Interex Lebanon Glossary
Acceptance bank / Banque d'acceptation
A bank that promises to pay a bill of exchange in return for a fee.ABL (Association of Banks in Lebanon) / ABL
Established in 1959, the ABL is a professional industry association with its key mission to effectively promote the interests and image of the banking sector. The ABL, under the direction of an elected Board of Directors, accomplishes its goals through the co-operative efforts of the banks' representatives in Working Committees and its Professionl Staff.ACP / ACP
The ACP (African, Caribbean, Pacific) countries signed an agreement of association with the European Community on December 15, 1989 at Lomé. The ACP States comprise 69 countries. Under the Agreement, certain types of products are exempted from customs duties and enjoy preferential tariffs.Act of god / Catastrophe naturelle
An unexpected event such as a storm, a flood, an earthquake, etc. mentioned in some insurance contracts as a cause of loss or damage.Ad valorem / Ad valorem
Latin for: "according to value". VAT is an example of ad valorem tax.Advance (advance bill) / Avance (effet tiré d'avance)
Money (bill) paid (written) before the goods have been sent off.Advance in export currency / Avance en devises export
Bank financing of cash flow for exporters who grant their foreign buyers a term of payment . If the foreign currency advance is granted in the billing currency of the commercial contract, it also serves as a means of covering exchange risks.Advance in import currency / Avance en devise import
Bank financing of cash flow for importer, allowing them to pay foreign sellers in cash. If the foreign currency advance is granted in the billing currency of the commercial contract, it also serves as a means of covering exchange risks.Advising bank / Banque notificatrice
In the context of documentary credit, this is the intermediary bank that transfers the documentary credit to the beneficiary following a request by the issuing bank. The advising bank, however, does not offer any guarantees to the beneficiary and merely passes the information on.After-sale service / Service après-vente
A service provided by the supplier of a product after it has been sold, with a view of keeping it in good (working) order.Agency / Agence
The work carried out by a person (the agent) chosen to act on behalf of another (the principal).Airway bill / Lettre de transport aérien
An airway bill of lading is a contract of transport issued in triplicate by the shipping agent for an air shipment.Air container / Conteneur aérien
Container adapted to air navigation standards.A.M. / Par avion
Air mail.American selling price (ASP)
A charge made by US customs on an imported product to make it the same price as a similar product produced in the US.ANSI / ANSI
The American National Standards Institute is the American standardization body. It publishes American standards and provides companies with information on the standards in force in the United States.Arrival notice / Avis d'arrivée
A note sent by the carrier to the receiver (the consignee) informing the latter of the arrival of the goods.ASAP / ASAP
As soon as possible.ATA carnet / Carnet ATA
An ATA carnet is an international customs document instituted in 1961 by the Brussels Convention. The Convention allows an exporter to transit his goods temporarily through several successive countries without having to make a customs declaration at each border.ATM / Distributeur automatique
Automatic teller machine, cashpoint.ATR / ATR / ATR
An ATR is a certificate for the movement of goods within the framework of EC/Turkey relations. This document allows exporters to benefit from the free movement or preferential systems. The ATR document has to be stamped by the customs authorities of the exporting state.At warehouse / Rendu entrepôt
Said of a price of goods which includes delivery and loading.AWB (Airway bill) / LTA
An airway bill of lading is a contract of transport issued in triplicate by the shipping agent for an air shipment.BAF-CAF / BAF-CAF
BAF and CAF are two kinds of adjustment that either increase or decrease the basic freight. BAF (Bunker Adjustment Factor) is an adjustment that depends on fuel price trends. CAF (Currency Adjustment Factor) is an adjustment that depends on the exchange rate trends of the currency in which the tariff has been established.Baltic exchange (the) / Baltic exchange (the)
An international exchange for freight and shipping in London.Bank acceptance (B)A / Acceptation bancaire
A bill of exchange that is accepted by a bank for a fee.Base / Assiette
Base for levying a tax.BDL (Banque du Liban) / BDL
The Banque du Liban (BDL) is mainly concerned with the safeguarding of the currency in order to ensure a basis for sustained social and economic growth.BIA / AIB
Beirut International Airport
Bill / Traite
Written unconditional order whereby an individual or legal entity (the drawee) makes a commitment to pay a certain sum to another individual or legal entity (the drawer) at sight or after a defined period.Bill of exchange, (b/e) / Effet de commerce
A signed document, such as a cheque, that orders a person or an organization, such as a bank, to pay a fixed sum of money on demand or on a certain date to the person specified.Bill of lading (clean / dirty) / Connaissement (sans réserve / avec réserves)
The Bill of lading is a sea transport contract.Bill of sight / Déclaration provisoire
Billing Currency / Factuurvaluta / Monnaie de facturation
The choice of payment (billing) currency (local or foreign) should take into account commercial considerations (complexity and exchange risk for buyers in case of local currency), and the economic viability of the operation (exchange risk involved for sellers who invoice in foreign currency).Board Member / Administrateur
Individual or corporate body, appointed from among the shareholders. As members of the Board of Directors, the task of the board members is to manage the company collectively. They are invested with wide-ranging powers to act on behalf of the company.Bond note / acquis à caution
Bonded goods / marchandises sous douane
Bonded Warehouses / MADT-MAE
Bonded Warehouses. These are zones under Customs control that permit the storage of goods prior to customs clearance.Branch / Succursale
A division, office or other unit of business located at a different location from the main office or headquarters of a company ; it has no separate existence as a legal entity though it does enjoy some autonomy.Brand / Marque
Distinctive sign which serves to identify a product or an enterprise and to differentiate it from the competition.Breach of contract / Résiliation
Cancellation is brought about when the execution of the Contract is interrupted for a 6-month period following the occurrence of a claim-generating event as mentioned in the policy.
