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Ice Clause
- An ice clause is a standard clause in the chartering of ocean vessels. It
dictates the course a vessel master may take if the ship is prevented from
entering the loading or discharge port because of ice, or if the vessel is
threatened by ice while in the port. The clause establishes rights and
obligations of both vessel owner and charterer if these events occur.
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Import Certificate
- The import certificate is a means by which the government of the country
of ultimate destination exercises legal control over the internal channeling
of the commodities covered by the import certificate.
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Import License
- A document required and issued by some national governments authorizing
the importation of goods.
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Import Quota
- A means of restricting imports by the issuance of licenses to importers,
assigning each a quota, after determination of the total amount of any
commodity which is to be imported during a period. Import licenses may also
specify the country from which the importer must purchase the goods.
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Import Quota Auctioning
- The process of auctioning the right to import specified quantities of
quota-restricted goods.
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Import Restrictions
- Import restriction, applied by a country with an adverse trade balance (or
for other reasons), reflect a desire to control the volume of goods coming
into the country from other countries may include the imposition of tariffs
or import quotas, restrictions on the amount of foreign currency available
to cover imports, a requirement for import deposits, the imposition of
import surcharges, or the prohibition of various categories of imports.
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Import Substitution
- A strategy which emphasizes the replacement of imports with domestically
produced goods, rather than the production of goods for export, to encourage
the development of domestic industry.
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Inherent Vice
- An insurance term referring to any defect or other characteristics of a
product which could result in damage to the product without external cause.
Insurance policies may specifically exclude losses caused by inherent vice.
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Initial Negotiating
Right - A
right held by one GATT country to seek compensation for an impairment of a
given bound tariff rate by another GATT country. INRs stem from past
negotiating concessions and allow the INR holder to seek compensation for an
impairment of tariff concessions regardless of its status as a supplier of
the product in question.
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Inland Bill of Lading
- A bill of lading used in transporting goods overland to the exporter's
international carrier. Although a through bill of lading can sometimes be
used, it is usually necessary to prepare both an inland bill of lading and
an ocean bill of lading for export shipments.
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Inspection
Certification
- Some purchasers and countries may require a certificate of inspection
attesting to the specifications of the goods shipped, usually performed by a
third party. Inspection certificates are often obtained from independent
testing organizations.
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Instruments of
International Traffic
- Lift vans, cargo vans, shipping tanks, skids, pallets, caul boards, and
cores for textile fabrics, arriving (whether loaded or empty) in use or to
be used in the shipment of merchandise in international traffic are
designated as "instruments of international traffic" (IIT) within the
meaning of section 322(a0, Tariff Act of 1930, as amended. Upon Customs
acceptance of a type 3 bond, covering these IIT types, such instruments may
be released without entry or the payment of duty, subject to the provisions
of 19 CFR 10.41a.
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Insurance Certificate
- This certificate is used to assure the consignee that insurance is
provided to cover loss of or damage to the cargo while in transit.
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Integrated Carriers
- Carriers that have both air and ground fleets; or other combinations, such
as sea, rail, and truck. Since they usually handle thousands of small
parcels an hour, they are less expensive and offer more diverse services
than regular carriers.
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Intellectual Property
Rights - IPR
is a generic phrase encompassing intangible property rights, including,
among others, patents, trade and service marks, copyrights, industrial
designs, rights in semiconductor chip layout designs, and rights in trade
secrets.
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Interest Rate Swaps
- See: Swaps.
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Intermediate Consignee
- An intermediate consignee is the bank, forwarding agent, or other
intermediary (if any) that acts in a foreign country as an agent for the
exporter, the purchaser, or the ultimate consignee, for the purpose of
effecting delivery of the export to the ultimate consignee.
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IBOR
- Interbank Offered Rate
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IBOS
- International Business Opportunities Service
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IBRD
- International Bank for Reconstruction and Development
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IC
- Import Certificate, Integrated Circuit
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IC
- International Coffee Organization, International Congress Office, Islamic
Conference Organization
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ICA
- International Civil Aviation Organization
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ICA
- International Cocoa Agreement, International Coffee Agreement,
International Commodity Agreement
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ICAC
- International Confederation of Agricultural Credit
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ICB
- International Competitive Bidding
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ICC
- International Chamber of Commerce
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ICTF
- Intermodal Container Transfer Facility
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IDR
- International Depository Receipt
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IE
- Infrequent Exporter
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IL
- Industrial List
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i. and/or o.
