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]  Q Quadrilateral Meetings Meetings involving trade ministers from the U.S., European Community, Canada, and Japan to discuss trade policy matters. Quantitative 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 on a quantitative global basis that only specifies the total limit and thus tends to benefit more efficient suppliers. Quarantine 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. Quay A structure built for the purpose of mooring a vessel; also called a pier. Queue A line or group of people waiting for service, such as a line of people waiting in a teller line at a bank; or paperwork in a stack waiting for processing; or items on a waiting list waiting for processing or repair. Quid Pro Quo A mutual consideration; securing an ad. vantage or receiving a concession in return for a similar favor. 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. Quota System A part of the U.S. Customs' Service Automated Commercial System, controls quota levels (quantities authorized) and quantities entered against those levels. R Rail Waybill Freight document that indicates goods have been received for shipment by rail. Rate Of Exchange The amount of funds of one nation that can be bought, at a specific date, for a sum of currency of another country. Real Rights Rights in real estate or in items attached to real estate. Realignment Simultaneous and mutually coordinated re- and devaluation of the currencies of several countries. Receipt Any written acknowledgment of value received. Received For Shipment Bill Of Lading A bill of lading which confirms the receipt of goods by the carrier, but not their actual loading on board. Receiving Papers Paperwork that accompanies a shipment when it is brought to the dock. Reciprocal Trade Agreement An international agreement between two or more countries to establish mutual trade concessions that are expected to be of equal value. Reciprocity The process by which governments extend similar concessions to each other. Reconsignment A change in the name of the consignor; a change in the place of delivery; or relinquishment of shipment at point of origin. Redeliver A demand by U.S. Customs to return previously released goods to Customs custody for reexamination, reexport, or destruction. Reefer Container A controlled temperature shipping container (usually refrigerated). Reexport The export of imported goods without added value. Refund An amount returned to the consignor as a result of the carrier having collected charges in excess of the originally agreed upon charges. Relay A shipment that is transferred to its ultimate destination port after having been shipped to an intermediate point. Remittance Funds forwarded from one person to another as payment for bought items or services. Remittance Following Collection In instances when the shipper has performed services incident to the transportation of goods, a carrier will collect payment for these services from the receiver and remit such payment to the shipper. Replevin A legal action for recovering property brought by the owner or party entitled to repossess the 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 quantities of goods. Rescind To cancel a contract. Reserved Freight Space A service by some airlines enabling shippers to reserve freight space on designated flights. Restricted Letter of Credit A letter of credit which is restricted to a bank specifically mentioned. Restrictive Business Practices Actions in the private sector designed to restrict competition so as to keep prices relatively high. Retaliation 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 The restoration of the value of a nation's currency that had once been devalued in terms of the currency of another nation. Reverse Preferences Tariff advantages once offered by developing countries to imports from certain developed countries that granted them preferences. Revolving Letter of Credit A letter of credit which is automatically restored to its full amount after the completion of each documentary exchange. Risk Position An asset or liability which is exposed to fluctuations in value through changes in exchange rates or interest rates. Road Waybill Transport document that indicates goods have been received for shipment by road haulage carrier. Roll-On, Roll-Off A category of ships designed to load and discharge cargo which rolls on wheels. Rollover Credit Any line of credit that can be borrowed against up to a stated credit limit and into which repayments go for crediting. Route The course or direction that a shipment moves. Royalty Compensation for the use of a person's property based on an agreed percentage of the income arising from its use. S Sales Agreement A written document by which a seller agrees to 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 purchase. Salvage Compensation paid for the rescue of a ship, its cargo or passengers from a loss at sea; or the act of saving a ship or its cargo from possible loss; or property saved from a wreck or fire. Samaurai Bond Bond issued on the Japanese market in yen outside Japan. Sanction An embargo imposed against an individual country by the United Nations-or a group of nations-in an effort to influence its conduct or its policies. Seal A mark or sign that is used to witness and authenticate the signing of an 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. Security Property pledged as collateral. Seizure The act of taking possession of property. Seller's Market Exists when goods cannot easily be secured and when 