SACRIFICE To the Top

The economic loss sustained when cargo is jettisoned or destroyed in an effort to save an imperiled vessel. Sacrifice losses are usually recoverable in General Average.

SAFEGUARD CLAUSE

A clause laying down conditions under which tariffs and non tariff barriers to trade, may be reintroduced.

SAFEPORT

A port into which a vessel may enter and remain, and from which it may depart without abnormal dangers that are avoidable through the exercise of normal care and seamanship.

SAILING DATE

A term used by transportation lines to designate schedules for receiving freight destined to certain point.

SALES AGENT

Foreign sales representative.

SALES AT LESS THAN FAIR VALUE

The sale of merchandise to a foreign purchaser at a price below the price that would be charged for a like sale in the home market.

SALES CONTRACT

A contract by which buyer and seller agree to the terms of sale.

SALES REGISTRATION

A system under which traders may buy goods for subsequent resale without paying tax.

SALVAGE

The compensation allowed to persons through whose assistance a vessel or its cargo are saved, either in whole or in part.

SAME CLASS OR KIND

As defined in section 152.102(h) of the Harmonized System of The United States, merchandise (including but not limited to, identical merchandise and similar merchandise) within a group or range of merchandise produced by particular industry or industry sector.

SAMPLING UNIT WOOL AND HAIR

As defined in section 151.102 of the Harmonized System of The United States, means all the similar packages covered by one entry or withdrawal containing wool or hair of the same kind or same general condition and character, produced in the same country, packed in substantially the same manner, and entered as or found to be subject to the same rate of duty.

SAMURAI BONDS

Yen denominated bonds issued in Japan by foreign borrowers.

SANITARY CERTIFICATE

A certificate which attests to the purity or absence of disease or pests in the shipment of food products, plants, seeds, and live animals.

SANS RECOURSE

A clause inserted on a draft by the drawer to indicate that any future holder of the draft does not have any recourse to the drawer.

SCHEDULE B

Refers to “Schedule B, Statistical Classification of Domestic and Foreign Commodities Exported from the United States.” All commodities exported from the U.S. must be assigned a Schedule B number.

SCHEDULE C

The classification code of country and territory designations for U.S. foreign trade statistics.

SCHEDULE D

The classification code of U.S. Customs districts and ports for U.S. foreign trade statistics.

SCHEDULED TARE

A tare weight specified in the U.S. Customs Regulations that shall be deducted from the weight of certain products for the application of specific duties. Scheduled tares are found in section 159.22(c) of the Custom Regulations.

SEAL

A small metal strip and lead fastener used for locking freight car or truck doors. Seals are numbered for record purposes.

SEAWORTHY

A vessel that is properly constructed, equipped, manned, documented, and otherwise outfitted to undertake the voyage contemplated; a vessel may be seaworthy for one purpose or voyage, and not for another.

SECONDARY LIABILITY

A contingent liability borne by unqualified endorsers of negotiable instruments. In the event of default or dishonor by the primary obligee, the endorsers may be held to settle the obligation to the holder of the instrument.

SECOND ENLARGEMENT

The expansion of the European Communities beyond its 1980 membership. The first enlargement occurred when Great Britain, Ireland, and Denmark joined the EC in 1972., raising the membership to nine.

SECOND FLAG CARRIAGE

The shipment of goods aboard a vessel that flies the flag of the importing country.

SECOND OF EXCHANGE To the Top

The duplicate copy of a draft, when two or more are drawn.

SECTION 15 (OF THE SHIPPING ACT OF 1916)

A provision that permits ocean carriers to enter into agreements to eliminate rate and service competition between them. Approval by the Federal Maritime Commission of a Section 15 agreement extends to the carriers involved immunity from the penalties of the antitrust statutes for collaboration undertaken within the scope of the approved agreement. A conference, for example, derives its antitrust immunity from Section 15 agreements.

SECTION 201 (OF THE TRADE ACT OF 1974)

Statutory basis for escape clause action.

SECTION 204 (OF THE AGRICULTURAL ACT OF 1956)

A provision authorizing the president to negotiate bilateral agreements to limit exports to the United States of “any agricultural commodity or product manufactured therefrom or textiles or textile products”.

SECTION 232 (OF THE TRADE AGREEMENT ACT OF 1962)

Presidential authority to restrict imports that threaten the national security.

SECTION 310 COMMITTEE

A component of the Office of the United States Trade Representative that investigates allegations of unfair trade practices on the part of foreign governments, practices that impede the foreign commerce of the United States.

