ScheduleBlast

Trade Glossary

index: a b c d e f g h i j k l m n o p q r s t u v w x y z

IA / Independent Action (shipping) Independent Action. A carrier can take an independent action in a conference resulting in a unique rate for that carrier within a conference; ability to file a rate independently of other carriers’ action.

ICC (shipping) Interstate Commerce Commission. International Chamber of Commerce.

Identical merchandise (customs) In establishing the customs value of merchandise exported to the United States, identical merchandise is: (1) Identical in all respects to the merchandise being appraised, (2) produced in the same country as the merchandise being appraised, and (3) produced by the same company as the original merchandise being appraised.

IHC (shipping) Inland Haulage Charge. Cost to move a container to an inland destination.

ILA (shipping) International Longshoremen Association.

IMCO Classification (shipping) International Maritime Control Organization Classification. Classification for hazardous cargo. See IMO.

IMDG (shipping) International Maritime Dangerous Goods Code. A code, representing the classification of dangerous goods as defined by the International Maritime Organization (IMO) in compliance with international legal requirements.

IMO (shipping) International Maritime Organization. An United Nations agency concerned with safety at sea. Its work includes codes and rules relating to tonnage measurement of vessels, load lines, pollution and the carriage of dangerous goods. Its previous name was the Inter-Governmental Maritime Consultative Organization (IMCO).

Implied conditions (insurance) Certain implied conditions are not written into marine insurance policies but they are so basic to understanding between underwriter and assured that the law gives them much the same effect as if it were written.

Import quota auctioning (customs) The process of auctioning the right to import specified quantities of quota-restricted goods.

Import sensitive producers (customs) Domestic producers whose economic viability is threatened by competition from imported products.

Imports of goods and services (economics) Represents the sum of all payments for merchandise imports, military expenditures, transportation and travel costs, other private and U.S. government services, and income and service payments to foreign parent companies by their affiliates operating in the United States.

In bond (customs) A procedure under which goods are transported or warehoused under customs supervision until they are either formally entered into the customs territory of the United States and duties paid or until they are exported from the United States.

INBOUND (shipping) Import Shipment.

Incoterms (customs) ICC's standard definitions of trade terms and are internationally recognized as indispensable evidence of the buyer's and seller's responsibilities for delivery under a sales contract.

Indexed currency borrowings (banking/finance) Borrowings in a foreign currency where the rate of interest is linked to a scale.

Infant industry argument (economics) The view that “temporary protection” for a new industry or firm in a particular country through tariff and non-tariff barriers to imports can help an industry to become established and eventually competitive in world markets.

inherent vice (shipping/insurance) Damage to goods which is foreseen is bound to occur during any normal transit. It arises solely because of the nature or condition of the goods shipped.

Initial margin (finance) The amount of margin which has to be deposited with the clearing house both by the buyer and the seller through the respective broker and/or bank in order to establish a position in a future contract.

Inland Point (shipping) City with no port; landlocked city.

In personam (law) Against the person.

In rem (law) Against a thing.

Insurance Certificate (shipping) Document which assures the consignee that insurance is provided to cover loss or damage to the cargo while in transit.

Intellectual property (law) An original work that cannot be copyrighted, patented, or registered as a trademark or service mark.

Intensive Examination Thorough physical examination of import freight by U.S. Customs.

Interest arbitrage (banking) An attempt to make a profit out of differing interest rates for various maturities and/or various instruments.

international banking facility (IBF) (banking) One of four categories of foreign banking in the United States. An IBF is a set of asset and liability accounts that are segregated and limited to financing international trade.

International Chamber of Commerce (ICC) (trade) A non-governmental organization serving as a policy advocate for world business. Members in 110 countries comprise tens of thousands of companies and business organizations. The ICC aims to facilitate world trade, investment and an international free market economy through consultation with other inter-governmental organizations.

International commodity agreement (trade) An international understanding, usually reflected in a legal instrument, relating to trade in a particular basic commodity and based on terms negotiated and accepted by most of the countries that export and import commercially significant quantities of the commodity.

International Formalities Any documentation that must be filed or procedures that must be followed to export or import freight.

International Standards Organization (ISO) (general) The ISO, established in 1947, is a worldwide federation of national bodies representing approximately 90 member countries. The scope of the International Standards Organization covers standardization in all fields except electrical and electronic engineering.

Interchange (shipping) Transfer of a container from one party.

Interchange Agreement (shipping) Contract between steamship company and truckman that legally permits interchange of equipment.

Intermodal (shipping) Movement of cargo involving more than one form of transportation.

Issuing Bank Party to an L/C. This bank prepares the L/C which sets transaction term and guarantees the buyer’s credit; i.e., the buyer has funds available to pay for the goods.

In-the-money (finance) An option is in-the-money in the following cases: (1) Call option: market price is greater than the strike price; and (2) Put option: market price is less than the strike price. For European options, replace the market price by the forward price of the underlying instrument on the expiry date of the option.

Invisible barriers to trade (trade) Government regulations that do not directly restrict trade but indirectly impede free trade by imposing excessive or obscure requirements on goods sold within a country, especially imported goods.

Invisible trade balance (economics) The contrast between the import and export of goods. The trade balance created by the import and export of services including consulting and advisory services, transportation services, income and expenditures on travel services, insurances, licenses, earnings and interest income from international capital movements.

I.T. In-transit document filed with Customs to allow movement of goods to inland Customs clearance location.

This section is given in good faith and for reference only.