H
Hallmark
1. Originally an impression made on gold and silverware
introduced in the beginning of the fourteenth century in England to
identify the quality of the metal used. Later, a mark to identify the
maker and year of production.
2. Figuratively, a distinguishing characteristic.
introduced in the beginning of the fourteenth century in England to
identify the quality of the metal used. Later, a mark to identify the
maker and year of production.
2. Figuratively, a distinguishing characteristic.
Harbor
Fees
Fees
Charges assessed to users for use of a harbor, used generally for
maintenance of the harbor.
maintenance of the harbor.
Harbor Master
An officer who is commander of harbor activities and directs the
berthing, etc. of ships in a harbor.
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 reputation
abroad for economic strength, and as a result it has wide and ready
acceptability on world markets.
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.
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
Schedule of the United
States (HTSUS)
Schedule of the United
States (HTSUS)
(USA) An organized listing of goods and their duty rates which is
used as the basis for classifying imported products and identifying
the rates of duty to be charged on them. It is based on the
international Harmonized System Convention.
used as the basis for classifying imported products and identifying
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superseded by the Carriage of Goods by Sea Act of 1936 and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.
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superseded by the Carriage of Goods by Sea Act of 1936 and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.
hold.
Haulage
1. The local transport of goods.
2. Also the charge(s) made for hauling freight on carts, drays or
trucks.
3. Also called cartage or drayage.
2. Also the charge(s) made for hauling freight on carts, drays or
trucks.
3. Also called cartage or drayage.
Hazardous
Materials
Materials
A substance or material which has been determined to be capable
of posing an unreasonable risk to health, safety, and property when
transported in commerce.
of posing an unreasonable risk to health, safety, and property 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.
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.
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.
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.
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
Ratio
The amount of future exchange contracts, options, or underlying
financial instruments, purchased or sold against a position to
accomplish a hedge of the position.
financial instruments, purchased or sold against a position to
accomplish a hedge of the position.
High
Density
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.
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.
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.
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.
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.
the recipient.
Hold Harmless
Contract
Contract
An agreement by which one party accepts responsibility for all
damages and other liability that arise from a transaction, relieving
the other party of any such liability.
damages and other liability that arise from a transaction, relieving
the other party of any such liability.
Honor
To accept a bill of exchange; or to pay a note, check or draft at
maturity.
maturity.
Horizontal Export Trading
Company
Company
An export trading company which exports a range of similar or
identical products supplied by a number of manufacturers who may
be competitors on the domestic market.
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 carrier.
freight shipments.
2. An airwaybill issued by an airfreight forwarder by which the
forwarder assumes the risk and obligations of being the carrier.
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 transport 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.(usually called C/Y to
C/Y - container yard to container yard.)
carrier for use by the shipper and the receiver for the transport 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.(usually 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.
central airport where it is sorted and rerouted on other aircraft to
final destinations.
Hull
The outer shell of a vessel.
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.
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.
(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.
I
Irrevocable Corporate
Purchase Order
Purchase Order
A purchase order completed by a buyer on corporate letter head
indicating type and quantity of products being ordered from a
supplier.
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.
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
subsequently. It is a procedure principally utilized along the land
borders.
by U. S. Customs under a special permit for immediate delivery
with entry summary (details) and duty to be submitted
subsequently. It is a procedure principally utilized along the land
borders.
Immediate Transportation
Entry
Entry
(USA) A form of U.S. Customs entry which allows imported
merchandise to be transported under bond to another port for
customs clearance thereat.
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.
establishing permanent residence.
Implied
Conditions
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.)
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.
customs territory.
Import Credit
A commercial letter of credit issued for the purpose of financing
the importation of goods.
the importation of goods.
Import Duty
Customs duty which is collected on in connection with the
importation of goods.
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
subject to restriction.
competent authority for the importation of goods which are
subject to restriction.
Import Quota
A protective device establishing limits on the quantity of a
particular product that may be imported into a country.
particular product that may be imported into a country.
Import Quota Auctioning
The process of auctioning the right to import specified
quantities of quota-restricted goods.
quantities of quota-restricted goods.
Import Relief
Any of several measures imposed by a government to
temporally restrict imports of a product or commodity to protect
domestic producers from competition. Or, any of several
measures to strengthen domestic producers such as subsidies,
educational assistance to workers, training assistance to
workers, low interest loans to producers, tax relief to producers
etc.
temporally restrict imports of a product or commodity to protect
domestic producers from competition. Or, any of several
measures to strengthen domestic producers such as subsidies,
educational 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.
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.
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.
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
territory.
goods to be brought from a foreign country into a customs
territory.
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.
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.
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
consumption from bonded warehouses or from foreign trade
zones.
customs of a country either entering domestic consumption
channels immediately or entering after withdrawal for
consumption 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.).)
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.
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.
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.
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.
increased efficiency.
