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International Trade Terminologies, Glossary of Common Bussiness Terms

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Term Definition
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 without any increase in the charges to the shipper.
Accelerated Tariff Elimination The reduction of import duties faster than originally had been 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 liability of the carrier for delivery.
Acceptance Letter Of Credit A letter of credit which instead of agreeing to pay the beneficiary immediately upon presentation of documents, requires presentation of a time draft drawn by the beneficiary upon the issuing bank or another bank. However, the beneficiary may, in effect, obtain prompt payment by discounting the draft.
Accepted Draft A draft or a bill of exchange accepted by the drawee (acceptor) 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, agreeing 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, supplemental, or special services performed in addition to the basic transportation service.
Accessorial Services `In transportation, services performed which are additional, supplemental, 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 Paper A bill of exchange or banker's acceptance which is endorsed, 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 agreement, 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 depositors, users, members, subscribers, customers, vendors, or other entities.
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 merchandise 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 contract 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 negotiate any changes in the terms and cannot acquire the product unless they agree to them.
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 Collection A short term loan or credit extended to a seller (usually the 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 certain kinds of cargo which require special handling: hazardous cargo, over weight, over sized, over normal quantity, time sensitive, shipped unpacked, live animals etc. Not every carrier can or will transport every kind of cargo.
Advanced Technology Products (ATP) Products whose technology is from a recognized high technology 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 shipment, 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.
Advisory Committee On Export Policy A U.S. government interagency dispute resolution body that operates at the Assistant Secretary level.
Advisory Committee On Trade Policy And Negotiation A U.S. government group appointed by the President to provide advice on matters of trade policy and related issues, including 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 vessel 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 consignment.
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).

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