Glossary of International Trade Terms  [A] [B] [C] [D] [E] [F] [G] [H] [ I ] [J] [K] [L] [M] [N] [O] [P] [Q] [R] [S] [T] [U] [V] [W] [X] [Y] [Z]  J Jetsam Articles from a ship or ship's cargo which are thrown overboard, usually to lighten the load in times of emergency or distress and that sinks or is washed ashore. Jettison To unload or throw overboard at sea a part of a ship's paraphernalia or cargo to lighten the ship in time of emergency. JIG Joint Industry Group. Joint Agent A person having authority to transact business for two or more transportation lines. Joint And Several Liability Liability for damages imposed on two or more individuals or legal entities who are responsible together and individually, allowing the party harmed to seek full remedy against all or any number of the wrongdoers. Joint Rate A single through-rate on cargo moving via two or more carriers. Joint Stock Company  An unincorporated business association with ownership interests represented by shares of stock. Joint Venture A combination of two or more individuals or legal entities who undertake together a transaction for mutual gain or to engage in a commercial enterprise together with mutual sharing of profits and losses; or a form of business partnership involving joint management and the sharing of risks and profits as between enterprises based in different countries. Jurat A statement signed by a person authorized to take oaths certifying to the authenticity of a document or affidavit. Juristic Act Action intended to, and capable of having, a legal effect, such as the creation, termination, or modification of a legal right. Just In Time The principle of production and inventory control that prescribes precise controls for the movement of raw materials, component parts and work-in-progress. Goods arrive when needed for production for use rather than becoming expensive inventory that occupies costly warehouse space. K Keelage The charges paid by a ship entering or remaining in certain ports. Key Currency A major currency in the global economy. Key currencies include the U.S. dollar, the British pound sterling, the German mark, the Swiss franc, the French franc, the Dutch gilder, the Japanese yen and the Canadian dollar. Kiosk A small structure which incorporates a computer screen and input devices such as a keyboard or touch screen. Usually found in public places such as libraries or museums, it is used for the dissemination of information to the public. Knocked Down An article taken apart and folded or telescoped in such a manner as to reduce its bulk at least 66 2/3 percent from its normal shipping cubage when set up or assembled. Known Loss A loss discovered before or at the time of delivery of a shipment. L Laissez-Faire A term used to describe minimal governmental involvement in an economy, allowing market forces and individuals to make their own decisions, with little or no regulation. Landbridge The movement of containers from a foreign country by vessel, transiting a country by rail or truck, and then being loaded aboard another vessel for delivery to a second foreign country. Lanham Act Of 1947 Federal legislation governing trademarks and other symbols for identifying goods sold in interstate commerce. Lay Order The period during which imported merchandise may remain at the place of unloading without some action being taken for its disposition. LCL Less than Container Load. or Less than Cargo Load. Legal Entity Any individual, proprietorship, partnership, corporation, association, or other organization that has, in the eyes of the law, the capacity to make a contract or an agreement, and the abilities to assume an obligation and to discharge a indebtedness. Legal Tender Any money that is recognized as being lawful for use by a debtor to pay a creditor, who must accept same in the discharge of a debt unless the contract between the parties specifically states that another type of money is to be used. Less Than Truckload A shipment weighing less than the weight required for the application of the truck load rate. Letter Of Assignment A document with which the assignor assigns rights to a third party. Letter Of Credit  A document issued by a bank stating its commitment to pay someone a stated amount of money on behalf of a buyer so long as the seller meets very specific terms and conditions. Letters of credit are more formally called documentary letters of credit. Letter of Indemnity A document which serves to protect the carrier/owner financially against possibe repercussions in connection with the release of goods withoout presentation of an original bill of lading. Letter of Intent A document that describes the preliminary understanding between parties who intend to make a contract or join together in another action. Licensing Agreement A contract whereby the holder of a trademark, patent, or copyright transfers a limited right to use a process, sell or manufacture an article, or furnish specialized services covered by the trademark, patent or copyright to another firm. Lift Van A wooden or metal container used for packing household goods and personal effects. Lighter A barge towed by a tugboat and used mainly in harbors and inland waterways for the transport of cargo. Lighter Aboard Ship A floatable large container (lighter) used in the combined ocean and inland waterway transport of goods. Lighterage The loading or unloading of a ship by means of a lighter, especially when shallow waters prevent an ocean going vessel from entering a waterway. Limitation Period A maximum period set by statute within which a legal. action can be brought or a right enforced. A statute may prohibit, for example, any individual or legal entity from bringing an action for breach of contract more than one year after the breach occurred. Limited Appointment Persons appointed by to U.S. & Foreign Commercial Service (or to other foreign services) from the private sector or from the federal government who are non-career officers assigned overseas for a limited time. Limited Liability Restricted liability for the obligations of a business. Limited Partnership A partnership in which at least one partner has general liability and at least one of the other partners has limited liability. Line Haul The direct movement of freight between two major ports by a single ship. Line Haul Vessel A vessel which is on a regularly defined schedule. Line Release System A part of the U.S. Customs' Automated Commercial System that is designed for the release and tracking of shipments through the use of personal computers and bar code technology. Liner A vessel carrying passengers and cargo that operates on a route with a fixed schedule. Liner Terms Conditions under