Broker / Courtier
Brokers are commercial agents who are legally independent of the companies for which they work. They deal with their clients for each brokerage transaction without being bound by a long-term contract.Business assets / Actifs professionnels
All tangible movable assets (equipment, machinery, etc.) and intangibleassets (customers, goodwill, corporate name, sign, lease right, licences and authorisations, etc.). It is important to note that this never includes the building(s) in which the business is run.Buying group / Centrale d'achat
Body that centralises purchases in order to obtain the best possible prices.CAD / Contre document
Abbreviation for cash against documents. The transit documents are handed over to a bank with instructions to release them to the importer only against payment.CAIRNS / CAIRNS
Group of 14 exporting countries practising free trade in agricultural products. It was established in 1987 in Cairns, Australia ; its purpose is to voice the common interests and concerns of its members in international negotiations on agriculture. The Group is composed of Argentina, Australia, Brazil, Canada, Chile, Colombia, Fiji, Indonesia, Malaysia, New Zealand, the Philippines, Thailand and Uruguay.
CAD / T Encaissement documentaire
Abbreviation for cash against documents. The transit documents are handed over to a bank with instructions to release them to the importer only against payment.CAP / PAC
The Common Agricultural Policy enacted in 1962 aims at modernising the agricultural sector. The CAP is also designed to guarantee a decent income to farmers while maintaining price stability in the market. The goal of the CAP is three-fold: free movement of agricultural products within the EU, setting of prices in Europe and preference for the Community (EU) products.Carriage forward / (en) port dû
A condition of sale pursuant to which the cost of transporting goods is paid by the receiver.Cash on delivery (COD) / Paiement à la livraison
Cash on deliveryCash price / Prix pour un paiement comptant
The price a seller will accept if payment is made immediately.CCT (Common Customs Tariffs) / TDC (Tarif douanier commun)
The Common Customs Tariff is a codification which determines customs duties at European Communitylevel.Central and East European Countries / PECO (Pays d'Europe Centrale et Orientale)/
Acronym employed principally in the framework of Community agreements or programmes to refer to the following 10 States: Bulgaria, Estonia, Hungary, Latvia, Lithuania, Poland, Romania, the Czech Republic, Slovenia and SlovakiaCentralised account / Compte centralisateur
This is a current account opened in the books of a foreign bank wherein all settlements, transfers or cheques are centralised in the country in which the foreign bank is located.Certificate of loss / Constat ou déclaration d'avarie
It is a means by which the damage or average surveyor establishes the nature and scale of damages and losses, in a written report.Certificate of origin / Certificat d'origine
This certificate proves the origin of the goods. It is usually stamped by the chambers of commerce. A certificate of origin is often required for export or import purposes, as goods of a certain origin enjoy the advantages of a preferential system. A certificate of origin is frequently necessary within the framework of documentary credit.Chain store / Magasin d'une chaîne
One of a number of similar shops belonging to the same company.Chartering / Affrètement
This, in maritime law, is a contract by which a ship owner undertakes, in return for a fee, to make a ship available to a charterer for the transportation of goods or persons.CIM / CIM
International Convention for the transportation of Goods.CIS (Confederation of Independent States) / CEI (Confédération des Etats Indépendants)
The Confederation of Independent States brings together Armenia, Azerbaijan, Belarus, Georgia, Kazakhstan, the Kirghiz Republic, the Republic of Moldova, the Russian Federation, Tadzhikistan, Turkmenistan, the Ukraine and Uzbekistan.Claim / Créance
Right of a person (the creditor) to claim something from someone (debtor), usually an amount of money.Claim-generating event / Fait générateur de sinistre
Situation or event mentioned in the policy which, by causing the non-payment of the debt or cancellation of the contract, can bring the guarantee into play.
