Tuesday, March 9, 2010

Trade Terms Tuesday - March 9

Welcome to Trade Terms Tuesday! Each Tuesday, we will share three trade-related terms. In order to reach out to our diverse readership, we will try to provide one for exports, one for imports, and one for logistics/transportation. This week, we continue with the letter U.

Unit Load Device
The term “container” is used in both air and ocean transport; however, ULD is the term commonly used for container in air transport. ULDs are containers, pallets with a net and similar devices that come in a variety of shapes and sizes to fit specific types of carriers.

Unfair Trade Practice
An unfair trade practice is the result of government support to companies such as export subsidies or acts by companies themselves such as dumping, boycotts or other discriminatory shipping practices. Any act, policy or practice of a foreign government that violates, is inconsistent with, or otherwise denies benefits to the U.S. under any trade agreement to which the United States is a party.

U.S. Person
For purposes of Sec. Sec. 744.6, 744.10, 744.11, 744.12, 744.13 and 744.14 of the EAR, the term U.S. person includes:
(1) Any individual who is a citizen of the United States, a permanent resident alien of the United States or a protected individual as defined by 8 U.S.C. 1324b(a)(3);
(2) Any person organized under the laws of the United States or any jurisdiction within the United States, including foreign branches; and
(3) Any person in the United States.

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