SECTION 301 (OF THE TRADE ACT OF 1974)

Provision of U.S. law that enables the President to withdraw concessions or restrict imports from countries that discriminate against U.S. exports, subsidize their own exports to the United States, or engage in other unjustifiable or unreasonable practices that burden or discriminate against U.S. trade.

SECTION 701 (OF THE TARIFF ACT OF 1930)

Statutory basis for countervailing duty procedure for imports from GATT countries that have signed the Subsidies Code.

SECTION 731 (OF THE TARIFF ACT OF 1930)

Statutory basis for antidumping procedure.

SEDIMENTATION TEST

A test that measures the quality of protein content in wheat. Ground wheat is suspended in water and treated with lactic acid. The portion that settles to the bottom of graduated cylinder within 5 minutes is the sedimentary value.

SELF HELP

A provision of Title 1 of the Agricultural Trade Development and assistance Act of 1954 (commonly known as P.L. 480) that stipulates that an aid recipient nation must undertake steps to improve its own agriculture. Failure to adopt adequate self-help measures may imperil continued aid.

SELF LIQUIDATING LOAN

A short term commercial loan, usually supported by a lien on a given product or commodities, which is liquidated from the proceeds of the sale of the product or commodities.

SELLING GROUP

An arrangement in which several manufacturers collaborate in a joint effort to sell their merchandise overseas. Two common selling group approaches are associations that fall under the Webb-Pomerane Act and Complementary Exporting.

SELLING RATE

The rate at which foreign currency is sold.

SEMI-CONTAINERSHIP

A conventional general cargo ship with one or two holds fitted with vertical cells. In most configuration additional holds can be converted to cell stowage if van-container traffic demands.

SENSITIVE PRODUCTS

Goods whose costs of production are such that any reduction in tariff or non-tariff barriers to imports is deemed likely to threaten the viability of the domestic industry.

SERVICES

Economic activities-such as transportation, banking, insurance, tourism, space launching telecommunications, and licensing of intellectual property-that are usually of an intangible character and often consumed as they are produced. Service industries have become increasingly important since the 1920s. Services now account for more than two-thirds of the economic activity of the United States and about 25 percent of world trade. Traditional GATT rules have not applied to trade in services.

SERVICE SUPPLY LICENSE

Permits an exporter to provide prompt equipment repair and customer service by expediting the licensing process of approved products.

SETS

In customs usage the criteria that must be met for goods to be classified under the Harmonized System as set: (a) They must consist of at least two different articles which are classifiable in different headings; (2) at the time of entry they must be put up (packaged) in a manner suitable for retail sale as a set; and (3) they must consist of articles put up together to meet a particular need or carry out a specific activity as a set. Examples: First aid kits, men’s suits, women’s suits, needlecraft sets.

SHARED FOREIGN SALES CORPORATION (SFSC)

A shared Foreign Sales Corporation of more than one and less than 25 unrelated exporters.

SHERMAN ACT

This law bars contracts, combinations, or conspiracies in restraint of trade and makes it a violation of law to monopolize or attempt to or conspire to monopolize any trade, in interstate or foreign commerce. Jurisdiction requires a direct, substantial, and reasonably foreseeable effect on domestic trade or commerce or on the export commerce of a person engaged in such commerce in the U.S.

SHIPPER

The party named on a shipping document responsible for shipping merchandise, but not to be confused with a freight forwarder or any carrier.

SHIPPER’S CREDIT AGREEMENT

An arrangement by which certain conferences grant credit terms to shippers for freight services performed by member carriers. Shipper provides the conference with bank and credit references on a prescribed form and executes a pledge to settle account within a authorized credit period.

SHIPPER’S EXPORT DECLARATION

A form required by the U.S. Commerce Department indicating value, weight, destination, and other basic information about an export shipment.

SHIPPER’S LETTER OF INSTRUCTION (SLI)

The document prepared by the exporter containing instructions for the preparation and forwarding of documents and cargo.

SHIPPER’S LOAD AND COUNT

A clause that carriers stamp on bill of lading covering carload or truckload shipments loaded and sealed by shippers and not confirmed by the carriers.

SHIPPER’S SUMMARY EXPORT DECLARATION

Shippers who meet certain criteria can use this document to report on a monthly basis rather than include a SED each time shipment is made.

SHIPPING DOCUMENTS

A general term relating to any of several documents customarily associated with the international shipment of merchandise, i.e., bill of lading or air waybill, certificate of origin, customs or consular invoice, insurance certificate, dock receipt, inspection certificate, etc.

