A B C D E F G H I J K L M N O P Q R S T U V W Y Z

Ad valorem duty

Latin expression that means according to the value. Import duties or taxes expressed as a percentage of value. For example, the import duty for a product classified under Harmonized System 220421 is 4.5 per cent of the customs valuation. Its…

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Adhesion contract

Contract with standard, often printed terms of sale of goods or services offered to consumers who usually cannot negotiate any of the terms and cannot acquire the product unless they agree to the terms.

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Advance payment

Paying or part-paying a supplier before goods or services are delivered. Advance payments may be used to negotiate a reduced price or to cover initial supply costs.

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Advance payment guarantee

A guarantee that advance payments will be returned if the party that received such payments does not perform its part of the contract.

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Advice of shipment

A notice sent to a local or foreign buyer advising that shipment has gone forward and containing details of packing, routing, etc. A copy of the invoice is often enclosed and, if desired, a copy of the bill of lading.

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