.
The owning bank is usually in a major country and the
offshore bank in a smaller country.

Offshore Banking Center A financial center where many of the financial institutions have
little connection with that country s financial system, but have
located themselves there to benefit from less regulation and/or
lower taxes.

Old-To-Market (USA) This is a term used by the International Trade

Administration to define larger scale firms who are committed
and experienced in export trade and have export sales often in
excess of 15% .

Ocean Bill of Lading

 Term Definition

On Board Notation on a bill of lading indicating that the goods have been
loaded on board a named ship.

On Deck Bill Of Lading An ocean bill of lading containing the notation that the goods
have been loaded on the deck of the vessel.

Open Account Credit extended that is not supported by a note, mortgage, or

other formal written evidence of indebtedness.

Open Conference A shipping conference in which there are no restrictions upon

membership other than ability and willingness to serve the trade
and abide by the rules of the conference.

Open Economy An economy free of trade restrictions.

Open-End Contract An agreement by which the buyer may purchase an unspecified

amount of goods from a seller over a certain period of time
without changes in the price or the contract terms.

Operator of Foreign Trade (USA) A corporation that operates a foreign trade zone under
Zone the terms of an agreement with a foreign trade zone grantee.

Order 1. A request to deliver, sell, receive or purchase goods or services.

2. An instruction, command or direction authoritatively given.
3. A designation of the person to whom a bill of exchange is to
be paid, or delivery of goods made, or a bill of lading con-
signed (A key word which makes a document negotiable)
4. A rank, class or division of men.

Order Bill A bill of lading that states that goods are consigned to the
order of the person named, or simply to order (of no one in
particular). Such a bill of lading is a negotiable document.

Order Notify A bill of lading which is negotiable because it is consigned to

order with no entity named ; but it does have a named party
indicated to whom the carrier is expected to send a notice of
arrival.

On Board
 Term Definition

Outright Free from reserve or restraint ; direct ; positive ; downright ;

altogether ; entirely ; openly.

Over the Counter Securities trading which takes place outside the normal Security
Exchanges.

Overnight The period in which settlement is required on a transaction such

as a currency trade or a swap - on the next business day after the
transaction.

Outright
 Term Definition

P
Packing List A document listing the merchandise in a particular shipment
indicating the kind and quantity in each package.

Pallet A platform with or without sides, on which a number of pack-

ages or pieces may be loaded to facilitate handling. Usually the
pallet is constructed so that it has space underneath it to permit
lifting by mechanical equipment.

Pallet Loader A device employing a vertical lift platform for the mechanical
loading or unloading of pallets of freight at plane side.

Pallet Transporter A vehicle for the movement of loaded pallets from one place to
another.

Palletizing The loading and securing of a number of sacks, bags, boxes or

drums on a pallet base.

Par Equal. An equality between the face value of a bill of exchange,

share of stock etc., and its actual market value. If it can be sold
for more, it is above par; if for less, it is below par.

Par Exchange Rate The free market price of one country s money in terms of the
currency of another.

Par Of Exchange The precise equivalency of a given sum of money of one coun-
try with the like sum of money of another country into which it
is to be exchanged.

Par Value 1. The official fixed exchange rate between two currencies or
between a currency and a specific weight of gold.
2. Par Value of a currency is its official rate of exchange.
3. Par Value of a share of stock is the value declared on its
face.
4. As to a mortgage or a trust deed, it is the balance owing, with-
out discount.

Packing List
 Term Definition

Parent Bank A bank in one country that has a subsidiary in another country.

Parity 1. Equality in amount or value.

2. Equivalence of prices of goods or services in different markets
3. The relationship between two currencies such that they are
exchangeable for each other at par or at the official rate of
exchange.
4. Equivalence of prices of farm products (or farm income) to
those existing at a former time, or to the general cost of living.

Parol Contract A contract that is oral only as distinguished from one that is
written.

Particular Average A partial loss of cargo or hull which falls entirely upon the inter-
est concerned. See also General Average

Partnership An unincorporated business owned and operated by two or

more persons, who, according to the agreement of the partner-
ship, share the profits and the losses, and the responsibilities,
and have general or limited liability. (At least one partner must
have unlimited liability)

Patent A grant by law of a privilege, property, or authority, to one or

more individuals - including the grant to an inventor of the right
to exclude others from making, using or selling the invention
for a term of years.

Payable In Exchange A negotiable instrument conspicuously marked on its face

Exchange and naming a payee, is considered to be negotiable
and payable to the order or assigns of the designated payee.

Payee 1. The person or organization to whose order a check or draft or

note is made payable.
2. One to whom money is paid or is to be paid.

Payer (Or Payor.) One who pays or is to pay, particularly the person
who is to make payment of a check, bill, note, or account.

Parent Bank
 Term Definition

Penalties 1. Punishment, corporeal or pecuniary, or civil or criminal,

although its meaning is generally confined to pecuniary pun-
ishment for doing an act that is prohibited or failing to do one
which is required.
2. The sum of money which the obligor of a bond undertakes to
pay in the event of his failure to perform his obligations under
the conditions of the bond.

Performance The proper fulfillment of a contract or obligation according to

its terms.

Peril Point An estimated limit beyond which a reduction in tariff protection

would cause material injury to a domestic industry.

Perishable Freight Goods subject to decay or deterioration during shipment.

Petrodollars Hard currency, principally U.S. Dollars, earned by developing

nation s production and sale of petroleum.

Phytosanitary Inspections A certificate issued by the agency of a national government

indicating that an export shipment has been inspected and is
free from harmful pests and plant diseases.

Pickup and Delivery An optional additional service for the transport of shipments
Service from shipper s door to originating carrier s terminal and from
the terminal of destination to receiver s door, offered by some
airlines, railroads and sometimes by other shipping modes.
With some transportation services such as the postal and small
package express services, it is a standard service rather than
optional.

Pickup Order An order to a carrier to pick up freight at a location.

Pier-to-Pier Shipment of cargo with carrier responsibility from origin pier to

discharge pier.

Piggyback The transportation of truck trailers and containers on specially

equipped railroad flat-cars.

Penalties
 Term Definition

Pilferage Taking of property by stealth or clandestine theft, usually in

small quantities.

Pilot 1. A person who flies an airplane.

2. A person whose occupation is to guide ship s, particularly
along a coast, or into and out of a harbor.

Plimsoll Mark The horizontal line on the outside of a ship which represents the
depth to which a vessel may be safely loaded.

Point of Origin 1. The location in which a good is manufactured or produced.

2. The location at which a shipment is received by a transporta-
tion line from the shipper.

Port 1. A place intended for loading and unloading the cargo or pas-
sengers of vessels - it may be within a natural harbor on a
coast, or on a river, or within sheltered water produced by
artificial jetties.
2. A place where customs officers are stationed for the collec-
tion of duties and the control of imports and exports.

Port Charge A charge made for various services performed at ports.

Port of Discharge The port at which a shipment is off loaded by a transportation line.

Port of Entry A place designated by law at which Customs is stationed and

carriers from foreign ports, foreign goods and persons are per-
mitted to arrive.

Port of Export A place where Customs is stationed to control departures of car-

riers, passengers, and goods to foreign countries.

Port-of-Origin Air Cargo (USA) U.S. Customs clearance at foreign airports to facilitate
Clearance the procedures before arrival in the U.S.

Portfolio Investment In investment, the collective term for all the securities held by
one person or institution.

Pilferage
 Term Definition

Post-Shipment (USA) An inspection or other action to determine that an

Verifications exported strategic commodity is being used in the places and
for the purposes for which its export was licensed.

Postdated Check A check delivered prior to its date, generally payable on or

after the day of its date.

Preference 1. A creditor s right to be paid before other creditors of the

same debtor.
2. A trade preference is the granting of a preferred status to
some or all of the goods of a preferred country, such as
lower rates of duty or admissibility of goods in quantities
over and above those normally permitted.

Preferential Tariff A tariff which imposes lower rates of duty on goods import-
ed from some countries.

Preferred Country A country which has lower rates of duty imposed on its
goods or is given other preferential trade treatment by anoth-
er country.

Premium 1. A bounty or bonus above a regular price, paid as an incen-

tive to do something.
2. The price of insurance protection for a specified risk for a
specified period of time.
Comment : Meaning numbered 1 above indicates that one
meaning of Premium is : Something in addition to the
regular price. In meaning numbered 2 Premium is the
price itself.
3. A give-away - a reward or prize.

Prepaid 1. A notation on a shipping document indicating that ship-

ping charges have already been paid by the shipper to the
carrier, or it is an expression of the intention that payment
is to be made by the shipper.
2. An expense paid before it is currently due.
3. A service or good paid for before it is delivered.

Post-Shipment Verifications
 Term Definition

Prepaid Charges In transportation, this term may mean that all charges, including
freight, are to be paid by the shipper. Or, it may mean that only
those charges designated as prepaid are to be paid by the ship-
per with other charges to be collected from the receiver. Which
charges are which are generally decided by prior agreement.

Price Support Subsidy or financial aid offered to specific growers, producers,

or distributors, in accordance with governmental regulations to
keep market prices from dropping below a certain minimum
level.

Priority Air Freight Reserved air freight or air express service wherein certain ship-
ments by special arrangement, at extra cost, have a priority after
mail and the small package services.

Private Corporation A business corporation with shares that are not traded among
the general public.

Procurement The act of obtaining ; attainment ; acquisition ; purchasing ; buying.

Product Groups Classification of products into groups for various purposes : sta-
tistics, export control, import quotas etc.

Productivity A measurement of the efficiency of production.

Proof of Delivery Evidence that one party has turned over something (cargo) to
another. Commonly, in transportation, a signed, dated acknowl-
edgement of receipt.

Proprietor A person who has an exclusive right or interest in property or in

a business (the owner.)

Proprietorship A business, usually unincorporated, owned and controlled by

one person (sole proprietorship.)

Protectionism The deliberate use or encouragement of restrictions on imports to

enable relatively inefficient domestic producers to compete suc-
cessfully with foreign producers, or to protect and preserve those
industries and producers considered of critical national interest.

Prepaid Charges
 Term Definition

Protective Service Some airlines offer a protective service where shippers can
arrange to have their shipments under carrier surveillance at
each stage of transit.

Protective Tariff A duty or tax on imported products to make them more expen-
sive in comparison to domestic products.

Protest 1. (USA) The procedural means by which an importer, con-

signee, or other designated party may challenge a customs
decision.
2. An action required to be taken in some countries in order to
protect one s rights to seek legal remedies when a collection
is dishonored.

Public Corporation 1. A business corporation with shares traded among the general
public, such as through a stock exchange.
2. An instrumentality of the state, founded and owned by the
public interest, supported by public funds, and governed by
those deriving their authority from the state.

Published Rate 1. The freight charges for a particular class and quantity of
cargo as published in a carrier s tariff.
2. The service charges of many kinds of public utilities (usually
government regulated enterprises) which are published in tar-
iffs for public information.

Purchase Order A purchaser s written offer to a supplier formally stating all

terms and conditions of a proposed transaction.

Protective Service
 Term Definition

Q
Quantitative Restrictions Explicit limits, or quotas, on the physical amounts of particular
commodities that can be imported or exported during a speci-
fied time period, usually measured by volume but sometimes
by value. The quota may be applied on a selective basis, with
varying limits set according to the country of origin or destina-
tion, or on a quantitative global basis that only specifies the total
limit and thus tends to benefit more efficient suppliers.

Quarantine 1. The term during which an arriving ship or airplane, including

its passengers, crew and cargo, suspected of carrying a conta-
gious disease, is held in isolation to prevent the possible
spread of the disease.
2. The place in which a person or carrier under quarantine is
held.

Quay A structure built for the purpose of mooring a vessel; also called
a pier.

Queue A line of people, vehicles etc., especially a waiting line as

before a ticket window or a toll booth.

Quid Pro Quo 1. A mutual consideration ; securing an advantage or receiving

a concession in return for a similar favor.
2. A mutual consideration which passes between the parties to a
contract, and which renders it valid and binding.

Quota A limitation on the quantity of goods that may be imported into

a country from all countries or from specific countries during a
set period of time. Export quotas have similar parameters.

Quota System (USA) A part of the U.S. Customs Service Automated

Commercial System, which controls quota levels (quantities
authorized) and quantities entered against those levels.

Quantitative Restrictions
 Term Definition

R
Rail Waybill A document used to control the transportation of a shipment of
goods via rail. It is similar in content to an inland bill of lading,
with freight and other charges, and routing.

Rate Of Exchange The price at which the money of one country can be exchanged
for the money of another country.

Real Rights Rights in real estate or in items attached to real estate.

Realignment of Currencies Simultaneous and mutually coordinated revaluation and devalu-

ation of the currencies of several countries.

Receipt 1. Any written acknowledgment of value received. It is a mere

admission of a fact without containing any affirmative obli-
gation.
2. Receipt of goods means taking possession of goods.

Received For Shipment Bill A bill of lading which confirms the receipt of goods by the car-
Of Lading rier for transportation on a particular vessel, but not their actual
loading on board the vessel nor their actual shipment.

Receiving Papers In transportation, paperwork that accompanies a shipment when

it is brought to a carrier.

Reciprocal Trade An international agreement between two or more countries to

Agreement establish mutual trade concessions that are expected to be of
equal value.

Reciprocity The process by which governments extend similar concessions

to each other.

Reconsignment In transportation, a change in the name of the consignee; a

change in the place of delivery; or relinquishment of the ship-
ment by the carrier at the point of origin.

Rail Waybill
 Term Definition

Redeliver 1. To yield and deliver back a thing.

2. (USA) In U.S. Customs, it is a demand by customs to return
to Custom s custody goods for reexamination, detention, re-
export or destruction.

Reefer Container A controlled temperature shipping container (usually refrigerat-

ed with a self-contained refrigeration unit).

Reexport The export of imported goods without appreciable added value.

Refund 1. To repay or restore. To return money in restitution or repay-

ment. To return overpaid charges
2. That which is refunded. The amount returned.
3. To fund again or renew ; specifically to borrow in order to
pay off an existing loan with the proceeds.

Relay In marine transportation, a procedure in which a shipment is

shipped to an intermediate port and transferred to another vessel
for delivery to the ultimate destination port.

Remittance Funds forwarded from one person to another.

Replevin A legal action for the recovery of property brought by the

owner or party entitled to repossess the property against a party
who has wrongfully kept it.

Request For Quotation A negotiating approach whereby the buyer asks for a price quo-
tation from a potential seller for specific goods.

Rescind To abrogate, annul, avoid, cancel a contract ; declare it void in

its inception and put an end to it as though it never were.

Reserved Freight Space A service by some carriers (airlines and ship lines) enabling
shippers to reserve freight space on designated voyages.

Restricted Letter of Credit A letter of credit which restricts negotiation to the bank the issu-
ing bank has nominated in the credit.