Clearance sale / Soldes
An event held by a trader to dispose of old stock, usually at reduced prices, to make way for new stock.COD / Contre-remboursement
Cash On Delivery is a system of payment wherein the carrier collects the amount due and ensures its repatriation. This system is to be used only if the exporter is sure that the buyer will accept the goods and if the consignments are packages with a low unit value.Combined transport / Transport Combiné
Intermodal transport where the main leg is by rail, navigable waters or sea and where the initial and/or final legs of the journey take place by road over the shortest possible distance.Commercial Court / Tribunal de commerce
This is a non-criminal specialised jurisdiction of the first degree with judges and a court clerk. The "lay magistrates" (tradesmen acting as judges) have a voluntary mandate and are responsible for judging disputes between partners, traders or those relating to commercial laws.Commercial risk / Risque commercial
Risk resulting from the deterioration of the debtor's financial situation, leading to the impossibility to pay the debt.Community goods / Marchandise communautaire
This expression refers to goods: either obtained entirely from the Community's customs jurisdiction, with no input of goods imported from countries or territories outside the Community's customs jurisdiction, or imported from countries or territories outside the Community's customs jurisdiction but found in a free zone.Company / Société
Contract - and, by extension, the legal entity itself created by this contract - whereby two or more entities agree to allocate to a common enterprise their goods or services with the objective of sharing the profits or the economies that may arise from the arrangement. It can also be constituted by an act of law, or by the will of one individual.Consignee / Destinataire
A person or an organisation intended to receive goods sent.Consolidation (Consolidated Shipment) / Groupage
Shipment for which an agent (forwarding or other agent) consolidates several individual shipments to make a single shipment in order to benefit from preferential prices.Consumer / Consommateur
Person who uses goods, resources or services to satisfy his needs.Consumer Price index (CPI) / Index des prix à la consommation
A set of figures showing the movement of prices of everyday goods and bought by the public over a period of time.Consumption / Consommation
Total value of goods and services purchased by consumers over a given period of time.Container / Conteneur
A very large wooden or metal box into which a number of goods may be packed before being transported.Container / Conteneur
Means of maritime or multimode transport for the phases that precede or follow carriage by sea.Convenience food / Plats préparés
Food specially made and packed so that it can be cooked quickly and easily.Corporate name / Nom commercial
Name under which a company engages in business. It can be a patronymic name, or a pseudonym, or a brand. It is one of the elements of the assets of a business.Cost and freight / Coût et fret
A condition of sale for goods carried by sea pursuant to which the seller pays for loading and transporting goods but the buyer pays fthe insurance costs once the goods have been loaded.Cost insurance freight / Coût assurance et fret
A condition of sale for goods carried by sea pursuant to which the seller pays for loading and transporting the goods and arranges marine insurance.COTIF / COTIF (Convention des Transports Internationaux Ferrovaires)
Convention concerning International Carriage by Rail.Counterfeiting / Contrefaçon
Counterfeiting consists in forging, copying or imitating without authority or right, that which is original or genuine.Credit limit (comprehensive policy) / Limite de crédit (police globale)
Determines the maximum amount that the OND accepts to cover by debtor.
Credit sale / Vente à crédit
An arrangement pursuant to which a buyer takes goods that he / she will pay for by an agreed date in the future.Customs agent / Commissionnaire en douane
A customs agent is an authorised customs clearance professional. A forwarding agent can also act as a customs agent.Customs airport / Aéroport douanier
Airport opened by the competent technical authority for public and international air traffic. The airport has a customs house or sub-station that functions on a permanent or temporary basis.Customs bond / Acquit à caution ou cautionnement en douane
Customs or excise document in which a bonder undertakes to fulfil the obligations relating to the specific rules applicable to goods.Customs classification / Nomenclature douanière
The customs classification is also called the-HS code. The classification is a codification with 12 digits that determine the customs duty rate applicable to the type of product.Customs house / Bureau de douane
Place where all or some customs formalities (submission of customs declarations etc.) are performed.Customs procedures/ Régime douanier
Destination for customs purposes given to goods by submission of a customs entry and which determines its situation as regards the regulations.Customs value / D Valeur en douane
The customs value is the value of goods at the Community border. This value serves as a basis for the calculation of customs duties.CWO / Payable à la commande
Cash with order.Damage / Avaries
Loss of or damage to transported goods.Dealership / Concession
Form of partnership based on the contractual franchising of a brand. The franchise contract essentially involves the hiring out of a trade name and the guarantee of territorial exclusivity for the dealer.Debit note / Bordereau de débit
A document that informs a customer of money owed to a company for goods or services supplied.Debtor default / Carence
Default means that the debtor is unable to honour his obligations or backs out of honouring them for no legitimate reason.
Declarant / Déclarant
Individual or legal entity making a customs entry: - in his name and on his own behalf (own account declarant); - in his name and on behalf of an economic operator, importer and/or exporter (indirect representation declarant); - in the name of and on behalf of an economic operator, importer and/or exporter (direct representation declarant).Del credere agent / Agent ducroire
A person who sells goods for another and who agrees to pay for them if the customer fails to do so.Delivery note / Bon de livraison
A document that is sent together with the goods to a customer, and that details these goods ; the customer signs the delivery note to acknowledge his/her having received the goods.DP / BAE (Bon à Enlever)
DP signifies "delivery permit". A DP is a document issued by customs and authorising importers to take delivery of the goods.Desk research / Recherche documentaire
A form of market research using existing information.Despatch - dispatch / Expédier
The sending of goods to their destination.Destination customs house / Bureau de destination /
Customs office where goods are presented after a transit operation.Developing countries / PVD
This notion brings together countries with an average standard of living, which are not yet at par with the industrialised countries (for instance, India, Uruguay, Romania, etc.).DIN / DIN
The Deutsches Institut für Normung (DIN) is the German standard-setting body.Direct export / Ventes export en direct
A way of selling goods straight to a customer overseas without using an agent.Discount / Discount
This form of retailing, invented in the United States, consists mainly in selling at the lowest possible price. The low prices are achieved by reducing margins, making grouped purchases and cutting down overheads (the sales premises often resemble warehouses). This form of retailing has recently become very popular everywhere in the EU.Dispute / Contentieux
Any dispute that is likely to be brought before a court. Any litigation falling within the competence of a court.Distribution network / Réseau de distribution
Set of persons and companies involved in the distribution of a product, from the producer to the consumer.Distributor / Distributeur
A person or an organisation that supplies goods to shops, etc. for a producer or manufacturer.DIY superstore / GSB
Do-it-yourself outlet.Documentary letter of credit / Crédit documentaire
Banking technique which guarantees to the exporter that he will be paid for the sale and the importer that he will receive the goods as agreed in the commercial contract. It is a commitment by the importer's (or the buyer's) bank following a request made by him and on his behalf to pay a certain amount, determined by the commercial contract, to the exporter (or seller) against documents representing the goods dispatched.DP (Delivery Permit) / BAE (Bon à Enlever)
DP signifies "delivery permit". A DP is a document issued by the customs authorising importers to take delivery of the goods.Dumping / Dumping
Selling goods in a foreign market at very low prices.Duty-free Purchase / Achat en détaxe
Purchase exclusive of "value-added tax" (VAT) that any foreign (third country) resident can make subject to certain conditions relating to his/her person, to the type of goods and to compliance with some formalities.
