To relinquish a right: used in collections with BC charges and/or interest to be collected from the drawee: these can be waived in certain circumstances as set out in ICC 522.
A form declaring goods imported and placed in a bonded warehouse. Duty payment may not be required until the importer withdraws the goods.
A receipt issued by a warehouse listing goods received for storage
Refers to economic policies being put forth by the US Administration and Congress as well as the Washington DC-based International Monetary Fund and World Bank. Some of the elements of this Consensus are trade liberalization, privatization, deregulation, etc. that are often applied to all countries and all situations. See also neoliberalism and globalization
A charge assessed by a pier or dock owner for handling incoming or outgoing cargo.
A term indicating that a shipper’s agent or representative is empowered to make definitive decisions and adjustments abroad without approval of the group or individual represented.
A Wharfinger is a keeper or owner of a wharf. The Wharfinger takes custody and is responsible for goods delivered to the wharf. Click here to learn more.
An acknowledgement of the receipt of goods by the wharfinger. It has no legal value.
Officially called the International Bank for Reconstruction and Development, this bank was established in 1944 to provide loans for the reconstruction of Europe. In the 1970s the World Banks’ focus shifted to assist in the reconstruction and development of its poor members by facilitating capital investment, making loans, and promoting foreign investment. The Bank has historically focused on large infrastructure and other development projects. Like the International Monetary Fund, the World Bank has a set of strict requirements for economic policy reform before making grants or loans(see SAPs).
World Trade Organization (Wto)
The World Trade Organization, established in 1995 as the successor to the 1948 General Agreement on Trade and Tariffs, administers trade agreements, provides a forum for trade negotiations, and monitors national trade policies for the 147 member countries. The overall aim of the WTO is to reach a single framework of rules for trade and “trade-related” activities.