Redeliver
 Term Definition

Restrictive Business Actions in the private sector designed to restrict competition in

Practices order to keep prices relatively high.

Retaliation 1. the return of evil for evil.

2. Action taken by a country to restrain its imports from another
country that has increased a tariff or imposed other measures
that adversely affect its exports.

Revaluation 1. The restoration of the value of a nation s currency that had

once been devalued in terms of the currency of another
nation.
2. The restoration of purchasing power to an inflated currency.
3. Restoration of the value of a currency
4. Currencies of countries undergoing inflation are more often
devalued, meaning that either by market forces or by dec-
laration of the issuing government, a greater number of units
of its currency are required to purchase other currencies.
When the reverse occurs, usually in an attempt to restore the
purchasing power of an inflated currency, this is called
revaluation.

Reverse Preferences Tariff advantages offered by developing countries to imports

from certain developed countries that had granted them trade
preferences in the past (This practice has generally ceased).

Revolving Letter of Credit A letter of credit which when drawn upon is automatically
restored to its full amount, periodically, or after a particular
event prescribed in the credit.

Risk Position The condition of an asset or liability which is exposed to fluctu-

ations in value (on the international markets this would include
changes in exchange rates or interest rates as well as changes in
market value)

Road Waybill Transport document is used to control shipments of goods via

truck. It contains the same information as an inland bill of lad-
ing, with freight and other charges, and routing.

Restrictive Business Practices

 Term Definition

Roll on, Roll off A category of ships designed to load and discharge cargo which
rolls on wheels, and as the name says is driven onto the decks of
the vessel and driven off.

Rollover Credit Short term notes or loans which may be extended after the ini-
tial due date.

Route 1. A customary or regular line of passage or travel.

2. The course or direction that a particular shipment moves.
3. To direct the routing of a shipment (and whose services shall
be employed).

Royalty Compensation for the use of property, usually copyrighted or

patented material or natural resources, based on an agreed per-
centage of the income arising from its use or an amount per unit
produced

Roll on, Roll off RoRo

 Term Definition

S
Sales Agreement A written document (a contract) by which a seller agrees to con-
vey property to a buyer for a stipulated price under specified
conditions.

Sales Tax A tax placed by a state or municipality on items at the time of

their sale, usually a percentage of the purchase price.

Salvage 1. Compensation paid for the rescue of a ship, its cargo or pas-
sengers from the perils of the sea.
2. the act of saving a ship or its cargo from possible loss.
3. property saved from a wreck or fire.

Samurai Bond Bond issued on the Japanese market in yen for non-Japanese
borrowers.

Sanction 1. A punitive act taken by one or more nations against another

nation which has violated a treaty or international law.
2. A proviso in a law to secure its enforcement by imposing a
penalty for its violation or offering a reward for its obser-
vance.

Seal A mark or sign that is used to attest the execution of an instru-

ment, contract, or other document.

Seaworthiness The fitness or safety of a vessel for its intended use.

Secured Guaranteed as to payment by the pledge of something valuable

as security or collateral.

Security 1. Property pledged as collateral to a debt.

2. Protection ; assurance ; indemnification.
3. A document that indicates evidence of indebtedness or of
equity interest - including notes, bonds, debentures, stocks,
certificate of interest, etc. which may be traded on an
exchange.

Sales Agreement
 Term Definition

Seizure The act of taking possession of property.

Seller's Market Exists when goods are in short supply compared to the demand,
at which point the economic forces of business tend to cause
goods to be priced at the vendor s estimate of value.

Selling Rate Rate at which a bank is willing to sell foreign exchange or to

lend money.

Service A Loan To pay interest due on a loan.

Settlement Date The date on which payment for a transaction must be made.

Shared Foreign Sales (USA) A foreign sales corporation formed to make export sales
Corporation and earn favorable tax treatment thereon. A Shared Foreign
Sales Corporation requires more than one and less than 25 unre-
lated exporters.

Ship's Manifest A list of the individual shipments constituting the ship s cargo.

Ship's Papers The documents a ship must carry to meet the safety, health,
immigration, commercial and customs requirements of a port of
call or of international law.

Ship's Stores The food, medical supplies, spare parts and other provisions
carried for the day-to-day running of a vessel.

Shipment 1. Delivery of cargo to a carrier for transportation.

2. The transportation of goods.
3. The property which is the subject of transportation.

Shipped On Deck Goods shipped on the deck of a vessel. The bill of lading cover-
ing goods shipped on deck must be annotated to that effect.

Seizure
 Term Definition

Shipper 1. One who transports goods for a charge. In normal usage,

such a person would be called a carrier, but carriers are also
called shippers
2. One who tenders goods to a carrier for transportation.
3. The sender of goods to be transported as distinct from the
receiver or the consignee.

Shipping Order Instructions from a shipper to a carrier for the transportation of

goods.

Short Form Bill of Lading A bill of lading on which the detailed conditions of transporta-
tion are not listed in full, but instead there is a statement which
declares them to be incorporated by reference, and states the
place where they are available.

Short of Exchange The position of a foreign exchange trader who has sold more
foreign currency of a particular country than he has in posses-
sion to cover sales.

Short Weight Any shipment found to weigh less than the documents indicate,
be it a bill of lading, a dock receipt, a warehouse receipt, an
inspection certificate, or a weight tally.

Shortage A deficiency in quantity shipped, stored, or received.

Sling A contrivance into which freight is placed to be hoisted into or

out of a ship.

Slip A vessel s berth between two piers.

Small Package Service A specialized service to guarantee the delivery of small parcels
within specified express time limits.

Smuggling Moving goods across a customs frontier in a clandestine man-

ner, evading customs control. It may be goods on which duty
and taxes have been avoided, or it may be goods which are not
permitted to be imported or exported.

Soft Currency The currency of a country that is not readily accepted by other
countries and is not readily converted into currencies which are
readily acceptable (hard currencies).

Shipper
 Term Definition

Soft Loan A loan made with easy or generous terms such as low or no
interest and long payback.

Sovereign Credit A direct borrowing or a borrowing guaranteed by the govern-

ment of a sovereign state.

Sovereign Risk 1. The risk to a lender that the government of a sovereign state
may default on its financial obligations.
2. The risk to a lender that unfavorable changes in the
borrower s overall currency exchange position might imperil
the payment of a loan.
3. The risk to a lender that unfavorable political events in the
country of the debtor might imperil repayment

Special Rates Rates that apply to cargo traffic under special conditions and
usually to and from a limited number of points.

Specific Commodity Rate With reference to freight rates, it is a favorable freight rate usu-
ally applicable to certain classes of commodities which move in
large volume shipments.

Specific Rate of Duty A specified amount of duty per unit of weight or other quantity.

Spot Cash Immediate cash payment on a transaction.

Spot Exchange The purchase and sale of foreign exchange for delivery and
payment at the time of the transaction.

Spot Exchange Rate The price of one currency expressed in terms of another curren-
cy at a given moment in time.

Spot Market The market for a commodity or foreign exchange available for
immediate delivery.

Spot Operations Foreign exchange dealings and commodity trading in which

settlement of the mutual delivery and payment commitment is
made immediately.

Spot Price The selling of goods or commodities for immediate delivery.

Soft Loan
 Term Definition

Spot Rate The rate (price per unit) for purchase or sale of a commodity or
foreign exchange for immediate delivery.

Spotting The placing (or parking) of a container in the place where

required, to be loaded or unloaded, or held for further action.

Standby Commitment A bank commitment to loan money up to a specified amount

for a specific period, to be used only in a certain contingency.

Standby Letter of Credit A letter of credit which a bank issues on behalf of its customer
to serve as a guarantee to the beneficiary of the letter of credit
that the bank s customer will perform a specified contract with
the beneficiary. If the customer defaults, the beneficia may draw
funds against the letter of credit as penalties or as payments,
whichever the terms of the credit provide.

Steamship (or steamer) Vessels powered by steam engines. However, the term is often
used to describe powered vessels in general, and companies
who operate ocean going cargo vessels are often called
steamship companies despite the fact that the use of steam
power for ocean going vessels is obsolete, the modern standard
being diesel engines fueled by oil.

Steamship Indemnity A contract of indemnity issued by a bank to an ocean carrier

indemnifying the carrier for any loss incurred for release of
goods without surrender of the original bill of lading properly
endorsed.

Stevedore 1. A person having charge of the loading and unloading of ships

in port.
2. Sometimes used to indicate those laborers who actually per-
form the physical work of loading and unloading a ship (usu-
ally called longshoremen).

Storage The keeping of goods in a warehouse or other repository.

Storage Demurrage A storage charge made on property remaining on the dock or

terminal past the permitted free-time period .

Spot Rate
 Term Definition

Storage in Transit The stopping of freight traffic at a point located between the
point of origin and destination to be stored and reforwarded at a
later date.

Store-Door Delivery The movement of goods to the consignee s place of business,

customarily applied to movement by truck.

Stowage The arranging and packing of cargo in a vessel for shipment.

Stowage Instructions Specific instructions given by the shipper or his agent concern-
ing the way in which cargo is to be handled or stowed. It may
refer to the location in the hold, whether a particular side is to be
on top, the kind of other cargo it may not be near, the number of
pieces which may be stacked, what implements may not be
used to move it, such as use no hooks on bales, etc.

Stowplan A diagram showing where cargo has been placed in a vessel

(also known as a stowage plan.)

Straight Bill of Lading A nonnegotiable bill of lading that designates a consignee who
is to receive the goods and obligates the carrier to deliver the
goods to that consignee only.

Strike Clause An insurance clause which may be included in policies to cover

against losses as a result of strikes, riots and civil commotions.

Stripping The unloading of cargo from a container or truck (also called

devanning).

Stuffing The loading of cargo into a container.

Subsidiary Any organization more than 50 percent of whose voting stock is

owned by another firm.

Subsidy A grant paid by a government to producers or exporters of

goods to strengthen their competitive position.

Supply Access Assurances sought by importing countries that they will, in the
future, have fair and equitable access at reasonable prices to
supplies of raw materials and other essential imports.

Storage in Transit
 Term Definition

Surcharge A charge or tax above the usual or customary charge.

Surety A bond or other security that protects a person, corporation, or

other legal entity in case of another s default in the payment of a
given obligation, improper performance of a given contract,
malfeasance of office, etc. The one who undertakes to be the
surety is primarily liable in case of the default.

Survey 1. To examine and report on the condition of a vessel for pur-

poses of establishing seaworthiness, value, or dimensions.
2. To examine and report on the condition of goods or a struc-
ture.
3. To examine and report on the condition of goods or property
after a casualty to determine the extent of the loss and the
probable cause. (Often to support an insurance claim -
although there may be a claim without insurance being
involved)
4. The reports described above, generally conducted by an inde-
pendent third party, called a surveyor .

Sushi Bond Eurodollar bonds issued by Japanese corporations on the

Japanese market for Japanese investors.

Swap (transactions) A kind of financial transaction which has many variations, usu-
ally highly complex. They generally involve a simultaneous
exchange of assets (the swap) by counterparties for other differ-
ent assets of comparable value. The assets may be commodities
or they may be financial instruments involving interest rates,
cash flows, foreign exchange, debts or equities. In addition to
financial profits, the swaps have many purposes such as limit-
ing risks, overcoming restrictions in certain markets, or balanc-
ing portfolios.

Switch Arrangements A form of countertrade in which the seller sells on credit and
then transfers the credit to a third party at a discount. Or, in
another type of switch, the rights to purchase certain goods,
resulting from a countertrade operation, are sold to a third party
at a discount.

Surcharge
 Term Definition

T
Tare Weight The weight of a container and/or packing materials, but without
the goods being shipped. The gross weight of a shipment less
the net weight of the goods being shipped. (In other words, the
weight of the packing)

Tariff 1. A comprehensive list or schedule of merchandise with

applicable duty rates to be paid or charged for each listed arti-
cle ; together with governing rules and regulations. (A
customs Tariff)
2. A schedule of rates and charges applied by a business, espe-
cially a common carrier, together with a description of the
services offered and the rules and regulations applicable.

Tariff Anomaly In a customs tariff, a tariff anomaly exists when the tariff on raw
materials or semi-manufactured goods is higher than the tariff
on the finished product.

Tariff Escalation In a customs tariff, a situation in which duties on raw materials

are nonexistent or very low ; duties on semi-processed goods
are moderate ; and duties on manufactured goods are relatively
high.

Tariff Rate Quotas (Customs) Application of a higher duty rate to imported goods
after a specified quantity of the item has entered the country at a
lower prevailing rate

Tariff Schedule (Customs) A comprehensive list of the goods which may be

imported into a country, and the import duties applicable to
each product.

Tariff War (Customs) When one nation increases the tariffs on goods
imported from, or exported to another country, and that country
then follows by raising tariffs itself in a retaliatory manner

Tax Haven A nation offering low tax rates and other incentives for individ-
uals and businesses of other countries to locate there.

Tare Weight
 Term Definition

Temporary A customs procedure under which certain goods can be brought

Importation(Admission into a customs territory temporarily, conditionally relieved from
Temporaire) the payment of import duties and taxes ; such goods must be
imported for a permitted purpose and must be intended for
exportation within the permitted period.

Tender 1. A small vessel which serves a larger vessel in a port for the
purpose of supplying provisions and carrying passengers to
and from ship to shore.
2. An offer of money. An offer to supply something. An offer to
present something.
3. To satisfy a claim, an unconditional offer to perform coupled
with a manifest ability to carry out the offer.
4. A car connected behind a steam railroad locomotive to carry
coal and water. (Almost obsolete)

Tenor The term fixed for the payment of a draft or debt.

Terminal An facility which is used by a rail, ship, air, or truck line as a

place for receiving and delivering cargo ; loading ; unloading ;
transferring ; temporarily storing ; recoopering ; and similarly
handling freight ; and repairing and servicing equipment

Terminal Charge A charge made for services performed at transportation termi-

nals.

Terms of Trade The ratio of the index of export prices to the index of import
prices. (Note the difference from Trade Terms )

Third World Countries Developing countries, especially in Asia, Africa, and Latin
America.

Through Bill of Lading A single bill of lading covering receipt of cargo at a point of ori-
gin for delivery to an ultimate consignee, usually involving
multiple carriers and multiple modes of transport.

Temporary Importation(Admission Temporaire)

 Term Definition

Through Rate A shipping rate applicable to transportation from point of origin

to destination where multiple carriers and multiple modes of
transport may be involved.

Tied Loan A loan made by a government that requires a foreign borrower

to spend the proceeds in the lender s country.

To Order A term on a financial instrument or title document indicating

that it is negotiable and transferable.

Tracer A request upon a transportation line to trace a shipment for the

purpose of locating its whereabouts, expediting its movement or
establishing delivery.

Tracking A carrier s system of recording movements of shipments from

origin to destination.

Trade Acceptance A draft drawn by the seller of goods upon the buyer who agrees
to pay by signing accepted on the draft.

Trade Deficit A nation s excess of imports over exports over a period of time.

