A B C D E F G H I J K L M N O P R S T U V W
Pa Po Pr

Power of attorney

The authority to act for another in legal or financial matters. In international, some countries require that a customs broker and/or forwarder have a power of attorney in order to represent a principal for import or export control purposes. For…

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Premises

Any building or offices occupied and used for commercial services.

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Prescription period

A maximum period set by statute within which a legal action can be brought or a right enforced. A statute may prohibit, for example, any individual or legal entity from bringing an action for breach of contract more than one…

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Prima Facie

A Latin term frequently encountered in foreign trade that means “on first appearance.” When a steamship company issues a clean bill of lading, it acknowledges that the goods were received “in apparent good order and condition” and this is said…

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Principal

1. In international contracts, an individual or legal entity who authorizes another party (agent, sales representative) to act on the principal´s behalf. 2. In bank collections, the party entrusting the handling of a collection to a bank.

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