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FrançaisA discharge of a contract or cause of action pursuant to which the parties agree (the accord) to alter their obligations and to perform new obligations (the satisfaction). For example, a seller who cannot obtain red fabric to meet the…
Read MoreAcknowledgement
1. Confirmation of receipt of a purchase order. 2. Confirmation sent by a bank confirming receipt of a collection. ACP Countries. African, Caribbean and Pacific countries is a group of countries with preferential trading relations with the EU under the…
Read MoreACP Countries
African, Caribbean and Pacific countries is a group of countries with preferential trading relations with the EU under the former Lomé Treaty now called the Cotonou Agreement. This agreement is aimed at the reduction and eventual eradication of poverty while contributing to…
Read MoreAct of God
The operation of uncontrollable natural forces. This expression is used in force majeure contract clauses that excuses a party who breaches the contract when performance is prevented by the occurrence of certain events. See force majeure clause.
Read MoreAd 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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