Glossary of International Trade Terms
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| Back Haul |
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To haul a shipment back over part of a route which it has traveled. |
| Back Order |
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That portion of an order that cannot be delivered at the scheduled time, but will be delivered at a later date when available.
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| Back-To-Back Borrowing |
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The process whereby a bank brings together a borrower and a lender so that they agree on a loan contract. |
| Back-To-Back Loan |
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Operations whereby a loan is made in one currency in one country against a loan in another currency in another country. |
| Bad Faith |
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The intent to mislead or deceive. It does not include misleading by an honest, inadvertent or uncalled-for misstatement. |
| Bagged Cargo |
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Goods shipped in sacks. |
| Bailment |
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A delivery of goods or personal property by one person (the bailor) to another (the bailee) on an express or implied contract and for a particular purpose related to the goods while in possession of the bailee, who has a duty to redeliver them to the bail. |
| Balance Of Payments |
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A statement identifying all the economic and financial transactions between companies, banks, private households and public authorities of one nation with those of other nations of the world over a specific time period. |
| Balance of Trade |
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The difference between a country's imports and exports. |
| Balanced Economy |
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A condition of national finances in which imports and exports are equal. |
| Bale |
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A large bundle of compressed and bound goods, such as cotton. |
| Bale Cargo |
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Bulky cargo shipped in bales, usually of burlap. |
| Ballast |
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Heavy material placed on a ship to improve its stability. |
| Bank Draft |
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A check drawn by one bank against funds deposited to its account in another bank. |
| Bank Guarantee |
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Unilateral contract in which the bank commits itself to pay a certain sum if a third party fails to perform or if any other form of default occurs. |
| Bank Holding Company |
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Any company which directly controls, with power to vote, more than five percent of voting shares of one or more other banks. |
| Bank Holiday |
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A day on which banks are closed. |
| Bank Note |
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Paper issued by a bank, redeemable as money and considered to be full legal tender. |
| Bank Release |
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A document issued by a bank, after it has been paid or given an acceptance, giving authority to a person to take delivery of goods. |
| Banker's Bank |
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A bank that is established by mutual consent by independent and unaffiliated banks to provide a clearinghouse for finacial transactions. |
| Banker's Draft |
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A draft payable on demand and drawn by, or on behalf of, a bank upon itself. |
| Bankruptcy |
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The condition of a legal entity that does not have the financial means to pay their incurred debts as they come due. |
| Bareboat Charter |
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The charter of a vessel where the character party has the right to use his own master and crew on the vessel. |
| Barge |
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A flat bottomed cargo vessel primarily used on rivers and canals. |
| Barratry |
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The intentional misconduct of the ship's master or crew; includes theft, intentional casting away of vessel, or breach of trust. |
| Barter |
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Trade of goods for other goods without the use of money or a third party. |
| Basing Point |
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A location which is used to determine rates between other points. |
| Basing Rate |
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A rate which is used for the sole purpose of determining other rates. |
| Basket of Currencies |
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A means of establishing value for a composite unit consisting of the currencies of designated nations. |
| Battens |
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The protruding fixtures of the inside walls of a vessel's hold which keep cargo away from the walls of the vessel. |
| Bearer |
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The person in possession. |
| Beggar-Thy-Neighbor Policy |
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A course of action through which a country tries to reduce unemployment and increase domestic output by raising tariffs and instituting non-tariff barriers that impede imports. |
| Belly Pits or Holds |
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Compartments beneath the cabin of an aircraft used for the transport of cargo or baggage. |
| Beneficiary |
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An individual or company who gains upon the opening of a letter of credit. |
| Berth |
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The place beside a docking area where the ship is secured and cargo can be loaded or unloaded. |
| Bid Bond |
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Guarantee established in connection with international tenders. Guanrantees fulfillment of the offer. |
| Bilateral Investment Treaty |
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A treaty between two countries with the goals of ensuring investments abroad of national or most favored nation treatment. |
| Bilateral Trade |
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The commerce between two countries. |
| Bill |
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A written statement of contract terms. |
| Bill of Credit |
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A written statement that authorizes the recipient to receive or collect money from a foreign correspondent. |
| Bill of Health |
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A certificate issued by customs declaring the proper health of crew or passengers of a vessel or airplane upon arrival or departure from port. |
| Bill of Lading |
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A document issued by a carrier to a shipper that provides written evidence regarding receipt of the goods, the conditions on which transportation is made, and the engagement to deliver goods at the prescribed destination to the lawful holder of the bill of lading.
