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| B |
|
| Back Haul |
| To haul a shipment back over part of a route which it has traveled. |
| Back Order |
| That portion of an order that cannot be delivered at the scheduled time, but will be delivered at a later date when available. |
| Back-To-Back Borrowing |
| The process whereby a bank brings together a borrower and a lender so that they agree on a loan contract. |
| Back-To-Back Loan |
| Operations whereby a loan is made in one currency in one country against a loan in another currency in another country. |
| 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 and for a particular purpose related to the goods while in possession of the bailee, who has a duty to redeliver them to the bail. |
| Balance Of Payments |
| A statement identifying all the economic and financial transactions between companies, banks, private households and public authorities of one nation with those of other nations of the world over a specific time period. |
| Balance of Trade |
| The difference between a country's imports and exports. |
| Balanced Economy |
| A condition of national finances in which imports and exports are equal. |
| Bale |
| A large bundle of compressed and bound goods, such as cotton. |
| Bale Cargo |
| Bulky cargo shipped in bales, usually of burlap. |
| Ballast |
| Heavy material placed on a ship to improve its stability. |
| Bank Draft |
| A check drawn by one bank against funds deposited to its account in another bank. |
| Bank Guarantee |
| Unilateral contract 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. |
| Bank Holding Company |
| Any company which directly controls, with power to vote, more than five percent of voting shares of one or more other banks. |
| Bank Holiday |
| A day on which banks are closed. |
| Bank Note |
| Paper issued by a bank, redeemable as money and considered to be full legal tender. |
| Bank Release |
| A document issued by a bank, after it has been paid or given an acceptance, giving authority to a person to take delivery of goods. |
| Banker's Bank |
| A bank that is established by mutual consent by independent and unaffiliated banks to provide a clearinghouse for finacial transactions. |
| Banker's Draft |
| A draft payable on demand and drawn by, or on behalf of, a bank upon itself. |
| Bankruptcy |
| The condition of a legal entity that does not have the financial means to pay their incurred debts as they come due. |
| Bareboat Charter |
| The charter of a vessel where the character party has the right to use his own master and crew on the vessel. |
| Barge |
| A flat bottomed cargo vessel primarily used on rivers and canals. |
| Barratry |
| The intentional misconduct of the ship's master or crew; includes theft, intentional casting away of vessel, or breach of trust. |
| Barter |
| Trade of goods for other goods without the use of money or a third party. |
| Basing Point |
| A location which is used to determine rates between other points. |
| Basing Rate |
| A rate which is used for the sole purpose of determining other rates. |
| Basket of Currencies |
| A means of establishing value for a composite unit consisting of the currencies of designated nations. |
| Battens |
| The protruding fixtures of the inside walls of a vessel's hold which keep cargo away from the walls of the vessel. |
| Bearer |
| The person in possession. |
| Beggar-Thy-Neighbor Policy |
| A course of action through which a country tries to reduce unemployment and increase domestic output by raising tariffs and instituting non-tariff barriers that impede imports. |
| Belly Pits or Holds |
| Compartments beneath the cabin of an aircraft used for the transport of cargo or baggage. |
| Beneficiary |
| An individual or company who gains upon the opening of a letter of credit. |
| Berth |
| The place beside a docking area where the ship is secured and cargo can be loaded or unloaded. |
| Bid Bond |
| Guarantee established in connection with international tenders. Guanrantees fulfillment of the offer. |
| Bilateral Investment Treaty |
| A treaty between two countries with the goals of ensuring investments abroad of national or most favored nation treatment. |
| Bilateral Trade |
| The commerce between two countries. |
| Bill |
| A written statement of contract terms. |
| Bill of Credit |
| A written statement that authorizes the recipient to receive or collect money from a foreign correspondent. |
| Bill of Health |
| A certificate issued by customs declaring the proper health of crew or passengers of a vessel or airplane upon arrival or departure from port. |
| Bill of Lading |
| A document issued by a carrier to a shipper that provides written evidence regarding receipt of the goods, the conditions on which transportation is made, and the engagement to deliver goods at the prescribed destination to the lawful holder of the bill of lading. |
| Bill of Parcels |
| A statement sent with a shipment that gives descriptions and prices for included items; often referred to as a packing slip. |
| Bill of Sale |
| A written document by which a party legally transfers ownership of goods to another party. |
| Bill of Sight |
