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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

Received for Shipment B/L (shipping) Issued on receipt of cargo; cargo not necessarily loaded yet.

Reciprocity (trade) The practice by which governments extend similar concessions to each other. When one government lowers its tariffs or other barriers impeding its imports in exchange for equivalent concessions from a trading partner on barriers affecting its exports.

Reefer (shipping) Unit equipped to carry refrigerated cargo.

Red clause (banking) A special clause included in a documentary letter of credit which allows the seller to obtain an advance on an unsecured basis from the correspondent bank to finance the manufacture or purchase of goods to be delivered under the documentary letter of credit. Liability is assumed by the issuing bank rather than the corresponding bank. It is called red clause because red ink is used to draw attention to the clause.

Reimbursing bank (banking) The bank named in a credit document from which the paying, accepting or negotiating bank may request cover after receipt of the documents in compliance with the documentary credit. The reimbursing bank is often, but not always, the issuing bank.

Remittance (banking) Funds forwarded from one person to another as payment for bought items or services.

Replevin (law) A legal action for recovering property from a party who has wrongfully kept it. A seller that furnishes products to a sales representative on consignment may exercise this.

Rescind (law) To cancel a contract.

Restrictive business practices (economics) Actions in the private sector designed to restrict competition to keep prices high. retaliation (customs) Action taken by a country to restrain its imports from a country that has increased a tariff or imposed other measures that adversely affect its exports.

Return Cargo (shipping) Cargo to be returned to original place of receipt.

Returned without action (customs) For export control purposes. The return of an export license application without action because the application is incomplete, additional information is required or the product is eligible for a general license.

Reverse swap (banking/trade) A trade which offsets the interest rate or currency exposure on an existing swap. It can be written with the original counterparty or with a new counterparty. In either case, it is typically used to realize capital gains.

Revocable letter of credit (banking) A letter of credit which can be cancelled or altered by the drawee after it has been issued by the drawee’s bank. Due to the low level of security of this type of credit, these are extremely rare in practice.

Revolving letter of credit (banking) A letter of credit which is automatically restored to its full amount after the completion of each documentary exchange.

RO/RO Vessel (shipping) Roll-on/Roll-off Vessel. Vessel with dual cargo handling capability including a ramp where wheeled cargo can be driven into ship.

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