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| Bill of Parcels |
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A statement sent with a shipment that gives descriptions and prices for included items; often referred to as a packing slip. |
| Bill of Sale |
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A written document by which a party legally transfers ownership of goods to another party. |
| Bill of Sight |
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A customs document which allows a party to see the goods before they pay duties on them. |
| Bill-To Party |
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Refers to the party designated on a bill of lading as the one responsible for payment of the freight charges. |
| Billed Weight |
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The designated weight shown on the freight bill. |
| Billing Third Party |
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The transference of transportation charges to a party other than the shipper or consignee. |
| Biological Agents |
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A biologically active material. |
| Black Market |
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Buying or selling of products that violate government restrictions. |
| Blanket Rate |
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A special single rate applied to multiple articles in a single shipment. |
| Blockade |
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Prevention of commercial exchange by physically preventing carriers from entering a specific port or nation. |
| Bona Fide |
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In or with good faith, honesty, and sincerity. |
| Bond |
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An interest-bearing certificate of debt by which the issuer is obligated to pay the principal amount at a specific time and interest periodically. |
| Bond of Indemnity |
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An agreement made with a carrier that relieves them of any liability incurred under stated conditions. |
| Bond System |
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A computerized bond control system (part of ACS). |
| Bonded |
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Goods stored by customs until the import duties are paid or the goods are exported. |
| Bonded Terminal |
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An airline terminal approved by the U.S. Treasury Department for storage of goods until Customs duties are paid or released. |
| Bonded Warehouse |
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An approved warehouse used for the storage of goods until duties are paid or the goods are properly released. |
| Booking |
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The act of recording arrangements for the movement of goods by vessel. |
| Bounties |
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Government payments to producers to strengthen their competitive position. |
| Box |
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Colloquial term referring to a trailer, semi-trailer, or container. |
| Box Car |
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A closed freight car. |
| Boycott |
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Refusing to deal commercially with a person, firm, or country. |
| Breakage |
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A monetary allowance that a manufacturer allots for compensation to a buyer for goods damaged in shipment. |
| Breakbulk |
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Unloading or distributing portions of a consolidated shipment for delivary. |
| Breakbulk Cargo |
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Cargo that is shipped as a unit but not containerized. |
| Bribe |
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A payment that results in a benefit that would not have been received except for receipt of that money; a bribe is a criminal offence. |
| Broker |
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One that acts as an agent for others, as in negotiating contracts, purchases, or sales in return for a fee or commission. |
| Bulk Cargo |
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Cargo that is made up of one commodity; examples include grain, oil, and ore. |
| Bulk Carrier |
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A vessel designed for the shipment of bulk cargo. |
| Bulk Freight |
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Freight not in packages or containers. |
| Bulk Sale |
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The transfer of a large amount of inventory in a single transaction not in the usual course of business. |
| Bulk Solids |
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Dry cargo shipped loose in containers. |
| Bunker |
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A compartment on a ship for storage or fuel. |
| Bunker Adjustment Factor |
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An adjustment in shipping charges to offset price fluctuations in the cost of bunker fuel. |
| Bunker Fuel |
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The fuel used to power a ship. |
| Bureau of Alcohol, Tobacco
and Firearms |
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An agency of the U.S. Department of Treasury which regulates the alcohol, firearms and explosives industry, ensure the collection of federal taxes imposed on alcohol and tobacco, investigates violations of federal firearms, explosives and tobacco laws. |
| Bureau Of Export Administration |
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A U.S. government agency responsible for control of exports for reasons of national security, foreign policy and short supply. |
| Buy American Acts |
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U.S. federal and state government statutes that give a preference to U.S. produced goods in government contracts. |