Eastern standard time (EST) / Heure de la côte Est
The time used in the Eastern states of the USA and Eastern Canada.EBA / ABE
European Bank Association. This association of banks was initially set up to enable the settlement of transactions in ECU, via the E.C.S. (Euro Clearing System). The system has since been modified to deal with transactions in euros. The EBA manages the E.C.S., which allows its 62 member banks to exchange flows. Net settlements are carried out in cash at the end of the day, via EBA account, written up in the bookd of the European Central Bank.EBRD / BERD
The European Bank for Reconstruction and Development, set up in 1991, is a financial institution whose goal is to assist the economic reconstruction of Central and East European countries.EC / CE
The EC acronym represents the European Union's trademark. The EC trademark proves that a product fulfils the health, safety and technical requirements. The EC trademark is only valid in the European Union framework.ECB / BCE
The European Central Bank lays down the Euro zone policy in the field of interest rates and exchange policies with other countries. Its chief task is to maintain price stability within the Euro zone. It is independent of national governments and replaces the E.M.I (European Monetary Institute), which was established as a forerunner of the E.C.B.ECS / ECS
Euro Clearing System.ECSC / CECA
The European Coal and Steel Community was established in April 1951 in setting of the Schumann Plan, pursuant to which France, Italy, Germany, Belgium, the Netherlands and Luxembourg undertook to abolish customs duties, quotas and monetary restrictions affecting intra-Community trade in steel, coal and iron. Member countries ratified the agreement for a period of 50 years. The ECSC Institutions served as models for the EEC Institutions with which they were merged in 1957.Economic and Monetary Union (EMU) / Union Economique et Monétaire (UEM)
A set of institutions and arrangements set up under the 1992 Maastricht Treaty to create a single European currency.EFTA / AELE
The European Free Trade Association (EFTA) refers to: Iceland, Norway, Switzerland and Liechtenstein. These countries signed a free trade agreement with the EEC in 1992. The agreement came into force on January 1, 1994 and led to the establishment of the European Economic Area.EIB / BEI
The European Investment Bank is the European Community's financial institution. It collects savings from capital markets and directs them towards the funding of investment projects. The loans granted by the EIB are meant to bolster the most underprivileged regions.Embargo / Embargo
A government order to stop trade with another country.Embarkation / Embarquement
Boarding a ship or aircraft.EONIA / EONIA
The Euro OverNight Index Average replaces the ONIA (OverNight Index Average). The EONIA is the reference of the daytoday rate of the euro, which is calculated by the Central European Bank on the basis of the panel of banks participating in the definition of EURIBOR.EPO / OEB
European Patent Office.ESBC / SEBC
The European System of Central Banks comprises the ECB and the 15 national central banks of each Member State. Its role is to enforce the decisions of the ECB in each State.ESC / CEN
The European Standards Committee is a European body responsible for the setting of European standards. The ESC enables companies to bring their products in line with European standards (EC trademark). It is composed of 160 European organisations.Escape clause / Clause résolutoire
A condition in a contract that frees the parties from carrying out the terms of the contract in some specified circumstances.ETA (Estimated Time of Arrival) / Horaire d'arrivée prévu
Etimated time of arrival.EUR2 - EUR1 / EUR2 - EUR1
EUR documents are movement certificates, which are the equivalent of certificates of origin used in preferential trading between the EU and associate countries. EUR 2, used for postal shipment only, is not stamped by the customs house, unlike EUR 1.EURIBOR / EURIBOR
Euro Interbank Offered Rate is the rate at which euro interbank term deposits within the euro zone are offered by one prime bank to another prime bank. It has replaced the national indices of the European Union Member States.European Commission / Commission européenne
A European Union administration that makes routine decisions and proposes new laws.European Community / Communauté européenne
An organization of European countries that developed from the European Economic Community and makes law in a wide range of public policy areas.European Union (EU) / Union Européenne (UE)
An organization of 15 European countries defined under the 1992 Maastricht Treaty. It makes laws in a wide range of public policy areas and aims for cooperation between member countries in foreign and security policy, justice and home affairs.Exchange of goods declaration / Déclaration d'échange de biens (DEB)
Monthly declaration used within the framework of intra-Community trade relations (acquisition/delivery) that the operator having acquired or dispatched Community goods is obliged to make. The exchange of goods declaration makes it possible to monitor collection of VAT and to compile national foreign trade statistics.Export licence (import licence) / Licence d'exportation (d'importation)
The licence is an administrative document to control external trade, authorising the import or export of certain products subject to the quota regime.
