Tariffs and Customs Terms F.1.61

Question 1

a bill of lading with a notation that the goods are in bad condition

Answer 1

foul bill of lading

Question 2

refers to four separate agreements under the General Agreement on Tariffs and Trade (GATT): a) favorable treatment, reciprocity, and fuller trade participation by developing countries, b) trade measures for favorable balance payments, c) safeguard actions, and d) notification, consultation, dispute settlement, and surveillance under GATT.

Answer 2

Framework Agreement-Tokyo Round

Question 3

1. a license to manufacture and distribute goods in exchange for payment

Answer 3

franchise

Question 4

2. The percentage or amount of the insured value which, in case of cargo damage, is bore by the insured

Answer 4

franchise

Question 5

a clause in a marine insurance which stipulates that if the loss reaches a certain percentage, the insured will be entitled to the full amount of the loss.

Answer 5

franchise clause

Question 6

a trade arrangement wherein the exporter’s area of responsibility extends up to the importer’s warehouse, where transfer of title over the goods is made. This is an INCOTERM.

Answer 6

Franco Delivered

Question 7

a monetary union of countries which currencies are linked to the French franc at a fixed rate of exchange: Benin, Burkina Faso, Cameroon, Central African Republic, Chad, Comoros, Congo, Equatorial Guinea, France, Gabon, Cote d’Ivoire, Mali, Niger, Senegal, and Togo

Answer 7

Franc Zone

Question 8

deliberate deception to induce another to part with something of value, or to surrender a legal right.

Answer 8

Fraud

Question 9

an agent who can act as such pursuant to a contract, and without limitation.

Answer 9

free agent

Question 10

under this trade arrangement, the seller fulfills his obligation to deliver goods up to the side of a vessel on. a quay (wharf), or in a lighter, at the port of shipment. From that moment on, the buyer bears all cost of sea voyage and risk of cargo damage or loss.

Answer 10

Free Alongside Ship

Question 11

a clause in a charter contact which stipulates that the dispatch money will not be paid even if cargo loading or unloading is done well ahead of the allotted time

Answer 11

free dispatch

Question 12

a clause in a marine cargo insurance denoting that the insurance covers total loss only.

Answer 12

free for all average

Question 13

a term which indicates that the chaterer of a vessel is responsible for the cost of loading goods, and the cost for unloading by the consignee

Answer 13

free in and out

Question 14

a clause in a charter contract which stipulates that stevedoring costs for loading and unloading, plus taxes, are paid by the charterer.

Answer 14

free in and out, and free taxes

Question 15

a clause in a charter contract which stipulates that the expenses for loading, stowage, and trimming are for the account of the charterer. The consignee shoulders the costs of unloading.

Answer 15

Free in and out, stowed

Question 16

a clause in a charter contract which stipulates that loading and trimming costs are borne by the charterer, while the consignee bears unloading expenses.

Answer 16

Free in and out, stowed and trimmed

Question 17

the maximum height of a truck’s fork

Answer 17

free lift

Question 18

a list of goods designated as free from import duties or import port licensing requirements in a particular country.

Answer 18

free list

Question 19

a system wherein expenses for cargo loading are paid by the shipper, while discharging, by the ship-owner. It is also known as gross discharge.

Answer 19

free loading

Question 20

a marine cargo insurance clause which provides that loss of goods is not insurable if caused by capture, seizure, confiscation, and like actions, whether legal or not, or by piracy, civil war, rebellion, and civil strife, except if covered by a separate. war policy, and with an additional premium being charged.

Answer 20

free of capture and seizure

Question 21

a marine cargo insurance that provides coverage for partial loses, if brought about by fire, shipwreck, sinking, stranding, or collision of vessels

Answer 21

free or particular average

Question 22

a kind of free of particular average that limits recovery of partial losses (specified in the perils clause) to those directly caused by fire, stranding, sinking, or collision of vessels.

Answer 22

free of particular average, American conditions

Question 23

a kind of free of particular average that allows full recovery of partial losses, whether or not caused by fire, stranding, sinking; or collision of vessels.

Answer 23

free of particular average, English conditions

Question 24

a condition that means laydays start to count when the vessel arrives at a port, whether or not a berth is available. This, however, presupposes that her gears are put in place and a written notice of readiness has been given by the master to the charterer

Answer 24

free of turn

Question 25

like in ordinary “free on board” terms, the seller shoulders all costs in delivering the goods to the air carrier at the airport of departure. After such delivery, the risk of cargo damage or loss shifts to the buyer.

Answer 25

free on board airport