(shipping) Degree of hazard will vary depending on type and quantity of material. (UN CLASS 7.) Examples are thorium 232, carbon 14 and radium 226. Hazards/precautions are: avoid touching broken or damaged radioactive items; persons handling damaged items must wear rubber or plastic gloves; damaged items will be monitored and safely packaged under the surveillance of the radiological monitor; and persons having come in direct contact with damaged or broken radioactive items must move away from the spill site (but stay in the area) to be monitored and decontaminated.

rail waybill

(shipping) Freight document that indicates goods have been received for shipment by rail. A duplicate is given to the shipper as a receipt for acceptance of the goods (also called duplicate waybill). See bill of lading.

rand

The currency of:

Namibia, 1R=100 cents.

South Africa, 1R=100 cents;

rate of exchange

(banking/foreign exchange) The amount of funds of one nation that can be bought, at a specific date, for a sum of currency of another country. Rates fluctuate often because of economic, political and other forces. See foreign exchange.

realignment

(foreign exchange) Simultaneous and mutually coordinated re- and devaluation of the currencies of several countries. The concept was first used in 1971 for the exchange rate corrections made in a number of countries within the framework of the Smithsonian Agreement. Since then, it has mainly been used to describe the exchange rate corrections within the European Monetary System.

real rights

(law) Rights in real estate or in items attached to real estate.

reasonable person standard

(law) A legal test that is used to determine whether a person is liable for damages. It is based on a comparison of the person's conduct with the actions or conduct expected of a reasonable person of the same characteristics in similar circumstances.

receipt

(law) Any written acknowledgment of value received.

received for shipment bill of lading

(shipping) A bill of lading which confirms the receipt of goods by the carrier, but not their actual loading on board. See bill of lading.

(banking/letters of credit) A received for shipment bill of lading can be accepted under letters of credit only if this is expressly permitted in the letter of credit, or if the credit stipulates a document covering multimodal transport. Otherwise, "received for shipment" bills of lading must show an additional "On board" notation in order to be accepted as an ocean bill of lading. See bill of lading; ocean bill of lading.

receiving papers

(shipping) Paperwork that accompanies a shipment when it is brought to the dock. Usual information listed is name and address of shipper, number of pieces, commodity, weight, consignee, booking number and any special requirements, such as label cargo or temperature control.

reciprocal defense procurement

memoranda of understanding

(NATO/USA) Reciprocal memoranda of understanding (MOU) are broad bilateral umbrella MOUs that seek to reduce trade barriers on defense procurement. They usually call for the waiver of "buy national" restrictions, customs and duties to allow the contractors of the signatories to participate, on a competitive basis, in the defense procurement of the other country. These agreements were designed in the late 1970's to promote rationalization, standardization, and interoperability of defense equipment within NATO. At that time, the MOUs were also intended to reduce the large defense trade advantage the United States possessed over the European allies. The first agreements were signed in 1978. See memorandum of understanding.

reciprocal trade agreement

(trade) An international agreement between two or more countries to establish mutual trade concessions that are expected to be of equal value.

reciprocity

(general) The "mutuality of benefits," "quid pro quo," and "equivalence of advantages."

(international trade) The practice by which governments extend similar concessions to each other, as when one government lowers its tariffs or other barriers (non-tariff barriers) impeding its imports in exchange for equivalent concessions from a trading partner on barriers affecting its exports (a "balance of concessions"). Reciprocity has traditionally been a principal objective of negotiators in the General Agreement on Tariffs and Trade (GATT) "Rounds."

In practice, this principle applies only in negotiations between developed countries. Because of the frequently wide disparity in their economic capacities and potential, the relationship between developed and developing countries is generally not one of equivalence.

GATT Part IV (especially GATT Article XXXVI) and the "Enabling Clause" of the Tokyo Round "Framework Agreement" exempt developing countries from the rigorous application of reciprocity in their negotiations with developed countries.