SHIPPING ORDER To the Top

Instructions of shippers to carrier for forwarding all goods; usually the triplicate copy of the bill of lading.

SHIPPING PERMIT

Authority issued by a transportation line permitting the acceptance and forwarding of goods against the movement of which an embargo has been placed.

SHIPPING POUND

The gross weight of a package of silk, including the spool, bobbin, warp beam or cone on which it is wound.

SHIPSIDE

Alongside a vessel.

SHIP’S MANIFEST

An instrument in writing signed by the captain of a ship, that lists the individual shipments constituting the ship’s cargo.

SHIP’S TACKLE

The rigging, blocks and other paraphernalia used on a ship for hoisting freight.

SHORE CLAUSE

A provision in marine insurance policies providing coverage for losses to cargo arising from overturning , derailment, collision, or other accidents involving land conveyance; fire, earthquakes, and other natural catastrophes; sprinkler, leakage and collapse or shifting of piers or wharves; and losses during inland transit while en route to or from vessel.

SHORTAGE

A deficiency in quantity shipped.

SHORT FORM BILL OF LADING

A deviation from the regular bill of lading (long form) since it only refers to the contract terms but fails to include them.

SHORT HUNDREDWEIGHT

In Britain, a U.S. hundredweight, i.e., one hundred pounds.

SHORT, MEDIUM AND LONG TERM

Loan periods of up to one year, in the United States, refers to short-term. In the United Kingdom, short-term may refer to a period of up to two years. Medium-term usually means periods up to five years, and long-term means five years or more.

SHORT OF DESTINATION

Before reaching final destination.

SHORT TERM CAPITAL TRANSACTION

An element of a nation’s balance of payment accounting that reflects loans with a maturity of one year or less, granted to or received from foreigners during a given period of time.

SHORT TON

2,000 pounds.

SHRINK

The loss of weight in grain due to removal of water.

SHUT-OUT

The act of leaving behind certain cargoes when too much cargo arrives for a given vessel sailing. Usually the cargo is not turned away upon delivery to the pier but is accepted by the carrier and dispatched aboard a subsequent vessel.

SIGHT DRAFT

A draft payable upon presentation.

SIGHTING

The presentation for acceptance of a bill of exchange payable at sight or a given number of days after sight.

SIGHT RATE

The rate of exchange used by a bank or foreign exchange dealer in purchasing a sight bill of exchange or similar instrument denominated in a foreign currency.

SIMILITUDE

A practice followed by customs authorities when an imported article does not conveniently fit into any existing classification within the customs tariff. Through the process of similitude, the article will be compared with various like articles listed in the tariff; if there are several comparable articles, the import will be classified under the heading of the article in the tariff which is most alike, in terms of component materials.

SIMPLE ASSEMBLY

In custom usage, simple fixing devises i.e., nuts, bolts, etc. also to include riveting and welding. Must not include a manufacturing process.

SINGLE MARKET

A component of the Common Agricultural Policy of the European Economic Community.

SINGLE STANDARD

A condition in which a nation endows single metal as the basis of the monetary stock. This system is also known as monometallism. As a practical matter, virtually all commercial nations use gold as the standard.

SISTERSHIP POLICY

A provision of marine hull policies that effectively permits the owner of several ships to sue himself and recover under his liability policy should two of his ships collide.

SKID

Longitudinal wooden runners attached to heavy articles or large containers to protect same and permit handling.

SLIDING TARIFF To the Top

A customs tariff in which rates of duty vary according to the price of a given import. Usually, as the price of the item declines, the duty is reduced. Duties may be applied on an ad valorem or specific basis.

SLING

A contrivance into which freight is placed to be hoisted into or out of a ship.

SMALL BUSINESS ADMINISTRATION (SBA)

Government agency charged with promoting and assisting small business interests in the U.S.

SMOOT HAWLEY TARIFF ACT OF 1930

U.S. protectionist legislation that raised tariff rates on most articles imported by the United States, triggering comparable tariff increases by U.S. trading partners. The Tariff Act of 1930 is also known as the Smoot-Hawley Tariff.

SNAKE

An artificial band of intervention established by the members of the European Community to maintain a predetermined interrelationship between the currencies of the principal economics of the community. The “skin” of the “snake” was a sleeve that varied in size from 1 percent to 2 1/2 percent of the midpoint of the currency exchange rate objectives. When exchange rates “pushed” at the skin, the parties to the snake were required to intervene.