Trade Name The name under which an organization conducts business, or

by which the business or its goods and services are identified.

Trade Promotion Encouragement of the progress, growth, or acceptance of trade.

(Note : Some would define it solely as the encouragement of
exports)

Trade Surplus A nation s excess of exports over imports over a period of time.

Trade Terms The setting of responsibilities of the buyer and seller in a sale
including sale price, the payment of costs such as shipping,
insurance, and customs ; the arranging of the performance of
these activities ; and the determination of when title passes.
(Note the difference from Terms of Trade )

Trailer A vehicle without motor power designed to be drawn by anoth-

er vehicle.

Through Rate
 Term Definition

Tramp Line A transportation line operating tramp steamers in waterborne

commerce.

Tramp Steamer A vessel which does not operate under any regular schedule
from one port to another, but calls at any port where cargo may
be obtained and charges a negotiated amount of freight. Usually
they transport breakbulk or bulk cargo.

Trans-Ship 1. To transfer goods from one transportation line to another, or

from one ship to another, or from one airline to another in
order to complete a delivery.
2. To ship to one country, and then to re-export to another.
(Sometimes the second exporting country may be incorrectly
represented as the country of origin)

Transaction Value (USA) The price actually paid or payable for merchandise
imported

Transfer Of Technology The movement of modern or scientific methods of production

or distribution from one enterprise or country to another.

Transfers A transfer is the remittance of a sum of money to a party in

(mail, wire, cable) another place. This may be accomplished by mailing cash or
drafts or using the services of a commercial bank or a wire
transfer company for a fee.

Transit Zone An area in a port of entry in a coastal country that is established

as a storage and distribution center for the convenience of a
neighboring country which lacks adequate port facilities or
access to the sea.

Transmittal Letter In international commerce, a letter from the shipper or their

agent transmitting documents relative to a shipment. Usually
there will be included a list of the documents enclosed and
details covering the transportation of the shipment such as the
name of the carrier, date of departure etc.

Transparency The extent to which laws, regulations, agreements, and prac-

tices affecting international trade are open, clear, measurable,
and verifiable.

Tramp Line
 Term Definition

Transport Documents All types of documents evidencing acceptance, receipt and

shipment of goods.

Transportation and (USA) Customs entry used when merchandise arrives in the
Exportation Entry U.S. and is moved in bond to another U.S. port for re-export to
a foreign country

Traveler One who passes from place to place, whether for pleasure,
instruction, business or health.

Traveler's Checks A check designed for business travelers and tourists, issued by a
financial institution of sufficient importance that it will be readi-
ly accepted or cashed by businesses and banks. For safety it is
often designed to be countersigned twice by the traveler in order
to be valid, once at issuance and once upon being cashed.

Triangular Trade Trade between three countries which creates a more favorable
flow of trade for each than would exist between only two of
them dealing directly with each other.

Tropical Products Agricultural goods grown in tropical zones ...coffee, tea, spices,
bananas, and tropical hardwoods etc.

Trust Receipt A written declaration by a customer to a bank that ownership in

goods released by the bank is retained by the bank, and that the
client has received the goods in trust only. Such a trust receipt
may be is given by the customer to the bank to induce the bank
to issue a letter of indemnity to a carrier to release a shipment.

Turnkey A term for a method of construction whereby the contractor

assumes total responsibility from design through completion of
the product and release to the client in a stage so complete that
the buyer need only to turn the key to open the door and walk
into a facility that is ready to operate.

Transport Documents
 Term Definition

Turnkey Contract An agreement under which a contractor agrees to complete a

product so that it is ready for use when delivered to the other
contracting party.

Two-tier Market An exchange rate regime employed in some countries with

managed currency exchange rates where the more favorable
rates are maintained for selected activities.

Tying Arrangement A condition that a seller imposes on a buyer, requiring that if the
buyer desires to purchase one product (tying product), the buyer
must also agree to purchase another product (tied product),
which the buyer may or may not want. The laws of some coun-
tries prohibit certain tying arrangements, for example in the
U.S. the Clayton and the Sherman anti-trust Acts

Turnkey Contract
 Term Definition

U
Ultimate Consignee The person who is the true party in interest, receiving goods for
the designated end use.

UN/Edifact United Nations Electronic Data Interchange for Administration,

Commerce and Transport : A United Nations approved
Electronic Data Interchange standard.

Unconfirmed Letter Of A type of letter of credit bearing the obligation of the issuing
Credit bank only, not of any other bank.

Unconscionable Unreasonable ; outrageous. Courts in many countries may

refuse to enforce contracts which they deem to be uncon-
scionable.

Underdeveloped Country A nation which, comparative to others, lacks industrialization,

infrastructure, developed agriculture, and developed natural
resources, and suffers from a low per capita income as a result.

Unfair Trade Practice Unusual government support to firms, ranging from export sub-
sidies to anti-competitive practices by the firms themselves,
such as dumping, boycotts or discriminatory shipping arrange-
ments, that result in competitive advantages in international
trade for the benefitting firms.

Uniform Commercial Code (USA) A law governing commercial transactions (sales of

goods, commercial paper, bank deposits and collections, letter
of credits, bulk transfers, warehouse receipts, bills of lading,
investment securities, and secured transactions) adopted by all
states in the US except Louisiana.

Unit Load Various cargo carrying devices, or sizes of containers, which

carry several smaller shipping packages, including the banding
together of a number of individual packages on a pallet to create
a single unit.

Ultimate Consignee
 Term Definition

Unit Load Device Term commonly used when referring to containers and pallets
and similar devices which consolidate packages of freight for
mechanical handling.

United Nations A part of the UN General Assembly which promotes interna-

Conference On Trade tional trade and seeks to increase trade between developing
And Development countries and countries with different social and economic sys-
tems.UN

United Nations Established in 1967, under the UN Secretariat, UNIDO serves

Industrial Development as a specialized agency to foster industrial development in lesser
Organization developed countries through offering technical assistance in the
form of expert services, supplying equipment and/or training.

United States And Foreign An agency of the U.S. Department of Commerce that helps
Commercial Service U.S. firms be more competitive in the global marketplace.

United States Code (USC) A set of volumes containing the official compilation of U.S. law
are also at local offices of the U.S. Government Printing Office
in major U.S. cities.

United States Customs U.S. governmental agency whose primary duties include the
Service (USCS) assessment and collection of all duties, taxes and fees on
imported merchandise, and the enforcement of customs and
related laws and treaties.

United States Department An executive department which serves as the principal adviser
Of Agriculture to the president on agricultural policy which works to improve
and maintain farm income, implement nutrition programs and
develop and expand markets abroad for U.S. agricultural prod-
ucts. It is also charged with inspecting and grading food prod-
ucts for safe consumption.

United States Department An executive department which encourages and promotes the
Of Commerce (DOC) United States economic growth, international trade, and tech-
nological advancement.

Unit Load Device

 Term Definition

United States Department A civilian executive department providing the military forces
Of Defense needed to deter war and protect the security of the U.S.

United States Department An executive department created in 1977 to consolidate all

Of Energy (DOE) major Federal energy functions into one department. The prin-
cipal programmatic missions are energy programs, weapons
and waste clean-up programs, and science and technology pro-
grams.

United States Department An executive department which promotes and develops the
Of Labor (DOL) welfare of U.S. wage earners, improves working conditions,
and advances opportunities for profitable employment. The
DOL keeps track of changes in employment, prices, and other
national economic measures.

United States Department An executive department which directs U.S. foreign relations
Of State and negotiates treaties and agreements with foreign nations.
Activities of the State Department are coordinated with foreign
activities of other U.S. departments and agencies.

United States Department An executive department that has responsibility for most U.S.
Of The Interior (DOI) federal government owned public lands and natural resources ;
the principal U.S. conservation agency. The office of Territorial
and International Affairs oversees activities pertaining to U.S.
territorial lands and the Freely Associated States and coordi-
nates the international affairs of the Department.

United States Department An executive department which performs four basic functions :
Of The Treasury formulating and recommending economic, financial, tax and fis-
cal policies; serving as financial agent for the U.S. government;
enforcing the law; and, manufacturing coins and currency.

United States Department An executive department of the U.S. government which is

Of Transportation (DOT) responsible for the development of national transportation
policies.

United States Department Of Defense

 Term Definition

United States Information Responsible for the U.S. government overseas information and
Agency (USIA) cultural programs, including Voice of America. Conducts a
wide variety of communication activities-academic and cultural
exchanges to press, radio, television and library programs
abroad in order to strengthen foreign understanding of
American society, obtain greater support of U.S. policies, and
increase understanding between the U.S. and other countries.

United States International An independent fact-finding agency of the U.S. government

Trade Commission that studies the effects of tariffs and other restraints to trade on
the U.S. economy. It conducts public hearings to assist in deter-
mining whether particular U.S. industries are injured or threat-
ened with injury by dumping, export subsidies in other coun-
tries, or rapidly rising imports

United States Price (USA) In the context of investigations regarding dumping, this
term refers to the price at which goods are sold to the U.S. com-
pared to the sale price in the home market or in 3rd countries.
The comparisons are used in the process of determining
whether the imported merchandise is sold to the United States
at less than fair value.

United States Trade And The U.S. Trade and Development Agency assists in the cre-
Development Agency ation of jobs for Americans by helping U.S. companies pursue
overseas business opportunities. Through the funding of feasi-
bility studies, orientation visits, specialized training grants, busi-
ness workshops, and various forms of technical assistance, we
help American businesses compete for infrastructure and indus-
trial projects in middle-income and developing countries.

United States Trade A cabinet-level official with the rank of Ambassador who is the
Representative principal adviser to the President on international trade policy,
and has responsibility for setting and administering overall trade
policy. The U.S. Trade Representative is concerned with the
expansion of U.S. exports.

United States Information Agency (USIA)

 Term Definition

United States An organization within the Department of Commerce which :

Travel And Tourism stimulates demand internationally for travel to the United States,
Administration coordinates marketing projects and programs with U.S. and interna-
tional travel interests, encourages and facilitates promotion in inter-
national travel markets by U.S. travel industry principals, works to
increase the number of new-to-market travel businesses participat-
ing in the export market, generates cooperative marketing opportu-
nities for private industry and regional and local governments,
researches and provides timely and pertinent data, carries on train-
ing programs in international marketing for U.S. professionals, and
works to remove government imposed travel barriers.

United States-Canada The provisions of the US/Canada Free Trade Agreement were
Free Trade Agreement adopted by the US with the enactment of the FTA Implementation
Act of 1988. The FTA reduced tariffs on imported merchandise
between Canada and the U.S. and opened up new areas of trade in
investment. It was followed by the North American Free Trade
Agreement (NAFTA) which also includes Mexico.

Unitization The practice or technique of consolidating many small pieces of

freight into a single unit for easier handling.

Universal Copyright An international agreement that affords copyright protection to

Convention literary and artistic works in all countries that voluntarily agree
to be bound by the Convention terms.

Unloading 1. The physical removal of cargo from a vessel, a truck, an air-

plane, a railroad car.
2. The physical removal of cargo from a container; also called
devanning.

Unrestricted Letter Of A letter of credit which may be negotiated through any bank of
Credit the beneficiary s choice.

Uruguay Round The eighth round of multilateral trade negotiations under the
General Agreement on Tariffs and Trade (GATT). The
Uruguay Round (so named because meetings began in Punta
de Este, Uruguay in 1987) concluded in December, 1993 after
seven years of talks between 117 member nations. From these
negotiations the World Trade Organization came into being.

United States Travel And Tourism Administration

 Term Definition

Usance The common period fixed for payment by usage, custom, or

habit of dealings between the country where a bill of exchange
is drawn and that where it is payable. It varies according to the
countries involved.

Users Fee (USA) Assessments collected by the U.S. Customs Service to

help defray various costs to Customs involved in the handling
of shipments.

Usance
 Term Definition

V
Validity 1. Validity - Legal sufficiency. Mere regularity in the execution
of documents may not be enough for legal sufficiency .
2. The time period for which a letter of credit is valid.

Valuation The act of ascertaining the worth of a thing. The estimated

worth of a thing.

Valuation Charges Transportation charges assessed shippers who declare for car-
riage a value of goods higher than the carriers limits of liabili-
ty. They may be in lieu of or in addition to regular freight
charges.

Value Added The amount by which the value of an article is increased at each
stage of its production, exclusive of initial costs.

Value Added Tax An indirect tax on consumption that is assessed on the increased
value of goods at each discrete point in the chain of production
and distribution, from the raw material stage to final consump-
tion. The tax on processors or merchants is levied on the
amount by which they increase the value of items they purchase
and resell.

Vendor A company or individual that sells goods or services. A mer-

chant, a retail dealer ; a supplier ; one who buys to sell.

Vessel Ton A unit of measurement of vessels which provides that 100 cubic
feet of vessel volume equals one ton.

Visa A stamp, seal or endorsement on a document validating it for a

particular use such as on a passport admitting the holder to a
country, or on a license issued by the government of an export-
ing country for the export to a specific importing country of a
certain quantity of a quota controlled commodity subject to a
voluntary export restriction or a voluntary restraint agreement.

Validity
 Term Definition

Volume Rate A freight rate assessed in connection with a specified volume of

freight based upon the premise that it will be substantial in total
over a period of time. It is generally a lower rate than normally
assessed for smaller lots of cargo.

Voluntary Export An understanding between trading partners in which the export-

Restriction ing nation, in order to reduce trade friction, agrees to limit
exports of a particular good to the other partner.

Voluntary Restraint Informal bilateral or multilateral arrangements through which

Agreements the exporting nations voluntarily restrain certain exports, usually
through export quotas, to avoid economic dislocation in an
importing country and to avert the possible imposition of
mandatory import restrictions by the importing country.

Volume Rate
 Term Definition

W
War Clause A marine insurance provision excluding the liability of an insur-
er if a loss is caused by war or hostile action. Bills of Lading
and charter parties may contain a War Clause giving the ves-
sel options to maintain it s safety in case of hostiliti

War Risk The risk to a vessel, its cargo and passengers by aggressive
actions of a hostile nation or group.

War Risk Insurance Insurance covering loss or damage caused by war or other hos-
tile actions. Usually a separate policy from a marine insurance
policy, or a special attachment to it.

Warehouse Receipt A document issued by a warehouse listing the goods or com-

modities deposited in the warehouse. It is a receipt for the com-
modities listed, and for which the warehouse is the bailee.
Warehouse receipts may be either non-negotiable or negotiable.

Warehouse, U.S. Customs (USA) A privately owned and operated warehouse which has
Bonded posted bond and has been approved by U. S. Customs where
goods remain until duty has been collected from the importer.

Warranty A promise by a contracting party that the other party can rely on
certain facts or representations as being true.

Warsaw Convention An international multilateral treaty which set the conditions of

international transportation by air.