| A Customs document which allows a party to see the goods before they pay duties on them. |
| Bill-To Party |
| Refers to the party designated on a bill of lading as the one responsible for payment of the freight charges. |
| Billed Weight |
| The designated weight shown on the freight bill. |
| Billing Third Party |
| The transference of transportation charges to a party other than the shipper or consignee. |
| Biological Agents |
| A biologically active material. |
| Black Market |
| Buying or selling of products that violate government restrictions. |
| Blanket Rate |
| A special single rate applied to multiple articles in a single shipment. |
| Blockade |
| Prevention of commercial exchange by physically preventing carriers from entering a specific port or nation. |
| Bona Fide |
| In or with good faith, honesty, and sincerity. |
| Bond |
| An interest-bearing certificate of debt by which the issuer is obligated to pay the principal amount at a specific time and interest periodically. |
| Bond of Indemnity |
| An agreement made with a carrier that relieves them of any liability incurred under stated conditions. |
| Bond System |
| A computerized bond control system (part of ACS). |
| Bonded |
| Goods stored by customs until the import duties are paid or the goods are exported. |
| Bonded Terminal |
| An airline terminal approved by the U.S. Treasury Department for storage of goods until Customs duties are paid or released. |
| Bonded Warehouse |
| An approved warehouse used for the storage of goods until duties are paid or the goods are properly released. |
| Booking |
| The act of recording arrangements for the movement of goods by vessel. |
| Bounties |
| Government payments to producers to strengthen their competitive position. |
| Box |
| Colloquial term referring to a trailer, semi-trailer, or container. |
| Box Car |
| A closed freight car. |
| Boycott |
| Refusing to deal commercially with a person, firm, or country. |
| Breakage |
| A monetary allowance that a manufacturer allots for compensation to a buyer for goods damaged in shipment. |
| Breakbulk |
| Unloading or distributing portions of a consolidated shipment for delivary. |
| Breakbulk Cargo |
| Cargo that is shipped as a unit but not containerized. |
| Bribe |
| A payment that results in a benefit that would not have been received except for receipt of that money; a bribe is a criminal offence. |
| Broker |
| One that acts as an agent for others, as in negotiating contracts, purchases, or sales in return for a fee or commission. |
| BTN |
| The present Harmonised System Code has been developed from the Brussels Trade Nomenclature System (BTN number). The BTN number was also previously known as the Customs Cooperation Council, Brussels Nomenclature or CCCN. |
| Bulk Cargo |
| Cargo that is made up of one commodity; examples include grain, oil, and ore. |
| Bulk Carrier |
| A vessel designed for the shipment of bulk cargo. |
| Bulk Freight |
| Freight not in packages or containers. |
| Bulk Sale |
| The transfer of a large amount of inventory in a single transaction not in the usual course of business. |
| Bulk Solids |
| Dry cargo shipped loose in containers. |
| Bunker |
| A compartment on a ship for storage or fuel. |
| 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. |
| Bureau Of Alcohol, Tobacco And Firearms |
| An agency of the U.S. Department of Treasury which regulates the alcohol, firearms and explosives industry, ensure the collection of federal taxes imposed on alcohol and tobacco, investigates violations of federal firearms, explosives and tobacco laws. |
| Bureau Of Export Administration |
| A U.S. government agency responsible for control of exports for reasons of national security, foreign policy and short supply. |
| Buy American Acts |
| U.S. federal and state government statutes that give a preference to U.S. produced goods in government contracts. |
|
| C |
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| Cabotage |
| Coast-wide water transportation, navigation or trade between ports of a nation. |
| Call |
| A demand of payment on a loan, often because of failure on the part of the borrower to comply with conditions of the loan. |
| Call Money |
| Currency lent by banks on a very short-term basis, which can be called the same day, at one day's notice or at two days' notice. |
| Capacity To Contract |
| Legal competency to make a contract. |
| Capital Goods |
| Manufactured goods that are productive industrial use. |
| Capital Market |
| The market for buying and selling long term loans, in the form of bonds, mortgages, etc. |
| Captain's protest |
| A document prepared by the captain of a vessel upon arrival in port that notes any unusual conditions encountered during the voyage; relieves the ship owner of liability. |
| Cargo |
| Merchandise hauled by transpiration lines. |
| Cargo Agent |
| An agent appointed by an airline shipping line to solicit and process international air and ocean freight for shipments. |
| Cargo Manifest |
| A list of a ship's cargo or passengers but without a listing of charges. |
| Cargo Selectivity System |
| An ACS module which is used to sort high risk cargo from low risk cargo and to determine the type of examination required. |
