GANG To the Top Group of stevedores usually 4 to 5 members with supervisor assigned to a portion of the vessel being loaded or unloaded. GARAGE An overseas point where assets are sent to await employment. The term is used most commonly with shifting of funds to offshore tax havens. GATEWAY A point at which freight moving from one territory to another is interchanged between transportation lines. GATE PRICE The minimum price at which pork, poultry, and eggs are permitted to enter the European Economic Community under the Common Agricultural Policy, without imposition of a supplementary levy in addition to the basic variable levy. GATT (General Agreements on Tariffs and Trade) The GATT is an international agreement subscribed to by almost all of the nations of the free world, including all of the major industrial nations, laying down rules for the conduct of international trade. Under such trade agreement authority the United States has participated in several rounds of multilateral negotiations which have reduced our tariffs to very low levels in comparison to the original levels of the Tariff Act of 1930, and the tariffs of other nations of the world have been reduced to comparable levels. GENERAL ACCEPTED ACCOUNTING PRINCIPLES Refers to any generally recognized consensus or substantial authoritative support regarding. (i) which economic resources and obliga tions should be recorded as assets and liabilities. (ii) which changes in assets and liabilities should be recorded. (iii) how the assets and liabilities and changes in them should be measured. (iv) what information should be disclosed and how it should be disclosed. (v) which financial statements should be prepared. GENERAL AGENT An agent who is authorized to do all the acts connected with carrying on a particular trade, profession, or business. GENERAL AGREEMENT TO BORROW An arrangement among the Group of Ten nations to provide supplemental financing to the International Monetary Fund to forestall or cope with an impairment of the international monetary system. GENERAL AVERAGE Means the liability to contribution of the owners of a cargo which arises when a sacrifice of a part of such cargo has been made for the preservation of the residue or when money is expended to preserve the whole. It only arises from action impelled by necessity. GENERAL AVERAGE SECURITY A cash deposit, surety, or other guarantee posted by or on behalf of a consignee for an obligation arising under General Average. The steamship operator has the right to withhold release of cargo to a consignee pending the posting of such security, and is under obligation to do so when cargo interests are entitled to recover general average allowances. GENERAL CARGO Total oceanborne exports and imports less bulk. GENERAL CARGO RATE The rate for the carriage of cargo other than a class rate or specific commodity rate, also known as “General Commodity Rate. GENERALIZED SYSTEM OF PREFERENCES (GSP) In effect since January 1, 1976 the GSP is a nonreciprocal concession extended to various “beneficiary” less developed countries (LDC) by industrial nations of the West and some Eastern bloc countries. Known commonly as the GSP, the generalized system permits duty-free entry into the industrial countries of wide array of manufacturers and agricultural products of the LDCs. Arranged by the United States Conference on Trade and Development, the object of the GSP is to expand LDC exports, by giving progression to industrial and agricultural growth in the LDCs, while enhancing foreign currency earning. On July 3, 1993, the GSP is due to expire. GENERAL LICENSE A license authorized by the Bureau of Export Administration that permits the export of non-strategic goods to specified countries without the need for validated license. General license symbols consists of ; G-DEST, GIT, GLV, BAGGAGE, SHIP STORES, GIFT, GATS, G-TEMP, GFW, GCT, SAFEGUARDS, GTDA, GTDR, PLANE STORES, CREW, RCS, GUS, GCG, GTF-US, G-NNR, and GLR GENERAL LICENSE, LIMITED VALUE (GLV) Authorization to export a limited value amount of goods without specific documentary authorization. GENERAL NOTES The ten U.S. Notes which basically are a restatement of the General Headnotes of the HTSUS with a few modifications such as the approach to “intangibles” naming them “exemptions”, the deletion of the definition of the word “of” and various others. GENERAL ORDER U.S. Government contract warehouse for the storage of cargoes left unclaimed for five working days after availability, unless an extension by customs is granted. Unclaimed