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.
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 carriage a value of goods higher than the
carriers' limits of liability. They may be in lieu of or in addition to regular freight charges.
carriers' limits of liability. 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.
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 consumption. The tax on
processors or merchants is levied on the amount by which they increase the value of items they
purchase and resell.
in the chain of production and distribution, from the raw material stage to final consumption. 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 merchant, a retail dealer; a supplier; one who
buys to sell.
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 exporting 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.
admitting the holder to a country, or on a license issued by the government of an exporting 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.
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.
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
Restriction
Restriction
An understanding between trading partners in which the exporting nation, in order to reduce trade
friction, agrees to limit exports of a particular good to the other partner.
friction, agrees to limit exports of a particular good to the other partner.
Voluntary Restraint
Agreements
Agreements
Informal bilateral or multilateral arrangements through which 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.
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.
W
War Clause
A marine insurance provision excluding the liability of an insurer
if a loss is caused by war or hostile action. Bills of Lading and
charter parties may contain a War Clause giving the vessel
options to maintain it's safety in case of hostilities.
if a loss is caused by war or hostile action. Bills of Lading and
charter parties may contain a War Clause giving the vessel
options to maintain it's safety in case of hostilities.
War Risk
The risk to a vessel, its cargo and passengers by aggressive
actions of a hostile nation or group.
actions of a hostile nation or group.
War Risk Insurance
Insurance covering loss or damage caused by war or other
hostile actions. Usually a separate policy from a marine
insurance policy, or a special attachment to it.
hostile actions. Usually a separate policy from a marine
insurance policy, or a special attachment to it.
Warehouse
Receipt
Receipt
A document issued by a warehouse listing the goods or
commodities deposited in the warehouse. It is a receipt for the
commodities listed, and for which the warehouse is the bailee.
Warehouse receipts may be either non-negotiable or negotiable.
commodities deposited in the warehouse. It is a receipt for the
commodities listed, and for which the warehouse is the bailee.
Warehouse receipts may be either non-negotiable or negotiable.
Warehouse, U.S. Customs
Bonded
Bonded
(USA) A privately owned and operated warehouse which has
posted bond and has been approved by U. S. Customs where
goods remain until duty has been collected from the importer.
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.
certain facts or representations as being true.
Warsaw Convention
An international multilateral treaty which set the conditions of
international transportation by air.
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,
description 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..
shipment for use in the handling of the shipment showing the
point of origin, destination, route, consignor, consignee,
description 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..
Webb-Pomerene Act Of 1918
(USA) Federal legislation exempting certain exporters'
associations from certain antitrust regulations.
associations from certain antitrust regulations.
Webb-Pomerene Association
(USA) Associations engaged in exporting that handle the
products of similar producers for overseas sales. These
associations have partial exemption from U.S. anti-trust laws but
the associations may not engage in import, domestic or third
country trade, or combine to export services.
products of similar producers for overseas sales. These
associations have partial exemption from U.S. anti-trust laws but
the associations may not engage in import, domestic or third
country trade, or combine to export services.
Weight
Break
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.
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
incoming or outgoing cargo.
incoming or outgoing cargo.
Without Reserve
A term applied to a sale by auction indicating that no price is
reserved (there is no minimum price.)
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
intergovernmental 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.
(IBRD), commonly referred to as the World Bank, is an
intergovernmental 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.
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.
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.
Round of GATT negotiations. It is intended to promote world
trade and to settle disputes among member nations.
X
Y
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 handling of
freight and the determination of freight charges.
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 handling of
freight and the determination of freight charges.
Zone
Status
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 values
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.
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 values
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. foreign
trade zone for storage, handling, processing, or manufacturing
merchandise, whether foreign or domestic.
trade zone for storage, handling, processing, or manufacturing
merchandise, whether foreign or domestic.
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