Race To The Bottom The constant search for cheaper wages, lower taxes and weaker environmental and other regulations, produces a downward spiral in socio-economic conditions in the United States and in countries around the world. For example, jobs moved from Detroit to Mexico in pursuit of lower wages, and now jobs are being moved from Mexico to China.
Reactivation A resumption of the activated status of an entire area that was previously deactivated without any change in the operator or the area boundaries.
Recourse The right to claim a refund from another party which has handled a bill at an earlier stage.
Red Clause Credit A credit with a clause which authorises the advising bank to make an advance payment to the beneficiary – see special DCs.
Regional Commissioner The Regional Commissioner of Customs for the Customs Region in which the zone is located.
Reimbursing Bank The bank nominated by the DC issuing bank that will pay the value of the DC to the negotiating/paying bank.
Remitting Bank Bank that sends the draft to overseas bank for collection.
Representative See Foreign sales agent.
Resident Member The official that has been delegated authority by the Secretary of the Army to act on nondiscretionary zone matters.
Retail Trade Generally, sales or offers to sell goods or services to individuals for personal use.
Retirement The act of paying or settling an outstanding bill or import loan; i.e. payment by the importer to the Bank.
Revocable Credit One that may be amended or cancelled without notice to the beneficiary.
Revocable Letter Of Credit A letter of credit that can be cancelled or altered by the drawee (buyer) after it has been issued by the drawee’s bank. Compare Irrevocable letter of credit.
Revolving Credit A credit automatically reinstated after each drawing or upon receipt of authorisation from DC issuing bank, with limits as to the duration of the facility and as to the (cumulative or non-cumulative) amount involved for each drawing – see Special DCs.
Ruling Adecision rendered by the Customs Service on an issue or issues surrounding a particular importation of merchandise. Rulings are published and can usually be appealed to a higher administrative body or to a court of law.