SOCIETE ANONYME (S.A)

French expression meaning a corporation.

SOFT CURRENCY

Funds of a country that are not acceptable in exchange for the hard currencies of other countries. Soft currencies, such as the Soviet Union’s ruble, are fixed at unrealistic exchange rates and not backed by gold, so that countries with hard currencies, like U.S. dollars or British pounds, are reluctant to buy them.

SOFT LOAN

A loan repayable by a foreign borrower in a soft currency. Such loans usually have been the product of long-term sales to countries without hard currency repayment resources. The practice of making such by industrial nations has largely given way to extended term repayments in hard currencies.

SOGA SHOSHA

A generic term denoting a large Japanese general trading company through which most of the country’s import/export of nonconsumer products, both raw materials and industrial goods, is channeled.

SOVEREIGN RISKS

Risk that a foreign government will default on its loan or fail to honor other business commitments because of a change in national policy. Throughout periods of worldwide economic volatility, the United States has been able to attract foreign investment because of its perceived lack of sovereign risk; also called country risk or political risk.

SPACE

The term for the cubic volume taken up by any one shipment on an ocean vessel. Space must be reserved.

SPACE CHARTER

An arrangement by which a shipper or carrier commits to vessel owner to fill a specified portion of the ship’s hold, on one or more voyages.

SPECIAL CARGO POLICY

A maritime cargo policy issued to cover a specific shipment. A special policy may be issued when the shipper infrequently transports goods by water, or when the merchandise is so unusual or so valuable as to warrant a special policy. Frequent shippers customarily obtain an open policy.

SPECIAL CUSTOMS INVOICE

A special form of customs invoice formerly used for the importation into the United States. The special customs invoice (SCI) was required on any importation when the purchase price of the merchandise exceeded five hundred dollars and the rate of duty was in anyway dependent upon value. The requirement for special Customs was eliminated by the Customs Service effective May 10, 1985. Importers bringing commercial shipments with transaction value of five hundred dollars or more into the United States will provide a commercial invoice containing the data required by Section 141.86 of the Customs Regulations.

SPECIAL DRAWING RIGHTS (SDR)

A monetary instrument established by the International Monetary Fund to take the place of gold as a supplemental international monetary reserve asset. The unit of value of an SDR reflects the daily exchange value of a basket of five major currencies.

SPECIALIZATION AGREEMENT

An arrangement among competing manufacturers of like products that each will sell only certain products, thereby providing each participant in the agreement a dominant position for a given product. Also known as a rationalization agreement.

SPECIAL SERVICE TARIFF

A tariff containing charges and/or rules governing switching, storage, demurrage, reconsignment, diversion, etc.

SPECIFIC DELIVERY POINT

A point in sales quotations which designates specifically where and within what geographical locale the goods will be delivered at the expense and responsibility of the seller e.g., F.A.S. named vessel at named port of export.

SPECIFIC DUTY

A duty levied as a fixed money charge per physical unit.

SPECIE

Gold or silver used for monetary purposes, in either coin or bullion form.

SPLIT DELIVERY

A load of cargo that a carrier must break down into smaller quantities and deliver to multiple consignees. It is common for a carrier to impose an additional charge for this service.

SPLIT PICKUP

A shipment, usually to a single destination, that must be picked up in more than one location. A carrier normally imposes an additional charge for this service.

SPOT

In foreign exchange and commodities markets, the current price for a given commodity or currency; the spot price is contrasted with the futures price, which is the price that is offered for delivery at some specified time in the future.

SPOT EXCHANGE

The purchase or sale of foreign exchange for immediate delivery.

SPOT MARKET

A market for commodities or currency in which the sale results in an immediate or nearly immediate exchange of the goods or instruments for cash, as compared with a futures market, which trades in contracts for the future delivery of the product.

SPOTTING To the Top

The placing of container where required to be loaded or unloaded.

STANDARD INDUSTRIAL CLASSIFICATION (SIC)

An export classification number used to compile government statistical reports and domestic and international product classifications.

STALE DOCUMENT

A Bill of Lading is termed “stale” when the exporter or his or her agent does not present the B/L to the issuing bank under a letter of credit transaction within a reasonable time after its date. The requirement is such that the B/L arrives at the port of importation before the steamer arrives.

STANDARDS

Technical specifications that establish acceptable or mandatory characteristics of a product, such as levels of quality, safety, performance, or dimensions. The Agreement of Technical Barriers to Trade negotiated during the Tokyo Round is a standards code.

