Glossary of

International Trade

Terms

Ad Valorem: Charge that is levied onto the value.

Duty: This refers to the tax that is imposed by the customs authority of a country on imports.

Applicant: An individual or a corporation which applies for the right to establish, operate and maintain a trade zone internationally.

Beneficiary: This refers to the individual or the group in whose favor a draft or a Letter of Credit is drawn.

District Director: The director of the customs for the particular district in which the zone is present.

Clean Draft: This refers to a draft in which no documents have been attached.

Charter Party: This signifies a written contract between the owner of the ship and the one who is buying the charter to rent the vessel or part of the freight space of the vessel.

Commercial Invoice: This invoice contains a list of goods which have been shipped.

Customs Territory: This refers to the territory within the U.S where the tariff laws of the United States apply.

Discrepancy: When there are documents presented which do not match the letter of credit is known as discrepancy.

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list:Glossary of International Trade Terms