The concept of "relative reciprocity" has emerged to characterize the practice by developed countries to seek less than full reciprocity from developing countries in trade negotiations.

reconsignment

(shipping) A change in the name of the consignor or consignee; a change in the place of delivery; a change in the destination point; or relinquishment of shipment at point of origin.

recourse

(banking) Right of claim against the joint and several guarantors (e.g., endorsers, drawers) of a bill of exchange or cheque. See protest; bill of exchange.

red clause (letter of credit)

(banking) A special clause included in a documentary letter of credit which allows the seller to obtain an advance on an unsecured basis from the correspondent bank to finance the manufacture or purchase of goods to be delivered under the documentary letter of credit. Liability is assumed by the issuing bank rather than the corresponding bank. It is called red clause because red ink used to be used to draw attention to the clause. See letter of credit.

redeliver

(U.S. Customs) A demand by the U.S. Customs Service to return previously released merchandise to Customs custody for reexamination, reexport or destruction.

reefer container

(shipping) A controlled temperature shipping container (usually refrigerated).

reexport

(general) The export of imported goods without added value.

(U.S.) For U.S. export control purposes: the shipment of U.S. origin products from one foreign destination to another.

For U.S. statistical reporting purposes: exports of foreign-origin merchandise which have previously entered the United States for consumption or into Customs bonded warehouses for U.S. Foreign Trade Zones.

refund

(shipping) An amount returned to the consignor or consignee as a result of the carrier having collected charges in excess of the originally agreed upon, or legally applicable, charges.

(customs) Refund of import duties. See drawback.

reimbursing bank

(banking) The bank named in a documentary credit (letter of credit) from which the paying, accepting or negotiating bank may request cover after receipt of the documents in compliance with the documentary credit. The reimbursing bank is often, but not always, the issuing bank. If the reimbursing bank is not the issuing bank, it does not have a commitment to pay unless it has confirmed the reimbursement instruction. The issuing bank is not released from its commitment to pay through the nomination of a reimbursing bank. If cover from the reimbursing bank should not arrive in time, the issuing bank is obliged to pay (also any accrued interest on arrears).

rejected merchandise drawback

See drawback.

relative reciprocity

See reciprocity.

relay

(shipping) A shipment that is transferred to its ultimate destination port after having been shipped to an intermediate point.

relief from liability

(U.S. Customs) In cases where articles imported under temporary importation under bond (TIB), relief from liability under bond may be obtained in any case in which the articles are destroyed under Customs supervision, in lieu of exportation, within the original bond period. However, in the case of articles imported solely for testing or experimentation, destruction need not be under Customs supervision where articles are destroyed during the course of experiments or tests during the bond period or any lawful extension, but satisfactory proof of destruction shall be furnished to the district or port director with whom the customs entry was filed. See temporary importation under bond; drawback; in bond.

remittance

(banking) Funds forwarded from one person to another as payment for bought items or services.

remittance following collection

(shipping) In instances when the shipper has performed services incident to the transportation of goods a carrier will collect payment for these services from the receiver and remit such payment to the shipper. Carriers charge nominal fees for this service.

remitter

(banking) In a documentary collection, an alternate name given to the seller who forwards documents to the buyer through banks. See documentary collection.

remitting

(banking) Paying, as in remitting a payment; also canceling, as in remitting a debt.

remitting bank

(banking) In a documentary collection, a bank which acts as an intermediary, forwarding the remitter's documents to, and payments from the collecting bank. See documentary collection.

renminbi (RMB)

(People's Republic of China) Literally "people's currency." The official currency of China, issued by the Central Bank of China. As of January 1, 1994, China's dual currency system of RMB and FEC (Foreign Exchange Certificate) was united in a step toward making the RMB more freely convertible and bringing its exchange rate closer to market value.

replevin

(law) A legal action for recovering property brought by the owner or party entitled to repossess the property against a party who has wrongfully kept it. A seller that furnishes products to a sales representative on consignment, for example, may sue for replevin if the sales representative wrongfully retains products not sold at the end of the term of the consignment agreement.

request for quotation (RFQ)

A negotiating approach whereby the buyer asks for a price quotation from a potential seller/suppler for specific quantities of goods (or services) to specifications the buyer establishes in the request for quotation letter.

requirement contract

(law) An agreement by which a seller promises to supply all of the specified goods or services that a buyer needs over a certain time and at a fixed price, and the buyer agrees to purchase such goods or services exclusively from the seller during that time.

rescind

(law) To cancel a contract. A contract may, for example, give one party a right to rescind if the other party fails to perform within a reasonable time.

rescission

See rescind.