cargoes are auctioned publicly after one year. GENERAL ORDER MERCHANDISE Goods that have arrived at a U.S. port of entry but have not been claimed or entered within the prescribed period after arrival. GENERAL ORDER 16 An order of the Federal Maritime Commission that permits the commission to hear and resolve certain disputes arising from shipping transactions under FMC jurisdiction. Cases are limited to disputes involving amounts of $5,000 or less; cases involving cargo loss or damage are specifically excluded. GENERAL RULES OF INTERPRETATION (GRI) The basic rules of classification under the Harmonized System Convention. There are six international rules applicable to all countries adopting the Harmonized System. Each country may provide an additional “National” rule for local use, provided it does not conflict or alter any element of the International level. GENERAL TARIFF A tariff schedule in which a single rate of duty applies to a given commodity irrespective of the country of origin. A general tariff makes no provision for preferential duties. GENERAL TERMINAL BOND A surety provided by an importer to the U.S. Customs Service to cover duty obligations arising from the importation of merchandise. GEOCENTRIC PRICING A pricing policy within a multinational firm that permits individual foreign subsidiaries substantial latitude in pricing standardized products, without guidelines prescribed by the parent company. GERMINAL FRANC A unit of value employed in some international agreements. It was established after the French Revolution by a law of March 28, 1803 (7 Germinal of the year XI of the Revolutionary calendar) with a gold content of ten thirty-firsts gram of gold, nine-tenths fine. G FORCE The product of the acceleration of mass times the force of gravity, measured as 32 feet per second. The effects of G forces exerted upon a vessel in heavy weather may be a significant factor in ship stability. GILT To the Top The British government debt security. GLUTEN A tenacious, elastic protein substance found especially in wheat flour that gives cohesiveness to dough. G.m.b.H. (GENOSSENSCHAFT) A form of corporate organization permitted under German law. A minimum of seven natural persons are required to form the entity, an individual liability of the members varies, depending upon how the firm is organized GO DOWN In the Far East a warehouse where goods are stored and delivered as occasion warrants. GOLD POINT A rate of exchange which is sufficiently higher or lower than the par rate to equal the cost of shipping gold from one country to another. GOLD STANDARD A monetary system under which units of currency are convertible into fixed amounts of gold. Such a system is said to be anti-inflationary. The United States has been on the gold standard but was taken off in 1933. GOODS Merchandise in transportation. GONDOLA CAR An open car with sides and ends, used principally for hauling coal, sand, etc. GOVERNMENT BILL OF LADING (GBL) The bill of lading used for shipment made by the U.S. Government and its various agencies and departments. GOVERNMENT CARTAGE Government cartage must be done by licensed customhouse cartman under contract or other specific authority for that purpose. GOVERNMENT PROCUREMENT POLICIES AND PRACTICES The means and mechanisms through which official government agencies purchase goods and services. Government procurement policies and practices are non-tariff barriers to trade, if they discriminate in favor of domestic suppliers when competitive imported goods are cheaper or better quality. GRACE PERIOD The period of time allowed in a loan schedule during which repayments of the principal amount of the loan need not be made. GRADUATION The presumption that individual developing countries are capable of assuming greater responsibilities and obligations in the international community-within GATT or the World Bank. GRAM The unit mass or weight in the metric system, equivalent to 15,432 grains, or one thousandth of a kilogram. GRAY MARKET GOODS Goods that are imitations or counterfeits of genuine products. Informally called “knockoffs”. GREEN CLAUSE A provision in a Letter of Credit similar to Red Clause, but providing that an advanced payment will be made upon presentation of warehouse receipts evidencing the goods are available for shipment. “GREEN DOT” Germany’s controversial “Green Dot” (Der Grune Punkt) packaging disposal law requires; all transport packaging (wooden crates, pallets, drums, styrofoam containers, etc.) for transit between the shipper and wholesaler