RATE OF DUTY To the Top The factor used to calculate duty on imported merchandise. The rate of duty may be ad valorem, specific, compound or free. Ad valorem rates are applied against the entered value of the imported goods. Specific duty rate is applied against a specific unit of measure, e.g., number of kilos or number of units imported. Compound duty rate is a combination of the first two, e.g., 50 cents per dozen + 25% ad valorem. Rate of duty includes a free rate. RATE OF EXCHANGE The basis upon which money of one country will be exchanged for that of another. Rates of exchange are established and quoted for foreign currencies on the basis of the demand, supply and stability of the individual currencies. REBATE Return of all or part of an amount paid. READILY MARKETABLE STAPLES Merchandise suitable for warehouse financing under eligible banker’s acceptance, as provided in Federal Reserve Regulation A. To qualify as a readily marketable staple, an item must be “an article of commerce, agriculture, or industry” that is constantly traded in spot markets and is not so perishable as to be in danger of losing value through spoilage during the life of the draft drawn to finance its purchase. REAL UPVALUATION A rise in the value of a given currency against other currencies, accompanied by above average domestic inflation. RECEIVING PAPERS Paperwork that accompanies a shipment when it is brought to the dock. Usual information listed is name and address of shipper, number of pieces, commodity, weight, consignee booking number and any special requirements, such as label cargo or temperature control. RECIPROCITY The practice by which governments extend similar concessions to each other, as when one government lowers its tariffs or other barriers impeding its imports in exchange for equivalent concessions from a trading partner on barriers affecting its exports. ( “Balance of concessions”). RECONSIGNMENT OR DIVERSION A change in the name of the Consignor or Consignee; a change in the place of delivery; a change in the destination point; or relinquishment of shipment at point of origin. RECORDS According to Customs Regulations part 162.1a (a), records are: (1) Statements, declarations, books, papers, correspondence, accounts, technical data, automated records storage devices (e.g. magnetic discs and tapes), computer programs necessary to retrieve informa tion in a usable form, and other docu ments which: (i) Pertain to any importation, or to the information contained in the documents required by law or regulation under the Tariff Act of 1930, as amended, in con nection with the entry of merchandise. (ii) Are the type normally kept in the ordinary course of business; and: (iii) Are sufficiently detailed: (a) To establish the right to make entry (b) To establish the correct ness of any entry (c) To determine the liability of any person for duties and taxes due, or which may be due to the U.S. (d) To determine the liability of any person for fines, penalties, and forfeitures, and (e) To determine whether the person had complied with the laws and regulations administered by the Cus tom service; and (2) Any other documents required under law or regulations administered by the Customs service. RED CLAUSE A special provision that may appear in a letter of credit that permits the beneficiary to draw advances before presentation of the documents stipulated in the credit. The amount of the advances and the circumstances under which they may be drawn are stipulated in the credit. RE-DELIVERY The point in time at which a charterer returns operational control of the vessel to the owner. RE-DRAFT A bill of exchange drawn by a holder of a dishonored draft to recover the face amount of the original instrument, plus protest fees and any exchange loss. The substitute bill may be drawn upon either the maker or any endorser of the dishonored bill. RED LABEL A label required on shipments of articles of an inflammable character. REEFER Refrigerator equipment or cargo. REFERENCE PRICE A mechanism of the Common Agricultural Policy of the European Economic Community designed to prevent disruptive import competition for certain vegetables, fruits, fish, and wine. The reference price is an average of EEC market prices compiled over time. When the entry price of an import falls below the reference price, the EEC may suspend further imports of that product or impose a levy to negate the price advantage of the foreign produce. REFLATION The recovery of price levels following a depression or deflation. REGALIA According to Customs Regulations, Regalia embraces only such insignia of rank or office, emblems or other articles as may be worn upon the person or borne in the hand during public exercises of the institution, and does not include articles of furniture, or fixtures, nor regular wearing apparel, nor personal property of individuals. REGISTER TON A unit of measure, equal to one hundred cubic feet, used in defining the cubic capacity of a ship. REGULATION A Pronouncement of the Federal Reserve Board (12CFR201) governing the creation of banker’s acceptances. The regulation requires that an “eligible” banker’s acceptance have a maturity of not more than 180 