Tariff and Customs Terms AB.1.13 Flashcards
Terms and meaning from Dictionary of Tariff and Customs Terms with organization and functions of the various Offices of the Bureau of Customs.
a part of U.S. Customs Automated Commercial System that facilitates exchange of information (on the value and classification of goods) among various offices and departments
Automated Information Exchange System
a procedure adopted by the Bureau of Customs that enables monitoring of imports through electronic transmittal of the manifest
Automated Manifest System
a computerized system of verifying and reconciling payments and payables made by importers to a bank. The imported goods are released only upon determination by Customs that correct payments were made.
Automated Matching of Payments and Payables
an automated and mechanized system for moving and retrieving merchandise
automated storage and retrieval system
a highly-complex Customs computer system that fast-tracks processing of imports declarations, manifest, and data on accounting and transit facilities. It also generates trades statistics and conforms to internationally agreed codes and standards.
Automated System for Customs Data
electronic or computerized exchange of trade data.
automatic data processing
a means of identifying an item (e.g., a product, parcel, or transport unit) by entering data into a computer. The most widely used technology at present is the bar code; others include radio frequency, magnetic stripes, and optical character recognition.
automatic identification
refers to the procedure whereby the decision of the Collector of Customs if adverse to the government shall be elevated to the Commissioner of Customs within five (5) days from its promulgation without the necessity of a formal or written request.
automatic review
a letter of credit-automatically reinstated and guaranteed in successive fashion, in the amount of each shipment as earlier agreed upon by the buyer and the seller
automatic revolving letter of credit
refer to any four(4) or more wheeled vehicle, other than a truck, pick up, jeepney, bus or vehicle used for special purpose, which is propelled by gasoline or diesel and specially designed to transport persons and not primarily to transport freight or merchandise.
automobile
a tariff system wherein the rates of duty are established by Congress
autonomous tariff system
a guarantee for payment, usually given by a bank, which makes an additional promise to pay a note, draft, or other obligations. The bank acts as a co-maker.
aval
any damage or loss (which is not total) caused by an insured marine peril (like lightning or storm) to a ship or her cargo. It also covers all extraordinary expenses incurred in ocean voyage
average
one who verifies marine insurance claims and recommends the amount of compensation to the insured. He determines whether or not expenses are to be regarded as particular or general.
average adjuster
a document signed by the shippers, who agree to pay any general average contribution for the release of cargo, after a general average loss has occurred.
average agreement
a bond drawn by cargo-owners, who undertake to pay their proportionate share in case of general average. It is drawn before actual delivery of goods to the consignee, and is assured by an average adjuster.
average bond
a clause in a marine cargo insurance policy, which determines the amount of recovery that could be had in case of a particular average loss. It stipulates that some articles are free from average, and the rest are free if specified under a certain percentage.
average clause
total cost of an article divided by the number of units of such article in stock or sold.
average cost
of percentage a phrase in a marine insurance clause that means losses (say, on cargoes) caused by insured marine perils are paid regardless of percentage, It is considered the broadest “with average” clause
average irrespective of percentage
average quantity or weight of cargo per vehicle
average load
averages are either or particular and general or gross. Simple or particular averages include all expenses and damages caused to a vessél or cargo which have not inured to the common benefit and are to borne only by the owner of. the property which gave rise to the same. General or gross averages include all the damages and expenses which are deliberately caused in order to save the vessel, its cargo or both at the same time, from a real and known risk, and are to be borne by the owners of the articles saved. The requisites for general average are: (1) there must be common danger; (2) for the common safety, part of the vessel or the cargo or both is sacrificed deliberately: (3) from the expenses or damages caused floes the successful saving of the vessel and cargo; and (4) the expenses or damages shall have been incurred or inflicted after taking proper legal steps and authority. It is the deliverance from an immediate, impending peril, by common sacrifice, that constitutes the essence of general average
averages, simple and general
drawn by an average adjuster, it details the proportionate contribution made by each cargo owner or interest in the general average.
average statement
the lot or article given to the highest bidder in an auction sale.
award
a freight that can be refunded if the cargo cannot be unloaded at the port of destination due to factors beyond the control of the ship-owner and the master
back freight
return of vehicle to its origin.
backhaul
