Terms used in shipping such Industrial List,Industry Subsector Analysis,Infant Industry,In-Flight Survey,Infrequent Exporter etc.
This post explains about terms used in shipping such Independent Line,Indirect Exporting ,Industrial List,Industry Subsector Analysis,Infant Industry,In-Flight Survey,Infrequent Exporter ,Initial Negotiating Right,Injury etc. These terms used in international business are arranged in alphabetical order and you may add more information about terms used in export business at the end of this article, if you wish.
Terms used in shipping
Independent Line - Shipping line that operates on a route served by a liner conference but which is not a member of that conference, also referred to as a non-conference line or an outsider.
Independent Tariff:Any body of rate tariffs that are not part of an agreement or conference system.
Indexed Currency Option Note - An ICON is a debt repayment instrument whose value is partially determined by the exchange rate between two currencies. Interest payments, made in one currency, are lowered if the rate of exchange exceeds a pre-arranged rate.
Indirect Exporting - Sale by the exporter to the buyer through a domestically located intermediary.
Indirect Tax - A tax that is levied on expenditures, i.e., a sales tax, excise tax or value added tax.
Individual Validated License - An IVL is written approval by which the U.S. Department of Commerce grants permission, which is valid for 2 years, for the export of a specified quantity of products or technical data to a single recipient. IVLs also are required, under certain circumstances, as authorization for the reexport of U.S.-origin commodities to new destinations abroad.
Inducement - Minimum quantity of cargo or freight required by a shipping line to make it worthwhile to call at a particular port of loading or discharging. Such a cargo is called an inducement cargo or inducement rate.
Inducement:Placing a port on a vessel's itinerary because the volume of cargo offered at that port justifies the cost of routing the vessel.
INDUCEMENT:When steamship lines publish in their schedules the name of a port and the words “by inducement” in parentheses, this means the vessel will call at the port if there is a sufficient amount of profitable cargo available and booked.
Industrial List - See: International Industrial List.
Industrialization Fund for Developing Countries - The IFU invests in joint venture companies in the developing countries, together with Danish companies. It is a revolving Fund whose resourcs were made available by the Danish government. IFU takes part in joint ventures as a shareholder and can provide loans or guarantees for loans. The Fund was established by Denmark in 1967; headquarters are in Copenhagen. Since 1978, Fund operations have been funded solely from the return on investments in developing countries and from other financial assets, with no public financial subsidy.
Industry Consultations Program - The Industry Consultations Program for Trade Policy Matters is an advisory committee structure created by the Trade Act of 1974; expanded by the Trade Agreements Act of 1979; and amended by the Omnibus Trade and Competitiveness Act of 1988. The program is operated jointly by Commerce and the U.S. Trade Representative. Members of the committees are appointed by the Secretary of Commerce and the U.S. Trade Representative. The present structure consists of 17 Industry Sector Advisory Committees (ISACs), 3 Industry Functional Advisory Committees (IFACs), a Committee of Chairs, and an Industry Policy Advisory Committee (IPAC). The focus of the 3 Functional Advisory Committees are: (1) Customs Matters, (2) Standards, and (3) Intellectual Property Rights. The focus of the 17 Industry Sector Advisory Committees are:1 Aerospace Equipment, 2 Capital Goods, 3 Chemicals and Allied Products, 4 Consumer Goods, 5 Electronics and Instrumentation, 6 Energy, 7 Ferrous Ores and Metals, 8 Footwear, Leather, and Leather Products, 9 Building Products and Other Materials, 10 Lumber and Wood Products, 11 Nonferrous Ores and Metals, 12 Paper and Paper Products, 13 Services, 14 Small and Minority Business, 15 Textiles and Apparel, 16 Transportation, Construction, and Agricultural Equipment, 17 Wholesaling and Retailing See: Advisory Committee on Trade Policy and Negotiations.
Industry Functional Advisory Committee - See: Industry Consultations Program.
Industry Policy Advisory Committee - See: Industry Consultations Program.