reserved freight space

(shipping) A service by some airlines enabling shippers to reserve freight space on designated flights. See priority air freight.

residual restrictions

(GATT) Quantitative restrictions that have been maintained by governments before they became contracting parties to the General Agreement on Tariffs and Trade (GATT) and, hence, permissible under the GATT "grandfather clause." Most of the residual restrictions still in effect are maintained by developed countries against the imports of agricultural products. See grandfather clause; General Agreement on Tariffs and Trade.

restitution

(law) A legal remedy for a breach of contract by which the parties are restored to their original positions before the contract was made or the breach occurred. Damages are distinguished from restitution in that damages compensate for a party who has suffered a loss. If a buyer, for example, partially pays for merchandise in advance and the seller delivers merchandise that fails to meet the buyer's specifications, the buyer may file a legal action seeking restitution, that is, a return of the advance payment to the buyer and of the goods to the seller. Alternatively, the buyer may accept the goods and may sue for damages in the amount by which the worth of the goods is less than the original contract price.

restricted articles

(shipping) An airline term meaning a hazardous material as defined by Title 49, Code of Federal Regulations (U.S.) and Air Transport Restricted Articles Circular 6-D. Restricted articles may be transported domestically and be classified dangerous goods when transported internationally by air. See dangerous goods; hazardous material.

restricted letter of credit

(banking) A letter of credit, the negotiation of which is restricted to a bank specially mentioned. See letter of credit.

restrictive business practices

(economics) Actions in the private sector, such as collusion among the largest suppliers, designed to restrict competition so as to keep prices relatively high.

restrictive endorsement

See endorsement.

retaliation

Action taken by a country to restrain its imports from a country that has increased a tariff or imposed other measures that adversely affect its exports.

(GATT) The GATT, in certain circumstances, permits such reprisal, although this has very rarely been practiced. The value of trade affected by such retaliatory measures should in theory, approximately equal the value affected by the initial import restriction.

retaliatory duty

See retaliation.

returned without action

(U.S.) For export control purposes, the return of an export license application without action because the application is incomplete, additional information is required, or the product is eligible for a general license. See Bureau of Export Administration; general license.

revaluation

(economics) The increase of the value (restoration) of a nation's currency (that had once been devalued) in terms of the currency of another nation.

reverse preferences

Tariff advantages once offered by developing countries to imports from certain developed countries that granted them preferences. Reverse preferences characterized trading arrangements between the European Community and some developing countries prior to the advent of the Generalized System of Preferences (GSP) and the signing of the Lome Convention.

reverse swap

(banking/trade) A swap which offsets the interest rate or currency exposure on an existing swap. It can be written with the original counterparty or with a new counterparty. In either case, it is typically executed to realize capital gains.

Revised American Foreign Trade Definitions

A set of foreign trade terms which are considered obsolete, but still sometimes used in domestic U.S. trade. The most widely accepted international trade terms are Incoterms 1990. See Incoterms 1990.

revocable letter of credit

(banking) A letter of credit which can be cancelled or altered by the drawee (buyer) after it has been issued by the drawee's bank. Due to the low level of security of this type of credit, they are extremely rare in practice. See letter of credit.

revocation of antidumping duty order & termination of suspended investigation

(U.S. Customs) An antidumping duty order may be revoked or a suspended investigation may be terminated upon application from a party to the proceeding. Ordinarily the application is considered only if there have been no sales at less than fair value for at least the two most recent years. However, the Department of Commerce may on its own initiative revoke an antidumping duty order or terminate a suspended investigation if there have not been sales at less than fair value for a period of 3 years. See dumping.

revolving letter of credit

(banking) A letter of credit which is automatically restored to its full amount after the completion of each documentary exchange.