Ex quay / Franco à quai
Is said of a price for goods where the seller pays for all costs up to delivery to a named port, including unloading onto the quay and onto road or rail vehicle.Ex works / Départ usine
Is said of a price where the buyer pays for transporting the goods away from the factory.Excise Tax/ Accises
Indirect consumer tax on some categories of products.Export / Exportation
To send an item, a service, an idea or a person from one country to another to be sold.Export credit / Crédit export
This technique covers all the financing mechanisms to which an exporter may resort. The different types of export credit are the so-called administered credits, purely secured credit and open credit (simple bank credit). These different types of credit can be divided into two groups: buyer's credit, which is a form of credit granted to the buyer to allow him to settle his debt in cash; and supplier credit, which is a discount on the debt held by the buyer who has granted a term of payment to his buyer.Expropriation (investment policy) / Expropriation (police investissement)
Includes all forms of nationalisation of the local enterprise, including creeping expropriation. This can arise from various measures taken by public authorities, taken simultaneously or otherwise, whose accumulation denotes a confiscatory nature.
Factoring / Affacturage
Combines the characteristics of a debt recovery procedure, a technique to cover payment risks and a means to finance debts. The factor settles the seller's receivables in advance. This is not a discount but a payment by subrogation with a subrogate receipt.Fast moving consumer goods (FMCG) / FMCG
Cheap dayly items bought and used up quickly.FCR / FCR
A Forwarder's Cargo Receipt is a document issued by a forwarding agent, which testifies that the goods have been taken over from the seller and that the exporter has therefore placed the goods at the disposal of the buyer.Feeder / Feeder
Ship that brings freight from medium-sized ports to ports served by large capacity ships.
Force majeure / Force majeure
Standard clause found in transport contracts enabling parties (in particular the carrier) to disclaim all liability in case of damage to or loss of goods for reasons beyond his control (e.g. a natural disaster or war).Forfait financing / Forfaitage
Forfaiting or forfait financing is a discount-based financing technique based on del credere discounts (against the exporter) of short-term and long-term export credit, evidenced by commercial papers endorsed or guaranteed by a bank acceptable to the forfaiting banker.Forward exchange rate / Change à terme
Technique to hedge against exchange risks, which allows the bank to guarantee to its client the rate at which it will sell him foreign currency (futures buying) or buy it from him (futures sale), at a future date.Forwarding agent (Forwarder) / Transitaire
The forwarding agent is a professional who organises the carriage of the goods from departure to arrival at destination.
Free Movement / Libre Circulation
One of the principal characteristics of the domestic European market: the movement of goods between Member States of the European Union should take place without obstacles of any nature, be they quantitative, tariff-related, fiscal or normative. This principle has, in fact, been enshrined as an objective in other free trade and Customs Union agreements.Free on truck (FOT) / Franco camion
A condition of sale where the seller pays to deliver the goods to a specified transport depot and ensures that they are loaded onto trucks or lorries ready for transportation.Franchised trade / Commerce associé
Franchised trade involves forming groups of traders in order to increase their individual purchasing capacity and to strengthen their position between upstream wholesalers and downstream consumer associations. There are three main forms of franchised trade: groups of retailers, voluntary retail buying chains and franchises.
Franchising / Franchise
Franchising is a concept first developed in the United States. It defines a form of long-term contractual co-operation between two legally independent entities (the franchiser and the franchisee) with a view to marketing goods, services or techniques. The franchiser pledges to help the franchisee in the technical, commercial or accounting fields. In return, the franchisee pays an entry fee and royalties on an annual basis. He is also obliged to comply with quality standards laid down by the franchiser and to participate in promotional operations organised by the latter. For the franchiser, this type of contract is a good means of breaking into a market without having to pay real-estate costs. The franchisee, for his part, can implement a sophisticated trade concept without having to pay for all the development costs.
Franco / Franco
A term in an export sales contract to show that goods will be delivered free of transport costs to a place specified by the buyer.Free on board (FOB) / Franco à bord
A condition of sale where the seller pays for transportation and insurance of the goods until they are loaded onto the ship.Free on rail (FOR) / Franco wagon
A condition of sale where the seller pays to deliver the goods to a railway station and ensures that they are loaded onto wagons ready for transportation.Free trade / Libre échange
A situation where there are no restrictions (tariffs) on the import and export of goods.Freeport / Zone franche
Zone where goods can be stocked without payment of any taxes and charges till they have crossed the border.
GDP / PIB
Gross Domestic Product.General average / Avaries Communes
Damages of this kind are specific to sea and inland waterway transport and are caused by an event that would jeopardise the ship and its cargo if the captain were not to take any initiative in the common interest (e.g. part of the cargo is jettisoned to avoid a shipwreck). In such a scenario, the extraordinary expenses incurred and the value of the goods jettisoned will be paid for by all those who benefit from the action.
General terms of sale / CGV
The General Terms of Sale help to legally identify the conditions of the sale.Geomarketing / Géomarketing
Geographical information system to mark out geographical micro-zones in order to work on or adjust investments in these areas, on the basis of the characteristics of the individuals who constitute it.Globality (principle of) / Globalité (principe de)
Obligation to subject the exporter's entire turnover or a group of contracts and risks to insurance, agreed with the OND and defined in the policy.Government action / Fait du prince
These are local authorities' decisions, deficiencies and impairments that are of an arbitrary and discriminatory nature.Guaranteed proportion / Quotité garantie
Percentage up to which the OND covers a risk. The guaranteed share is applied to the indemnifiable losses to calculate the indemnity.
GSP (Generalized System of Preferences) / SPG (Système des préférences généralisées)
The GSP constitutes the tariff-related preferences for developing countries. These tariffs translate into exemptions or reductions in customs duties.
