(insurance) An insurance clause included in policies to cover against losses as a result of war. See war risk.

warehouse receipt

(shipping) An instrument (document) listing the goods or commodities deposited in a warehouse. It is a receipt for the commodities listed, and for which the warehouse is the bailee. Warehouse receipts may be either non-negotiable or negotiable.

warehouse-to-warehouse

(insurance) Insurance coverage of risks to a shipment of goods from the time the goods leave the warehouse for commencement of transit and continue during ordinary course of transit until delivered to final warehouse at destination, or until the expiration of 15 days (30 if destination is outside the limits of the port), whichever shall first occur. In the case of delay in excess of the time limit specified, if it arises from circumstances beyond his control, the assured is "held covered" if he gives prompt notice and pays additional premium. See Marine Extension Clause 1943 & 1952; currency (term) of insurance.

warehouse, U.S. Customs bonded

(U.S. Customs) A federal warehouse where goods remain until duty has been collected from the importer. Goods under bond are also kept here. See surety; bond; in bond.

warranty

(law) A promise by a contracting party that the other party can rely on certain facts or representations as being true. A seller, for example, may warrant that certain products will meet a list of specifications furnished by the buyer.

war risk

(insurance) The risk to a vessel, its cargo and passengers by aggressive actions of a hostile nation or group. See war risk insurance.

war risk insurance

(insurance) Insurance coverage against war risks as outlined in detail in some dozen rather specific paragraphs of an insurance policy. The policy conditions must be read for complete understanding. In general, they cover risks of capture and seizure, destruction or damage by warlike operations in prosecution of hostilities, civil wars and insurrections or in the application of sanctions under international agreements. Delay or loss of market is excluded. Loss or expense arising from detainments, nationalization of the government to or from which the goods are insured or seizure under quarantine or customs regulations is also excluded.

War risk insurance generally attaches as goods are first loaded on board a vessel at the port of shipment, and it ceases to attach as goods are landed at the intended port of discharge or on expiry of 15 days from arrival of the overseas vessel whichever first occurs. It includes transshipment and intermediate overland transit to an on-carrying overseas vessel, if any, but in no case for more than 15 days counting from midnight of the day of arrival of the overseas vessel at the intended port of discharge. If in transshipment, the 15-day period is exceeded, the insurance re-attaches as the interest is loaded on the on-carrying vessel. In case the voyage is terminated and the goods are discharged at a port or place other than the original port of discharge, such port or place shall be deemed the intended port of discharge.

The war risk policy is subject to 48 hours cancellation by either party. However, it cannot be cancelled on shipments upon which insurance has already attached. Since the cancellation provision is used at times for changing the conditions of insurance the current coverage should be studied for exact understanding of the war risk policy.

War risk insurance is routinely obtained for protection against mines and other implements of war from former wars.

Warsaw Convention

(shipping) Formal name: The Convention for the Unification of Certain Rules Relating to International Carriage by Air, signed in Warsaw in 1929. An international multilateral treaty which regulates, in a uniform manner, the conditions of international transportation by air. Among other things it establishes the international liability of air carriers and establishes the monetary limits for loss, damage, and delay.

Watch List

See Special 301.

waybill

(shipping) A document prepared by a transportation line at the point of a shipment, showing the point or origin, destination, route, consignor, consignee, description of shipment and amount charged for the transportation service, and forwarded with the shipment, or direct by mail, to the agent at the transfer point or waybill destination. See bill of lading; air waybill; ocean bill of lading.

Webb-Pomerene Act of 1918

(U.S. law) Federal legislation exempting exporters' associations from the antitrust regulations.

Webb-Pomerene Association

(U.S.) Associations engaged in exporting that combine the products of similar producers for overseas sales. These associations have partial exemption from U.S. anti-trust laws but may not engage in import, domestic or third country trade, or combine to export services.

weight break

(shipping) Levels at which the freight rate per 100 pounds decreases because of substantial increases in the weight of the shipment. Examples of levels at which weight breaks occur (in pounds) are 100, 500, 1,000, 3,000, 5,000 and 10,000.

weights and measures

See Weights and Measures in the Appendix for a complete listing.

weight ton

(measurement) (a) Short ton = 2,000 pounds, (b) Long ton = 2,240 pounds, (c) Metric ton = 2,204.68 pounds.