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. Service A Loan To pay interest due on a loan. Service Commitments Pickup and/or delivery commitments agreed to by carrier and shipper. Settlement Date The date on which payment for a transaction must be made. Shared Foreign Sales Corporation A foreign sales corporation consisting of 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. Ship's Stores The food, medical supplies, spare parts and other provisions carried for the day-to-day running of a vessel. Shipment Cargo tendered by on shipper, on one bill of lading, from one point of departure, for one consignee, to one destination, at one time, via a single port of discharge. Shipment Record A repository of information for each shipment that reflects all activity throughout each step of the shipment life cycle. Shipped On Deck Annotation in a bill of lading that the goods have been shipped on the deck of a vessel. Shipper The company or person who ships cargo to the consignee. Shipping Order Instructions of shipper to carrier for forwarding of goods. Short Form Bill of Lading A bill of lading on which the detailed conditions of transportation are not listed in full. Short of Exchange The position of a foreign exchange trader who has sold more foreign bills than the quantity of bills he or she has in possession to cover sales. Short Weight Notation of a shipment's weight as less than noted on the original bill of lading, indicating loss during shipment. Shortage A deficiency in quantity shipped. Signature Service A service designed to provide continuous responsibility for the custody of shipments in transit, so named because a signature is required from each person handling the shipment. Sling A contrivance into which freight is placed to be hoisted into or out 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. Smuggling Conveying goods or persons across borders without permission. Soft Currency The funds of a country that are controlled by exchange procedures, thereby having limited convertibility into gold and other currencies. Soft Loan A loan made with easy or generous terms such as low or no interest and long payback. Sovereign Credit A borrowing guaranteed by the government of a sovereign state. Sovereign Risk The risk to a lendor that the government of a sovereign state may default on its financial obligations. Special Rates Rates that apply to cargo traffic under special conditions and usually a limited number of cities. Specific Commodity Rate Rate applicable to certain classes of commodities, usually commodities moving in volume shipments. Specific Rate of Duty A specified amount of duty per unit of weight or other quantity. Spot Cash Immediate cash payment in a transaction. Spot Exchange The purchase and sale of foreign exchange for delivery and 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. Spot Market The market for a commodity or foreign exchange available for immediate delivery. Spot Operations Foreign exchange dealing in which settlement of the mutual delivery commitments is made at the latest two days after the transaction was carried out. Spot Price A price quotation for immediate sale and delivery of a commodity or currency. Spot Rate The rate for purchase or sale of a commodity for immediate delivery. Spotting The placing of a container where required to be loaded or unloaded. Standard of Living The level of material affluence of a nation as measured by per capita output. 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. Steamship Indemnity An indemnity received by an ocean carrier issued by a bank indemnifying him for any loss incurred for release of goods to the original bill of lading. Stevedore A person having charge of the loading and unloading of ships in port. Storage The keeping of goods in a warehouse. Storage Demurrage A charge made on property remaining on the dock past the prescribed "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. Store-Door Delivery The movement of goods to the consignee's place of business, 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 stowed. Stowplan A diagram showing how cargo containers have been placed on a vessel; also know as 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. Strategic Level of Controls Commodity groupings used for export control purposes. Strike Clause An insurance clause included in policies to cover against losses as a result of strikes. Stripping The unloading of cargo from a container; also called 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. Subsidy A grant paid by a government to producers of goods to strengthen their competitive position. Supply Access Assurances that importing countries will, in the future, have fair and equitable access at reasonable prices to supplies of raw materials and other essential imports. Surcharge A charge above the usual or customary charge. Surety A bond, guaranty, or other security that protects a person, corporation, or other legal entity in cases of anothers default in the payment of a given obligation, improper performance of a given contract, malfeasance of office, and others. Survey To examine the condition of a vessel for purposes of establishing seaworthiness and/or value. Sushi Bond Eurodollar bonds issued by Japanese corporations on the Japanese market for Japanese investors. Swap (transaction) A spot purchase of foreign exchange, fixed or floating rate funds, or assets with simultaneous forward sale or vice versa. Switch Arrangements A form of countertrade in which the seller sells on credit and then transfers the credit to a third party. To the Top reserved. dilsa@encomix.es