Tariff and Customs Terms B.1.14 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 document drawn up (in very rare cases) to add to a contract and lay down the rights and obligations of the contracting parties.
back letter
also known as open order, it is the quantity of goods still to be delivered, received, produced, issued, etc. or the total number of orders received but not yet shipped.
Backlog
an unfulfilled order due to lack of stock.
back order
back to back letter of credit an irrevocable letter of credit (L/C) wherein, like transferable credit a broker or middleman seeks to open a second credit in favor of the seller. Since the first credit is non-transferable, the first credit becomes collateral. The beneficiary of this L/C is not the actual supplier of the product.
back to back letter
old method of roughly computing the domestic wholesale selling price or market value of an article, which is same, like, or similar to one produced in the importing country. It deducts the Customs duty, taxes, expenses, and profits.
backward computation
a merchandise delivered contrary to the terms of an order.
bad delivery
is essentially a state of mind affirmatively operating with furtive design or with some ill-will. it does not simply connote bad judgment or negligence. It imports a dishonest purpose or some moral obliquity and conscious doing of wrong. Bad faith is thus synonymous with fraud and involves a design to mislead or deceive another, not prompted by an honest mistake as to one’s rights or duties, but by some interested or sinister motive.
bad faith
acts that raise a strong presumption that they were done with intent to delay, prejudice, or defraud a creditor.
badges of fraud
a condition wherein articles have deteriorated in a storage area or warehouse, and are given in a certain discount when appraised
bad order
a damaged container that exposes cargoes to adverse conditions, natúral elements, and pilferage.
bad order container
the routine examination of traveling bags, trunks, suitcases, etc., in airports so as to levy duties and taxes on imported commercial items.
baggage check
a marine insurance clause that enjoins the insured to take reasonable measures to avert losses and ensure that his rights against third persons are exercised and reserved
bailee clause
ratio between a country’s outward and inward cash flow.
Balance of Payments
coordination between the General Agreement on Tariffs and Trade and the International Monetary Fund to assess the implications of trade restrictions to a country’s balance of payments.
Balance of Payments Consultations
ratio between a country’s export earnings and imports. When exports exceed imports, the economy enjoys a favorable balance of trade
Balance of Trade
a huge bundle of goods pressed and bound for storage or transport.
bale
the capacity of a vessel’s cargo spaces under deck (including hatchways, but excluding void spaces behind cargo battens and beams) expressed in cubic meters or cubic feet.
bale space
a Filipino citizen continuously out of the country for at least a year from the date of his last departure.
Balikbayan
also known as dead cargo, bare load, or bare cargo, it is the heavy cargo that stabilizes a ship or aircraft for safe navigation or flight, especially when the carrier lacks cargo. Sometimes, water in tanks is carried as ballast.
ballast
operations connected with the loading of ballast.
ballast loading
operations connected with the unloading of ballast.
ballast unloading
a charter contract commonly used in the exports of American and Canadian grains. It stipulates that if cargo, loading lasts more than five days (excepts Sundays and holidays) the charterer must pay demurrage at an agreed rate. Loading must comply with the liner terms.
Baltimore berth grains charter party (Form C)
a multinational bank that provides short- and medium-term financing for Latin American commercial banks.
Banco Latin-americano de Exportaciones (BLADEX or Latin American Export Bank)
Mexico’s national foreign trade bank that provides credits, guarantees, and promotion services to support her foreign trade. It lends short-term loans for the importation of selected items.
Banco Nacional de Comercio Exterior
the major Philippine bank that supervises the operations of all banks in the country. It also issues import clearance for banknotes, coins and color reproduction machines
Bangko Sentral ng Pilipinas