Waybill A document prepared by a transportation line at the point of

shipment for use in the handling of the shipment showing the
point of origin, destination, route, consignor, consignee, descrip-
tion of shipment and amount charged for the transportation
service and other services connected with the transport. It is
similar in point of information to a bill of lading.

War Clause
 Term Definition

Webb-Pomerene Act Of (USA) Federal legislation exempting certain exporters associa-

1918 tions from certain antitrust regulations.

Webb-Pomerene (USA) Associations engaged in exporting that handle the prod-

Association ucts of similar producers for overseas sales. These associations
have partial exemption from U.S. anti-trust laws but the associa-
tions may not engage in import, domestic or third country trade,
or combine to export services.

Weight Break The point at which the weight of a shipment is large enough to
be assessed the lower freight rates which are applicable to larger
shipments, as per the carrier s tariff.

Wharfage A charge assessed by a pier or dock owner for handling incom-

ing or outgoing cargo.

Without Reserve A term applied to a sale by auction indicating that no price is

reserved (there is no minimum price).

World Bank The International Bank for Reconstruction and Development

(IBRD), commonly referred to as the World Bank, is an inter-
governmental financial institution located in Washington, DC.
Its objectives are to help raise productivity and incomes and
reduce poverty in developing countries through the granting of
loans.

World Bank Group An integrated group of international institutions that provides

financial and technical assistance to developing countries.

World Trade Clubs Local or regional based organizations in the United States and
around the world of importers, exporters, customs brokers, freight
forwarders, attorneys, bankers, manufacturers and shippers.

World Trade Organization The international organization which resulted from the Uruguay
Round of GATT negotiations. It is intended to promote world
trade and to settle disputes among member nations.

Webb-Pomerene Act Of 1918

 Term Definition

Z
Zip Code (USA) A numerical code, established by the U.S. Postal
Service, used for the purpose of routing mail and to identify
delivery zones. Some foreign countries have a similar system.
Carriers often apply this code in the same manner in the han-
dling of freight and the determination of freight charges.

Zone Status (USA) Merchandise admitted to a U. S. Foreign Trade Zone

may be given a special status which affects what may done with
it. For example : when entered into the U. S. Customs territory it
may be dutiable at rates and values applicable at that time ; or it
may be given a status which fixes the applicable rates and val-
ues at those in effect at the time when it was admitted to the
zone ; or it may have a status which denies entry to the U.S.A.
altogether.

Zone User (USA) A corporation, partnership or party that uses a U.S. for-
eign trade zone for storage, handling, processing, or manufac-
turing merchandise, whether foreign or domestic.

Zip Code
Index
 Admiralty Court ……………………………8 Antidumping Duties ……………………12 Bailment ……………………………………18
Advance Against Collection ……………8 Any Quantity ………………………………14 Balance Of Payments……………………18
Abandonment ………………………………2 Advance Arrangements …………………8 Applicant (also Account Party) ………14 Balance of Trade …………………………18
About …………………………………………2 Advanced Technology Products (ATP) …8 Appreciation ………………………………14 Balanced Economy ………………………18
Absolute Advantage ………………………2 Advice …………………………………………8 Approx (Approximately) ………………14 Bale …………………………………………18
Absorption……………………………………2 Advised Credit ………………………………8 Appurtenance ……………………………14 Bale Cargo …………………………………20
Accelerated Tariff Elimination …………2 Advising Bank ………………………………8 Apron ………………………………………14 Ballast ………………………………………20
Acceptance …………………………………2 Advisory Committee On Arbitrage ……………………………………14 Bank Acceptance …………………………20
Acceptance Letter Of Credit ……………2 Export Policy …………………………10 As Is …………………………………………14 Bank Delivery Order to an Airline ……20
Accepted Draft………………………………4 Advisory Committee On Trade Assembly Service ………………………14 Bank Draft …………………………………20
Accepting Bank ……………………………4 Policy And Negotiation ……………10 Assessment ………………………………14 Bank Guarantee …………………………20
Acceptor………………………………………4 Affiliate ………………………………………10 Assignment of Proceeds of a Bank Holding Company ………………20
Accession ……………………………………4 Affreightment Contract …………………10 Letter Of Credit ………………………16 Bank Holiday ………………………………20
Accessorial Charges ………………………4 Afloat…………………………………………10 At Sight ……………………………………16 Bank Note …………………………………20
Accessorial Services ………………………4 Aft ……………………………………………10 Athwartships ………………………………16 Bank Release ………………………………20
Accommodation ……………………………4 After Date……………………………………10 Automated Broker Interface (ABI)……16 Banker's Bank ……………………………20
Accommodation Note Or Paper ………4 After Sight …………………………………10 Automated Commercial Banker's Draft ……………………………22
Accord And Satisfaction …………………4 Agent…………………………………………10 Environment (ACE)…………………16 Bankers Acceptance ……………………22
Account Number …………………………4 Agent Bank…………………………………10 Automated Commercial Bankruptcy …………………………………22
Account Party ………………………………6 Aggregated Shipments …………………10 System (ACS) ………………………16 Bareboat Charter …………………………22
Accounts Payable …………………………6 Agreed Valuation …………………………10 Automated Information Exchange Barge…………………………………………22
Accounts Receivable………………………6 Air Cargo ……………………………………10 System (AIES) ………………………16 Barratry………………………………………22
Accrual Of Obligation ……………………6 Air Express …………………………………12 Automated Manifest System (AMS) …16 Barter…………………………………………22
Acquisition……………………………………6 Air Parcel Post ……………………………12 Avoidance Of Contract …………………16 Basing Point ………………………………22
Act Of God …………………………………6 Airwaybill……………………………………12 Basing Rate…………………………………22
Action Ex Contractu ………………………6 Alienable ……………………………………12 Basket of Currencies ……………………24
Action Ex Delicto……………………………6 All-Cargo Aircraft …………………………12 Battens ………………………………………24
Ad Valorem Duty …………………………6 Allowance …………………………………12 Bearer ………………………………………24
Address Of Record ………………………6 Alternative Tariff …………………………12 Back Haul …………………………………18 Beggar-Thy-Neighbor Policy …………24
Adhesion Contract …………………………6 Amendment ………………………………12 Back Order …………………………………18 Belly Pits or Holds ………………………24
Adjustment Assistance……………………8 Amidships …………………………………12 Bad Faith ……………………………………18 Beneficiary …………………………………24
Admiralty ……………………………………8 Amortization ………………………………12 Bagged Cargo ……………………………18 Berth …………………………………………24

Abandonment Berth
Bid Bond ……………………………………24 Bulk Cargo …………………………………32 Cartel…………………………………………36 Closed-End Transaction ………………42
Bilateral Investment Treaty ……………24 Bulk Carrier…………………………………32 Cash Against Documents (CAD) ……36 Coastal Trade………………………………42
Bilateral Trade ……………………………24 Bulk Freight…………………………………32 Casus Major ………………………………36 Collar…………………………………………42
Bill ……………………………………………26 Bulk Sale ……………………………………32 Category Groups …………………………36 Collect Charges……………………………42
Bill of Credit ………………………………26 Bulk Solids …………………………………32 Caveat Emptor ……………………………38 Collect on Delivery (COD)………………42
Bill of Exchange …………………………26 Bunker Adjustment Factor ……………32 Cell……………………………………………38 Collecting Bank ……………………………42
Bill of Health ………………………………26 Bunker Fuel ………………………………32 Census Interface …………………………38 Collection……………………………………44
Bill of Lading ………………………………26 Bunker(s)……………………………………32 Central Bank ………………………………38 Collection Letter……………………………44
Bill of Sale …………………………………26 Bureau Of Alcohol, Tobacco And Certificate of Inspection…………………38 Collection Papers …………………………44
Bill-To Party ………………………………26 Firearms ………………………………32 Certificate of Manufacture ……………38 Collection System…………………………44
Billed Weight ………………………………26 Bureau of Industry and Security ……32 Certificate of Weight ……………………38 Combination Aircraft ……………………44
Billing Third Party…………………………26 Buy American Acts ………………………32 Certification…………………………………38 Combined Bill of Lading ………………44
Biological Agents …………………………26 Cession of Goods ………………………38 Combined Transport ……………………44
Black Market ………………………………26 CFR (Cost and Freight Comity ………………………………………44
Blanket Rate ………………………………28 ...named port of ……………………38 Command Economy ……………………44
Blockade ……………………………………28 destination)…………………………………38 Commercial Bank…………………………44
Bona Fide …………………………………28 Cabotage ……………………………………34 Chargeable Weight ………………………38 Commercial Invoice………………………46
Bond …………………………………………28 Call ……………………………………………34 Charter Service ……………………………40 Commercial Letter of Credit……………46
Bond of Indemnity ………………………28 Call Money …………………………………34 Chartered Ship ……………………………40 Commercial Officers ……………………46
Bond System………………………………28 Capacity To Contract ……………………34 Chassis………………………………………40 Commercial Paper ………………………46
Bonded………………………………………28 Capital Goods ……………………………34 CIF (Cost, Insurance and Freight Commercial Set …………………………46
Bonded Terminal…………………………28 Capital Market ……………………………34 ... named port of destination)……40 Commercial Treaty ………………………46
Bonded Warehouse ……………………28 Captain's protest …………………………34 CIP (Carriage and Insurance Paid To Commingling………………………………46
Booking ……………………………………30 Cargo…………………………………………34 ... named place of destination) …40 Commission ………………………………48
Bounties ……………………………………30 Cargo Agent ………………………………36 Circa …………………………………………40 Commodity Code…………………………48
Box……………………………………………30 Cargo Manifest ……………………………36 City Terminal Service ……………………40 Commodity Rate …………………………48
Box Car ……………………………………30 Cargo Tonnage……………………………36 Claim…………………………………………40 Common Point ……………………………48
Boycott ………………………………………30 Carnet ………………………………………36 Classification ………………………………40 Competitive Rate …………………………48
Breakage ……………………………………30 Carriage Of Goods By Sea Claused Bill of Lading …………………42 Compradore ………………………………48
Breakbulk……………………………………30 Act Of 1936 …………………………36 Clean Bill of Lading………………………42 Concealed Damage………………………48
Breakbulk Cargo …………………………30 Carrier ………………………………………36 Clean Draft …………………………………42 Concealed Loss……………………………48
Broker ………………………………………30 Carrier's Certificate ………………………36 Clearance……………………………………42 Confirming Bank …………………………48

Bid Bond Confirming Bank

Connecting Carrier ………………………48 CPT (Carriage Paid To... Demise ………………………………………62 Domicile ……………………………………68
Consignee …………………………………48 named port of destination) ………54 Demise charter ……………………………62 Door-To-Door ……………………………68
Consignment ………………………………50 Customs ……………………………………54 Demurrage …………………………………62 Double-Column Tariff …………………68
Consignor …………………………………50 Customs Electronic Bulletin Board DEQ (Delivered Ex Quay - Duty Paid - Downstream Dumping …………………68
Consolidated Container…………………50 (CEBB) …………………………………56 ...named port of destination) ……62 Drawback……………………………………68
Consolidation………………………………50 DES (Delivered Ex Ship Drawback System ………………………68
Consolidator ………………………………50 ...named port of destination) ……64 Dray …………………………………………70
Consular Invoice …………………………50 Destination …………………………………64 Drayage ……………………………………70
Consulate……………………………………50 Detention ……………………………………64 Drop Shipment ……………………………70
Consumer Goods ………………………50 DAF (Delivered At Frontier Devanning …………………………………64 Drop-off ……………………………………70
Consumption Entry………………………50 ...named place)………………………58 Developed Countries ……………………64 Dry Cargo …………………………………70
Container……………………………………50 Damages ……………………………………58 Developing Countries……………………64 Dry-Bulk Container ………………………70
Container Freight Charge ………………52 Dangerous Goods ………………………58 Differential …………………………………64 Dry-Cargo Container ……………………70
Container Load ……………………………52 Date Draft……………………………………58 Direct Mail Collection (DMC) …………64 Dual Exchange Rate ……………………70
Container on Flatcar ……………………52 Date of Issue ………………………………58 Discharge……………………………………64 Dual Pricing…………………………………70
Container Part Load ……………………52 DDP (Delivered Duty Paid...named Discharging…………………………………64 Dumping ……………………………………70
Container Vessel …………………………52 place of destination) ………………58 Discounted Bill ……………………………64 Dunnage ……………………………………70
Contraband…………………………………52 DDU (Delivered Duty Unpaid... Discounting…………………………………66 Durable Goods ……………………………70
Contract Carrier……………………………52 named place of destination) ……58 Discrimination ……………………………66 Dutiable List ………………………………72
Convertibility ………………………………52 Deadweight…………………………………60 Dishonor ……………………………………66 Duty …………………………………………72
Core Inflation ………………………………52 Dealer ………………………………………60 Dispatch ……………………………………66
Corporate Dumping ……………………52 Debtor Nation………………………………60 Distribution Service ………………………66
Cost Plus ……………………………………52 Deck Cargo …………………………………60 Distributor …………………………………66
Countervailing Duties (CVD) …………52 Declared Value For Carriage …………60 Diversion ……………………………………66
Country of Departure ……………………54 Declared Value for Customs …………60 Dock …………………………………………66 Easement……………………………………74
Country of Destination …………………54 Deferred Air Freight………………………60 Dock Examination ………………………66 Edge Act Corporations …………………74
Country of Dispatch ……………………54 Deferred Payment Letter of Credit …60 Dock Receipt ………………………………66 Electronic Commerce ……………………74
Country of Export Destination…………54 Del Credere Risk …………………………60 Documents Against Acceptance Electronic Data Interchange (EDI) ……74
Country of Exportation …………………54 Delivery………………………………………62 (D/A)……………………………………68 Electronic Funds Transfer………………74
Country of Origin…………………………54 Delivery Carrier ……………………………62 Documents Upon Payment (D/P)……68 Electronic Meat Health Certificate ……74
Country Risk ………………………………54 Delivery Instructions ……………………62 Dolly …………………………………………68 Electronic Visa Information System
Courier ………………………………………54 Delivery Order ……………………………62 Domestic Exports…………………………68 (ELVIS)…………………………………74

Connecting Carrier Electronic Visa Information System (ELVIS)