which a shipping company will transport goods, including the amount payable for freight and the cost both for loading and discharge of the vessel. Liquidated Damages A sum of money that a contracting party agrees to pay to the other party for breaching an agreement, particularly important in a contract in which damages for breach may be difficult to assess. Liquidation The final review of a U.S. Customs entry, and determination of the rate of duty and amount of duty by Customs. Liquidation System A part of U.S. Customs' Automated Commercial System, closes the file on each entry and establishes a batch filing number which is essential for recovering an entry for review or enforcement purposes. Liquidity (economics) (a) A company's ability to meet its obligations at all times. (b) The availability of liquid funds in an economy. (c) The possibility of being able to carry out financial transactions without influencing the market. Lloyds Of London An association of English insurance underwriters, the oldest of its kind in the world. Not in itself an insurance company. Lloyds Registry An organization maintained for the surveying and classifying of ships so that insurance underwriters and other interested parties may know the quality and condition of the vessels offered by insurance or employment. Loading The physical placing of cargo into carrier's container, or onto a vessel. Longshoreman A laborer who loads and unloads ships at a seaport. Lose Of Intent A document, such as a written memorandum, that describes the preliminary understanding between parties who intend to make a contract or join together in another action, such as a joint venture or a corporate merger.  Lot Labels Labels attached to each piece of multiple lot shipment for identification purposes. Lower Deck Containers Carrier owned containers specially designed as an integral part of the aircraft to fit in the cargo compartments of a wide body aircraft. M Macroeconornics The study of statistics of the economy as a whole rather than as single economic units. Mail Entry A means of shipping and entering goods into the Customs Territory of the United States. Mala Fide In bad faith; a seller's representation that goods are usable for a particular purpose when in fact the seller knows that the goods are not. Manifest A document giving the description of a ship's cargo or the contents of a car or truck. Maquiladora A program which allows foreign manufacturers to ship components into Mexico duty free for assembly and subsequent reexport. Margin The difference between the cost of sold items and the total net sales income. Marginal Cost The increase in the total cost of production that results from manufacturing one more unit of output. Maritime Business pertaining to commerce or navigation by sea. Market Access The openness of a national market to foreign products. Market Disruption A situation where a surge of imports of a certain product causes a sharp decline in the domestic sales of that product and creates a hardship for domestic producers. Market Economy An economic system where resources are allocated and production of products determined by market forces rather than by government decree. Market Price The price established in the market where buyers and sellers meet to buy and sell similar products. Marking: Country of Origin The physical markings on a product that indicate the country of origin where the article was produced. Marks Information placed on outer surface of shipping containers or packages such as address labels, identifying numbers, box specifications, cautions, or directional warnigns. Matador Bond Bond issued on the Spanish market, denominated in currencies other than the peseta. Mate's Receipt A declaration issued by an officer of a vessel in the name of the shipping company stating that certain goods have been received on board his vessel. Material Contract Terms Terms in a contract that describe the goods, fix the price, and set the delivary date. Measurement Cargo A cargo on which the transportation charge is assessed on the basis of measurement. Medium of Exchange Any commodity which is widely accepted in payment for goods and services and in settlement of debts. Memorandum Bill of Lading The duplicate copy of the bill of lading. Memorandum of Understanding An informal record, document, or instrument that serves as the basis of a future contact. Memorandum Tariff Publications which contain rule and rate information extracted from official tariffs. Merchant's Credit A letter of credit issued by the buyer himself with no commitment on the part of a bank. Merchant's Haulage The inland move from or to a port that has all arrangements made by the exporter. Merry-Go-Round The circulation of money through various sources, ending up where it started. Microbridge A landbridge movement in which cargo originating/destined to an inland point is railed or trucked to/from the water port for a shipment to/from a foreign country. MID Originally Manufactor Identification Number: A data element used by Customs.  Minibridge Movement of cargo from a port over water then over land to a port on an opposite coast. Minimum Charge The lowest rate applicable on each type of cargo service no matter how small the shipment. Mixed Credit The combining of concessional and market-rate export credit as an export promotion mechanism. MOD Act Customs Modernization and Informed Compliance Act: Passage 1992, HR 3935.  Money Any denomination of coin or paper currency of legal tender that passes freely as a medium of exchange; anything that is accepted in exchange for other things. Money Creation The increase in money supply by the central or commercial banks. Money Market The market for short term financial instruments (i.e. commercial paper, treasury bills, discount notes). Money Market Operations Comprises the acceptance and relending of deposits on the money market. Money Supply The amount of domestic cash and deposit money available in an economy. Moor To secure a vessel to an anchor, buoy, or pier. Moorage Charges assessed for mooring a vessel to a pier or wharf. Most Favored Nation A non-discriminatory trade policy commitment on the part of one country to extend to another country the lowest tariff rate it applies to any other country. Motor Carrier's Terminal The place where loaded or empty shipping containers are received or delivered by a motor carrier. Multilateral Agreement An international compact involving three or more parties. Multimodal Transport Shipping which includes at least two modes of transport, such as shipping by rail and by sea. Multinational Corporation A corporation having subsidiaries in more than one country. To the Top reserved. dilsa@encomix.es