Your Free Online Business Dictionary Of Words And Phrases Commonly Used In International Commerce

Welcome to your Free Online Business Dictionary that can help you quickly learn the meaning for some of the words and phrases most frequently used in international trade and commerce.  The terms within this free online business dictionary may easily be located by simply clicking on the first letter 'links' located at the top and bottom of the two column glossary.

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Term Definition
War Clause A marine insurance provision excluding the liability of an insurer if a loss is caused by war or hostile action. Bills of Lading and charter parties may contain a "War Clause" giving the vessel options to maintain it's safety in case of hostilities.
War Risk The risk to a vessel, its cargo and passengers by aggressive actions of a hostile nation or group.
War Risk Insurance Insurance covering loss or damage caused by war or other hostile actions. Usually a separate policy from a marine insurance policy, or a special attachment to it.
Warehouse Receipt A document issued by a warehouse listing the goods or commodities deposited in the warehouse. It is a receipt for the commodities listed, and for which the warehouse is the bailee. Warehouse receipts may be either non-negotiable or negotiable.
Warehouse, U.S. Customs Bonded (USA) A privately owned and operated warehouse which has posted bond and has been approved by U. S. Customs where goods remain until duty has been collected from the importer.
Warranty A promise by a contracting party that the other party can rely on certain facts or representations as being true.
Warsaw Convention An international multilateral treaty which set the conditions of international transportation by air.
Waybill A document prepared by a transportation line at the point of shipment for use in the handling of the shipment showing the point of origin, destination, route, consignor, consignee, description of shipment and amount charged for the transportation service and other services connected with the transport It is similar in point of information to a bill of lading..
Webb-Pomerene Act Of 1918 (USA) Federal legislation exempting certain exporters' associations from certain antitrust regulations.
Webb-Pomerene Association (USA) Associations engaged in exporting that handle the products of similar producers for overseas sales. These associations have partial exemption from U.S. anti-trust laws but the associations may not engage in import, domestic or third country trade, or combine to export services.
Weight Break The point at which the weight of a shipment is large enough to be assessed the lower freight rates which are applicable to larger shipments, as per the carrier's tariff.
Wharfage A charge assessed by a pier or dock owner for handling incoming or outgoing cargo.
Without Reserve A term applied to a sale by auction indicating that no price is reserved (there is no minimum price.)
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, DC. Its objectives are to help raise productivity and incomes and reduce poverty in developing countries through the granting of loans.
World Bank Group An integrated group of international institutions that provides financial and technical assistance to developing countries.
World Trade Clubs Local or regional based organizations in the United States and around the world of importers, exporters, customs brokers, freight forwarders, attorneys, bankers, manufacturers and shippers.
World Trade Organization The international organization which resulted from the Uruguay Round of GATT negotiations. It is intended to promote world trade and to settle disputes among member nations.
Zip Code (USA) A numerical code, established by the U.S. Postal Service, used for the purpose of routing mail and to identify delivery zones. Some foreign countries have a similar system. Carriers often apply this code in the same manner in the handling of freight and the determination of freight charges.
Zone Status (USA) Merchandise admitted to a U. S. Foreign Trade Zone may be given a special status which affects what may done with it. For example: when entered into the U. S. Customs territory it may be dutiable at rates and values applicable at that time; or it may be given a status which fixes the applicable rates and values at those in effect at the time when it was admitted to the zone; or it may have a status which denies entry to the U.S.A. altogether.
Zone User (USA) A corporation, partnership or party that uses a U.S. foreign trade zone for storage, handling, processing, or manufacturing merchandise, whether foreign or domestic.
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