Embargo ……………………………………74 Export Quotas ……………………………80 Fixed Charges ……………………………86 Free In and Out……………………………92
En Route ……………………………………74 Export Restraints …………………………80 Fixed Exchange …………………………86 Free List ……………………………………92
Entrepot ……………………………………74 Export Statistics……………………………80 Fixing ………………………………………86 Free Market…………………………………92
Entrepot Trade ……………………………74 Export Subsidies …………………………80 Flag …………………………………………88 Free Port ……………………………………92
Entry …………………………………………76 Export Trading Company………………82 Flag of Convenience ……………………88 Free Time …………………………………92
Entry Documents …………………………76 Exporter ……………………………………82 Flight of Capital……………………………88 Free Zone …………………………………92
Entry Summary …………………………76 Exporter Identification Number ………82 Floating………………………………………88 Free-Astray…………………………………92
Entry Summary System ………………76 External Value ……………………………82 Flotsam………………………………………88 Freight ………………………………………94
Environmental Protection Agency Extradition …………………………………82 FOB (Free On Board ... named Freight Charge ……………………………94
(EPA)……………………………………76 EXW (Ex Works ...named port of shipment)……………………88 Freight Claim ………………………………94
Equalization ………………………………76 place) …………………………………82 Force Majeure ……………………………88 Freighter ……………………………………94
Escape Clause ……………………………76 Foreign Bond………………………………88 Fungibles……………………………………94
ETA(Estimated Time of Arival) ………76 Foreign Commerce………………………88 Futures Contract …………………………94
ETD(Estimated Time of Foreign Currency …………………………88
Departure) ……………………………76 Foreign Exchange ………………………88
Eurobond …………………………………78 Facilitation …………………………………84 Foreign Exchange Contract ……………88
Ex Factory …………………………………78 Factor ………………………………………84 Foreign Exchange Rate…………………88
Exchange Rate ……………………………78 Factor's Lien ………………………………84 Foreign Exports …………………………90 Gang …………………………………………96
Excise Tax …………………………………78 Factorage……………………………………84 Foreign Flag ………………………………90 Gangway……………………………………96
Exculpatory Clause ………………………78 Fair Value……………………………………84 Foreign Income……………………………90 Gantry Crane ………………………………96
Expiry Date …………………………………78 FAS (Free Alongside Ship... Foreign Investment ………………………90 Gateway ……………………………………96
Export ………………………………………78 named port of shipment) …………84 Foreign Market Value……………………90 Geisha Bond ………………………………96
Export Broker………………………………78 FCA (Free Carrier...named place)……84 Foreign Parent ……………………………90 General Agreement On Tariffs And
Export Control ……………………………78 FDA …………………………………………84 Foreign Person ……………………………90 Trade (GATT) ………………………96
Export Declaration ………………………80 Federal Reserve System ………………86 Foreign Remittances ……………………90 General Average …………………………96
Export Draft ………………………………80 Feeder Vessel………………………………86 Foreign Trade Zone Act (FTZA) ……90 General Cargo Rate………………………98
Export Duty…………………………………80 FEU …………………………………………86 Forward Foreign Exchange……………90 General Cargo Vessels …………………98
Export License ……………………………80 Financial Instrument ……………………86 Foul Bill of Lading ………………………90 General Commodity Rate………………98
Export Management Company ………80 Financial Market …………………………86 Fractional Currency………………………92 General Imports …………………………98
Export Merchant …………………………80 First World Countries ……………………86 Franco ………………………………………92 General Liability……………………………98
Export Processing Zone ………………80 Five Dragons ………………………………86 Free Domicile………………………………92 General Order ……………………………98

Embargo General Order

General Order Warehouse ……………98 Hatch ………………………………………104 Implied Conditions ……………………112 Inflation ……………………………………120
General Partnership ……………………98 Haulage ……………………………………106 Import………………………………………112 Informal Entry……………………………120
General Tariff………………………………98 Hazardous Materials …………………106 Import Credit ……………………………112 Informed Compliance …………………120
Generalized System Of Preferences Heavy Lift …………………………………106 Import Duty ………………………………114 Infrastructure ……………………………120
(GSP) …………………………………98 Heavy Lift Charge ………………………106 Import License …………………………114 Inherent Vice ……………………………120
Global Bond ………………………………98 Heavy Lift Vessel ………………………106 Import Quota ……………………………114 Injury ………………………………………120
Global Quota ……………………………100 Hedge………………………………………106 Import Quota Auctioning ……………114 Inland Bill of Lading ……………………120
Gold Exchange Standard ……………100 Hedge Ratio………………………………106 Import Relief ……………………………114 Inland Carrier ……………………………120
Gold Reserves……………………………100 High Density………………………………106 Import Restrictions ……………………114 Inspection Certificate……………………122
Gold Standard …………………………100 Hitchment …………………………………106 Import Sensitive Producers …………114 Instrument…………………………………122
Gondola Car ……………………………100 Hold…………………………………………108 Import Substitution ……………………114 Integrated Cargo Service ……………122
Goods………………………………………100 Hold For Pickup …………………………108 Importer……………………………………114 Integrated Carriers………………………122
Grantee ……………………………………100 Hold Harmless Contract ………………108 Importer Number ………………………114 Intellectual Property ……………………122
Green Card ………………………………100 Honor ………………………………………108 Imports ……………………………………116 Interbank Dealings………………………122
Grid …………………………………………102 Horizontal Export Trading Imports For Consumption ……………116 Interchange Agreement ………………122
Gross ………………………………………102 Company ……………………………108 Impost ……………………………………116 Interchange Point ………………………122
Gross Domestic Product………………102 House Air Waybill ………………………108 Impound …………………………………116 Interline Shipping ………………………122
Gross National Product ………………102 House-To-House ………………………108 In Bond ……………………………………116 Intermodal Compatibility………………122
Gross Weight ……………………………102 Hub And Spoke Routing………………108 In Bond Shipment………………………116 Intermodal Transport …………………122
Hull …………………………………………108 In-Bond System…………………………116 International Trade ……………………122
Hump ………………………………………110 Incentive …………………………………116 International Trade Data System …122
Hundredweight Pricing ………………110 Income ……………………………………116 Interstate Carrier…………………………124
Incoterms …………………………………116 Interstate Commerce …………………124
Hallmark …………………………………104 Indemnify …………………………………118 Invisible Barriers to Trade ……………124
Harbor Fees………………………………104 Indemnity …………………………………118 Invisible Trade Balance ………………124
Harbor Master……………………………104 Independent Action ……………………118 Invoice ……………………………………124
Hard Loan…………………………………104 Irrevocable Corporate Purchase Indexed ……………………………………118 Inward Foreign Manifest (IFM) ……124
Hard Money………………………………104 Order …………………………………112 Indexed Currency Borrowings………118 Irrevocable Letter of Credit……………124
Harmonized System (HS) ……………104 Identical Merchandise …………………112 Indexed Currency Option Note ……118 Issuance……………………………………124
Harmonized Tariff Schedule of the Immediate Delivery(ID) ………………112 Industrial List ……………………………118 Issuance Date of the
United States (HTSUS) …………104 Immediate Transportation Entry ……112 Industrial Policy …………………………118 Documents …………………………126
Harter Act …………………………………104 Immigration ………………………………112 Infant Industry Argument ……………118 IT 06 ………………………………………126

General Order Warehouse IT 06

 Lead Time…………………………………132 Money ……………………………………148
Legal Entity ………………………………132 Money Creation …………………………148
Jetsam ……………………………………128 Legal Tender ……………………………132 Macroeconomics ………………………142 Money Market……………………………148
Jettison ……………………………………128 Less Than Truckload …………………132 Mail Entry …………………………………142 Money Market Operations……………148
Joint Agent ………………………………128 Letter Of Assignment …………………134 Mala Fides ………………………………142 Money Supply …………………………148
Joint And Several Liability ……………128 Letter Of Credit …………………………134 Manifest …………………………………142 Moor ………………………………………148
Joint Rate …………………………………128 Letter of Indemnity ……………………134 Manufacturer's Identification Moorage …………………………………148
Joint Stock Company …………………128 Letter of Intent……………………………134 Number (MID) ……………………142 Most Favored Nation …………………148
Joint Venture ……………………………128 Licensing Agreement …………………134 Maquiladora ……………………………142 Motor Carrier's Terminal ……………148
Jurat ………………………………………128 Lift Van ……………………………………134 Margin ……………………………………142 Multilateral Agreement ………………148
Juristic Act ………………………………128 Lighter ……………………………………134 Marginal Cost ……………………………142 Multimodal Transport …………………148
Just In Time………………………………128 Lighter Aboard Ship……………………134 Maritime …………………………………144 Multinational Corporation ……………148
Lighterage…………………………………136 Market Access……………………………144
Limitation Period ………………………136 Market Disruption ………………………144
Limited Liability …………………………136 Market Economy ………………………144
Limited Partnership ……………………136 Market Price………………………………144
Line Haul …………………………………136 Marking : Country of Origin …………144
Keelage ……………………………………130 Line Haul Vessel…………………………136 Marks ………………………………………144
Key Currency ……………………………130 Line Release System …………………136 Matador Bond……………………………144 NAFTA ……………………………………150
Kiosk ………………………………………130 Liner ………………………………………136 Mate's Receipt …………………………144 National Association Of Export
Knocked Down …………………………130 Liner Terms ………………………………136 Material Contract Terms………………144 Companies …………………………150
Known Loss………………………………130 Liquidated Damages……………………136 Measurement Cargo …………………144 National Customs Brokers And Freight

Liquidation ………………………………138 Medium of Exchange …………………146 Forwarders Association …………150

Liquidation System ……………………138 Memorandum Bill of Lading ………146 National Trade Data Bank (NTDB)…150

Liquidity……………………………………138 Memorandum of National Treatment ……………………150

Lloyds Of London ………………………138 Understanding ……………………146 Nationalization……………………………150

Lloyds Registry …………………………138 Merchant's Credit ………………………146 Negotiable ………………………………150

Laissez-faire………………………………132 Loading ……………………………………138 Microbridge ………………………………146 Negotiable Bill of Lading ……………150

Landbridge ………………………………132 Longshoreman …………………………138 Minibridge ………………………………146 Nested ……………………………………150

Lanham Act Of 1947 …………………132 Lot Labels …………………………………140 Minimum Charge ………………………146 Net Cash …………………………………150

Lay Order …………………………………132 Lower Deck Containers ………………140 MOD Act …………………………………146 Net National Product …………………150

Jetsam Net National Product

Net Price …………………………………152 Overnight …………………………………158 Piggyback…………………………………164 Protective Tariff …………………………172
Net Weight ………………………………152 Pilferage …………………………………166 Protest ……………………………………172
No Show …………………………………152 Pilot …………………………………………166 Public Corporation………………………172
Notary Public ……………………………152 Plimsoll Mark ……………………………166 Published Rate …………………………172
Notify Address …………………………152 Point of Origin……………………………166 Purchase Order …………………………172
Notify Party ………………………………152 Packing List ………………………………160 Port …………………………………………166
NTDB ………………………………………152 Pallet ………………………………………160 Port Charge ………………………………166
Pallet Loader ……………………………160 Port of Discharge ………………………166
Pallet Transporter ………………………160 Port of Entry ……………………………166
Palletizing …………………………………160 Port of Export ……………………………166 Quantitative Restrictions ………………174
Par …………………………………………160 Port-of-Origin Air Cargo Quarantine ………………………………174
Ocean Bill of Lading……………………154 Par Exchange Rate ……………………160 Clearance ……………………………166 Quay ………………………………………174
Offer ………………………………………154 Par Of Exchange ………………………160 Portfolio Investment ……………………166 Queue………………………………………174
Office Of Export Licensing (OEL) …154 Par Value …………………………………160 Post-Shipment Verifications …………168 Quid Pro Quo ……………………………174
Office Of Management And Parent Bank ………………………………162 Postdated Check ………………………168 Quota ………………………………………174
Budget ………………………………154 Parity ………………………………………162 Preference ………………………………168 Quota System……………………………174
Official Development Assistance……154 Parol Contract ……………………………162 Preferential Tariff ………………………168
Offshore Bank …………………………154 Particular Average………………………162 Preferred Country ………………………168
Offshore Banking Center ……………154 Partnership ………………………………162 Premium …………………………………168
Old-To-Market …………………………154 Patent ………………………………………162 Prepaid ……………………………………168
On Board …………………………………156 Payable In Exchange …………………162 Prepaid Charges…………………………170 Rail Waybill ………………………………176
On Deck Bill Of Lading ………………156 Payee ………………………………………162 Price Support ……………………………170 Rate Of Exchange ………………………176
Open Account……………………………156 Payer ………………………………………162 Priority Air Freight ………………………170 Real Rights ………………………………176
Open Conference ………………………156 Penalties …………………………………164 Private Corporation ……………………170 Realignment of Currencies …………176
Open Economy …………………………156 Performance ……………………………164 Procurement ……………………………170 Receipt ……………………………………176
Open-End Contract ……………………156 Peril Point …………………………………164 Product Groups …………………………170 Received For Shipment Bill Of
Operator of Foreign Trade Zone……156 Perishable Freight ………………………164 Productivity ………………………………170 Lading…………………………………176
Order ………………………………………156 Petrodollars ………………………………164 Proof of Delivery ………………………170 Receiving Papers ………………………176
Order Bill …………………………………156 Phytosanitary Inspections ……………164 Proprietor …………………………………170 Reciprocal Trade Agreement ………176
Order Notify………………………………156 Pickup and Delivery Service …………164 Proprietorship ……………………………170 Reciprocity ………………………………176
Outright ……………………………………158 Pickup Order ……………………………164 Protectionism ……………………………170 Reconsignment …………………………176
Over the Counter ………………………158 Pier-to-Pier ………………………………164 Protective Service ………………………172 Redeliver …………………………………178

