WALK-ON/WALK-OFF To the Top A ship designed primarily for the transporting of livestock. WAREHOUSE A place for reception and storage of goods. WAREHOUSEMAN A person who receives goods and merchandise to be stored in his warehouse for hire. WAREHOUSE RECEIPT A receipt given by a warehouseman for goods received by him into storage. WAREHOUSE-TO-WAREHOUSE A clause in a marine insurance policy where-by the underwriter agrees to cover the goods while in transit between the initial point of shipment and the point of destination, with certain limitations, and also subject to law of insurable interest. When it was first introduced, the warehouse-to-warehouse clause was extremely important, but now its importance is diminished by the marine extension clauses, which override its provisions. WARRANT A warehouse receipt containing trust receipt provision. Customarily, this document is issued in duplicate, the warehouse receipt portion is released by the lender to the merchant upon the execution of the trust agreement. WARRANTY FREE In marine insurance policies, an exclusion of coverage for the named peril. For example, “warranted free of capture and seizure” means the underwriter will assume no responsibility for such losses. WAR RISK The possible aggressive actions against a ship and its cargo by belligerent government. This risk can be insured by a marine policy with a risk clause WAR RISK INSURANCE Marine insurance coverage for loss of goods resulting from any act of war. WARSAW CONVENTION An international agreement adopted to provide uniform rules concerning liability and jurisdiction in cases of death, injury, or property damage arising from international carriage by air. It was signed at Warsaw in 1929. More than one hundred nations have adhered to the convention, which applies to virtually all international flights. WASTE CUBE The space which is not occupied by cargo within a trailer, railcar, or container. WAYBILL A document prepared by a transportation line at the point of origin of shipment, showing the point of origin, destination, route, consignor, consignee, description of shipment, and amount charged for the transportation service, and forwarded to the carrier’s agent at transfer point or destination. WEATHER INTERFERNCE Natural conditions which render loading or unloading impractical. WEATHER WORKING DAY A day when reasonable weather conditions prevail to allow normal working of the vessel. WEBB-POMERENE ASSOCIATION Institutions engaged in exporting that combine the products of similar producers for overseas sales. These associations have partial exemption from U.S. anti trust laws but may not engage in third country trade or combine to export services. WEIGHT CERTIFICATE This is usually issued by an official weigher on the dock with the weight (as well as measurements) then being entered on the back of the second and third copies of the dock receipt by clerk on the dock. WEIGHT GAINING An increase in physical bulk or weight of a finished product over that of the component materials as a result of the manufacturing process. WEIGHT - GROSS The weight of an article together with the weight of its container and the material used for packing. WEIGHT LOSING A decrease in physical bulk or weight of a finished product over that of the component materials as a result of the manufacturing process. WEIGHT - NET The actual weight of the contents of a container or of the cargo vehicle. It is the total weight less the tare weight. WEIGHT NOTE The note, or slip, which is included in cases and/or packages showing the individual weights of each unit. It is also the official weigher’s record. WEIGHT OR MEASURE (W/M) Ocean and air freight are assessed on whichever gives the transportation company the greater revenue. Measurement ton 40 cubic feet Net, or short ton 2000 pounds Gross, or long ton 2,240 pounds Metric, or Kilo ton 2,204.6 pounds Cubic meter 35,314 cubic feet Light cargo is charged on measure, heavy cargo on weight. WEIGHT - TARE The weight of an empty container and the other material used for packing its contents. WESTERN HEMISPHERE TRADE CORPORATION A domestic ( U.S.) corporation whose business is done in any country of North, South or Central America or the West Indies, and which usually receives certain tax advantages. WET GOODS Any liquid commodity. WET MILLING To the Top Process using water whereby corn is tempered and steeped and converted into starches. WHARF A structure, built upon piles, against which a vessel may dock and discharge cargo. WHARFAGE The fee assessed by pier personnel for handling cargo. WHEAT Any of various grasses high in gluten cultivated in various temperate parts of the world for the wheat that they yield, which is used in a vast array of products. WHOLE TURNOVER COVERAGE Insurance or guarantee coverage for all or a negotiated portion of the export transaction of an exporter or bank, generally at a fairly low premium due to the