This post explains about terms used in shipping such Summit Conference,Super 301,Supply Access ,Surety Company,Surveillance,Surveillance Body, SWEDECORP, Switch Arrangements,SWIFT 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
Summit Conference - A summit conference is an international meeting at which heads of government are the chief negotiators, major world powers are represented, and the meeting serves substantive rather than ceremonial purposes. The term first came into use in reference to the Geneva Big Four Conference of 1955.
Sunflowerseed Oil Assistance Program - SOAP, one of four export subsidy programs operated by the Department of Agriculture, helps U.S. exporters meet prevailing world prices for sunflowerseed oil in targeted markets. USDA pays cash to U.S. exporters as bonuses, making up the difference between the higher U.S. cost of acquiring sunflowerseed oil and the lower world price at which it is sold.
Super 301 - This provision was enacted due to Congressional concern that the regular Section 301 procedures narrowly limit U.S. attention to the market access problems of individual sectors or companies. Super 301 sets procedures to identify and address within three years certain "priority", systemic trade restriction policies of other nations. Super 301 was created by the Omnibus Trade and Competitiveness Act of 1988. Super 301 authority expired May 30, 1990.
Supply Access - Assurances that importing countries will, in the future, have fair and equitable access at reasonable prices to supplies of raw materials and other essential imports. Such assurances should include explicit constraints against the use of the export embargo as an instrument of foreign policy.
Supply air:Cooled or warmed air leaving the evaporator delivered to the interior of the container. Supply air is sometimes called delivery-air.
Supply Chain:A logistical management system which integrates the sequence of activities from delivery of raw materials to the manufacturer through to delivery of the finished product to the customer into measurable components. "Just in Time" is a typical value-added example of supply chain management.
Support for East European Democracy - The SEED Act, signed into law in November 1989, contained 25 distinct actions to support structural adjustment, private sector development, trade and investment, and educational, cultural, and scientific activities in Poland and Hungary. Funding for most of the actions was provided by the Agency for International Development. The SEED Act expired at the end of fiscal year 1990. Since then support has been provided under the Foreign Assistance Act of 1991. See: Foreign Assistance Act of 1991.
Surcharge:An extra or additional charge.
Surety Bond - It is a written document promising to pay damages or to indemnify against losses that are caused by the party or parties mentioned in the document, through non-performance or through defalcation.
SURETY BOND:A bond insuring against loss or damage or for the completion of obligations.
Surety Company - It is a term for an insurance company from where a bondholder can obtain a surety bond.
Surface Transportation Board (STB):The U.S. federal body charged with enforcing acts of the U.S. Congress that affect common carriers in interstate commerce. STB replaced the Interstate Commerce Commission (ICC) in 1997.
Surtax - An additional extra tax.
Surveillance - This involves the monitoring of trade practices to help ensure that governments implement their obligations under trade agreements. One of the objectives of the negotiating group on Functioning of the GATT System (FOGS) is to improve GATT surveillance of trade policies and practices of Contracting Parties.
Surveillance Body - A body created by the Uruguay Round Trade Negotiating Committee (TNC) to monitor implementation by contracting parties of their standstill and rollback commitments. The Surveillance Body will transmit its records and reports to the TNC, so that the latter may conduct periodic evaluations of the implementation of the commitments.
Suspension of Investigation - A decision to suspend an antidumping investigation if the exporters who account for substantially all of the imported merchandise agree to stop exports to the U.S. or agree to revise their prices promptly to eliminate any dumping margin. An investigation may be suspended at any time before a final determination is made. No agreement to suspend an investigation may be made unless effective monitoring of the agreement is practicable and is determined to be in the public interest. See: Tariff Act of 1930.
Suspension of Liquidation - If affirmative, the preliminary determination of dumping or subsidization, or final determination after a negative preliminary determination, provides for suspension of liquidation of all entries of merchandise subject to the determination which are entered, or withdrawn from warehouse, for consumption, on or after the date of the publication of the notice in the Federal Register. Customs is directed to require a cash deposit, or the posting of a bond or other security, for each entry affected equal to the estimated amount of the subsidy or the amount by which the fair value exceeds the U.S. price. When an administrative review is completed, Customs is directed to collect the final subsidy rate or amount by which the foreign market value exceeds the U.S. price, and to require for each entry thereafter a cash deposit equal to the newly determined subsidy rate or margin of dumping. See: Tariff Act of 1930.