Industry Subsector Analysis - As used by the International Trade Administration, an industry subsector analysis is overseas market research for a given industry subsector (such as cardiological equipment for the medical equipment industry) that presents basic information about a foreign market such as market size, the competitive environment, primary end users, best prospects products, and market access information.
INERT GAS SYSTEM:A system of preventing any explosion in the cargo tanks of a tanker by replacing the cargo, as it is pumped out, by an inert gas, often the exhaust of the ship’s engine. Gas-freeing must be carried out subsequently if worker have to enter the empty tanks.
Infant Industry - This term derives from the idea that temporary protection in the form of tariffs or non-tariff barriers can help establish an industry and ensure its eventual competitiveness in world markets. Although a case may be made for restricting trade due to the infant industry argument under the GATT, the company may be required to compensate adversely affected signatories. Article XVIII outlines where Balance of Payments and Infant Industry restrictions may be legitimately used.
INFLAMMABLE LIQUIDS:Liquids liable to spontaneous combustion which give off inflammable vapors at or below 80 degrees F. For example, ether, ethyl, benzine, gasoline, paints, enamels, carbon disulfide, etc.
In-Flight Survey - The In-Flight Survey is administered to U.S. and foreign travelers departing the U.S. as a means of providing data on visitor characteristics, travel patterns and spending habits, and for supplying data on the U.S. international travel dollar accounts as well as to meet balance of payments estimation needs. The IFS covers about 70 percent of U.S. carriers and 35 percent of foreign carriers, who voluntarily choose to participate. Sample results are expanded to universe estimates to account for nonresponse of passengers on each sampled flight, for coverage of all flights on each major airline route, and for all international routes. The basis for the expansion is the number of passengers departing the United States, obtained from the Immigration and Naturalization Service.
Infrequent Exporter - The Commerce Department's International Trade Administration defines an "infrequent exporter" as a company that has some export experience -- usually averaging between 1 and 50 export shipments per year -- but which still needs assistance to increase the size of its export market or to expand into new ones.
Inherent Vice - An insurance term referring to any defect or other characteristics of a product which could result in damage to the product without external cause. Insurance policies may specifically exclude losses caused by inherent vice.
Inherent vice - The terms mean any existing defects, diseases, decay or the inherent nature of the commodity that will cause it to deteriorate with a lapse of time. Examples of goods that are subject to inherent vice are agricultural commodities, such as fruits and vegetables, and tobacco, which have the tendency to over-heat and to be subject to spontaneous combustion. Mild rust on metal created by atmospheric conditions is an inherent vice.
Initial Negotiating Right - A right held by one GATT country to seek compensation for an impairment of a given bound tariff rate by another GATT country. INRs stem from past negotiating concessions and allow the INR holder to seek compensation for an impairment of tariff concessions regardless of its status as a supplier of the product in question.
Injury - In U.S. law, a finding by the International Trade Commission that imports are causing, or are likely to cause, harm to a U.S. industry. An injury determination is the basis for a Section 201 case. It is also a requirement in all antidumping and most countervailing duty cases, in conjunction with Commerce Department determinations on dumping and subsidization.
Inland Bill of Lading - A bill of lading used in transporting goods overland to the exporter's international carrier. Although a through bill of lading can sometimes be used, it is usually necessary to prepare both an inland bill of lading and an ocean bill of lading for export shipments.
Inland Carrier - A transportation line which hauls export or import traffic between ports and inland points.
Inland Clearance Depot:A CFS with Customs Clearance Facilities.
The above details describes about terms called in shipping such as Independent Line,Indirect Exporting ,Industrial List,Industry Subsector Analysis,Infant Industry,In-Flight Survey,Infrequent Exporter ,Initial Negotiating Right,Injury etc. These phrases may help importers and exporters on their day to day business activities. The readers can also add more information about terms used in shipping business below this post.Terms used in shipping such as Insulated Container,Integrated Carriers,Intaken Weight , Insurance,Inter Arr,Insurance Certificate Terms used in shipping such as Indemnity,Incoterms,IN-BOND,In Transit, Imports,Importer Distributor,Importer of Record,Importer
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