Tariff and Customs Terms A.1.01 Flashcards
terms and meaning from Dictionary of Tariff and Customs Terms with organization and functions of the various Offices of the Bureau of Customs. (25 cards)
renunciation of the importer’s interest and property rights over his shipment
abandonment
relinquishment by an importer of his title to a shipment at the port of destination; ownership is then vested on the government.
abandonment
relinquishment of interest on an insured cargo, or the ship itself at sea, which ‘ is a constructive total loss.
abandonment
relinquishment of goods or assets to another party in order to file an insurance claim for total loss.
abandonment
cancellation or reduction of an importer’s obligation before or after payment of Customs duties and taxes.
Abatement
classification of warehouse goods based and purchase volume
ABC analysis
revenue items in a government budget dealing with taxes and expenditures.
above the line
to ________ is to do away with, to annul, abrogate, or destroy completely, So that the thing abolished ceases to exist or disappears. To _______ an office is to do away it wholly and permanently.
abolish
______________ is valid if done by a competent authority and is done in good faith. It does not involve removal for the latter implies that the post exist; in abolition, there is no occupant, no tenure to speak of and no impairment of security of tenure. A bona fide ____________ deprives an incumbent the right the right to security of tenure. However, an ____________ in bad faith or which changes only the nomenclature of position is invalid and does not result in removal of the incumbent.
abolition of office
ammunitions and primary materials of war. The term contraband speaks of articles prohibited from being imported or exported.
absolute contraband
fixed trade barriers to entry of imported goods, thereby tending to favor well-established and bigger corporations.
absolute cost barriers
imported shipments exempt from duty without condition. absolute sale consummated sale without condition.
absolutely-free importations
acceptance by an air carrier of a portion of a joint rate, which is less than the normal rate
absorption
rapid depreciation of capital goods and equipment.
accelerated depreciation
a stipulation that failure to pay any installment renders the balance due.
acceleration clause
it means to take as satisfactory or sufficient or to give assent to, or to agree or accede to an incomplete or irregular performance.
accept
receipt of imported goods by the consignee or importer
acceptance
a purchase agreement covered by a draft or bill of exchange, signed by a drawee (often a bank), which undertakes to pay it on due date
acceptance
in general, “acceptance”, in the sense in which the term is used in the Negotiable Instruments Law, is not required for checks, for the same are payable on demand. ______________ are, within the said Law, essentially different things, for the former is a promise to perform an act, whereas the latter is the actual performance thereof.
acceptance and payment
short-term financing where credit is advanced upon presentation of proof of ownership of goods.
acceptance financing
maximum quantity defective goods allowed in a particular lot or order.
acceptance number
a situation wherein a party, as a bank, has accepted a bill of exchange or draft and becomes liable to pay it.
accepted
a bank that accepts a bill of exchange or draft under a documentary credit (like a letter of credit).
accepting bank
a firm, usually a merchant bank, which finances foreign trade.
accepting house