- In and/or overdeck
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I.A.E.A.
- International Atomic Energy Agency
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I.A.T.A.
- International Air Transport Association
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I.B.
- Invoice book. In bond
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I.B.C.
- Institute Builders' Clauses
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I.B.N.R.
- Incurred but not reported
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I.B.R.D.
- International Bank for Reconstruction and Developement
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I.C. & C.
- Invoice coast and charges
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I.C.A.O.
- International Civil Aviation Organization
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I.C.C.
- International Chamber of Commerce, Institute Cargo Clauses
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I.C.E.S.
- International Council for the Exploration of the Sea
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i.f.
- In full
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I.F.C.
- Institute Freight Clauses, International Finance Corporation
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I.F.F.
- Institute of Freight Forwarders
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I.F.V.C.
- Institute Fishing Vessel Clauses
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I.H.P.
- Indicated Horse-Power
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I.R.
- Inland Revenue
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i.r.o.
- In respect of
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ICD
- Inland clearance depot
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Ince.
- Insurance
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Inst. Wties
- Insurance warranties
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Int.
- Interest
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Inter Arr
- Internal arrangements
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IRR
- Internal rate of return
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ISO
- International Organization for Standardization
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Immediate
Transportation Entry
- A customs form declaring goods for transportation by a bonded carrier from
a port of entry to a bonded warehouse at an inland port, or another port of
entry.
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Import Merchant
- A merchant who buys overseas for his own account for the purpose of later
resale, handling all details of import documentation and transportation.
Usually the merchant is specialized in one or two commodities.
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Import Rate
- A rate established specifically for application on import traffic and
generally less, when so published, than a domestic rate.
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Import Surcharge
- A charge on imports over and above regular tariffs or customs fees.
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Importer Distributor
- A merchant who imports goods, usually on an exclusive territory
arrangement, maintains an inventory and, through a sales staff, sells to
retailers.
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In Bond
- Goods are held or transported in bond under customs control either until
import duties or other charges are paid, or in order to avoid paying such
duties or charges. (Example: Canadian goods are transported in bond through
the United States for export to a third country to avoid paying United
States customs duties.) Bonded warehouses are available at more ports for
storing goods awaiting payment of import duty, or export.
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Indent
- A requisition for goods, enumerating conditions of the sale. Acceptance of
an indent by a seller constitutes his agreement to the conditions of the
sale.
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Indirect Exporting
- Sale by the exporter to the buyer through a domestically located
intermediary.
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Indirect Tax
- A tax that is levied on expenditures, i.e., a sales tax, excise tax or
value added tax.
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Infant Industry
- This term derives from the idea that temporary protection in the form of
tariffs or non-tariff barriers can help establish an industry and ensure its
eventual competitiveness in world markets. Although a case may be made for
restricting trade due to the infant industry argument under the GATT, the
company may be required to compensate adversely affected signatories.
Article XVIII outlines where Balance of Payments and Infant Industry
restrictions may be legitimately used.
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Initial Negotiating
Right (INR)
- A right held by one GATT country to seek compensation for an impairment of
a given bound tariff rate by another GATT country. INRs stem from past
negotiating concessions and allow the INR holder to seek compensation for an
impairment of tariff concessions regardless of its status as a supplier of
the product in question.
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Inland Carrier
- A transportation line which hauls export or import traffic between ports
and inland points.
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Installment Shipments
- Successive shipments permuted under letters of credit. Usually they must
take place within a given period of time. If not shipped within that period,
the credit ceases to be available automatically unless otherwise authorized
in the letter of credit.
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Intellectual Property
Rights (IPRs)
- This is the ownership of the right to possess or otherwise use or dispose
of products created by human ingenuity. Trademarks, patents and copyrights
are examples of this. There are international organizations which deal
solely with intellectual property.
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Irrevocable
- This the most common instrument of credit in international trade, carries
an irrevocable obligation of the issuing bank to pay the beneficiary when
drafts and documents are presented in accordance with the terms of the
letter of credit. An irrevocable letter of credit, once issued, cannot be
amended or canceled without the agreement of all named parties. As such, it
must have a fixed expiration date.
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Issuing Bank
- A bank which opens a straight or a negotiable letter of credit. This bank
assumes the obligation to pay the beneficiary or a correspondent bank if the
documents presented are in accordance with the terms of the letters of Edit.
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