Net Price Redeliver

Reefer Container ………………………178 Secured ……………………………………184 Spot Exchange …………………………190
Reexport …………………………………178 Security ……………………………………184 Spot Exchange Rate……………………190
Refund ……………………………………178 Seizure ……………………………………186 Spot Market………………………………190 Tare Weight………………………………198
Relay ………………………………………178 Seller's Market …………………………186 Spot Operations…………………………190 Tariff ………………………………………198
Remittance ………………………………178 Selling Rate ………………………………186 Spot Price …………………………………190 Tariff Anomaly …………………………198
Replevin……………………………………178 Service A Loan …………………………186 Spot Rate …………………………………192 Tariff Escalation …………………………198
Request For Quotation ………………178 Settlement Date …………………………186 Spotting……………………………………192 Tariff Rate Quotas………………………198
Rescind ……………………………………178 Shared Foreign Sales Standby Commitment…………………192 Tariff Schedule …………………………198
Reserved Freight Space ………………178 Corporation …………………………186 Standby Letter of Credit ………………192 Tariff War …………………………………198
Restricted Letter of Credit ……………178 Ship's Manifest …………………………186 Steamship (or steamer) ………………192 Tax Haven ………………………………198
Restrictive Business Practices ………180 Ship's Papers ……………………………186 Steamship Indemnity …………………192 Temporary Importation(Admission
Retaliation…………………………………180 Ship's Stores ……………………………186 Stevedore …………………………………192 Temporaire)…………………………200
Revaluation ………………………………180 Shipment …………………………………186 Storage ……………………………………192 Tender ……………………………………200
Reverse Preferences …………………180 Shipped On Deck ………………………186 Storage Demurrage ……………………192 Tenor ………………………………………200
Revolving Letter of Credit ……………180 Shipper ……………………………………188 Storage in Transit ………………………194 Terminal …………………………………200
Risk Position ……………………………180 Shipping Order …………………………188 Store-Door Delivery ……………………194 Terminal Charge ………………………200
Road Waybill ……………………………180 Short Form Bill of Lading ……………188 Stowage …………………………………194 Terms of Trade …………………………200
Roll on, Roll off …………………………182 Short of Exchange ……………………188 Stowage Instructions …………………194 Third World Countries…………………200
Rollover Credit …………………………182 Short Weight ……………………………188 Stowplan …………………………………194 Through Bill of Lading…………………200
Route ………………………………………182 Shortage …………………………………188 Straight Bill of Lading …………………194 Through Rate ……………………………202
Royalty ……………………………………182 Sling ………………………………………188 Strike Clause ……………………………194 Tied Loan …………………………………202
Slip …………………………………………188 Stripping …………………………………194 To Order …………………………………202
Small Package Service ………………188 Stuffing ……………………………………194 Tracer ………………………………………202
Smuggling ………………………………188 Subsidiary…………………………………194 Tracking……………………………………202
Soft Currency ……………………………188 Subsidy ……………………………………194 Trade Acceptance ………………………202
Sales Agreement ………………………184 Soft Loan …………………………………190 Supply Access …………………………194 Trade Deficit………………………………202
Sales Tax …………………………………184 Sovereign Credit ………………………190 Surcharge…………………………………196 Trade Name………………………………202
Salvage ……………………………………184 Sovereign Risk …………………………190 Surety………………………………………196 Trade Promotion ………………………202
Samurai Bond……………………………184 Special Rates ……………………………190 Survey ……………………………………196 Trade Surplus ……………………………202
Sanction …………………………………184 Specific Commodity Rate ……………190 Sushi Bond ………………………………196 Trade Terms ……………………………202
Seal…………………………………………184 Specific Rate of Duty …………………190 Swap (transactions)……………………196 Trailer ………………………………………202
Seaworthiness …………………………184 Spot Cash…………………………………190 Switch Arrangements …………………196 Tramp Line ………………………………204

Reefer Container Tramp Line

Tramp Steamer …………………………204 Unit Load Device ………………………212 United States Price ……………………216
Trans-Ship ………………………………204 United Nations Conference On United States Trade And
Transaction Value ………………………204 Trade And Development…………212 Development Agency ……………216 War Clause ………………………………226
Transfer Of Technology………………204 United Nations Industrial United States Trade War Risk …………………………………226
Transfers (mail, wire, cable)…………204 Development Organization ……212 Representative ……………………216 War Risk Insurance ……………………226
Transit Zone………………………………204 United States And Foreign United States Travel And Warehouse Receipt ……………………226
Transmittal Letter ………………………204 Commercial Service ………………212 Tourism Administration …………218 Warehouse, U.S. Customs
Transparency ……………………………204 United States Code (USC)……………212 United States-Canada Free Bonded ………………………………226
Transport Documents …………………206 United States Customs Service Trade Agreement …………………218 Warranty …………………………………226
Transportation and Exportation (USCS) ………………………………212 Unitization…………………………………218 Warsaw Convention……………………226
Entry …………………………………206 United States Department Universal Copyright Convention……218 Waybill ……………………………………226
Traveler ……………………………………206 Of Agriculture ………………………212 Unloading…………………………………218 Webb-Pomerene Act Of 1918………228
Traveler's Checks ………………………206 United States Department Unrestricted Letter Of Credit…………218 Webb-Pomerene Association ………228
Triangular Trade ………………………206 Of Commerce (DOC) ……………212 Uruguay Round…………………………218 Weight Break ……………………………228
Tropical Products ………………………206 United States Department Usance ……………………………………220 Wharfage …………………………………228
Trust Receipt ……………………………206 Of Defense …………………………214 Users Fee …………………………………220 Without Reserve…………………………228
Turnkey ……………………………………206 United States Department World Bank ………………………………228
Turnkey Contract ………………………208 Of Energy (DOE) …………………214 World Bank Group ……………………228
Two-tier Market …………………………208 United States Department World Trade Clubs ……………………228
Tying Arrangement ……………………208 Of Labor (DOL) ……………………214 World Trade Organization ……………228
United States Department
Of State ………………………………214 Validity ……………………………………222
United States Department Valuation …………………………………222
Of The Interior (DOI) ……………214 Valuation Charges………………………222
Ultimate Consignee ……………………210 United States Department Value Added ……………………………222
UN/Edifact ………………………………210 Of The Treasury……………………214 Value Added Tax ………………………222 Zip Code …………………………………230
Unconfirmed Letter Of Credit ………210 United States Department Vendor ……………………………………222 Zone Status ………………………………230
Unconscionable …………………………210 Of Transportation (DOT) ………214 Vessel Ton ………………………………222 Zone User…………………………………230
Underdeveloped Country ……………210 United States Information Agency Visa …………………………………………222
Unfair Trade Practice …………………210 (USIA) ………………………………216 Volume Rate ……………………………224
Uniform Commercial Code …………210 United States International Voluntary Export Restriction …………224
Unit Load …………………………………210 Trade Commission ………………216 Voluntary Restraint Agreements……224