spread of risks. Also called Comprehensive Coverage. WHOLLY OF For the purpose of the tariff schedule the terms “wholly of”, “in part of”, and “containing”, when used between the description of an article and a material (e.g., “woven fabrics, wholly of cotton”), have the following meanings: (i) “Wholly of” means that the goods are, except for negligible or insignificant quantities of some other material or materials, composed completely of the named material; (ii) “In part of” or “containing” means that the goods contain a significant quantity of the named materials. WIRE FATE ITEM A bill of exchange or other collection item sent with instructions to the collecting bank to wire acknowledgement of acceptance/collection or dishonor of the instrument. WISEMEN’S GROUP Known formally as the Japan-United States Economic Relations Group, a semi-official committee consisting of four members each from Japan and the United States which considers economic relations between the two countries and makes recommendations to their governments. The group was created by joint agreement between President Carter and the late Prime Minister Ohira in 1979. WITH AVERAGE (W.A.) A marine insurance term meaning that a shipment is protected from partial damage whenever damage exceeds 3 percent (or some other percentage). WITHDRAWAL PRICE A floor price at which European Economic Community producers of certain food products may withhold their goods from the market. The withdrawal price is generally below the base price (i.e., the target price set for a given commodity) and the purchase price at which EEC governments will intervene in the market to buy commodities selling at distressed prices. The costs of withholding produce from the market may be borne by the EEC through the medium of the Common Agricultural Policy. WITHOUT RECOURSE A phrase followed by the signature of a drawer or endorser of a negotiable instrument, whereby he disclaims liability to subsequent holders in the event of non-payment. Such an endorsement constitutes a warranty of the genuineness of the instrument, and therefore cannot waive liability if any prior signature is proved to be a forgery. WITHOUT RESERVE A shipper’s agent is empowered to make definitive decisions abroad without approval of the group represented. WORKED LUMBER Lumber that has been matched (as with tongue-and-groove joints), ship-lapped, or patterned on a matching machine, sticker, or molder. WORKING CAPITAL The excess of current assets over current liabilities. It is the capital immediately available for continued operation of the business. WORLD BANK The International Bank for Reconstruction and Development (IBRD), commonly referred to as the World Bank, is an intergovernmental financial institution located in Washington, D.C. Its objectives are to help raise productivity and incomes and reduce poverty in developing countries. It was established in December 1945 on the basis of plan developed at the Bretton Woods Conference of 1944. The Bank loans financial resources to credit worthy developing countries. It raises most of its funds by selling bonds in the world’s major capital markets. Its bonds have, over the years earned a quality rating enjoyed only by sound governments and leading corporations. Projects supported by the World Bank normally receive high priority within recipient governments and are usually well planned and supervised. The World Bank earns a profit, which is plowed back into its capital. WORLD INTELLECTUAL PROPERTY ORGANIZATION (WIPO) A specialized agency of the United Nations system that seeks to promote international cooperation in the protection of intellectual property. WIPO administers the International Union for the Protection of Industrial Property (the “Paris Union”), which was founded in 1883 to reduce discrimination in national patent practices, the International Union for the Protection of Literary and Artistic Works (the “Barn Union”), which was founded in 1886 to provide analogous functions with respect to copyrights, and other treaties, conventions and agreements concerned with intellectual property. WORLD PRICE The price at which a given commodity is selling internationally under market conditions in effect at the time of sale. To provide a valid comparison between prices, the world price quoted must normally include quality, location, and perhaps other factors, depending upon the commodity. WORLDTRADECENTER A franchise of the World Trade Center Association, often including a multipurpose office facility designed to promote international trade. These centers are located in many U.S. cities and commercial centers throughout the world. WORLD TRADERS DATA REPORTS Reports issued by the Bureau of International Commerce of the U.S. Department of Commerce that give credit-type information on individual foreign firms regarding the type of organization, method of operation, sales volumes, territory, product lines, etc. | 