days, exclusive of days of grace, and 1. arise as the result of the importation or exportation of goods between the United States and another country or two foreign countries; or 2. cover a domestic shipment of goods within the United States, providing the transaction is secured by a trust receipt for the goods; or 3. cover the financing of goods in a ware house where the goods are secured by a negotiable warehouse receipt. It is further condition of warehouse financing that the goods be readily marketable staples. REGULATION K A pronouncement of the Federal Reserve system that permits both domestic and foreign banks to establish a “mother” Edge Act Corporation which can establish branches in other locations, thereby circumventing interstate branching prohibitions. REJECTED MERCHANDISE A form of drawback allowing 99 percent refund of imported duties for any merchandise found not to conform to sample or specification, or shipped without the consent of the consignee, if returned to Customs custody within 90 days of its release (unless an extension is granted) for examination and exportation under Customs supervision. RELATED PARTY TRANSACTIONS FOR SHIPPER’S EXPORT DECLARATION (SED) One between the U.S. exporter and the foreign consignee, that is, an export from a U.S. person or business enterprise to a foreign business enterprise or from a U.S. business enterprise to a foreign person or business enterprise, when the person owns (directly or Indirectly) at any time during the fiscal year, 10 percent or more of the voting securities of the incorporated business enterprise, or an equivalent interest of any unincorporated business enterprise including a branch. RELATED PARTY TRANSACTIONS FOR U.S. IMPORT PURPOSES 1) Members of the same family, including brothers and sisters (whether by whole or half blood), spouse, ancestors, and lineal descendants. 2) Any officer or director of an organization, and that organization. 3) An officer or director of an organization, and an officer or director of another organization, if each individual also is an officer or director in the other organiza tion. 4) Partners 5) Employer and Employee 6) Any person directly or indirectly owning, controlling, or holding with power to vote, 5% or more of the outstanding voting stock or shares of any organiza tion, and that organization. 7) Two or more person directly or indirectly controlling, controlled by, or under common control with, any person. RELATIVE SPECIFICITY A rule of custom law that provides that “an imported article which is described in two or more provisions of the schedules is classifiable in the provision which most specifically describes it.” However, there are two limiting considerations. One is that a superior heading in the schedule “cannot be enlarged by inferior headings indented under it but can be limited thereby.” The other is that “comparisons are to be made only between provisions of coordinate or equal status.” If two or more tariff descriptions are found to be equally applicable to an article, the rule requires that the article be subject to duty under the description for which the original statutory rate is highest, and should that rate be applicable to two or more description, the article is to be subject to duty under that description which appears first in the schedules. RELAY A relay is a shipment that is transferred to its ultimate destination port after having been shipped to an intermediate point. RELEASED VALUATION RATE A lower tariff rate provided by a common carrier to a shipper in return for a reduced claim liability on the part of the carrier. REMITTANCE The transmittal of payment in the form of cash or negotiable instruments from one party to another. REMITTING BANK To the Top The bank that sends the draft to the overseas bank for collection. REMONETIZE To restore the characteristic of legal tender to a medium of exchange that had been previously demonetized; for example, to reissue gold coins for circulation as money. REPARATION A payment made by a carrier to a shipper in satisfaction of improper charges levied. Unlike claims for an overcharge, which occurs when the rate is applied, reparation claims occur when the rate itself is unlawful. Reparations are awarded by the Interstate Commerce Commission. REPORTING DAY The day on which a vessel under charter advises it is available to commence loading. REPURCHASE AGREEMENT An arrangement whereby securities or foreign exchange is purchased for a short period of time with a prearranged plan for repurchase by the seller. The Federal Reserve system engages extensively in such deals, employing government securities as a vehicle for regulating bank reserves. REPRESENTATIVE A person who is appointed to act and speak for another person or for a country, company, group etc. The word “representative” is preferred to the word “agent” in writing. Since “agent” in an exact legal sense, suggests more binding powers and responsibilities than representative. REQUEST FOR RECORD A written request for a record of the U.S. Customs Service which has not been published in the Federal Register, Customs Bulletin, press release, or otherwise, or made available in a public reading room, or which has not previously been customarily furnished to requesters, whether or not the request makes reference to the Freedom of Information Act, as amended. 