West Africa Economic Community

A regional alliance CEAO (French for Communauté Economique de l'Afrique), created in 1974, includes: Benin, Burkina Faso, Cote d'Ivoire, Mali, Mauritania, Niger, and Senegal. (Togo has observer status). The CEAO operates as a free trade area for agricultural products and raw materials and as a preferential trading area for approved industrial products, with a regional cooperation tax (TCR) replacing import duties and encouraging trade among member states. In order to ensure that benefits of the regional grouping flow to all members, especially the least developed ones (Mali, Mauritania, Niger, and Burkina Faso), the CEAO has established a fund to provide financial services and guarantees to development lenders in both public and private sectors for projects in member states. In addition, CEAO has the long-term objective of creating a customs union with extensive harmonization of fiscal policies between member states, though no concrete achievements in this direction have been recorded. Address: Communauté économique de l'Afrique de l'ouest (CEAO), rue Agostino Neto, 01 BP 643, Ouagadougou 01, Burkina Faso; Tel: 30-61-87; Telex: 5212.

West African Monetary Union

A regional alliance, WAMU (French: Union Monetaire Ouest Africaine, UMOA) was created by treaty signed in May 1962. WAMU comprises seven French-speaking African countries: Benin, Burkina Faso, Cote d'Ivoire, Mali, Niger, Senegal, and Togo. Within WAMU, these countries share a common currency (CFA Franc) freely convertible into the French Franc at a fixed parity, and a common Central Bank (BCEAO) responsible for the conduct of the Union's monetary and credit policies. Central bank address: Banuqe centrale des états de l'Afrique de l'ouest (BCEAO), ave. Abdoulaye Fadiga, BP 3108, Dakar, Senegal; Tel: 32-16-15; Fax: 23-93-35. There is also a common regional development bank, the Banque ouest-africaine de développement (BOAD). Address: Banque ouest-africaine de développement, BP 1172, Lomé, Togo; Tel: [228] 21-42-44; Fax: [228] 21-52-67.

wharfage

(shipping) (a) A charge assessed by a pier or dock owner for handling incoming or outgoing cargo, (b) The charge made for docking vessels at a wharf.

with average (WA)

(insurance) Insurance coverage which gives the assured protection for partial damage by sea perils, if the partial damage amounts to 3% (or other percentage as specified) or more of the value of the whole shipment or of a shipping package. If the vessel has stranded, sunk, been on fire or in collision, the percentage requirement is waived and losses from sea perils are recoverable in full.

Additional named perils may be added to the WA Clause. Theft, pilferage, nondelivery, fresh water damage, sweat damage, breakage and leakage are often covered. The combination of perils needed by a particular assured will naturally depend upon the commodity being shipped and the trade involved.

In its standard form a typical with average clause may read:

Subject to particular average if amounting to 3%, unless general or the vessel and/or craft is stranded, sunk, burnt, on fire and/or in collision, each package separately insured or on the whole."

The "all risk" clause is a logical extension of the broader forms of "With Average" coverage. This clause reads:

To cover against all risks of physical loss or damage from any external cause irrespective of percentage, but excluding, nevertheless, the risk of war, strikes, riots, seizure, detention and other risks excluded by the F.C.&S. (Free of Capture and Seizure) Warranty and the S.R.&C.C. (Strikes, Riots and Civil Commotion) Warranty in this policy, excepting to the extent that such risks are specifically covered by endorsement."

Some types of loss are commonly excluded and others not recoverable, even under the "all risk" clauses.

See also average; particular average; general average; free of particular average; deductible average; all risk; special marine policy.

without reserve

(shipping) A term indicating that a shipper's agent or representative is empowered to make definitive decisions and adjustments abroad without approval of the group or individual represented.

with particular average

(insurance) Insurance covering also the loss of single cases or partial quantities (as opposed to free from particular average, fpa). See also average; particular average; deductible average; all risk.

won

The currency of:

North Korea, 1W=100 jun;

South Korea, 1W=100 jeon.

World Administrative Radio

Conference

WARC refers to the conference convened regularly by the United Nations' International Telegraphic Union (ITU) to allocate and regulate radio frequencies for the purposes of television and radio broadcasting, telephone data communications, navigation, maritime and aeronautical communication, and satellite broadcasting. See International Telecommunications Union.

