Tariffs and Customs Terms B.1.15

Question 1

a financial institution that accepts deposits and grants loans. Is a moneyed institute founded to facilitate the borrowing, lending and safekeeping of money. A company which loan out money of its customer, collects the interests and charges a commission to both lender and borrower

Answer 1

bank

Question 2

export trading company an export trading company partially or wholly owned by a banking institution

Answer 2

bank affiliate

Question 3

expenses paid by the importers to banks for any of the following services: issuance of license, advising, confirmation, negotiation, amendment, cancellation, delayed reimbursement, or outward documentary processing

Answer 3

bank charges

Question 4

_____ _________ may be called a notifying bank, a negotiating bank. ____ __________ assumes no liability except to notify and/or transmit to the beneficiary the existence of the letter of credit. Its liability is dependent upon the stage of the negotiation. If before negotiation, it has no liability with respect to the seller but after negotiation. If before negotiation, it has no liability with respect to the seller but after negotiation, a contractual relationship will then prevail between the negotiating bank and the seller.

Answer 4

bank correspondent

Question 5

these are in the nature of irregular deposits; they are really loans because they bear interest, and the relationship between a depositor and a bank is one of creditor and debtor, and one fiduciary in nature, in which the bank is under obligation to treat the accounts of its depositors with meticulous care and utmost fidelity.

Answer 5

bank deposit

Question 6

written order of one bank to another to pay a person a sum of money upon demand. Is a bill of exchange drawn by a bank upon its correspondent bank, issued at the solicitation of a stranger who purchases and pays therefore. It is also defines as an order for payment of money

Answer 6

bank draft

Question 7

a draft drawn on, and accepted, by a bank. Depending on the bank’s credit worthiness, the acceptance becomes a financial instrument which can be discounted

Answer 7

banker’s acceptance

Question 8

a bank established through mutual consent by unaffiliated banks to provide a clearing house for financial transactions

Answer 8

banker’s bank

Question 9

draft payable by demand and drawn by, or on behalf of, the bank itself. it is regarded as cash and cannot be returned unpaid

Answer 9

banker’s draft

Question 10

organized like the U.S. Federal Reserve Bank, BIS is controlled by the Central Banks of the Group of 10. Members: Australia, Austria, Belgium, Bulgaria, Canada Czechoslovakia, Denmark, Finland, France, Germany, Greece, Hungary, Iceland, and Ireland. It provides a forum where central bankers meet and consult monthly, aside from its banking, trusteeship, and agency functions

Answer 10

Bank for International Settlements

Question 10

created in 1989 by the National Automated Clearing House Association (U.S.) to assist the banking sector in meeting financial EDI (electronic data interchange) needs of its corporate clients

Answer 10

banker’s EDI council

Question 11

an assurance by a bank to pay the exporter up to the amount of shipped goods if the importer defaults

Answer 11

bank guarantee

Question 12

an assurance by a bank that an importer has sufficient deposits or accounts to cover the duties, taxes, and penalty (if any), due on imported goods

Answer 12

bank guarantee

Question 13

in shipping, it is the practice of keeping cargoes on the pier or in the vessel for loading or unloading, to avoid delay and to optimize the use of loading equipment

Answer 13

banking system

Question 14

a promissory note issued by a bank

Answer 14

bank note

Question 15

negotiable time draft drawn by an importer and then accepted by a bank, which adds its credit to that of the importer

Answer 15

bank release

Question 16

a French government agency that lends export credits and preferential interest rates

Answer 16

Banque Francise du Commerce Exterieur

Question 16

an electronic communications network owned by an association of banks and used to transfer messages between subscribing banks

Answer 16

bankwire

Question 17

these are commodities the importation of which requires Central Bank approval

Answer 17

Banned commodities

Question 18

bank that limits the kinds of ships that may pass through a river

Answer 18

bar sand

Question 19

ships that cannot cross a river sand bank due to heavy load

Answer 19

bar bound

Question 20

under this system, the shipping freight rate is fixed per deadweight ton per month or on a monthly lump sum basis

Answer 20

bareboat

Question 21

the maximum load the ship can carry so it can pass through a river sand bank

Answer 21

bar draft

Question 22

a demise charter whereby the charterer leases the ship and appoints her master and crew

Answer 22

bareboat charter

Question 23

a contract whereby the charterer has the right to appoint his own master and crew on board the vessel

Answer 23

bareboat charter