Tramp Steamer Zone User

 검사증명서 ……………………………39, 123 공급자 접근(방식)…………………………195 관세지급반입인도조건(관세지급
검역기간 ……………………………………175 공기업 ………………………………………173 ...지정된 목적지) ………………………59
가격(시세) 요청……………………………179 검역장소 ……………………………………175 공동기업 ……………………………………129 관세청…………………………………………55
가격지지 ……………………………………171 게이샤(妓生)본드 ……………………………97 공동소유 외국판매기업(FSC)……………187 관세청 전자게시판 …………………………57
가맹 ……………………………………………5 결제일 ………………………………………187 공동운임요율 ………………………………129 교역조건 ……………………………………201
가속 관세인하 …………………………………3 겸용항공기……………………………………45 공동해손(共同海損)…………………………97 교환비율 ……………………………161, 163
각종 수송수단 통합이용 적합성 …………123 경 차관(硬 借款) …………………………105 공문……………………………………………67 교환성…………………………………………53
각종 수송수단을 통합이용한 운송 ………123 경로 …………………………………………183 공시요금 ……………………………………173 교환수단 ……………………………………147
간이물품신고 ………………………………121 경사관세 ……………………………………199 공시화물요금 ………………………………173 교환지점 ……………………………………123
감가……………………………………………13 경쟁요금율……………………………………49 공업제품리스트(전략적 통제목적상)……119 구두계약 ……………………………………163
감가상각액 안분 ……………………………13 경화(硬貨) …………………………………105 공장도(工場渡)………………………………79 구류 ……………………………………65, 117
감정(鑑定)……………………………………15 계급 …………………………………………157 공장도(工場渡)(공장도 구매력 회복…………………………………181
갑판상 적재화물……………………………187 계류 …………………………………………149 …지정된 장소) …………………………83 구매요청서 …………………………………173
갑판적재 선하증권…………………………157 계선안(繫船岸) ………………………………25 공적개발원조 ………………………………155 구속성차관 …………………………………203
갑판화물………………………………………61 계약 ……………………………………………3 공제……………………………………………13 구조요금 ……………………………………185
개발도상국……………………………………65 계약 운송업자 ………………………………53 공증인 ………………………………………153 구조재산 ……………………………………185
개방경제 ……………………………………157 계약능력………………………………………35 공통지점………………………………………49 구조행위 ……………………………………185
개방적 해운동맹……………………………157 계약상의 조치 …………………………………7 공포 …………………………………………125 국가 (보증) 차입 …………………………191
개방형 계약…………………………………157 계약에 의한 법적조치…………………………7 과다운임 반환청구 …………………………41 국가무역데이터뱅크 ………………………151
개설의뢰인……………………………………15 계약의 취소 …………………………………17 과세액…………………………………………15 국가무역데이터은행 ………………………153
개인사업자 …………………………………171 계열사…………………………………………11 과징금 ………………………………………197 국가위험 ………………………………55, 191
개정……………………………………………13 계좌번호 ………………………………………5 관리예산처 …………………………………155 국가위험(대출금융기관이 부담하는) ……191
거래가격 ……………………………………205 계좌신청인 ……………………………………7 관문……………………………………………97 국경인도조건(국경에서 인도
거룻배 ………………………………………135 고가이동(高架移動) 크레인 ………………97 관세……………………………………………73 …지정된 장소) …………………………59
거룻배(모선의 부속선)……………………201 고물에…………………………………………11 관세 및 무역에 관한 일반협정 ……………97 국내 내륙운송 ………………………………35
거시경제학 …………………………………143 고밀도 ………………………………………107 관세부과 ……………………………………117 국내총생산 …………………………………103
거절항변 ……………………………………173 고유하자(固有瑕疵) ………………………121 관세부과대상목록……………………………73 국민 순생산…………………………………151
건강증명서……………………………………27 고정……………………………………………87 관세사전용 인터페이스 ……………………17 국민총생산 …………………………………103
건성벌크컨테이너……………………………71 고정요금………………………………………87 관세율 일람표………………………………199 국산품수출……………………………………69
건화물…………………………………………71 고정틀…………………………………………25 관세율표 ……………………………………199 국영화 ………………………………………151
건화물 컨테이너 ……………………………71 고정환율………………………………………87 관세율할당 …………………………………199 국적……………………………………………89
검사보고서 …………………………………197 공개기업 ……………………………………173 관세전쟁 ……………………………………199 국제무역 ……………………………………123
국제무역데이터시스템(ITDS)……………123 기업연합………………………………………37 다자간 협정…………………………………149 등록된 주소 ……………………………………7
국제무역용어 ………………………………117 기점……………………………………………23 단독해손(單獨海損) ………………………163 디DM방식 추심 ……………………………65
국제수지………………………………………19 기지(旣知)의 손실 …………………………131 단서조항 ……………………………………185 딜러……………………………………………61
권리사용료 …………………………………183 기축통화(基軸通貨) ………………………131 단일운임 ……………………………………203
권리양도………………………………………63 기한부 ………………………………………221 단일화 ………………………………………219
귀로(歸路)(화물) ……………………………19 까르네(무관세허가증) ………………………37 담보 ……………………………29, 185, 197
균형경제………………………………………19 끝자락에………………………………………11 담보관리시스템………………………………29
균형화…………………………………………77 끼워팔기 계약………………………………209 담보된 ………………………………………185
그로스(수량단위의 하나)…………………103 담보상태로 …………………………………117 라이센스계약 ………………………………135
그린카드 ……………………………………101 담보상환요구…………………………………35 랜햄法(1947년)……………………………133
근린궁핍화정책(近隣窮乏化政策)…………25 담보재산 ……………………………………185 런던 로이즈…………………………………139
근원인플레이션………………………………53 담보증권 ……………………………………185 RoRo 선(船) ………………………………183
글로벌 쿼터…………………………………101 대금추심(代金推尋)조건 전대(前貸) ………9 로열티 ………………………………………183
글로벌본드……………………………………99 나용선…………………………………………23 대기행렬 ……………………………………175 로이드선급협회 ……………………………139
금본위제도 …………………………………101 나프타 ………………………………………151 대략 ………………………………………3, 41 롤오버 신용…………………………………183
금융시장 ………………………………87, 149 납세신고………………………………………77 대량화물(할인)운임 ………………………225 롯트표지 ……………………………………141
금융시장조작 ………………………………149 납세신고시스템………………………………77 대리상(代理商)………………………………85
금융자산투자 ………………………………167 내구재…………………………………………71 대리은행………………………………………11
금융증권………………………………………87 내국민 대우…………………………………151 대리인…………………………………………11
금전보상………………………………………59 내륙 선하증권………………………………121 대외가치………………………………………83
금제품(禁制品)………………………………53 내륙운송업자 ………………………………121 대체물…………………………………………95
금준비(金準備) ……………………………101 내항능력(耐航能力) ………………………185 덤핑……………………………………………71 마이크로브릿지 ……………………………147
금환본위제도(金換本位制度) ……………101 냉장(냉동)컨테이너 ………………………179 도선사(導船士) ……………………………167 마진콜…………………………………………35
급수급탄차 …………………………………201 농산물가격의 등가성………………………163 도착예정시간…………………………………77 마킬라도라 …………………………………143
기명식 (지정) 선하증권 …………………195 누름대…………………………………………25 도크……………………………………………67 마타도어(투우사) 채권 ……………………145
기반 …………………………………………121 독자적 행동권………………………………119 만기 연장……………………………………183
기본주소………………………………………69 동기부여 ……………………………………117 만기일…………………………………………79
기산요율………………………………………23 동등 …………………………………161, 163 만기채무 ………………………………………7
기선(汽船) …………………………………193 동등 환율……………………………………161 만재흘수선(滿載吃水線) …………………167
기술이전 ……………………………………205 동의 ……………………………………………3 매도가격 ……………………………………155
기업덤핑………………………………………53 다국간통화 평가조정………………………177 동일물품 ……………………………………113 매도율 ………………………………………187
기업어음………………………………………47 다국적기업 …………………………………149 등가 …………………………………………163 매도증서………………………………………27
매변(買弁)……………………………………49 무제한 신용장………………………………219 미국 해외공보처……………………………217 배달지시………………………………………63
매수 ……………………………………………7 무한책임보험…………………………………99 미국-캐나다 자유무역협정 ………………219 배신……………………………………………19
매입자 위험부담 ……………………………39 무한책임조합…………………………………99 미국내 가격…………………………………217 100파운드단위 가격책정…………………111
매입제한 신용장……………………………179 무확인 신용장………………………………211 미국및해외통상서비스 ……………………213 백지화 ………………………………………179
매주(買主)지불보증 위험 …………………61 무효화 ………………………………………179 미납주문(未納注文)…………………………19 벌금 …………………………………………165
머천트 크레디트……………………………147 묵시적 조건…………………………………113 미니브릿지 …………………………………147 범죄인인도……………………………………83
메모 선하증권………………………………147 문전(門前)배달 ………………………………69 미수금계정 ……………………………………7 법률행위 ……………………………………129
면책계약 ……………………………………109 물가상승 ……………………………………121 미지급금계정 …………………………………7 법적실체(法的實體) ………………………133
면책조항…………………………………77, 79 물건(을 매다는) 사슬 ……………………189 밀수 …………………………………………189 법정통화 ……………………………………133
명백 …………………………………………143 물권(物權) …………………………………177 벙커……………………………………………33
명백한 ………………………………………159 물물교환………………………………………23 벙커연료………………………………………33
모은행 ………………………………………163 물품 …………………………………………101 변액(變額) ……………………………………89
목말태우기방식 운송………………………165 물품검사 ……………………………………197 변칙관세 ……………………………………199
목적국…………………………………………55 물품세…………………………………………79 병합 운송화물 ………………………………11
목적지…………………………………………65 물품신고………………………………………77 바닥짐…………………………………………21 보관 …………………………………………193
목적지관세불지급인도(관세불지급 물품신고서류…………………………………77 바르샤바협약 ………………………………227 보복 …………………………………………181
…지정된 목적지) ………………………59 미국 관광청…………………………………219 바이 아메리카法 ……………………………33 보복조치 ……………………………………181
몰수 …………………………………………187 미국 관세청…………………………………213 바지선…………………………………………23 보상금 ………………………………………119
무개화차(無蓋貨車) ………………………101 미국 교통부…………………………………215 반대급부 ……………………………………175 보상청구………………………………………41
무관세품목 목록 ……………………………93 미국 국무부…………………………………215 반덤핑관세……………………………………13 보세(상태의) …………………………………29
무담보환어음…………………………………43 미국 국방부…………………………………215 반송 …………………………………………179 보세상태로 …………………………………117
무례……………………………………………67 미국 국제무역위원회………………………217 반입인도조건…………………………………93 보세창고………………………………………29
무료이용기간…………………………………93 미국 내무부…………………………………215 발송……………………………………………67 보세터미널……………………………………29
무륜(無輪) 컨테이너 ………………………53 미국 노동부…………………………………215 발송인 ………………………………………189 보세화물 ……………………………………117
무사고 선하증권(無事故 船荷證券) ………43 미국 농무부…………………………………213 발주내시서 …………………………………135 보세화물관리시스템 ………………………117
무역거래 조건………………………………203 미국 무역개발처……………………………217 발행 …………………………………………125 보이지 않는 무역장벽 ……………………125
무역수지………………………………………19 미국 법령집…………………………………213 발행일…………………………………………59 보조금 ………………………………………195
무역외 수지…………………………………125 미국 상무부…………………………………213 방………………………………………………39 보증 ………………………29, 185, 197, 227
무역적자 ……………………………………203 미국 에너지부………………………………215 방출……………………………………………65 보증된 ………………………………………185
무역정책조정자문위원회……………………11 미국 재무부…………………………………215 배 중앙부분 …………………………………13 보증서 ………………………………………105
무역진흥 ……………………………………203 미국 통상대표부……………………………217 배달경로 ……………………………………183 보증신용장 …………………………………193
무역흑자 ……………………………………203 미국 통일관세율표…………………………105 배달서비스……………………………………67 보증약정 ……………………………………193
보험료 ………………………………………169 부패우려화물 ………………………………165 상선(商船) …………………………………193 선박 톤………………………………………223
보헙수익자……………………………………25 부품상태로 해체……………………………131 상업서류세트…………………………………47 선박검사 ……………………………………197
보호관세 ……………………………………173 부합계약(附合契約) …………………………7 상업송장………………………………………47 선박덮개 ……………………………………109
보호무역제도 ………………………………171 북미자유무역협정 …………………………151 상업신용장……………………………………47 선박서류 ……………………………………187
보호서비스 …………………………………173 불가항력 …………………………………7, 89 상업어음………………………………………47 선박손실보상계약 …………………………193
복사본 선하증권……………………………147 불공정 무역관행……………………………211 상업은행………………………………………45 선박용선계약…………………………………63
복합운송 ………………………………45, 149 불법행위에 대한 조치…………………………7 상여금 ………………………………………169 선복예약 ……………………………………179
복합운송 선하증권 …………………………45 비공개기업 …………………………………171 상인……………………………………………61 선사 ……………………………………37, 189
본선 적재상태의……………………………157 상인 신용장…………………………………147 선사간 적송(積送) …………………………123
본선수취증 …………………………………145 상표 …………………………………………203 선용품 ………………………………………187
본선인도조건(…지정된 선적항) …………89 상품번호………………………………………49 선의로…………………………………………29
본선인수증 …………………………………145 상품인도결제방식……………………………43 선일자수표(先日字手票) …………………169
본적지…………………………………………69 상하한(上下限) ……………………………103 선적증명서 …………………………………171
봉쇄……………………………………………29 사고부 선하증권(事故付 船荷證券) …43, 91 상호 …………………………………………203 선적지시서 …………………………………189
부가가치 ……………………………………223 사망……………………………………………63 상호교환계약 ………………………………123 선적후 확인절차……………………………169
부가가치세 …………………………………223 사무라이본드 ………………………………185 상호배려 ……………………………………175 선지급 ………………………………………169
부두 ……………………………………67, 175 사업자번호 ……………………………………5 상환……………………………………………13 선지급 요금…………………………………171
부두(화물)수취증……………………………67 사용자 수수료………………………………221 상환요청………………………………………35 선진국…………………………………………65
부두간운송 …………………………………165 사전정리 ………………………………………9 생물제재(生物製劑)…………………………27 선창(船倉) …………………………………109
부두검사………………………………………67 사증 …………………………………………223 생산성 ………………………………………171 선체 …………………………………………109
부두근로자 …………………………………139 산물선(撒物船) ………………………………33 생산자직송……………………………………71 선체를 가로질러 ……………………………17
부두사용 수수료……………………………229 산물판매(撒物販賣) …………………………33 서류 발행일…………………………………127 선취권(우선권) ……………………………169
부두인도조건(부두인도-관세납부- 산물화물………………………………………33 서류인도결제방식……………………………37 선측인도(…지정된 선적항) ………………85
…지정된 목적항까지) …………………63 산물화물(撒物貨物) …………………………33 서명진술서 …………………………………129 선택요율………………………………………13
부선(艀船)……………………………………23 산업안전局……………………………………33 서비스 A자금 ………………………………187 선하증권………………………………………27
부선(艀船)운반선 …………………………135 산업정책 ……………………………………119 석방……………………………………………65 세계 무역협회 클럽 ………………………229
부선사용(료) ………………………………137 산적 고체화물(散積 固體貨物) ……………33 석유달러 ……………………………………165 세계무역기구 ………………………………229
부정기선 ……………………………………205 산출물(결과물)군(群) ……………………171 선급금 ………………………………………169 세계은행 ……………………………………229
부정기선사 …………………………………205 삼각무역 ……………………………………207 선내하역비면제(船內荷役費免除)조건……93 세계은행 그룹………………………………229
부정행위………………………………………23 상 ……………………………………………169 선물(先物)거래계약…………………………95 세계저작권협약 ……………………………219
부족 …………………………………………189 상계관세………………………………………53 선물외환………………………………………91 세관 …………………………………………167
부족중량 ……………………………………189 상무관…………………………………………47 선박 적하목록………………………………187 세관 신고가격 ………………………………61
세관(POE) …………………………………167 수레……………………………………………69 수출상사………………………………………81 승낙 …………………………………………201
세관현대화법 ………………………………147 수령 ……………………………………………3 수출선적국……………………………………55 시내-공항간 서비스 …………………………41
세금 …………………………………………117 수령증 ………………………………………177 수출승인서……………………………………81 시작점…………………………………………23
셀………………………………………………39 수익자…………………………………………25 수출신고(서)…………………………………81 시장가격 ……………………………………145
셀러스마켓 …………………………………187 수입 …………………………………………113 수출입금지……………………………………75 시장경제 ……………………………………145
소득 …………………………………………117 수입 적하목록………………………………125 수출자…………………………………………83 시장에 친숙한 기업 ………………………155
소버린 리스크………………………………191 수입관세 ……………………………………115 수출자 식별번호 ……………………………83 시장접근 ……………………………………145
소비 물품신고 ………………………………51 수입구제조치 ………………………………115 수출정책자문위원회…………………………11 시장혼란 ……………………………………145
소비목적 수입………………………………117 수입대체전략 ………………………………115 수출제한………………………………………81 시중은행………………………………………45
소비세…………………………………………79 수입물품 ……………………………………117 수출쿼타………………………………………81 식물검역검사필증 …………………………165
소비재…………………………………………51 수입민감 생산자……………………………115 수출통계………………………………………81 식약청…………………………………………85
소액……………………………………………31 수입신고………………………………………77 수출허가사무소 ……………………………155 신용장 …………………………………27, 135
소액통화………………………………………93 수입신고서류…………………………………77 수출환어음……………………………………81 신용장 금액의 (일부) 양도 …………………17
소유권자 ……………………………………171 수입신용장 …………………………………113 수출환어음 인수……………………………203 신청인…………………………………………15
소지인…………………………………………25 수입자 ………………………………………115 수취서류 ……………………………………177 쌍방대리 ……………………………………129
소형구조물 …………………………………131 수입자번호 …………………………………115 수취선하증권 ………………………………177
소형바지 ……………………………………135 수입제한조치 ………………………………115 수취인 …………………………………25, 163
소화물서비스 ………………………………189 수입쿼터 경매………………………………115 수취인요금부담………………………………43
손상……………………………………………59 수입쿼터(할당) ……………………………115 수탁자…………………………………………49
손실보상 ……………………………………119 수입허가 ……………………………………115 수평적 수출무역회사………………………109
손실보상 보증 ………………………………29 수입화물대도(輸入貨物貸渡)신청서 ……207 수하인…………………………………………49 IT 06 ………………………………………127
손실보상계약 ………………………109, 119 수증자(受贈者) ……………………………101 순 가격………………………………………153 악영향 ………………………………………121
손실보상보증 ………………………………119 수집……………………………………………45 순 중량………………………………………153 악의 ……………………………………19, 143
손실보상증서 ………………………………135 수출……………………………………………79 순 현금………………………………………151 암거래…………………………………………27
손실위험방지대책 …………………………107 수출가공구역…………………………………81 스시본드 ……………………………………197 암시장…………………………………………27
송금 …………………………………………179 수출관리………………………………………79 스왑(거래) …………………………………197 압류 …………………………………117, 187
송장 ……………………………………27, 125 수출관리(대행)회사 …………………………81 스위치거래협정 ……………………………197 압류대상화물창고……………………………99
송장의 변경…………………………………177 수출관세………………………………………81 스포트 레이트………………………………193 압류동산 회복소송…………………………179
송하인…………………………………………51 수출목적지국…………………………………55 스프트론 ……………………………………191 액면가격 ……………………………………161
