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International Trade Finance Terms from TEFO - G

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G

 

Gang

 

Maritime: A group of longshoremen under a supervisor who are assigned to load or unload a portion of a vessel.

Gangway

 

1. The opening through which a ship is boarded.
2. A platform connecting quarterdeck and forecastle of a ship.

Gantry Crane

 

A specialized crane which travels on a structure which can span a wide area and raises and lowers cargo. Some of them span the deck of a vessel.

Gateway

 

1. A major airport or seaport;
2. or the port where customs clearance takes place;
3. or a point at which freight moving from one territory to another is interchanged between transportation lines.

Geisha Bond

 

Bond issued on the Japanese market in currencies other than yen.

General Agreement On Tariffs And Trade (GATT)

 

Both a multilateral trade agreement aimed at expanding international trade and the organization which oversees the agreement. The main goals of GATT are to liberalize world trade and place it on a secure basis thereby contributing to economic growth and development and the welfare of the world's people. The organization, GATT, has been succeeded by the World Trade Organization (WTO).

General Average

 

1. loss that affects all cargo interests on board a vessel as well as the ship herself.
2. An internationally accepted rule of the sea which says when a peril threatens the survival of the ship, there may be sacrificed (thrown overboard) any cargo or supplies or ships' furnishings, and any expense incurred necessary to save the ship. If the vessel is saved, all cargo owners, ship owner, and owners of the freight revenue share pro rata in the loss.

General Cargo Rate

 

The rate a carrier charges for the transportation of cargo which does not qualify for a lower special class or commodity rate in the carrier's tariff.

General Cargo Vessels

 

A vessel designed to handle breakbulk cargo such as bags, cartons, cases, crates and drums, either individually or in unitized or palletized loads.

General Commodity Rate

 

In a maritime tariff, a freight rate applicable to all commodities except those for which specific rates have been filed.

General Imports

 

The total physical arrivals of merchandise into one country from foreign countries during a period of time..

General Liability

 

Unlimited responsibility for an obligation, such as payment of debts of a business.

General Order

 

(USA) The customs requirement that goods not cleared within a specific number of days after arrival of the carrier must be taken into custody of customs and deposited in a warehouse at the risk and expense of the consignee.

General Order Warehouse

 

(USA) A bonded warehouse authorized by customs to store goods sent to General Order.

General Partnership

 

A partnership where all partners have joint ownership. They share the profit, losses and management equally and each has personal liability for all the debts.

General Tariff

 

A tariff that applies to countries that do not enjoy either preferential or most favored nation tariff treatment.

Generalized System Of Preferences (GSP)

 

A program providing for free rates of duty for merchandise from beneficiary developing independent countries and territories to encourage their economic growth.

Global Bond

 

A bond that can be traded in any United States capital market and in the Euromarket with special arrangements made for transferability between the markets.

Global Quota

 

A quota set by a nation on the total imports of a product from all countries.

Gold Exchange Standard

 

A monetary system adopted by some countries which did not have enough gold to go onto the gold standard so they deposited their gold with one of the leading gold standard countries and made their currency more or less freely convertible to the currency of that country.

Gold Reserves

 

Gold retained by a nation or its central banks contributing to the nation's creditworthiness in the issuance of bonds and currency, although there may be no commitment by it to exchange gold for its currency.

Gold Standard

 

A monetary system whereby every form of currency issued by a country is convertible on demand into its legal equivalent in gold or gold coin

Gondola Car

 

An open railway car with sides and ends, used principally for hauling coal, sand, etc.

Goods

 

Merchandise; supplies; raw materials; wares; commodities; products. The meaning may vary in various situations but for purposes of a contract for storage or transportation, or with reference to collateral for security, it means all things treated as movable.

Grantee

 

1. One to whom a grant is made; a grant being the giving or permitting as a right or privilege, an authority, a power, a license, or a property.
2. (USA) As to foreign trade zones in the US, a corporation to which the privilege of establishing, operating, and maintaining a foreign trade zone has been granted by the Foreign Trade Zone Board.

Green Card

 

A popular name for an identity card (visa) issued by the U.S. Immigration and Naturalization Service entitling a foreign national to enter and reside in the United States as a permanent resident.

Grid

 

Fixed margin within which exchange rates are allowed to fluctuate.

Gross

 

1. 12 dozen or 144 articles.
2. Total (as in "Gross Weight".)

Gross Domestic Product

 

A measure of the market value of all goods and services produced within the boundaries of a nation. It excludes income from external enterprises or investments.

Gross National Product

 

A measure of the market value of all goods and services produced within the boundaries of a nation plus receipts from foreign business activities and investments beyond the national boundaries.

Gross Weight

 

The total weight of a package or a shipment, including goods and packaging.

 



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