An agreement between two or more countries to permit importation or exportation of goods between those countries without the payment of customs duties and to permit freedom of travel and employment and freedom of investment.
An area where goods may be received, stored, manipulated, and manufactured without entering a country’s customs jurisdiction and hence without payment of duty.
A check, drawn by a bank on another bank, customarily used where it is necessary for the customer to provide funds which are payable at a bank in some distant location.
(1) Under a letter of credit, the person who is entitled to receive payment, usually the seller (exporter) of the goods. (2) Under an insurance policy, the assured, or person who is to receive payment in case of loss or damage to the goods.
An amount paid by a licensee to acquire certain rights
A document which is incapable of transferring legal ownership or rights to possession of the goods by transfer or endorsement of the document.
A bill of lading in which the goods are consigned directly to a named consignee and not to the seller’s or buyer’s ‘‘order.’’.
The person at whose request or for whose account a letter of credit is issued
A set of sales and delivery terms issued by the International Chamber of Commerce and widely used in international trade.
An international customs document that may be used in lieu of national customs entry documents and as security for import duties and taxes to cover the temporary admission and transit of goods. Also called “ATA”
In a general sense, a person who acts on behalf of another person.
An ocean port and its adjacent area where imported goods may be temporarily stored and sometimes repackaged; manipulated;
The date on which a time draft must be paid.
An abbreviated invoice sent at the beginning of a sale transaction, usually to enable the buyer to obtain an import permit or a foreign exchange permit or both.
The act of throwing the goods off a ship into the ocean to lighten the ship in time of peril.
A person who makes, creates, or issues a draft and instructs a purchaser to make payment to the that person or another person (‘‘pay to the order of’’).