STANDARD INTERNATIONAL TRADE CLASSIFICATION (SITC)

A standard numerical code system developed by the United Nations to classify commodities used in international trade.

STANDBY LETTER OF CREDIT

A letter in which the issuing bank undertakes to make payment to a beneficiary if the account party fails to comply with the terms of an agreement.

STARBOARD

The right side of a ship when one is facing the bow.

STATE-CONTROLLED TRADING COMPANY

In a country with a state trading monopoly, a trading entity empowered by the country’s government to conduct export and\or import business.

STATE TRADING NATIONS

Countries that rely on government entities rather than private corporations to conduct trade.

STATUTORY RATE OF DUTY

The rate of duty on the given product specified by the Smoot Hawley Act of 1930. The rates established by this act are applied to Column 2 countries, i.e., those that do not enjoy most favored nation status. Lower rates of duty, as reflected in Column 1 of the Harmonized Tariff Schedules, have been negotiated under the authority of various acts in response to duty reductions on American products.

STEAMSHIP

A vessel propelled by steam-driven turbines; steam is generated under pressure in boilers and is directed to a rotor shaft, causing the propeller to spin. Most steamships in current use burn fuel oil to fire the boilers. Steam generation was the favored propulsion method, owing to its reliability of performance, and low maintenance, until spiraling energy costs mandated more fuel efficient plants. See motor ship.

STEAMSHIP AGENT

A duly appointed and authorized representative in a specified territory acting in behalf of a steamship line or lines and attending to all matters relating to the vessels owned by his principals.

STEAMSHIP CONFERENCE

A voluntary association of steamship lines operating under mutually agreed upon freight rates.

STEAMSHIP FREIGHT CONTRACT

An agreement between steamship and shipper for space and rate.

STEAMSHIP GUARANTEE

An indemnity issued to the carrier by a bank, which protects the carrier against any possible losses or damages arising from release of the merchandise to the receiving party. This instrument is usually issued when the Bill of Lading is lost or not available.

STELA

Acronym for BXA’s (Bureau of Export Administration) System for Tracking Export License Applications. Stela is an automated voice response system to access and obtain status of validated export licenses. Access to STELA is through ELVIS (202) 377-4811, press 1, the application case number is then entered on caller’s telephone keypad, and a voice response is returned.

STEVEDORE

A person having charge of the loading and unloading of boats.

STET

Let it stand.

STOCKING DISTRIBUTOR

A distributor who maintains an inventory of goods of a manufacturer.

STOP CHARGE

A special charge imposed by a carrier for stopping en route prior to final destination to deliver a portion of the shipment.

STORAGE

A charge made on property stored.

STORAGE IN TRANSIT

The stopping of freight traffic at a point located between the point of origin and destination to be stored and reforwarded at a later date.

STORE DOOR DELIVERY

The movement of goods to the consignee’s place of business, customarily applied to movement by truck.

STRAIGHT BILL OF LADING

A bill of lading, non-negotiable, in which the goods are consigned directly to a named consignee.

STRAIGHT CREDIT To the Top

An irrevocable letter of credit in which the obligation of the opening bank extends only to the named beneficiary. The credit may be transferred only and to the extent stipulated in the credit.

STRIKES, RIOTS, AND CIVIL COMMOTIONS (S.R. & C.C.)

A term referring to an insurance clause excluding insurance of loss caused by labor disturbances, riots and civil commotions or any person engaged in such actions.

STRIPPING

The term used to describe the unloading of a container.

STUFFING

Term used to describe the loading of a container.

SUBCONTRACTING

Applied at an international level, this refers to an arrangement whereby a company-possibly a multinational company-subcontracts a company in another country to carry out some specific process or type of work or to supply a particular good rather than do the work itself.

SUBHEADING

The six digit tariff number found in the Harmonized System of The United States.

SUBSIDIES CODES

A multilateral agreement arising out of the Tokyo Round of trade negotiations sponsored by the General Agreement on Tariff and Trade or GATT. The code, also known as the Agreement on Subsidies and Countervailing Measures, seeks to reduce the distortive effects of export subsidies on world trade.

SUBSIDY

An economic benefit granted by a government to producers of goods, often to strengthen their competitive position. The subsidy may be direct (a cash grant) or indirect (low-interest export credits guaranteed by a government agency, for example).