World Bank

(banking) The International Bank for Reconstruction and Development (IBRD), commonly referred to as the World Bank, is an intergovernmental financial institution located in Washington, DC. Its objectives are to help raise productivity and incomes and reduce poverty in developing countries. It was established in December 1945 on the basis of a plan developed at the Bretton Woods Conference of 1944. The Bank loans financial resources to credit worthy developing countries. It raises most of its funds by selling bonds in the world's major capital markets. Its bonds have, over the years, earned a quality rating enjoyed only by sound governments and leading corporations. Projects supported by the World Bank normally receive high priority within recipient governments and are usually well planned and supervised. The World Bank earns a profit, which is plowed back into its capital. Address: World Bank, 1818 H Street NW, Washington, DC 20433; Tel: (202) 477-1234; Telex: 248423; Fax: (202) 477-6391.

See International Bank for Reconstruction and Development; World Bank Group.

World Bank Group

(banking) An integrated group of international institutions that provides financial and technical assistance to developing countries. The group includes the International Bank for Reconstruction and Development, the International Development Association, and the International Finance Corporation. Address: World Bank Group, 1818 H Street NW, Washington DC 20433; Tel: (202) 477-1234; Fax: (202) 477-6391.

World Intellectual Property Organization

A specialized agency of the United Nations system of organizations that seeks to promote international cooperation in the protection of intellectual property around the world through cooperation among states, and administers various "Unions," each founded on a multilateral treaty and dealing with the legal and administrative aspects of intellectual property.

WlPO administers the International Union for the Protection of Industrial Property (the "Paris Union"), which was founded in 1883 to reduce discrimination in national patent practices, the International Union for the Protection of Literary and Artistic Works (the "Bern Union"), which was founded in 1886 to provide analogous functions with respect to copyrights, and other treaties, conventions and agreements concerned with intellectual property. Address: World Intellectual Property Organization, 34, chemin des Colombettes, CH-1211 Geneva 20, Switzerland; Tel: [41] (22) 730-9111; Telex: 412912 OMPI CH; Fax: [41] (22) 733-5428. See also patent; copyright; service mark; trademark; Patent Cooperation Treaty.

World Meteorological Organization

The WMO facilitates worldwide cooperation in establishing a network for meteorological, hydrological, and geophysical observations, for exchanging meteorological and related information, and for promoting standardization in meteorological measurements. Address: World Meteorological Organization, Case Postale 2300, CH-1211 Geneva 2, Switzerland; Tel: [41] (22) 730-8111; Telex: 414199 OMMCH; Fax: [41] (22) 734-2326.

World Tourism Organization

An intergovernmental technical body dealing with all aspects of tourism. The WTO promotes and develops tourism as a means of contributing to economic development, international understanding, peace, and prosperity. Headquarters address: World Tourism Organization, Calle Capitan Haya 42, E-28020 Madrid, Spain; Tel: (1) 571-0628; Telex: 42188 OMT E; Fax: (1) 571-3733.

world trade clubs

Local or regional based organizations in the United States and around the world of importers, exporters, customs brokers, freight forwarders, attorneys, bankers, manufacturers and shippers.

Each world trade club provides different services and activities, but many provide: information services including data bases and libraries, educational services including seminars and regularly scheduled classes, meeting space, club atmosphere, dining, exhibit facilities, and trade missions. Most major cities in the world have world trade clubs. For a list of world trade clubs internationally contact: World Trade Center Association, One World Trade Center, Suite 7701, New York, NY 10048; Tel: (212) 432-2626; Fax: (212) 488-0064.

World Traders Data Reports

(U.S.) A fee-based service which provides a background report on a specific foreign firm, prepared by U.S. commercial officers overseas. WTDRs provide information about the type of organization, year established, relative size, number of employees, general reputation, territory covered, language preferred, product lines handled, principal owners, financial references, and trade references. WTDRs include narrative information about the reliability of the foreign firm. Cost is $100 per report. Issued by the ITA. To obtain a World Traders Data Report, contact the nearest Department of Commerce district office, or call (800) USA-TRADE.

writ

(law) A judicial order to a person, often a sheriff, judge, or another officer of the law, to perform a specified act or to have the act performed. Writs of attachment, execution, and replevin are examples of writs that courts issue to require officials to carry out court judgments. See attachment; execution; replevin.

writer

(foreign exchange) The party which writes an option (also known as the option seller). The writer undertakes the obligation to carry out the conditions of the options contract according to the choice of the option buyer during the whole life to maturity of the option. For this he receives a premium which is paid to him by the buyer of the option.

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