송하인(送荷人) ……………………………189 수출무역회사…………………………………83 슬립 …………………………………………189 약 ……………………………………3, 15, 41
수량불문요금…………………………………15 수출보조금……………………………………81 슬링 …………………………………………189 약식(간이) 선하증권 ………………………189
수량제한 ……………………………………175 수출브로커……………………………………79 승강구(乘降口) ……………………………105 양도……………………………………………63
양도가능………………………………………13 연화(軟貨) …………………………………189 용선……………………………………………41 웹-포머린 조합 ……………………………229
양도가능 선하증권…………………………151 열대농산물 …………………………………207 용선계약(傭船契約)…………………………11 웹-포머린法(1918년) ……………………229
양도가능한 …………………………………151 영사관…………………………………………51 용적화물 ……………………………………145 위반행위………………………………………23
양도증서 ……………………………………135 영사송장………………………………………51 우루과이라운드 ……………………………219 위부(委付) ……………………………………3
양륙 …………………………………………65 영수증 ………………………………………177 우선 항공화물………………………………171 위원회…………………………………………49
양륙지 변경 …………………………………67 예약……………………………………………31 우편번호 ……………………………………231 위탁………………………………………19, 51
양륙항 ………………………………………167 예약후 나타나지 않는 화물(승객) ………153 우편통관(절차) ……………………………143 위험 포지션…………………………………181
양수인(讓受人) ……………………………101 예양(禮讓) ……………………………………45 운반 …………………………………………107 위험물질 ……………………………………107
양자간 무역 …………………………………25 예의……………………………………………45 운반요금 ……………………………………107 위험화물………………………………………59
양자간 투자조약 ……………………………25 5룡(5龍) ……………………………………87 운송 신고가격 ………………………………61 유개화차(有蓋貨車) …………………………31
양하사고조회장 ……………………………203 오버나잇 ……………………………………159 운송및수출 신고(서)………………………207 유동성 ………………………………………139
양해각서 ……………………………135, 147 오송화물(誤送貨物) …………………………93 운송비지급인도(운송비지급 유동자산 보유………………………………139
어음……………………………………………27 오일달러 ……………………………………165 …지정된 목적지항까지) ………………55 유동적(流動的) ………………………………89
억류……………………………………………65 오픈계정 ……………………………………157 운송서류 ……………………………………207 유로채(債) ……………………………………79
언덕배기(철도 操車場의)…………………111 오픈엔드 계약………………………………157 운송인…………………………………………37 유류할증료(油類割增料) ……………………33
에지法 회사 …………………………………75 외국내 대리인 ………………………………49 운송인 인도조건(…지정장소) ……………85 유엔 EDI 표준………………………………211
엘LAS船 ……………………………………135 외국무역………………………………………89 운송인적하증명서……………………………37 유엔무역개발회의 …………………………213
여행자 ………………………………………207 외국무역지역법………………………………91 운송중……………………………………11, 75 유엔산업개발기구 …………………………213
여행자수표 …………………………………207 외국선…………………………………………91 운송화물 ……………………………………187 유연성 ………………………………………139
여행중…………………………………………75 외국소득………………………………………91 운임……………………………………………95 유치……………………………………………65
역 특혜………………………………………181 외국송금………………………………………91 운임보험료 지급인도조건(운임 및 유치권(留置權) ………………………………85
역외은행 ……………………………………155 외국수출………………………………………91 보험료 지급…지정된 목적지까지) …41 유치산업론(幼稚產業論) …………………119
역외은행센터 ………………………………155 외국인…………………………………………91 운임보험료포함조건(비용, 보험료 및 유한책임(有限責任) ………………………137
연결 항공기(선박) …………………………49 외국통화………………………………………89 운임 …지정된 목적항까지) …………41 유한책임조합 ………………………………137
연결운송 ……………………………………179 외국환시세……………………………………89 운임청구서 중량 ……………………………27 유효기간 ……………………………………223
연기 항공화물 ………………………………61 외국환어음……………………………………27 운임포함조건(…지정된 목적항까지) ……39 유효성 ………………………………………223
연대 및 개별 변상책임 ……………………129 외화채권(外貨債券) …………………………89 운임환불청구…………………………………95 육교운송(陸橋運送) ………………………133
연방준비제도…………………………………87 외환……………………………………………89 원가가산법……………………………………53 육상운송부분 ………………………………147
연성차관(軟性借款) ………………………191 외환거래계약…………………………………89 원금상환분……………………………………13 융통 ……………………………………………5
연안교역………………………………………43 외환평가(外換平價) ………………………161 원산지 ………………………………………167 융통어음 ………………………………………5
연안수송………………………………………35 요금율표 ……………………………………199 원산지국………………………………………55 은행 반출지시서 ……………………………21
연지급 신용장 ………………………………61 요청……………………………………………35 원활화…………………………………………85 은행간 거래…………………………………123
은행간 은행 …………………………………21 일괄 보험료율 ………………………………29 자본탈출………………………………………89 적재지시(서) ………………………………195
은행간환어음…………………………………23 일괄도급방식 ………………………………207 자유무역지역 사용자………………………231 적하목록 ……………………………………143
은행보증………………………………………21 일괄도급방식계약 …………………………209 자유무역지역 운영자 ………………101, 157 적하목록처리자동화시스템…………………17
은행어음………………………………………21 일람 후 ………………………………………11 자유무역지역내 물품지위…………………231 적하품…………………………………………51
은행의 항공사에 대한 화물인도지시서……21 일람불…………………………………………17 자유방임주의 ………………………………133 전국 관세사 및 화물포워더협회 …………151
은행인수환어음…………………………21, 23 일반관세율……………………………………99 자유시장………………………………………93 전국 수출기업협회…………………………151
은행지주회사…………………………………21 일반상품 운임율 ……………………………99 자유지역………………………………………93 전달을 위한 보관화물 ……………………109
은행환어음……………………………………21 일반특혜관세…………………………………99 자유항…………………………………………93 전도물품(前渡物品) ………………………169
은행휴일………………………………………21 일반화물 선박 ………………………………99 자율 법규준수………………………………121 전세 서비스 …………………………………41
의향서 ………………………………………135 일반화물 운송요율 …………………………99 자율규제협정 ………………………………225 전송문 ………………………………………205
이사화물운반용기 …………………………135 일시 보관……………………………………195 자회사 …………………………………11, 195 전자비자정보시스템…………………………75
이의제기 ……………………………………173 일시수입 ……………………………………201 잠재손실………………………………………49 전자상거래……………………………………75
이중가격 시장………………………………209 일자 후 ………………………………………11 잠재손해………………………………………49 전자식육검사증명서…………………………75
이중가격책정…………………………………71 일제 정리(세관의 압류통지) ………………99 장려금…………………………………………31 전자자금이체…………………………………75
이중관세율……………………………………69 임계세율(臨界稅率) ………………………165 장외거래 ……………………………………159 전자자료교환…………………………………75
이중환율………………………………………71 임계점(臨界點) ……………………………165 장치기간 경과수수료………………………193 전쟁(면책)약관 ……………………………227
이체(우편, 전신, 전보)……………………205 입국이민 ……………………………………113 장치허용기간 ………………………………133 전쟁위험 ……………………………………227
이행 …………………………………………165 입국항 ………………………………………167 재난확인 ……………………………………197 전쟁위험 보험………………………………227
인도……………………………………………63 입국허가증 …………………………………101 재수출 ………………………………………179 절대우위(絶對優位) …………………………3
인도 항공사(引渡 航空社) …………………63 입찰보증금……………………………………25 재정거래(裁定去來)…………………………15 정기선 ………………………………………137
인도증명서 …………………………………171 입항수수료 …………………………………131 재평가 ………………………………………181 정리 …………………………………………139
인도지시서……………………………………63 재화 …………………………………………101 정박 …………………………………………149
인센티브 ……………………………………117 저개발국 ……………………………………211 정박수수료 …………………………………131
인수………………………………………3, 109 적시투입(適時投入) ………………………129 정박수역………………………………………25
인수거절………………………………………67 적용운임 변경점……………………………229 정박요금 ……………………………………149
인수신용장(引受信用狀) ……………………3 적응(조정)지원 ………………………………9 정보교환자동화시스템………………………17
인수은행 ………………………………………5 자금공급약정 ………………………………193 적재 …………………………………………139 정산 …………………………………………139
인수인도조건…………………………………69 자동차 운반선 터미널 ……………………149 적재(방법) …………………………………195 정산관리시스템 ……………………………139
인수자 …………………………………………5 자루에 담겨진 화물 …………………………19 적재계획(서) ………………………………195 정상가격………………………………………85
인수환어음 ……………………………………5 자발적 수출제한……………………………225 적재단위화 용구……………………………213 제1세계 국가군(群) …………………………87
인플레이션 …………………………………121 자본시장………………………………………35 적재단위화 용구(작업)……………………211 제3세계국가 ………………………………201
1일거래기간 ………………………………159 자본재…………………………………………35 적재중량………………………………………61 제3자에 대한 운임청구 ……………………27
제공 …………………………………………201 즉시반출 ……………………………………113 추심수수료부담………………………………43
제재 …………………………………………185 즉시운송신청서 ……………………………113 추심은행………………………………………43
제조자 식별번호……………………………143 증가(增價) ……………………………………15 차별(대우)……………………………………67 추심청구서……………………………………45
제조증명서……………………………………39 증명……………………………………………39 차액 ……………………………65, 143, 161 추정……………………………………………15
제척기간 ……………………………………137 증명서…………………………………………39 차액거래 ……………………………………143 추징금 ………………………………………165
제출 …………………………………………125 증서 ……………………………………27, 123 차환(借還) …………………………………179 출국항 ………………………………………167
제한적 사업관행……………………………181 지급 …………………………………………109 착선인도조건(착선인도 출발국…………………………………………55
제휴사…………………………………………11 지급기간 ……………………………………201 …지정된 목적항까지) …………………65 출발예정시간…………………………………77
조달 …………………………………………171 지급명세 송부대상자 ………………………27 창고문전(倉庫門前)간 운송………………195 출발지항 항공화물통관……………………167
조세피난지역 ………………………………199 지급인 ………………………………………163 창고증권 ……………………………………227 취소불능 기업 구매주문서 ………………113
조종사 ………………………………………167 지급인도조건…………………………………69 채무국…………………………………………61 취소불능 신용장……………………………125
조출료…………………………………………67 지급청구………………………………………41 책임제한 ……………………………………137 침해 …………………………………………121
조합 …………………………………………163 지급환 ………………………………………163 천재 ……………………………………………7
좀도둑에 의한 손실 ………………………167 지불거절………………………………………67 천재(天災)……………………………………89
종가관세 ………………………………………7 지선선박(支船船舶) …………………………87 철도화물운송장(철도상환증) ……………177
종물(從物)……………………………………15 지수연동 ……………………………………119 첨단기술제품 …………………………………9
주간(州間) 상거래…………………………125 지수연동 외환옵션 환어음 ………………119 청산 …………………………………………139
주간(州間) 운송사업자……………………125 지수연동 외환차입…………………………119 청산계정 ……………………………………157 카르텔…………………………………………37
주류담배무기局………………………………33 지시 …………………………………………157 청약 …………………………………………155 카보타주………………………………………35
주문 …………………………………………157 지시식(指示式) 선하증권 …………………157 체선료…………………………………………63 카테고리群……………………………………37
주소지반입인도………………………………93 지역권(地役權) ………………………………75 촉진……………………………………………85 칼라……………………………………………43
주식합명회사 ………………………………129 지적재산 ……………………………………123 총수입…………………………………………99 컨테이너………………………………………51
준비기간 ……………………………………133 지정 …………………………………………157 총중량 ………………………………………103 컨테이너 적입………………………………195
중개인…………………………………………31 지정인 앞으로………………………………203 총지출 …………………………………………3 컨테이너부족화물……………………………53
중대사고………………………………………37 지정인 통지…………………………………157 최저가격 제한없이…………………………229 컨테이너선박…………………………………53
중량물 ………………………………………107 직무권한………………………………………49 최저요금 ……………………………………147 컨테이너크기 단위 …………………………87
중량증명서……………………………………39 짐깔개…………………………………………71 최종 수하인…………………………………211 컨테이너화물비용……………………………53
중량할증요금 ………………………………107 집단적 거부 …………………………………31 최혜국 ………………………………………149 컨테이너화물하역……………………………65
중량화물선박 ………………………………107 집중분산배송방식 …………………………109 추가비용 ………………………………………5 컴미션…………………………………………49
중앙은행………………………………………39 집하업무(集荷業務) …………………………15 추가서비스 ……………………………………5 코어인플레이션………………………………53
중앙통제경제…………………………………45 집하운송(集荷運送) ………………………107 추심……………………………………………45 콜머니…………………………………………35
중요 계약조건………………………………145 징수시스템……………………………………45 추심서류………………………………………45 콜옵션…………………………………………35
쿠리어…………………………………………55 통지주소 ……………………………………153 파손화물보상장(破損貨物補償狀) ………135 표지 …………………………………………185
쿼터 …………………………………………175 통지처 ………………………………………153 파업조항 ……………………………………195 품목별 운임 …………………………………49
쿼터관리시스템 ……………………………175 통합 운송사업자……………………………123 판매계약서 …………………………………185 품목분류………………………………………41
통합화물서비스 ……………………………123 판매상 ………………………………………223 피더선…………………………………………87
통화가치 회복………………………………181 판매세 ………………………………………185 피지급인 ……………………………………163
통화공급 ……………………………………149 판매자 ………………………………………223 피해 …………………………………………121
통화바스켓……………………………………25 판매자주도 시장……………………………187
통화창출 ……………………………………149 팔레트 ………………………………………161
타이드론 ……………………………………203 투명성 ………………………………………205 팔레트 운반기………………………………161
태환성…………………………………………53 투하 …………………………………………129 팔레트 적재기………………………………161
터무니없이 불합리한………………………211 투하물 ………………………………………129 팔레트화 작업………………………………161
터미널 ………………………………………201 트랩……………………………………………97 팩토링 금융회사 ……………………………85 하드론 ………………………………………105
터미널 수수료………………………………201 트럭 1대 분량에 미달하는 소화물 ………133 팩토링수수료…………………………………85 하류(下流)덤핑 ………………………………69
터미널간 화물수송…………………………137 트레일러 ……………………………………203 팩토링업자의…………………………………85 하부갑판 컨테이너…………………………141
터미널간 화물수송 선박 …………………137 특별 관세율…………………………………191 편의치적국기(便宜置籍國旗)………………89 하부구조 ……………………………………121
토대 …………………………………………121 특별운송요금 ………………………………191 평가 …………………………………………223 하부주행체……………………………………41
통계인터페이스………………………………39 특약판매점……………………………………67 평가비용 ……………………………………223 하역 ……………………………65, 193, 219
통과 선하증권………………………………201 특정품목 운임률……………………………191 평가절상 ……………………………………181 하역근로자 단위 ……………………………97
통과구역 ……………………………………205 특징 …………………………………………105 평등화…………………………………………77 하역항 ………………………………………167
통과무역(通過貿易)…………………………75 특허 …………………………………………163 폐기 …………………………………………129 하우스 투 하우스(주소지에서
통관신고………………………………………43 특허보세창고 ………………………………227 폐쇄형 거래 …………………………………43 주소지까지)……………………………109
통관자동화시스템(ACS) …………………17 특혜(우대) …………………………………169 포개져 포장된………………………………151 하우스 항공화물운송장……………………109
통관자동화환경(ACE) ……………………17 특혜관세 ……………………………………169 포장명세서 …………………………………161 하주……………………………………………51
통관절차………………………………………43 특혜대상국가 ………………………………169 포장물…………………………………………19 하터法 ………………………………………105
통로 ……………………………………97, 189 포장용기………………………………………31 (한) 컨테이너화물 …………………………53
통상조약………………………………………47 포장재(용기) 중량…………………………199 한계비용 ……………………………………143
통신문 ………………………………………205 포장화물………………………………………21 할당……………………………………………15
통일상법전(統一 商法典)…………………211 포트폴리오투자 ……………………………167 할부금 상환 …………………………………13
통일품목분류체계 …………………………105 표류선박………………………………………89 할인……………………………………………67
통지(서) ………………………………………9 파산……………………………………………23 표류화물………………………………………89 할인어음………………………………………65
통지신용장 ……………………………………9 파손……………………………………………31 표시 : 원산지국 ……………………………145 할증료 ………………………………………197
통지은행 ………………………………………9 파손할인………………………………………31 표식 …………………………………………145 합명회사………………………………………99
합병……………………………………………51 현물시장 ……………………………………191 화물의 양도 …………………………………39 확인 …………………………………………185
합의 및 충족……………………………………5 현물요율(가격) ……………………………193 화물인도………………………………………71 확인은행………………………………………49
합자회사 ……………………………………137 현물운용 ……………………………………191 화물적재실……………………………………25 확정손해배상액 ……………………………137
항 ……………………………………………167 현물환 ………………………………………191 화물전용항공기………………………………13 확정일자환어음………………………………59
항공보고지점…………………………………49 현물환율 ……………………………………191 화물집산시설(貨物集散施設)………………75 환(換) 부족 (포지션)………………………189
항공소포우편…………………………………13 현장적치(現場積置) ………………………193 화물차…………………………………………71 환경보호청……………………………………77
항공특급………………………………………13 협정가액………………………………………11 화물차요금……………………………………71 환급……………………………………………69
항공화물………………………………………11 호혜적 무역협정……………………………177 화물추적시스템 ……………………………203 환급시스템……………………………………69
항공화물운송장………………………………13 호혜주의 ……………………………………177 화물칸…………………………………………31 환불 …………………………………………179
항로 …………………………………………183 혼장(混藏) ……………………………………47 화물톤수………………………………………37 환불금 ………………………………………179
항만 하역노동자 담당자 …………………193 혼재(混載) ……………………………………51 화물하역 ……………………………………195 환율 ………………………79, 89, 161, 177
항만부장(港灣部長) ………………………105 혼재(混載)컨테이너 …………………………51 화물하역작업지역……………………………15 환적 …………………………………………205
항만사용료 …………………………………105 혼재화물………………………………………31 화물혼재사업자………………………………51 회전신용장 …………………………………181
항만수수료 …………………………………167 혼합……………………………………………47 화주 …………………………………………189 획득 …………………………………………171
항만장(港灣長) ……………………………105 화물………………………………………35, 95 화폐 …………………………………………149
해고……………………………………………65 화물 적하목록 ………………………………37
해난보고서……………………………………35 화물구상청구…………………………………95
해륙운송(海陸運送) ………………………133 화물대리인……………………………………37
해사(海事) …………………………………145 화물반출관리시스템 ………………………137
해사문제(海事問題) …………………………9 화물발송 ……………………………………187
해사법원(海事法院) …………………………9 화물발송국……………………………………55
해상(해양) 선하증권………………………155 화물선(기) ……………………………………95
해상화물운송법(1936년) …………………37 화물선별시스템………………………………37
해외모회사……………………………………91 화물수집 및 인도서비스 …………………165
해외시장 가격 ………………………………91 화물수집 지시(요청) ………………………165
해외투자………………………………………91 화물수탁지점 ………………………………167
헷지 …………………………………………107 화물요금………………………………………95
헷지비율 ……………………………………107 화물운송 ……………………………………187
현 상태대로 …………………………………15 화물운송장 …………………………………181
현금지급 ……………………………………191 화물운송조건 ………………………………137
현물가격 ……………………………………191 화물운송증 …………………………………227
현물거래 ……………………………………191 화물운임적용중량……………………………39
2004년 10월 일 인쇄
2004년 10월 일 발행

발행처 : 관세청 종합심사과

편 집 : 박창언 종합심사과장
변동욱·김재호
전 화 : (042) 481-7874, 7875
팩 스 : (042) 481-7879

인쇄처 : (주)협동문고
(042)534-6188