The number of utilizations and the period of time within which these must take place are specified in the documentary letter of credit. The revolving letter of credit is used when a purchaser wishes to have certain partial quantities of the ordered goods delivered at specified intervals (multiple delivery contract) and when multiple documents are presented for this purpose. Such credit may be cumulative or non-cumulative. See letter of credit.

rial

The currency of:

Iran, 1Rl=100 dinars;

Oman, 1RO=1,000 baiza;

Yemen, 1YR=100 fils.

riel

The currency of Kampuchea. 1CR=100 sen.

ringgit

The currency of Malaysia. 1M$=100 sen.

risk position

(banking/finance/foreign exchange) An asset or liability, which is exposed to fluctuations in value through changes in exchange rates or interest rates.

riyal

The currency of:

Qatar, 1QR=100 dirhams;

Saudi Arabia, 1SR=100 halala.

road waybill

(shipping) Transport document that indicates goods have been received for shipment by road haulage carrier. See bill of lading.

rollback

(GATT) Refers to an agreement among Uruguay Round participants to dismantle all trade-restrictive or distorting measures that are inconsistent with the provisions of the General Agreement on Tariffs and Trade (GATT). Measures subject to rollback would be phased out or brought into conformity within an agreed timeframe, no later than by the formal completion of the negotiations. The rollback agreement is accompanied by a commitment to "standstill" on existing trade-restrictive measures. Rollback is also used as a reference to the imposition of quantitative restrictions at levels less than those occurring in the present.

See standstill; General Agreement on Tariffs and Trade; rounds; Tokyo Round; Uruguay Round.

roll-on, roll-off (RoRo)

(shipping) A broad category of ships designed to load and discharge cargo which rolls on wheels. Broadly interpreted, this may include train ships, trailer ships, auto, truck and trailer ferries, and ships designed to carry military vehicles.

rollover

(finance/foreign exchange) (a) Extension of a maturing financial instrument, such as a loan or certificate of deposit. (b) Extension of a maturing foreign exchange operation through the conclusion of a swap agreement (e.g., tom/next swap). (c) Variability of an interest rate according to the appropriate, currently prevailing rates on the Euromarket (normally LIBOR) for a medium-term loan.

rollover credit

(banking) Any line of credit that can be borrowed against up to a stated credit limit and into which repayments go for crediting. See letter of credit.

rounds (of trade negotiations)

(GATT) Cycles of multilateral trade negotiations under the General Agreement on Tariffs and Trade (GATT), culminating in simultaneous agreements among participating countries to reduce tariff and non-tariff trade barriers.

1st Round: 1947, Geneva (creation of the GATT);

2nd Round: 1949, Annecy, France (tariff reduction);

3rd Round: 1951, Torquay, England (accession & tariff reduction);

4th Round: 1956, Geneva (accession and tariff reduction);

5th Round: 1960-62, Geneva ("Dillon" Round; revision of GATT; addition of more countries);

6th Round: 1964-67, Geneva ("Kennedy" Round);

7th Round: 1973-79, Geneva ("Tokyo" Round);

8th Round: 1986-93, Geneva ("Uruguay" Round).

See General Agreement on Tariffs and Trade; Tokyo Round; Uruguay Round.

route

(shipping) (a) The course or direction that a shipment moves. (b) To designate the course or direction a shipment shall move.

royalty

(law) Compensation for the use of a person's property based on an agreed percentage of the income arising from its use (e.g., to an author on sale of his book, to a manufacturer for use of his machinery in the factory of another person, to a composer or performer, etc.). A royalty is a payment, lease or similar right, while a residual payment is often made on properties that have not been patented or are not patentable.

rouble

The currency of Russia and throughout the Commonwealth of Independent States. 1R=100 kopecks.

rufiyaa

The currency of Maldives. 1Rf=100 larees.

rulings on imports

(U.S. Customs) An exporter, importer, or other interested party may get advance information on any matter affecting the dutiable status of merchandise by writing the District Director of Customs where the merchandise will be entered, or to the Regional Commissioner of Customs, New York Region, New York, NY 10048, or to the U.S. Customs Service, Office of Regulations and Rulings, Washington, DC 20229. Detailed information on the procedures applicable to decisions on prospective importations is given in 19 Code of Federal Regulations part 177.

Tip: Do not depend on a small "trial" or "test" import shipments since there is no guarantee that the next shipment will receive the same tariff treatment. Small importations may slip by, particularly if they are processed under informal procedures which apply to small shipments or in circumstances warranting application of a flat rate.

rupee

The currency of:

India, 1Re=100 paise;

Mauritius, 1MauRe=100 cents;

Nepal, 1NRe=100 paise;

Pakistan, 1PRe=100 paisas;

Seychelles, 1Re=100 cents;

Sri Lanka, 1R=100 cents.

rupiah

The currency of Indonesia. 1Rp=100 sen.

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