ScheduleBlast

Trade Glossary

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Packing List Document which itemizes shipment contents. Should include weight (gross and net), dimensions, contents, numbering of each parcel within the shipment, and any identifying characteristics (e.g., serial numbers). It also can be used to identify damages or shortages; the buyer only pays duty on what was actually received. Customers must present a packing list for all export shipments.

Pallet (shipping) Wooden structure generally 48 x 48 used to support cargo and ease movement by forklifts.

Pari passu (law) On an equal basis without preference.

Par value (foreign exchange) The official fixed exchange rate between two currencies or between a currency and a specific weight of gold or against a variety of currencies.

Per Diem (shipping) Cost per day. Charge on container held by customers for an extended time; charges levied upon a trucker due to late return of equipment.

Peril point (economics) A hypothetical limit beyond which a reduction in tariff protection would cause serious injury to a domestic industry.

Piers Data General Information on import and export shipments that can provide business leads, Includes shipper name, commodity, shipment weight, and origin and destination ports.

Piracy (law) consists of any of the following acts: (a) any illegal acts of violence or detention, or any act of depredation, committed for private ends by the crew or the passengers of a private ship or a private aircraft, and directed: (i) on the high seas, against another ship or aircraft, or against persons or property on board such ship or aircraft; (ii) against a ship, aircraft, persons or property in a place outside the jurisdiction of any State; (b) any act of voluntary participation in the operation of a ship or of an aircraft with knowledge of facts making it a pirate ship or aircraft; (c) any act of inciting or of intentionally facilitating an act described in subparagraph (a) or (b).

Plimsoll Mark (shipping) Depth to which a vessel may safely load, identified by a horizontal line around the ships hull.

Portfolio investment (foreign investment) Generally, any foreign investment that is not a direct investment is considered a portfolio investment. Foreign portfolio investments include the purchase of voting securities at less than a 10 percent level, bonds, trade finance and government lending or borrowing, excluding transactions in official reserves.

postdated check (banking) A check bearing a date that has not yet arrived. A check which cannot be paid by a bank before the date shown and must be returned to the maker or to the person attempting to use it. If presented on or after the date shown, the same check will be honored if the account contains sufficient funds.

Power of attorney (law) A written legal document by which an agent authorizes another agent to perform stated acts on the agent’s behalf.

Pre-license checks (PLC) (customs) Investigation conducted to determine that a request for a license to export a controlled commodity represents a legitimate order.

Prepaid (shipping) Shipper responsible for ocean freight charges prepaid at destination.

Prepaid Bill of Lading (shipping) Freight paid prior to movement. Money to be paid prior to issuance of bill of lading.

Prima facie (law) The presumption of a fact as true unless contradicted by other evidence.

Pro forma (general) When coupled with the title of another document, it is an informal document presented in advance of the arrival of the required document in order to satisfy a customs requirement.

Promissory note (banking) (1) Any written promise to pay. (2) A negotiable instrument that is evidence of a debt contracted by a borrower from a creditor. If the instrument does not have all the qualities of a negotiable instrument, it cannot legally be transferred.

Put option (banking/finance) A contract which entitles one party, at will, to sell a specified amount of a commodity, security or foreign exchange to another party, at the price fixed in the contract, during the life of the contract.

Purchase Order (shipping) Common grouping of orders for goods/services. Several SKU categories may be listed on one purchase order. Most customers group their orders in a particular way to facilitate distribution at the other end. For example, one purchase order for an apparel importer might encompass 2 dozen green sweaters and 2 dozen red sweaters. If those P.O.s originated from the same store, it is simple for the store to put all items under that P.O. onto the right truck.

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