Harmonised System (HS) / Système Harmonisé (SH)
System, under the aegis of the World Customs Organisation, for the designation and codification of goods, adopted in an international convention, in force since January 1st, 1989 The system comprises a six-digit classification of products, general rules for interpretation and classification notes.Health certificate (Phytosanitary Inspection Certificate) / Certificat phytosanitaire
This certificate is issued by an official department of agriculture and attests that the plants and plant products are free from parasites or toxic substances.Host country (investment policy) / Pays hôte (police investissement)
Country where the investment is effected.
HS (Harmonised System) / SH
Harmonised system of designation and codification of products, for customs purposes.
Hub / Plaque Tournante
Nodal Point for collection, dispatch and redistribution in an entire geographical area.
IATA / IATA
International Air Transport Association.IBRD / BIRD
The International Bank for Reconstruction and Development, established in 1945, under the Breton Woods agreements, finances reconstruction projects and grants loans aimed at stimulating growth in countries that are in a situaztion of deficit.IDAL / IDAL
The Investment Development Authority of Lebanon, IDAL, is the Lebanese governmental Investment Promotion Agency responsible for attracting private capital investments to Lebanon and assisting investors in the development and implementation of their projects
ICC / CCI
The International Chamber of Commerce advises companies with regard to their international trade policies. In addition, it defends the interests of business in international trade.IEC / CEI
The International Electrotechnical Commission is the technical industry's international standard-setting body. The IEC sets international standards in the fields of electronics and telecommunications.
IMF / FMI
The International Monetary Fund is an international organisation which grants loans to countries facing balance of payments difficulties.Import / Importation
To bring in goods, services, ideas or people from one country into another.Incoterms / Incoterms
Abbreviation of INternational COmmercial TERMS. These are international definitions for a common understanding of the clauses in international trade. They have been fixed by the International Chamber of Commerce, which first published them in 1936. They were last updated on January 1st, 2000.Indemnifiable loss / Perte indemnisable
Debit balance of the loss account, which is used to calculate the indemnity.Indemnity / Indemnité
All indemnities are calculated by applying the guaranteed share to the debt balance in the loss account.Insurance period / Exercice d'assurance (police investissement)
Period of one year beginning on the date when the policy is signed.
Interest economic grouping (IEG) / Groupement d'intérêt économique (GIE)
Grouping of natural or legal persons having a unique legal status, distinct from a company or an association. Its purpose is to facilitate the carrying out of an economic activity run together by its members, by pooling certain aspects of this activity: sales counter, import or export services, research laboratory, etc. The grouping is a legal entity and has to be registered.Invoice / Facture
A list of goods sold or services received that states how much you must pay for them.Intermodal transport / Transport Intermodal
Carriage of goods using various modes of transport but in the same containers, without a break in load. The container may be a road vehicle or an intermodal unit of transport.Investment / Investissement
Contribution made by the insured party to the local enterprise, as described in the Particular Terms.
IOU / Reconnaissance de dette
An abbreviation for "I owe you".
Issuing bank / Banque émettrice
This is the bank that has issued the documentary credit. It is under an obligation to pay if the documents submitted are in accordance with documentary credit requirements.
ITU / TU
Intermodal Transport Unit.Land container / Conteneur Terrestre
Container that meets the standards set by the International Railways Union (IRU) for optimal use mainly in the case of a combination of road and rail carriage.Large capacity container / Conteneur de grande capacité
Container that respects ISO standards in length and width but has an unconventional height (9'6" i.e. 2.90m instead of 8' - 2.44m). At the moment, only 40' containers come into this category.LDC / PMA
Least developed countries: This abbreviation includes some 36 of the poorest countries of the world, listed by the United Nations to be the "least developed" of the developing nations. Most of these are African and some are in Asia. Haiti is the only one to be found in the northern hemisphere.Legal entity / Personne morale
The notion expresses the autonomy of the company or group from its partners or management. A "legal entity" has the same attributes as an individual (natural person): a name (registered name), address (corporate address), duration, nationality, etc. and some rights and obligations there are independent of the members that form it.Legal redress / Redressement judiciaire
Legal process applicable to traders, artisans, farmers and private law corporations defaulting on payments, in order to bail out the company, continue its business, keep its employees on and clear its liabilities.Lease management / Location - gérance
Contract whereby the owner or the management of a business grants total or partial rights to an individual to run it on his account and at his own risk in exchange for the payment of a rent or a share in the profits.Letter of credit / Lettre de crédit
A letter from one bank to another bank, by which a third party, usually a company, is able to obtain money.LIBNOR / LIBNOR
The Lebanese Standardisation Institute, linked to the Ministry of Industry activates and co-ordinates the totality of the system of development of norms.List price / Prix catalogue
The manufacturer's recommended retail price for an item.Loading track / Voie de chargement
Track on which the loading, unloading and transhipment of ITUs (Intermodal Transport Unit) is carried out. The transhipment can be from wagon to wagon or from wagon to road vehicles and vice-versa.Loading Unit / Unité de chargement
Container or swap body.Local company (investment policy) / Entreprise locale (police investissement)
Natural person or legal entity established in the host country, or the subsidiary or establishment in which the investment is made.Loss account / compte de perte
Enables the definition of the indemnifiable loss, including :
- for non-payment claims: as a debit the unpaid amount of the claim and as a credit any sum collected in connection with the insured claim, in particular following the realisation of securities or resale of recovered goods.
