International Trade Finance Terms from TEFO - Q

Q

Quantitative Restrictions

Explicit limits, or quotas, on the physical amounts of particular commodities that can be imported or exported during a specified time period, usually measured by volume but sometimes by value. The quota may be applied on a selective basis, with varying limits set according to the country of origin or destination, or on a quantitative global basis that only specifies the total limit and thus tends to benefit more efficient suppliers.

Quarantine

1. The term during which an arriving ship or airplane, including its passengers, crew and cargo, suspected of carrying a contagious disease, is held in isolation to prevent the possible spread of the disease.
2. The place in which a person or carrier under quarantine is held.

Quay

A structure built for the purpose of mooring a vessel; also called a pier.

Queue

A line of people, vehicles etc., especially a waiting line as before a ticket window or a toll booth.

Quid Pro Quo

1. A mutual consideration; securing an advantage or receiving a concession in return for a similar favor.
2. A mutual consideration which passes between the parties to a contract, and which renders it valid and binding.

Quota

A limitation on the quantity of goods that may be imported into a country from all countries or from specific countries during a set period of time. Export quotas have similar parameters.

Quota System

(USA) A part of the U.S. Customs' Service Automated Commercial System, which controls quota levels (quantities authorized) and quantities entered against those levels.