| Cargo Tonnage |
| The weight of a shipment or of ship's total cargo expressed in tons. |
| Carnet |
| A customs document permitting the holder to carry or send merchandise temporarily into certain foreign countries (for display, demonstration, or similar purposes) without paying duties or posting bonds. |
| Carriage Of Goods By Sea Act Of 1936 |
| A U.S. law which, among other provisions, establishes statutory responsibility for the carrier's liability for certain types of damage. |
| Carrier |
| A legal entity that is in the business of transporting passengers or goods for hire. |
| Carrier's Certificate |
| A document issued by the shipping company which certifies the ownership of the goods to a named individual. |
| Cartage Agent |
| A ground service which provides transport and delivery of freight in areas not directly served by air or ocean. |
| Cartel |
| A collection of independant producers formed to regulate production, pricing, and marketing of members to maximize market power and limit competition. |
| Casus Major |
| A major casualty that is usually accidental, such as flood or shipwreck. |
| Category Groups |
| Groupings of controlled products. |
| Caveat Emptor |
| The purchaser buys at his own risk. |
| CEBB |
| Customs Electronic Bulletin Board: An electronic bulletin board sponsored by US Customs which provides the trade community with up-to-date information, requirements, and operation instructions. |
| Cell |
| The on board storage space for one shipping container on a ship. |
| Census Interface |
| An ACS module that captures US Bureau of Census data. |
| 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 document verifying the good condition of freight at the time of inspection, usually right before shipping. |
| Certificate of Manufacture |
| A document certifying that the manufacture of goods is complete and the goods are now at the disposal of the buyer. |
| Certificate of Weight |
| A document stating the weight of a shipment. |
| Certification |
| Official proof of authenticity. |
| Cession of Goods |
| A surrender of goods. |
| Chargeable Weight |
| The weight of a shipment used in determining freight charges. |
| Charter Service |
| Temporary hiring of an aircraft for the transportation of cargo or passengers. |
| Chartered Ship |
| A ship leased by its owner for a stated time, voyage, or voyages. |
| Chassis |
| A special trailer or undercarriage on which containers are moved over the road. |
| City Terminal Service |
| A service provided by some airlines that involves transporting cargo to intown terminals at lower rates than charged for door to door delivary. |
| Claim |
| A demand of payment for loss due to negligence. |
| Classification |
| The categorization of merchandise. |
| Claused Bill of Lading |
| A notation on the bill of lading which denotes a deficient condition of the goods or packaging. |
| Clean Bill of Lading |
| "A bill of lading received by the carrier for goods delivered in "apparent good order and condition." |
| Clearance |
| The completion of customs entry requirements which results in the release of goods to the importer. |
| Closed-End Transaction |
| A credit transaction with a fixed amount of time for repayment. |
| Coastal Trade |
| Trade between ports of one nation. |
| Collar |
| An agreement that puts upper and lower limits on the interest rate of an agreement that is binding even if the market rate falls outside of this range. |
| Collect Charges |
| Transportation practice where the receiver of the goods pays the charges. |
| Collect on Delivery |
| A service where the purchase price of a good is collected by the carrier upon delivery of the shipment and subsequently payed to the shipper. |
| Collection |
| The presentation for payment of an obligation and the payment thereof. |
| Collection Papers |
| All the documents given to the buyer in order to receive payments for a shipment; includes invoices, bills of lading, etc. |
| Collection System |
| An ACS module that controls and accounts for payments collected by the US Customs Service. |
| 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 |
| Courtesy, respect, and good will. |
| Command Economy |
| An economic system where decisions about resources are made by a central government authority. |
| Commercial Bank |
| A bank that specializes in accepting demand deposits and granting loans. |
| Commercial Invoice |
| A document which identifies the seller and buyer of a shipment; also includes invoice number, date, shipping date, mode of transport, delivery and payment terms, and description of goods. |
| Commercial Letter of Credit |
| An instrument by which a bank lends its credit to a customer to enable him to finance the purchase of goods. |
| Commercial Officers |
| Embassy officials who assist businesses 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. |
| Commercial Set |
| The primary documents required to ship goods; usually includes an invoice, bill of lading, bill of exchange, and certificate of insurance. |
| Commercial Treaty |
| An agreement between two or more countries that establishes the conditions under which business may be contracted. |