“SUBSTANTIAL OR ESSENTIAL PART” DOCTRINE

A principle in customs usage that an imported product that lacks a significant part or component essential to its basic function cannot be classified for tariff purposes in the same category as the finished product.

SUBSTANTIAL TRANSFORMATION

Foreign-made articles or materials may become products of the United States if they undergo a process of manufacture in the United States which results in their substantial transformation. Substantial transformation occurs when, as a result of manufacturing processes, a new and different article emerges, having a distinctive name, character, or use, which is different from that originally possessed by the article or material before being subject to the manufacturing process. The mere finishing or modification of a partially or nearly complete foreign product in the United States will not result in the substantial transformation of such product and it remains the product of a foreign country.

SUE & LABOR CLAUSE

A provision in marine insurance obligating the assured to do those things necessary after a loss to prevent further loss and to act in the best interests of the insurer.

SUPPLEMENT (TARIFF)

A publication containing additions to and/or changes in tariff.

SUPPLIER CREDIT

Financial arrangement in which the supplier extends credit to the buyer to finance the buyer’s purchases. Normally the buyer pays a portion of the contract value in cash and issues a promissory note or accepts a draft to evidence the obligation to pay the remainder to the supplier.

SUPPLIER CREDIT FINANCING

Financial arrangement in which the bank or an Export Credit Agency makes a loan to the supplier often collateralized by the pledge of export receivables held by the supplier.

SURCHARGE

A charge above the usual or customary charge.

SURETY BOND

A bond insuring against loss or damage or for the completion of obligations.

SURETY COMPANY

An insurance company.

SUFFERANCE WHARF

A pier where goods may be stored temporarily, exempt from taxes or duties, while awaiting transport to another destination or clearance through customs.

SUMPTUARY TAX

A tax imposed upon certain goods to discourage consumption.

SUPER DEDUCTIVE VALUE

A procedure authorized by U.S. Customs in ascertaining the deductive Value of merchandise for assessment of ad valorem duties. When merchandise is to be further processed in the United States before sale, the importer has the option of asking that deductive value be based on the further processed price. This is, for convenience, referred to as “super deductive value.” In cases where the price determined reflects further processing of the imported merchandise, the value added by the processing of the merchandise will be deducted if there is sufficient information relating to the cost of that processing. Customs will take into account normal processing costs, reasonable waste, and industry practice. The superdeductive can be applied to goods not sold within 90 days from importation but within 180 days of importation. Normally the superdeductive will not apply if the further processing destroys the identity of the goods as imported.

SUPERIMPOSED

A notation on the face of a Bill of Lading that indicates a defect in the cargo or its mode of transport. Such notations include “received in damaged condition” and “on deck stowage.” A bill of lading bearing such clauses is said to be foul or unclean and will be unacceptable for presentation under a Letter of Credit unless that instruments specifically authorizes bills of lading bearing such clauses.

SUPPRESSED INFLATION

A condition in which inflationary pressures are impeded because of specific governmental controls in the form of price controls and/or rationing. Such steps prevent prices from escalating.

SURETY

A guarantor who undertakes, in the event a principal is unable or unwilling to perform certain acts, to pay specified amounts.

SURPLUS TREATY

A contract of reinsurance under which the reinsurer agrees to accept risks within a stipulated scale of limits, with degrees of participation varying according to prearranged plan.

SURVEY

An examination of a vessel or cargo by an independent third party for purpose of establishing condition. For example, a survey may be performed on damaged cargo to ascertain the circumstances surrounding the loss and potential salvage.

SWAP ARRANGEMENTS

An agreement between central banks to lend each other prearranged sums of each other’s currency. This arrangement is designed to permit a central bank to intervene in the foreign exchange market so as to retard speculative pressures on its currency. Such agreements are generally bilateral and usually provide for the borrowing central bank to repay loans within three months.

SWITCH ARRANGEMENTS

A form of countertrade in which the seller sells on credit and then transfers the credit to a third party.

SWITCHING

Also known as switch trading, a countertrade arrangement under which a purchaser in one country assigns to a seller in another country an obligation due from a third party in satisfaction of the purchase price of the goods.

SYSTEMS

In custom usage, a combination of equipment or machinery to perform a specific function; as such become eligible for sets evaluation.

SYSTEM FOR TRACKING EXPORT LICENSE APPLICATIONS (STELA) To the Top

An automated voice response system to access and obtain status of validated export licenses. Access to STELA through ELVIS (202 377-4811, press 1, the application case number is then entered on caller’s telephone keypad, and a voice response is returned.