ULLAGE To the Top The shortage of the contents of a pack or cask that occurs during shipment. ULTIMATE CONSIGNEE A person specified on an export license, bill of lading, or letter of credit etc., as the party authorized as the end recipient of the merchandise in the specified country of destination. ULTIMATE PURCHASER In Customs usage it is generally the last person in the U.S. who will receive the article in the form in which it was imported. ULTRALARGE CRUDE CARRIER A tanker exceeding three hundred thousand deadweight tons. ULTRA VIRES Beyond their powers. UMBRELLA COMPANY A local subsidiary of a multinational corporation that permits each product division to operate separately but retains at local headquarters the responsibility for cash management, advertising, and physical distribution. The object of such a company is to permit autonomy among product lines without unnecessary duplication of administrative services. UNCLAIMED FREIGHT Freight which has not been called for by the consignee or owner. UNCLEAN BILL OF LADING A bill of lading on which the quality or quantity of the goods and/or packaging has been qualified. UNCOLLECTED FUNDS Funds deposited and credited by a bank to its customer’s account, but not yet collected. UNCONFIRMED LETTER OF CREDIT A letter of credit that is not confirmed. See Letter of Credit. UNDER BOND Imported merchandise stored in a bonded warehouse. UNDERDEVELOPED NATION A country where real income per capita is much lower as compared to the industrial countries of the world. Most commonly known as “less developed country”. UNFAIR TRADE PRACTICE Any act, policy, or practice of a foreign government that violates an international agreement or is unjustifiable, unreasonable, or discriminatory and burdens or restricts U.S. commerce. UNFAVORABLE BALANCE OF TRADE The value of country’s imports exceeding value of its exports. The United States has had an unfavorable balance of trade throughout the early and middle 1980’s. UNIFORM CUSTOMS AND PRACTICE FOR DOCUMENTARY CREDITS (U.C.P) The U.C.P. is a set of rules for letters of credit drawn up by the Commission of Banking Technique and Practices of the International Chamber of Commerce in consultation with the banking associations of many countries. All major trading countries adhere to the U.C.P. UNIFORM DEMURRAGE RULES Schedules providing rules and charges for demurrage which are in general use throughout the United States, having the approval of but not prescribed by the Interstate Commerce Commission. UNIFORM LAW ON BILLS OF EXCHANGE A product of the 1932 Geneva Convention on Bill of Exchange. The object of the act was to standardize various national laws and usages relative to bills of exchange, thereby overcoming an impediment to trade. UNIFORM RULES FOR COLLECTIONS (URC) A publication by the Department of Commerce governing the rules and responsibility of banks and users in the handling of documentary and clean collections. UNILATERAL An action taken by a country acting singularly and not dependent on, or conditional on, any action by another country. UNILATERAL CONTRACT An agreement whereby one makes a promise to do, or refrain from doing, something in return for an actual performance by the other, rather than a mere promise of performance. UNITED NATIONS CONFERENCE ON TRADE AND DEVELOPMENT (UNCTAD) Organization associated with the United Nations system that focuses on the measures that might be taken by developed countries to accelerate the pace of economic growth in the developing world. UNITED STATES (U.S.) Except when used in another context, “ U.S. means the territory of the several States, the District of Columbia, and Puerto Rico, including the territory waters and overlying airspace. UNITED STATES ARBITRATION ACT An act of congress that prescribes the basis for arbitration of commercial disputes arising from maritime contracts and contracts involving foreign entities. The act applies, in both maritime cases and international disputes, only where an arbitration clause has been included in the contract prior to the advent of the dispute. Arbitration may not be compelled in the absence of such agreement. UNITED STATES/CANADA FREE TRADE AGREEMENT (CFTA) The provisions of the U.S./Canada Free Trade Agreement were adopted by the United States with the enactment of the United States-Canada Free Trade Agreement Implementation Act of 1988 (100 /stat. 418, Public Law 100-449). The United States-Canada Free-Trade Agreement is a comprehensive agreement on trade negotiated between the United States and Canada to provide for the elimination of all tariffs, reduces many non-tariff barriers, liberalizes investment practices, and covers trade in service. UNITIZATION The consolidation of a number of individual items into one large shipping unit for easier handling. It is also the securing or loading of one or more large items of cargo onto a single structure, such as a pallet. UNIT LOAD To the Top Several packages that are loaded on a pallet, in a crate or carton or any other way that enables them to be handled at one time as a unit. UNIT LOAD DEVICE (ULD) Refers to airfreight containers and pallets. UNIT OF ACCOUNT The currency in which an export/import transaction or foreign borrowing is denominated. UNIT OF MEASURE In international accounting, the currency used by a firm to measure assets, liabilities, revenues, expenses, et cetera. UNIT-TRAINS A train consisting of a number of railcars (about 20 in France and 50 or more in the United States) that depart from the same point for the same destination with one bill of lading. UNIVERSAL AIR WAYBILL A single, uniform Air Waybill that can be used for either domestic or international shipments. The universal AWB was achieved through airline industry concurrence. It became available for use on an optional basis in April 1982 and mandatory