Income
Money or its equivalent, earned or accrued, arising from the sale
of goods or services.
of goods or services.
Incoterms
An abbreviation of International Commercial Terms published
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.
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.
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.
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.
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.
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
agreement, indexed i.e. adjusted according to the market at
time the interest is due. Or a note denominated in a foreign
currency may have its exchange rate indexed, adjusted
according to the market rate in effect at the time of payment.
according to, thus an interest rate on a note may be, by
agreement, indexed i.e. adjusted according to the market at
time the interest is due. Or a note denominated in a foreign
currency may have its exchange rate indexed, adjusted
according to the market rate in effect at the time of payment.
Indexed Currency Borrowings
Borrowings in a foreign currency where the rate of interest is
linked to an agreed scale, and/or the rate of exchange at
repayment is linked to an agreed scale.
linked to an agreed scale, and/or the rate of exchange at
repayment is linked to an agreed scale.
Indexed Currency Option Note
Note denominated and paying interest in one currency but
whose redemption value is linked to an exchange rate for
another currency.
whose redemption value is linked to an exchange rate for
another currency.
Industrial List
(USA) The Coordinating Committee for Multilateral Export
Controls industrial list contains dual-use items (usable for
military or nuclear purposes in addition to normal commercial
uses) and as a result whose export is controlled for strategic
reasons.
Controls industrial list contains dual-use items (usable for
military or nuclear purposes in addition to normal commercial
uses) and as a result whose export is controlled for strategic
reasons.
Industrial Policy
Encompasses traditional activist governmental policies
intended to provide a favorable economic climate for the
development of industry in general or specific industrial sectors.
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.
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.
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
purchased..
amount of money in circulation and reflected in a rise in prices
without a proportionate increase in value of the things
purchased..
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.
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.
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
educational 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.
the basic structure of a nation's economy, among these are: the
educational 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
influence. (For example: spontaneous combustion, rust etc.)
them to suffer deterioration or damage without outside
influence. (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. industry...(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.
that an import is causing harm (material injury) or threatening to
cause harm (material injury) to a U.S. industry...(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
Carrier
A transportation line which hauls cargo inland: truck, rail, barge,
inland waterways, or domestic airline flights.
inland waterways, or domestic airline flights.
Inspection Certificate
A document describing the condition of goods and confirming
that they have been inspected.
that they have been inspected.
Instrument
Any written document that gives formal expression to a legal
agreement or act.
agreement or act.
Integrated Cargo Service
A blend of all segments of the cargo system providing the
combined services of carrier, forwarder, handlers, and agents,
utilizing all forms of transport.
combined services of carrier, forwarder, handlers, and agents,
utilizing all forms of transport.
Integrated
Carriers
Carriers
Carriers that have multiple varieties of fleets (i.e. air and ground,
truck and rail, etc.).
truck and rail, etc.).
Intellectual Property
Non-tangible property that is the result of creativity such as
copyrights and patents.
copyrights and patents.
Interbank
Dealings
Dealings
Dealings between
banks.
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.
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
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.
from one form of transportation to another.
Intermodal Transport
Coordinated transport of freight using multiple methods of
transportation.
transportation.
International Trade
The business of buying and selling commodities beyond
national borders.
national borders.
International Trade Data
System
System
A proposed electronic system that would integrate the different
government trade and transportation data processes into a
system that provides a standard means of gathering,
processing, storing and disseminating import and export trade
data. See IT06.
government trade and transportation data processes into a
system that provides a standard means of gathering,
processing, storing and disseminating import and export trade
data. See IT06.
Interstate Carrier
(USA) A common carrier whose business extends beyond the
boundaries of one state.
boundaries of one state.
Interstate
Commerce
Commerce
(USA) Trade, transport, and communication between or among
the several states of the United States.
the several states of the United States.
Invisible Barriers to Trade
Government regulations (national and local), and cultural
conditions that do not directly restrict trade but hinder it with
excessive and obscure requirements.
conditions that do not directly restrict trade but hinder it with
excessive and obscure requirements.
Invisible Trade
Balance
Balance
The balance of 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
merchandise sold or shipped to a purchaser, consignee, factor
etc., showing 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.
form with the name and address of the seller, listing
merchandise sold or shipped to a purchaser, consignee, factor
etc., showing 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 (IFM)
(USA) A U.S. Customs mandated document requiring the
complete listing by bill of lading number or airwaybill numbers
of an arriving carrier's cargo. It should give the commercial
particulars 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.
complete listing by bill of lading number or airwaybill numbers
of an arriving carrier's cargo. It should give the commercial
particulars 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.
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.
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.
Issuance Date of the
Documents
Documents
The date indicated on documents as their date of preparation,
subject to correction when necessary as noted above under the
term issuance and under the definition of Date of Issue
elsewhere in this glossary.
subject to correction when necessary as noted above under the
term issuance and under the definition of Date of Issue
elsewhere in this glossary.
IT06
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.
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.
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