Tariffs and Customs Terms R.1.105

Question 1

the value of a currency compared with another

Answer 1

rate of exchange

Question 2

sugar whose contents of suppose by weight, in the dry state, corresponds to a polyrhythmic readings than 99.5%.

Answer 2

raw sugar

Question 3

a clause / a charter contract which stipulates that the ship may give a notice of readiness upon her arrival at a port. Once given, laytime begins to count as if she were in berth and ready to unload cargo. This Clause is a vital especially if upon arrival, there Is no available berth, thus delaying the ship’s operations.

Answer 3

ready berth clause

Question 4

a degree of certainty on the part of Customs to doubt the accuracy of the declared value of imported goods.

Answer 4

reasonable doubt

Question 5

a freight rate reasonable enough to recoup a ship’s expenses and earn profits without turning into a monopoly

Answer 5

Reasonable rate

Question 6

discounted freight rates offered by a liner company to shippers, if they agree to use exclusively the ship’s services.

Answer 6

rebates

Question 6

it is an open defiance through army resistance against the authority or government out of oppression, pettiness and misery of the masses.

Answer 6

rebellion

Question 7

offering articles a new for auction

Answer 7

rebidding

Question 8

a written document which acknowledges that a person or firm has received goods from another

Answer 8

receipt

Question 9

this means that the consignee has given full acknowledgment of receipt of goods.

Answer 9

receipt fully acknowledged

Question 9

a bill of lading which indicates that the goods have been delivered to the custody of the shipper or his agent

Answer 9

received for shipment bill of lading

Question 10

the party to whom an electronic data interchange message is transmitted

Answer 10

receiver

Question 10

a carrier that receives a shipment I behalf of another carrier, agent or shipper.

Answer 10

receiving carrier

Question 10

a number that identifies an electronic data interchange participant

Answer 10

receiver ID

Question 11

a law that authorizes the Philippine President to enter into a trade agreement with foreign countries, on a reciprocal basis, without need of submitting such agreement to Congress for ratification.

Answer 11

reciprocal trade agreement provision

Question 12

the reduction of tariff duties or trade restraints in exchange for trade concessions from another country.

Answer 12

reciprocity

Question 12

restoration of a worn out article into its sound condition, by readjustment and replacement of parts.

Answer 12

reconditioning

Question 13

a situation wherein the goods and/or equipment have been consigned to a party other than the original or subsequent consignee

Answer 13

reconsigned

Question 14

the right to charge the payee if a draft or negotiable instrument is unpaid.

Answer 14

recourse

Question 15

universally accepted reference book for motor vehicles

Answer 15

Red Book

Question 15

redeemable

Answer 15

red

Question 16

an irrevocable letter of credit (L/C) that authorizes the advising/negotiating bank make an advance to the seller (the beneficiary) even before the shipment is delivered to the buyer. The advance, which can be made up to 100% of the shipments value, enables the seller to procure supplies for manufacturing or shipment. It is also called because the clause is originally written in red, to draw attention to the unique character of the L/C.

Answer 16

red clause letter of credit

Question 17

return of a shipment to a party who originally delivered it to the carrier; return of a chartered vessel to her owner.

Answer 17

redelivery

Question 18

the right to regain possession of abandoned, seized, or forfeited cargo, after payment of a stipulated value.

Answer 18

redemption

Question 19

the domestic wholesale market value of a shipment, based on its total landed cost multiplied by 120% to take into account the manufacturer’s profit margin

Answer 19

redemption value