Tariffs and Customs Terms EF.1.56

Question 1

a person or firm that arranges and delivers express consignments. It issues its own air way bill to shippers under its solicitation service.

Answer 1

express cargo operator

Question 2

consolidated air cargoes that must be delivered fast and directly to individual consignees.

Answer 2

express consignment

Question 3

warranty a kind of warranty in marine insurance policy expressed in words, and from which an intention to give warranty may be clearly inferred.

Answer 3

express warranty

Question 4

a marine peril involving ship breakage and leakage, theft and pilferage. stealing, non-delivery of cargoes.

Answer 4

extraneous peril

Question 5

outside the boundaries of a country.

Answer 5

extra-territorial

Question 6

a trading arrangement wherein the sellers fulfills his obligation to deliver goods to the buyer at the factory or warehouse. The buyer bears all costs and risks of loading of * goods, and their delivery to destination.

Answer 6

Ex-Works

Question 7

the total price of goods, taking into account the production cost, packing, marking, containerization, labeling, and manufacturer’s profits.

Answer 7

Ex-Works price

Question 8

includes the costs for labor and assembly, and indirect costs for factory supervision, maintenance, payment for overtime.

Answer 8

fabrication cost

Question 9

(Spanish: factura) invoice

Answer 9

fact

Question 10

a firm that administers the sales ledger and collects payments in behalf of an exporter.

Answer 10

factoring company

Question 11

a firm that purchases collectibles or accounts of an exporter at a discounted price, usually about two to four percent less than their face value.

Answer 11

Factoring house

Question 12

a plant or facility where production or assembly of goods takes place.

Answer 12

factory

Question 13

delivery of goods by a factory whereby the goods are put at the disposal of another party, like a commercial department.

Answer 13

factory delivery

Question 14

costs of production, like indirect materials, indirect labor, factory supplies and equipment, and other indirect expenses.

Answer 14

factory overheads

Question 15

under the COA Circular, there is failed bidding where there is only one offeror or where all the offerors are disqualified.

Answer 15

Failed bidding

Question 16

published brochures and readings distributed in trade fairs and exhibits.

Answer 16

fair catalog

Question 17

the price at which a seller will sell, and a buyer will buy, voluntarily and aware of relevant facts

Answer 17

fair market value

Question 18

similar to a reasonable rate, it is a profit which enables a carrier to recoup his investment at a fair rate, taking into account the business risk. See also reasonable rate.

Answer 18

fair return

Question 19

the value of a carrier’s property, which computation includes original cost minus depreciation, replacement cost, and market value.

Answer 19

fair value

Question 20

part of a waterway kept navigable.

Answer 20

fairway

Question 21

value the last method of Customs value, it is based on previously determined values and methods in their original order and applied with flexibility without resorting to capricious or arbitrary manner.

Answer 21

fallback

Question 22

a scheme under the Common Effective Preferential Tariff which reduced tariff rates of certain products to 0-5% last 1998 and early 2000.

Answer 22

fast-track tariff reduction

Question 23

when the wrongful act result from prudence, negligence lack of foresight.

Answer 23

fault

Question 24

free of capture, seizure, arrest, detainment, and the consequences thereof, and damage caused by riots and civil commotion.

Answer 24

f.c.s.r.c.c

Question 25

American federal agency that enforces air transport safety regulations

Answer 25

Federal Aviation Administration