- for cancellation claims: as a debit the amount of the costs incurred in implementing the contract from the time of its conclusion and as a credit all amounts collected with regard to the insured contract.
Mail-order (MO) sale / VPC
Mail-order selling is a type of distribution where there is no physical contact between the seller and the buyer. The products are sold through a printed or soft-copy catalogue and sent by mail.Manifest / Manifeste
Marine (or air) transport document which lists all the goods loaded at a port (or airport) to be sent to another port (or airport).Manifest / Etat de chargement
A list of all the cargo or passengers carried by a ship or aircraft.Maritime container / Conteneur maritime
Container conforming to the standards set by the International Standards Organisation for use in cellular marine transport.Marketing / Marketing
Set of techniques applied to detect the consumer's or user's needs and continuously adapt production and sales accordingly. Marketing tries to determine the product to be sold, its price, the appropriate distribution network and the promotion required for it.Markings / Marquage
Markings serve to describe the nature of goods by way of various symbols identifying the type of goods (toxic products: poison, dangerous products: ignitable alcohol, etc.).MERCOSUR / MERCOSUR
Free-trade area between Argentina, Brazil, Paraguay and Uruguay. Chile and Bolivia are associate members.Memorandum of association / Statuts
An official document that, by law, shows that a company exists. It states the name and address of the company, the amount of authorized share capital and how it is divided, a statement of limited liability, the purposes for which the company was formed, etc.MFA / AMF
The Multi-fibre Arrangement is an international agreement in the textile sector. The Arrangement is a follow-up to negotiations on import quotas for textiles from developing countries. The MFA brings together 42 countries, including Turkey.MFN / NPF
The Most-Favoured Nation clause forms part of the first principle of the World Trade Organisation and is one of "non-discrimination". This clause aims at putting an end to the advantages granted to a country as compared to the others. This clause obviously applies to the signatories of the treaty.Middle man / ntermédiaire
A person or organisation that buys goods from the producer and sells them to the customer, with a profit.Minority protection / Minorité de blocage
Regulations that protect minority shareholders.MRP / Prix conseillé
Manufacturer's recommended price.Multimodal Terminals / Terminaux-plateformes ou chantiers terminaux
Installation for exchange of intermodal transport units from one mode to another where other technical and commercial operations linked to combined transport can also be carried out.Multimodal transport / Transport multimodal
Carriage of goods by at least two different modes of transport.
NAFTA / ALENA
North American Free Trade Area: a common market composed of the United States, Canada and Mexico.NAJM / NAJM
NAJM is Customs Clearance automated information System. The core objective of NAJM is to facilitate Lebanon's international trade while maintaining adequate compliance with national laws and regulations.
NIC / NPI
Newly Industrialised Countries: Group of countries, principally from South-East Asia, which have undergone a phase of intensive industrialisation during the 70s and the 80s and are enjoying today a standard of living very similar to that of the developed countries (e.g.: South Korea, Singapore, Malaysia etc.).Non-guaranteed proportion / Quotité non garantie
Portion not covered by the OND, for which the insured party has to assume exclusive responsibility.Non-payment / Non-paiement
Non-payment occurs when there is a failure to recover the sums due under the Contract within the waiting period.
Non-tariff barriers/ Barrières non-tarifaires
Entire set of non-tariff restrictive measures implemented by a country seeking to protect its market from foreign competition. The most common examples are quotas, technical or health standards or any enactment favouring domestic companies.
Non-monetary transaction / Compensation
This is a technique available to the exporter when his buyer does not want to or is not in a position to financially settle his dues. The settlement is made in the form of the provision of products or services of a value equivalent to that of the goods exported. The different kinds of non-monetary transactions include barter, counter purchase, buy back, clearing and offset contracts.
Ocean bill of lading / Connaissement maritime
This is a contract for shipping goods by sea.
OECD / OCDE
The Organisation for Economic Cooperation and Development includes countries such as EU countries, the United States of America, Canada, Japan, etc. The main objective of the OECD is to study the economic situation and to help economically disadvantaged countries. The OECD also analyses the various restrictions linked to international trade.Office for Harmonisation of the Internal Market / OHMI
Office for Harmonisation of the Internal Market.Offset / Compensation
To balance something or compensate for something.On Board / On Board
On Board signifies "embarked". The words "on board" mean that the goods have been placed on board the aircraft or ship. This marking is almost indispensable for documentary credit.
OPEC / OPEP
Organisation of Petrol Exporting Countries: An organisation gathering 13 oil-producing countries whose aim is to co-ordinate production and market prices.
Open door policy On Board / Politique de la porte ouverte
A system of importing goods with no or very few restrictions or import duties.Order form / Bon de commande
A printed form to be used by a customer requesting goods or a service.Organised trade / Commerce organisé
Term encompassing all types of networked organisations (chain-stores, dealerships, franchises, cooperatives, voluntary retail buying chains, etc.).Origin / Origine
Goods are considered to originate from a country if they are obtained entirely in that country or have undergone there final processing or substantial value addition, which is economically justified, in an enterprise equipped to that effect, such that this operation creates a new product or constitutes a significant stage of production. In matters of origin, the European Community usually constitutes a single country.