Swap Network - The swap network is a series of bilateral arrangements between the Federal Reserve and fourteen foreign central banks and the Bank for International Settlements providing standby reciprocal facilities for obtaining foreign currencies. The facilities provide for the swap (simultaneous spot purchase and forward sale) of each other's currency by the Federal Reserve and the respective foreign central bank. Swap drawings typically have a three-month maturity, with an understanding that they may be more or less automatically rolled over for another three months.
Swaps - Swaps take dozens of forms but often entail the exchange of one type of asset or payment for another. Some of the more common forms are: cross-border; currency; debt-for-charity; debt-for-commodity; debt-for-debt; debt-for-development; debt-for-equity; debt-for-export; debt-for-local-currency; debt-for-nature; discount; dual currency; interest rate; inward; premium; reverse; and vanilla. Minor variation in names is common. Currency swaps convert principal from the lender's currency into the debtor's currency and receiving interest payments in the debtor's currency. The swap, made to protect the principal from future changes in foreign exchange rates, involves a forward exchange contract to recover the currency involved. Debt swaps entail replacing the foreign liabilities of a debtor country with ownership or rights of value. A debt-for-equity swap replaces foreign liabilities with a stake in the debtor country's national enterprises; a debt-for-export swap replaces foreign liabilities with an arrangement to receive proceeds from the overseas sale of the debtor country's products or commodities; a debt-for-debt swap replaces an existing foreign liability with a new commitment from the debtor country. Interest rate swaps involve agreements on the means for exchanging future cash flows. Single currency interest rate swaps concern exchanging future cash flow in the same currency and offer a means for modifying the impact of future changes in interest rates on a company's profitability. Cross currency interest rate swaps concern exchanging future cash flows between one currency and another, traded either on a fixed or floating rate, and offer a means for limited the risk of converting financial interests between currencies. Swaps also involve arrangements whereby different sellers of similar commodities swap and deliver them to each other's customer if such action saves transportation costs. See: Derivatives.
SWEDECORP - Swedish International Enterprise Development Corporation
Swedish International Development Authority - SIDA, an agency responsible to the Ministry for Foreign Affairs, administers the greater portion of Swedish development cooperation. Swedish development assistance is directed toward five goals: economic growth, economic and social equality, economic and political independence, democratic development, and environmental quality. About 50 percent of Sweden's development assistance is directed toward a limited number of designated "program countries" in Africa, Asia, and Latin America and involves negotiated efforts to integrate external assistance and long-term development strategies. The remaining assistance is allocated to UN agencies, international development banks, and about 90 countries. The Authority was established in 1965; headquarters are in Stockholm, Sweden. See: Swedish International Enterprise Development Corporation.
SWIFT:Society for Worldwide Inter-bank Financial Telecommunications, whereby banks can electronically transfer funds, issue L/Cs, etc.
Switch Arrangements - A form of countertrade in which unused purchase rights under government-to-government trade (clearing agreements) on unwanted goods received by a firm in a countertrade transaction are sold at a discount to buyers for cash.
Switching:Switching is a railroad term denoting the local movement of freight rail cars. Rail cars are switched from the private siding of a shipper to the terminal, or switched from the terminal to the private siding of the consignee. (Note: a siding is a section of rail line that runs from a railroad’s line into an industrial facility. If an industry using rail shipping does not have a siding, they will likely use (1) intermodal containers, or (2) use a cartage service to transfer goods to/from a rail terminal.)
The above details describes about terms called in shipping such as Summit Conference,Super 301,Supply Access ,Surety Company,Surveillance,Surveillance Body, SWEDECORP, Switch Arrangements,SWIFT 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 Stripping,Sub-Freight,Sub-Charterer , Subrogate, Subsidy,Substitution
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