International Trade Finance Terms from TEFO - J

J

Jetsam

Articles from a ship or ship's cargo that were thrown overboard, (usually to lighten the load in times of emergency or distress.). The articles may sink or be washed ashore.

Jettison

The act of throwing overboard at sea part of a vessel's paraphernalia or cargo or hull - usually in hopes of saving the ship from sinking.

Joint Agent

A person having authority to transact business for two or more principals . In transportation it is a common occurrence.

Joint And Several Liability

Liability for damages imposed on two or more individuals or legal entities who are responsible together and individually, allowing the party harmed to seek full remedy against all or any number of the wrongdoers.

Joint Rate

A single freight rate on cargo moving via two or more carriers who then share the income..

Joint Stock Company

An unincorporated business enterprise with ownership interests represented by shares of stock. Also a joint Stock Association.

Joint Venture

A combination of two or more individuals or legal entities who undertake together a transaction for mutual gain or to engage in a commercial enterprise together with mutual sharing of profits and losses.

Jurat

A statement signed by a person authorized to take oaths certifying to the authenticity of a document or affidavit.

Juristic Act

Action intended to, and capable of having, a legal effect, such as the creation, termination, or modification of a legal right.

Just In Time

The principle of production and inventory control that prescribes precise controls for the movement of raw materials, component parts and work-in-progress. Goods are expected to arrive when needed for production rather than arriving prior to need and becoming inventory,