International Commercial Terms Document - T

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Taking in charge: Receipt of goods by carrier from shipper.

Tare weight: The weight of a container and packing materials which excludes the weight of the goods it contains.

Tariff: A tax applied to goods transported from one customs area to another, or on imported products. Tariffs can be imposed to raise income for a country or to limit import competition.

Tax Lease: A lease wherein the lessor recognizes the tax incentives provided by the tax laws for investment and ownership of equipment. Generally, the lease rate factor on tax leases is reduced to reflect the lessor's recognition of this tax incentive.

Technology Transfer: Through trade or capital flight, the movement or sharing of technology.

TEU: A twenty-foot Equivalent Unit, or 20-foot dry-cargo container.

Telegraphic transfer: Payment instruction sent from one bank to another by electronic means, either SWIFT or telex. This is generally the method of choice for urgent or high-value payments.

Term bill: A bill of exchange on which payment is due at a future date. This is sometimes called a tenor bill.

Through bill of lading: A single bill of lading converting both the domestic and international carriage of an export shipment. An air waybill is essentially a through bill of lading used for air shipments. On the other hand, ocean shipments usually require two documents - an inland bill of lading for domestic carriage and an ocean bill of lading for international shipment.

Time draft: A draft that matures either a certain numbe of days after acceptance or a certain number of days after the date of the draft.

Title document: A document granting title. It can also include a transport document in which the bearer has title to the goods, and so can claim them from the carrier at their destination.

To order: Usually means a direction transferring ownership rights - an endorsement. On a bill of exchange 'order' or 'to order' means that the drawer directs payment to be made to another party (usually a bank). On a bill of lading, 'order' or 'to order' assigns title to the goods to another party.

Trac Lease: A tax-oriented lease of motor vehicles or trailers that contains a terminal rental adjustment clause and otherwise complies with the requirements of the tax laws.

Trademark: A registration process under which a name, logo, or characteristic can be identified as exclusive.

Transferable letter of credit: A letter of credit part of whose value can be transferred to another party

Transhipment: Transfer of goods from one vessel to another during its journey. Some letters of credit prohibit this.

Transparency: The concept of making trade-related administrative processes easier to follow, including opening them to public scrutiny and subject to clear methods of challenge or amendment.

Transport document: Document given by the carrier to the shipper (seller) This document serves as receipt for the goods during shipment and as evidence of a carriage contract. The transport document MAY also serve as a document of title.

Transaction Statement: A document that clearly outlines the terms and conditions agreed upon between an importer and an exporter.

Transshipment: The practice of shipping a good into a third country and re-exporting it to another market as a product of the third country.

True Lease: A type of transaction that qualifies as a lease under the Internal Revenue Code. It allows the lessor to claim ownership and the lessee to claim rental payments as tax deductions.

Trust Receipt: Release of merchandise by a bank to a buyer in which the bank retains title to the goods. The buyer is obligated to maintain the goods-or the proceeds from their sale-distinct from the remainder of his assets and to hold them ready for repossession by the bank.

Trustee: A bank or trust company that holds title to or a security interest in leased property for the benefit of the lessee, lessor, and/or creditors of the lessor. A leveraged lease often has two trustees: an owner trustee and an indenture trustee.