Q
Quantitative
Restrictions
Restrictions
Explicit limits, or quotas, on the physical amounts of particular commodities that can be imported or
exported during a specified 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
destination, or on a quantitative global basis that only specifies the total limit and thus tends to benefit
more efficient suppliers.
exported during a specified 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
destination, 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 contagious 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.
suspected of carrying a contagious 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.
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.
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.
(quantities authorized) and quantities entered against those levels.
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.
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
Currencies
Simultaneous and mutually coordinated revaluation and devaluation of the currencies of several
countries.
countries.
Receipt
1. Any written acknowledgment of value received. It is a mere admission of a fact without containing
any affirmative obligation.
2. Receipt of goods means taking possession of goods.
any affirmative obligation.
2. Receipt of goods means taking possession of goods.
Received For
Shipment Bill Of
Lading
Shipment Bill Of
Lading
A bill of lading which confirms the receipt of goods by the carrier for transportation on a particular
vessel, but not their actual loading on board the vessel nor their actual shipment.
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
Agreement
Agreement
An international agreement between two or more countries to establish mutual trade concessions that
are expected to be of equal value.
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 shipment by the carrier at the point of origin.
relinquishment of the shipment by the carrier at the point of origin.
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.
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 refrigerated with a self-contained refrigeration
unit).
unit).
Reexport
The export of imported goods without appreciable added value.
Refund
1. To repay or restore. To return money in restitution or repayment. 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.
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.
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.
property against a party who has wrongfully kept it.
Request For Quotation
A negotiating approach whereby the buyer asks for a price quotation from a potential seller for specific
goods.
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.
though it never were.
Reserved Freight
Space
Space
A service by some carriers (airlines and ship lines) enabling shippers to reserve freight space on
designated voyages.
designated voyages.
Restricted Letter of
Credit
Credit
A letter of credit which restricts negotiation to the bank the issuing bank has nominated in the credit.
Restrictive Business
Practices
Practices
Actions in the private sector designed to restrict competition in 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 a country that has increased a tariff or imposed
other measures that adversely affect its exports.
2. Action taken by a country to restrain its imports from a 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 declaration 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.
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 declaration 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) .
granted them trade preferences in the past .(This practice has generally ceased) .
Revolving Letter of
Credit
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.
after a particular event prescribed in the credit.
Risk Position
The condition of an asset or liability which is exposed to fluctuations in value (on the international
markets this would include changes in exchange rates or interest rates as well as changes in market
value)
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 lading, with freight and other charges, and routing.
as an inland bill of lading, with freight and other charges, and routing.
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.
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 initial 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).
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 percentage of the income arising from its use or an amount per unit produced.
based on an agreed percentage of the income arising from its use or an amount per unit produced.
S
Sales Agreement
A written document (a contract) by which a seller agrees to
convey property to a buyer for a stipulated price under specified
conditions.
convey 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.
their sale, usually a percentage of the purchase price.
Salvage
1. Compensation paid for the rescue of a ship, its cargo or
passengers from the perils of the sea;
2. or, the act of saving a ship or its cargo from possible loss;
3. or, property saved from a wreck or fire.
passengers from the perils of the sea;
2. or, the act of saving a ship or its cargo from possible loss;
3. or, property saved from a wreck or fire.
Samurai Bond
Bond issued on the Japanese market in yen for non-Japanese
borrowers.
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 observance.
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 observance.
Seal
A mark or sign that is used to attest the execution of an
instrument, contract, or other document.
instrument, 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.
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.
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.
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.
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.
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
Corporation
Corporation
(USA) A foreign sales corporation formed to make export sales
and earn favorable tax treatment thereon. A Shared Foreign
Sales Corporation requires more than one and less than 25
unrelated exporters.
and earn favorable tax treatment thereon. A Shared Foreign
Sales Corporation requires more than one and less than 25
unrelated 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.
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.
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.
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
covering goods shipped on deck must be annotated to that effect.
covering goods shipped on deck must be annotated to that effect.
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.
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.
goods.
Short Form Bill of Lading
A bill of lading on which the detailed conditions of transportation
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.
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 possession
to cover sales.
foreign currency of a particular country than he has in possession
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.
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.
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.
within specified express time limits.
Smuggling
Moving goods across a customs frontier in a clandestine manner,
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.
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).
countries and is not readily converted into currencies which are
readily acceptable (hard currencies).
Soft Loan
A loan made with easy or generous terms such as low or no
interest and long payback.
interest and long payback.
Sovereign Credit
A direct borrowing or a borrowing guaranteed by the government
of a sovereign state.
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. Also, the risk to a lender that unfavorable changes in the
borrowers overall currency exchange position might imperil the
payment of a loan.
3. Also the risk to a lender that unfavorable political events in the
country of the debtor might imperil repayment.
may default on its financial obligations.
2. Also, the risk to a lender that unfavorable changes in the
borrowers overall currency exchange position might imperil the
payment of a loan.
3. Also 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.
usually to and from a limited number of points.
Specific Commodity Rate
With reference to freight rates, it is a favorable freight rate usually
applicable to certain classes of commodities which move in large
volume shipments.
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.
payment at the time of the transaction.
Spot Exchange Rate
The price of one currency expressed in terms of another currency
at a given moment in time.
at a given moment in time.
Spot Market
The market for a commodity or foreign exchange available for
immediate delivery.
immediate delivery.
Spot Operations
Foreign exchange dealings and commodity trading in which
settlement of the mutual delivery and payment commitment is
made immediately.
settlement of the mutual delivery and payment commitment is
made immediately.
Spot Price
The selling of goods or commodities for immediate delivery.
Spot Rate
The rate (price per unit) for purchase or sale of a commodity or
foreign exchange for immediate delivery.
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.
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.
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 beneficiary may draw
funds against the letter of credit as penalties or as payments,
whichever the terms of the credit provide.
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 beneficiary 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.
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.
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
perform the physical work of loading and unloading a ship
(usually called longshoremen.)
in port.
2. Sometimes used to indicate those laborers who actually
perform the physical work of loading and unloading a ship
(usually 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.
terminal past the permitted free-time period.
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.
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.
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
concerning 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.
concerning 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.)
(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.
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.
against losses as a result of strikes, riots and civil commotions.
Stripping
The unloading of cargo from a container or truck; (also called
devanning.)
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.
owned by another firm.
Subsidy
A grant paid by a government to producers or exporters of goods
to strengthen their competitive position.
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.
future, have fair and equitable access at reasonable prices to
supplies of raw materials and other essential imports.
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.
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
purposes of establishing seaworthiness, value, or dimensions.
2. To examine and report on the condition of goods or a structure.
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
independent third party, called a surveyor.
purposes of establishing seaworthiness, value, or dimensions.
2. To examine and report on the condition of goods or a structure.
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
independent third party, called a surveyor.
Sushi Bond
Eurodollar bonds issued by Japanese corporations on the
Japanese market for Japanese investors.
Japanese market for Japanese investors.
Swap (transactions)
A kind of financial transaction which has many variations, usually
highly complex. They generally involve a simultaneous exchange of
assets (the swap) by counterparties for other different 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 limiting risks,
overcoming restrictions in certain markets, or balancing portfolios.
highly complex. They generally involve a simultaneous exchange of
assets (the swap) by counterparties for other different 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 limiting risks,
overcoming restrictions in certain markets, or balancing 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.
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.
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