after January 1984. UNIVERSAL POSTAL UNION The convention that governs the exchange of mail, except parcel post and international express mail, between the United States and other countries. UNOBSTRUCTED CAPACITY The internal, cargo-carrying capacity of a trailer, railcar, or container determined by multiplying the internal dimensions of the conveyance. UPSWING Change or acceleration of economic growth. URUGUAY ROUND GATT trade negotiations launched in Punta del Este, Uruguay, that took place from 1986 to 1990. USANCE Bankers’ term for “time” or “tenor.” A 90-day usance draft is a 90-day sight draft. USANCE BILL Bill of Exchange that affords a term of credit to the party accepting the bill (e.g., thirty days’ sight, sixty days date). In effect, a usance bill is any bill other than one payable at sight. USANCE CREDIT A letter of credit that provides that the drafts drawn under the credit will mature thirty, sixty, or more days, up to nine months, after sight or date. A letter of credit providing for settlement more than nine months from shipment of goods is normally in the form of a delayed payment credit. U.S. COURT OF INTERNATIONAL TRADE Court that handles judicial review of trade remedy findings, such as the existence of subsidy, dumping, or material injury. U.S. CUSTOMS SERVICE Administers the Tariff Act of 1930, as amended, and other Customs laws governing the collection of revenues from imports. Also assists other government agencies, for example, helps enforce export control laws in cooperation with the Department of Commerce. Customs also compiles certain trade statistics. U.S. DEPARTMENT OF AGRICULTURE (USDA) Oversees the development of export markets and all matters involving international agricultural trade. Also ensures that all trade policy decisions take U.S. agricultural interests fully into account. The Foreign Agricultural Service operates as the USDA’s export promotion agency through its network of counselors and officers abroad. FAS trade policy specialists also coordinate USDA responsibilities under international trade and commodity agreements and work to reduce trade barriers to U.S. farm exports. Also under FAS jurisdiction are the PL-480 program and Commodity Credit Corporation export credit sales program. U.S. DEPARTMENT OF COMMERCE Supports the domestic and international commercial activities of U.S. businesses. International trade activities within the Department are primarily coordinated through the International Trade Administration (ITA). In addition, six other agencies in the Department offer specific export services. U.S. DEPARTMENT OF DEFENSE (DOD) Involved in international trade as it pertains to national security, DOD participates in the formulation of U.S. trade policy as part of its mandate to maintain a viable defense industrial base, retain independence and strength in modern technology, control strategic East-West trade, ensure access to strategic materials, and further international security goals. U.S. DEPARTMENT OF LABOR (DOL) Administers the portion of the trade adjustment assistance program that provides retraining and financial aid to workers who have lost their jobs because of imports. The Bureau of International Labor Affairs helps represent the United States in trade negotiations and in international organizations such as GATT, OECD, and the International Labor Organization. U.S. DEPARTMENT OF STATE Through its Bureau of Economic and Business Affairs handles matters concerning trade policy, international monetary developments, assistance to U.S. business overseas, and international energy policy, as well as aviation, shipping, telecommunications, foreign investment, patents, trademarks, technology transfers, commodity issues, and other international economic interest. State is also concerned with all bilateral and multilateral agreements and with U.S. participation in international organizations such as GATT and UNCTAD, especially insofar as these relationships affect and are affected by U.S. foreign policy. U.S. DEPARTMENT OF THE TREASURY Involved in U.S. trade policy decisions to ensure that the macroeconomic effects of such decisions are fully considered, especially potential impact on inflation or unemployment. Treasury had lead responsibility for international monetary matters and is particularly involved in such issues as the relationship of trade to international monetary policy. The office of the Assistant Secretary for International Affairs oversees U.S. participation in the multilateral development banks, facilitates monetary cooperation through the International Monetary Fund (IMF) and other channels, formulates policy and conducts negotiations with respect to trade financing, foreign investment in the United States and U.S. investment abroad, monitors foreign exchange markets, and conducts overall financial diplomacy. The secretary of the Treasury, as chief financial officer of the U.S. government, serves as chairman of the cabinet-level Economic Policy Group and National Advisory Council and as U.S. governor of the IMF, the World Bank, the Inter-American Development Bank, the Asian Development Bank, and the African Development Bank. U.S. INTERNATIONAL TRADE COMMISSION An independent agency within the Federal government charged with the ongoing investigation of the levels of U.S. import activity. It was established as the United States Tariff Commission in 1916; the current name was adopted in 1974. U.S. STANDARD MASTER A single business form with combined stencil which includes space for information required on many different export forms. U.S. TRADE REPRESENTATIVE (USTR) The office of the U.S. Trade Representative is responsible for setting and coordinating U.S. trade policy and administering the trade agreements program. USURY A rate of interest in excess of that permitted by law. | 
