Tariff and Customs Terms B.1.14

Question 1

a document drawn up (in very rare cases) to add to a contract and lay down the rights and obligations of the contracting parties.

Answer 1

back letter

Question 2

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.

Answer 2

Backlog

Question 3

an unfulfilled order due to lack of stock.

Answer 3

back order

Question 4

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.

Answer 4

back to back letter

Question 5

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.

Answer 5

backward computation

Question 6

a merchandise delivered contrary to the terms of an order.

Answer 6

bad delivery

Question 7

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.

Answer 7

bad faith

Question 8

acts that raise a strong presumption that they were done with intent to delay, prejudice, or defraud a creditor.

Answer 8

badges of fraud

Question 9

a condition wherein articles have deteriorated in a storage area or warehouse, and are given in a certain discount when appraised

Answer 9

bad order

Question 10

a damaged container that exposes cargoes to adverse conditions, natúral elements, and pilferage.

Answer 10

bad order container

Question 11

the routine examination of traveling bags, trunks, suitcases, etc., in airports so as to levy duties and taxes on imported commercial items.

Answer 11

baggage check

Question 12

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

Answer 12

bailee clause

Question 13

ratio between a country’s outward and inward cash flow.

Answer 13

Balance of Payments

Question 14

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.

Answer 14

Balance of Payments Consultations

Question 15

ratio between a country’s export earnings and imports. When exports exceed imports, the economy enjoys a favorable balance of trade

Answer 15

Balance of Trade

Question 16

a huge bundle of goods pressed and bound for storage or transport.

Answer 16

bale

Question 17

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.

Answer 17

bale space

Question 18

a Filipino citizen continuously out of the country for at least a year from the date of his last departure.

Answer 18

Balikbayan

Question 19

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.

Answer 19

ballast

Question 20

operations connected with the loading of ballast.

Answer 20

ballast loading

Question 21

operations connected with the unloading of ballast.

Answer 21

ballast unloading

Question 22

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.

Answer 22

Baltimore berth grains charter party (Form C)

Question 23

a multinational bank that provides short- and medium-term financing for Latin American commercial banks.

Answer 23

Banco Latin-americano de Exportaciones (BLADEX or Latin American Export Bank)

Question 24

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.

Answer 24

Banco Nacional de Comercio Exterior

Question 25

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

Answer 25

Bangko Sentral ng Pilipinas