5 U.S.C 522. RESERVE CURRENCY The currency of a major trading national, widely accepted in international transactions and regarded as stable, that is held by the central banks or monetary authorities of other nations as a form of collateral for their own currency. RESIDENTS Citizens of the U.S., or persons who formerly resided in the U.S. including American citizens who are residents of American Samoa, Guam, or the Virgin Island of the U.S. RESOURCE ORIENTATION The act of locating a manufacturing facility near its source of raw materials. It usually occurs in cases where the cost of transporting the raw materials significantly exceeds the cost of transporting the finished product. RESPONDENTIA BOND The pledge of cargo by a vessel’s master as collateral for a loan to permit the ship to forward the goods. The bond so created gives the lender a maritime lien on the goods pledged, with the provision that no repayment shall be made if the goods do not arrive at destination; if only part of the cargo arrives intact, repayment will be proportional. RESTRICTED ARTICLES Articles which are handled only under certain conditions. The term restricted articles is used primarily in conjunction with air transport. RETALIATION Action taken by a country to restrain imports from a country that has increased a tariff or imposed other measures that adversely affect its exports in a manner inconsistent with GATT. RETALIATORY DUTY A customs duty imposed by one nation on the imports of another in response to actual or perceived trade discrimination against the first country. A duty so imposed would not apply to imports of the same merchandise from other countries. RETIRING BILL The redemption of a Bill of Exchange for less than its face amount on or before its maturity. RETURNED SHIPMENT RATE A rate for the return of empty packages or drums to the original shipper to be refilled with product. REVALUATION The increase in value of a given currency in relation to other currencies; the opposite of DEVALUATION. REVENUE TON The unit of measure upon which freight is computed by a carrier. The unit is commonly one of weight or cubic measurement. REVOCABLE LETTER OF CREDIT A revocable credit may be modified or cancelled at any time without notice to the beneficiary. However, payment or acceptance made by the negotiating bank within the terms of the credit prior to receipt of cancellation from the issuing bank validly binds all concerned parties. RHODIANSEA CODE The earliest known assembling of maritime laws, believed to have been formulated c. 900 B.C. on Rhodes. The text is lost, except for the provision concerning jettison, which has been preserved in Justinian’s Code. The jettison article deals with a ratable contribution to an owner whose merchandise has been cast overboard to save the ship. This practice has been absorbed into the law of all maritime nations, and is manifested in General Average. RIDER An endorsement or modification to a standard insurance policy to accommodate a particular need. RIPARIAN NATIONS In international law, nations which share opposite banks of a river or different parts of the banks of a river. ROADSTEAD A point off a harbor where vessels may safely anchor while awaiting berthing. ROLL-ON/ROLL-OFF A method of ocean cargo service employing a vessel with ramps astern or amidships to permit wheeled vehicles to be loaded aboard. ROLL TRAILER To the Top A low-bed trailer used to carry containers, machinery, and similar cargo, usually on a pier-to- pier basis in conjunction with ROLL-ON/ROLL-OFF vessels. These trailers are carried aboard the vessel but do not leave the pier area at port of discharge. Cargo is loaded on other trailers for overroad transport. ROUND OF TRADE NEGOTIATIONS A cycle of multilateral trade negotiations under the aegis of GATT, culminating in simultaneous trade agreements among participating countries to reduce tariff and non-tariff barriers to trade. ROUTE (a) the course or direction that a shipment moves. (b) To designate the course or direction a shipment shall move. ROUTE, DIRECT The shortest operated route between two points. ROUTE, INDIRECT Any route other than the direct route. ROUTE, THROUGH The total route to be followed as originally specified in the AWB or B/l. ROUTING ORDER A document, usually a printed form, signed by a foreign buyer instructing his supplier to effect shipments through a named freight forwarder. ROYALTY PAYMENT The share of the product or profit paid by a licensee to his licensor. RULING A written statement issued by the Headquarters Office of U.S Customs or the Regional Commissioner, New York Region, that interprets and applies the provision of the customs and related laws to a specific set of facts. RYE TERMS To the Top A condition of sale often included in contracts for shipment of grain in bulk whereby the seller warrants the condition of goods on arrival, less a stipulated allowance for deterioration. This condition is most commonly applied when shipment is to be made by tanker, rather than by dry-bulk type vessels. | 