| Commingling |
| The packing or mingling of various goods subject to different rates of duty so that the value of each class of goods cannot be readily determined. |
| Commission |
| The amount payed to an agent for their role in the completion of a transaction involving the sale of goods or services. |
| Commodity Code |
| The system of identifying a commodity by a certain number to determine its commodity rate for transport. |
| Commodity Rate |
| The rate applicable to shipping a given commodity between points. |
| Common Point |
| A location serviced by two or more transportation lines. |
| Compensatory Trade |
| A form of countertrade where any combination of goods and services are bartered. |
| Competitive Rate |
| Rate determined by one transportation line to compete with the rate of another transportation line. |
| Complementary Imports |
| Imports of raw materials or products that a country does not internally possess or produce. |
| Compradore |
| An agent in a foreign country employed by a domestic businessman to facilitate transactions with local businesses within the foreign country. |
| Concealed Damage |
| Damage to the contents of a package which appears in good condition from an external view. |
| Concealed Loss |
| Loss from a package bearing concealed damage. |
| Connecting Carrier |
| A carrier which has direct physical connection with another carrier 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. |
| Consignment |
| Delivery of merchandise from an exporter to an agent for sale by the agent, credited to the exporters account, with a commision earned by the agent. |
| Consignor |
| The entity that ships goods to another for care; the exporter in a consignment relationship. |
| Consolidated Container |
| A shipping container that contains cargo from numerous shippers for delivery to numerous consignees. |
| Consolidation |
| The combining of smaller shipments from a central location into a single shipment that is sent to a destination point at a lower shipping rate. |
| Consolidator |
| A company that provides consolidation services. |
| Consular Invoice |
| An invoice covering the shipment of goods certified by the counsel of the country for which the merchandise is destined. |
| Consulate |
| The offices representing the commercial interests of one country located within the borders of another country. |
| Consumer Goods |
| Any goods produced for the expressed use of individuals rather than the production or manufacturing of other goods. |
| Consumption Entry |
| A customs entry where the importer pays the applicable dues and the goods are released from customs custody. |
| Container |
| "A single rigid, sealed, reusable metal "box" in which merchandise is shipped by vessel, truck, or rail." |
| 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 any number of standard containers. |
| Container on Flatcar |
| A container without wheels put on railcars for transport. |
| Container Part Load |
| A shipment of cargo that according to weight or volume, will not fit into any number of standard containers. |
| Container Vessel |
| An ocean going vessel designed specifically to handle the the loading, storage and removal of freight containers. |
| Contraband |
| Any product that a nation has labeled as unsuitable to possess, produce, or transport. |
| Contract Carrier |
| Excluding common carriers, any person who under special contract will transport passengers or goods for agreed upon compensation. |
| Convertibility |
| Ease of exchanging one currency for that of another nation or for gold. |
| 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 foreign market where restrictions on that product are not as severe. |
| Cost Plus |
| A pricing method where the purchaser agrees to pay the production cost of the good plus a fixed percentage to the seller for profit. |
| Country of Departure |
| The country from which a ship or shipment has or is scheduled to depart. |
| Country of Destination |
| The country that is the ultimate destination for a ship or shipment of goods. |
| Country of Dispatch |
| The country from which cargo was shipped. |
| Country of Export Destination |
| The country where the goods are to be consumed, further processed, or manufactured, as known to the shipper at the time of exportation. |
| Country of Exportation |
| Usually, the country in which the merchandise was manufactured and produced and from where it was first exported. |
| Country of Origin |
| The country where merchandise was grown, mined or manufactured. |
| Country Risk |
| The financial risks of a transaction which relate to the political, economic, or social instability of a country. |
| Courier |
| Attendant who accompanies shipments. |
| Custody Bill of Lading |
| A bill of lading issued by American warehouses as a receipt for goods stored. |
| Customs |
| A government authority designated to regulate the flow of goods to/from a country and to collect duties levied upon imports and exports. |
| CVD |
| Countervailing duties which are accessed when bounties or grants are paid or bestowed on merchandise exported to the US from a foreign country with material injury to a US industry. |