Glossary
Abandonment: Refusing delivery of a shipment that is so badly damaged in transit that it has little or no value.
Acceptance: An international banking instrument known as a time draft or bill of exchange that the drawee has accepted and is unconditionally obligated to pay at maturity.
Ad valorem: A tariff that is calculated based on a percentage of the value of the product.
Advising bank: A bank operating in the exporter’s country that handles letters of credit for a foreign bank by notifying the exporter that the credit has been opened in their favor.
Agency for International Development (AID) shipments: The Agency for International Development is a U.S. governmental agency created to provide relief to developing countries who must purchase ...
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