must be recyclable and accepted back by manufacturers and distributors; manufacturers, distributors, and retailers are obliged to accept all returned secondary packaging (cardboard boxes, blister packs and that which is designed to prevent theft; and effective January 1, 1993, all retailers, distributors, and manufacturers will be obligated to accept returned sales packaging, i.e. packaging necessary to contain and transport goods up the point of sales or consumption (cans, plastic containers for dairy products, foil wrapping, and styrofoam and cardboard packages). No local government will be responsible for the disposal of such packaging. GREEN RATE A special rate of exchange used in converting agricultural prices fixed in units of account into national currencies, within the framework of the Common Agricultural policy of the European Economic Community. The green rate is established periodically and does not respond to daily fluctuations in the market rates for national currencies involved. GRADE DETERMINING FACTORS Factors selected as indicators of quality and value that help determine the grade of grain. GROSS DOMESTIC PRODUCT (GDP) Total income earned within a country’s boundaries. GROSS DOMESTIC PURCHASES An item within the National Income and Product Account Tables that represents the gross national product less export plus imports. GROSS CHARTER Also known as gross terms, a vessel charter arrangement whereby all expenses, to include, loading, unloading, pilotage e.t.c are for the account of the vessel. GROSS LINE The face value of all insurance policies that an insurer has in force at any point in time, irrespective of any reinsurance. GROSS NATIONAL PRODUCT (GNP) The total value of goods and services produced in a nation during a specified of time. GROSS PROFIT The difference between revenue (sales) and the cost of goods sold. GROSS TON To the Top 2,240 pounds. GROSS TONNAGE Applies to vessels, not cargo. It is determined by dividing by 100 the contents, in cubic feet, or the vessels closed in spaces. A vessel ton is 100 cubic feet. The register of vessel states both gross and net tonnage. GROSS WEIGHT Total weight of goods, packing, and container, ready for shipment. GROUNDED (Container) An ocean container, loaded or empty, that is positioned flat on the ground without a chassis underneath. GROUNDED (Vessel) The condition of a vessel which has struck a submerged sandbar, rock, or similar protrusion and is incapable for a period of time of navigating free and returning to open water. GROUP OF TEN Ten major industrialized countries that try to coordinate monetary and fiscal policies to create a more stable world economic system The group, consist of the United States, Great Britain, Germany, France, Japan, Italy, Belgium, The Netherlands, Canada, and Sweden. In April 1984, Switzerland formally joined the Group as a full member. GUARANTEE FEE A commitment of assurance provided by an Export Credit Agency (ECA) to a third party, frequently a commercial bank, that in the event of nonpayment or noncompliance by the creditor exporter, the ECA will pay indemnity if the terms and conditions of its guarantee are fulfilled. Also used generally to mean any assurance of payment or compensation in the event of noncompliance or nonpayment as in a “performance guarantee; or a bank guarantee. GUARANTEE A commitment or assurance provided by an Export Credit (ECA) to a third party, frequently a commercial bank, that in the event of nonpayment or noncompliance by the creditor or exporter, the ECA will pay indemnity if the terms and conditions of its guarantee are fulfilled. Also used generally to mean any assurance of payment or compensation in the event of noncompliance or nonpayment as in a “performance guarantee” or a “bank guarantee”. GUARANTEE FEE Fee charged to provide assurance or payment or compliance to a third party. Sometimes called a premium. GUEST CURRENCY The currency in which a EuroBond or other financial obligation is issued. The currency is selected to be acceptable to both the foreign borrower and the lender, and may be the currency of neither party to the transaction. GUIDE PRICE As used in conjunction with the European Economic Community’s Common Agricultural Policy on cattle and calves, it is synonymous with orientation price. GULF COOPERATION COUNCIL (GCC) Organization providing the means for coordination, integration, and cooperation in all economic, social, and cultural affairs among it’s members; also known as the Cooperation Council for the Arab States of the Gulf. | 