Outlet / Point de vente exclusif
A store that sells goods for a company.Overpanamax / Overpanamax
Ship with one of its parameters exceeding 295 m (length), 32.25 m (external width) or 13.25 m (maximum draught). These ships cannot navigate through the Panama Canal.Packaging / Emballage
Material used to wrap, contain and protect products.Packing list / Liste de colisage
The packing list is a document that itemizes in detail the contents of a particular package or shipment. The packing list must necessarily be part of the set of documents.Pallet / Palette
Generally in wood, a pallet allows for easier handling of goods. The standard dimensions are: 100 mm x 1200 mm (ISO) and 800 mm x 1200 mm (CEN).Panamax / Panamax
Ship whose parameters permit navigation through the Panama canal: maximum length 295 m, maximum external width 32.25 m and maximum draught 13.5 m.Part-payment / Règlement partiel
A payment of part of a larger sum to be paid later.Particular average / Avaries particulières
Damage of this kind, in the sphere of transport, concerns the goods themselves. It may be in the form of losses, missing items, damage suffered during transport or during handling prior to or after carriage of goodsPayment Guarantee / Garanties de paiement internationales
A guarantee is a commitment given by a bank to pay a sum of money in accordance with the terms and conditions set out in the operation guarantee text.Payroll / Payroll
The list of the people employed by the company, and the amount to be paid.PCT / / PCT
Patent Co-operation Treaty.Perils of the sea / Fortune de Mer
This term refers to all the risks likely to occur during transport by sea.Piggyback / Ferroutage
Combination of rail and road transport.PO Box / Boite postale
Post Office box.Policy / Police
Insurance contract (credit insurance or investment insurance) concluded between the exporter and the Credit Insurer.
Political risk / Risque politique
Any event occurring abroad which assumes the nature of force majeure for the insured or for the debtor, such as in particular, wars, revolutions, natural disasters, currency shortages, government action.Port of exit / Bureau de sortie
Last customs office from where the goods physically leave the European Union.POS / Point de vente
Point of sale.Positioning / Positionnement
Characteristics of a product expressed in its field of competition, defining itself by means of its proximity, to or distance from, its rival products and/or the expectations of consumers.PP / PO
Per procurationem, on behalf of or with the authority of someone else.Pricing / Politique de prix
A plan or statement of prices set by a company for its products and services.Principal franchisee / Master franchisé
The franchisee who holds title to a contract of exclusivity for the development under a franchise of a trade name in a given territory (regional or national). It is a frequent practice with companies that wish to set up shop outside their national territory, in particular when they are unfamiliar with the country in question.Pro forma invoice / Facture proforma
The pro forma invoice is like a commercial contract in miniature and is perfectly suited to commercial transactions concerning ordinary goods.Producer Price Index (PPI) / Indice des prix des produits industriels
A set of figures showing the movement of prices of goods and services purchased and manufactured by industry over a period of time.Proportion of compensation / Quotité indemnisée
Proportion between the total amount of the debt at the time of indemnification and the actual amount indemnified.
PS / PS
Postscript.Qualitative market research / Etude Qualitative
The examination of people's attitude towards what, where and how much they buy.Quality / Qualité
Set of properties and characteristics features of a product or service that confer upon it the capacity to satisfy expressed and implicit needs.Quantitative market research / Etude Quantitative
A study of the demand for certain products by finding out the number of possible clients.Quota / Contingent
Quantitative restriction on the import or export of a product either as a general rule or, as is more often the case, on the basis of its country of origin or destination.Quotation / Cotation
A price proposed for work to be done or a service to be provided.
Recoveries / Récupération
All amounts recovered after indemnification in relation to the indemnified loss.
Refund / Restitution
Subsidy allowed for the export of some of the Community's agricultural products to third countries.Registered office / Siège social
Specific place identified in the articles of association of a company, which constitutes its address and determines, in most cases, its nationality.Release for free circulation / Mise en libre pratique
Customs regulation which confers upon third party goods a community goods status after application of commercial policy measures, the fulfilment of other formalities for import into the customs jurisdiction of the European Community and the collection of the customs duty legally due.Repeat order / Commande renouvelée
A new request for goods that have already been purchased earlier on.Representative / Représentant
In the United States, a representative is an internal sales agent, that is, he is an employee of the company he works for. He is generally entrusted with a well-defined sales territory and maintains a continuous relationship with the company's partners (for instance, wholesalers and retailers).Representative / Représentant (de commerce)
A company that sells goods on behalf of another company.Reservations / Réserves
With reference to documentary credit, this term refers to the difference between the documents presented to the bank and the documentary instructions detailed in the documentary credit.Retail / Au détail
The sale of goods to the general public, especially in shops.Retention of title (clause) / Réserve de propriété (clause)
The retention of title clause signifies that until the goods are paid for, they remain the property of the seller.Return / Retour
To send or take goods back to the shop.Roll-On-Roll-Off (Ro-Ro) / Transroulage
More commonly called Ro-Ro (from Roll-On-Roll-Off), this technique helps a vehicle to enter/exit a ship on its own or, in case of a land route, a train.Sample / Echantillon
A single item or part of a whole product that can be looked at to see what the rest is like.Sampling / Echantillonage
Distribution of promotional offers in the form of paper or a product sample, at a given point in time, in a specific place or geographical area in order to create direct contacts with a particular target group of consumers.Sale contract / Contrat commercial
Legal formalisation of a transaction carried out between two parties: seller-exporter and buyer-importer. It defines the purpose, conditions, compensation and choice of arbitration for a commercial transaction.Sales representative / Agent Commercial
A sales representative is an agent who is responsible, on a full time basis, for negotiating and possibly concluding contracts for the sale, purchase, hire or provision of a product or a service, in the name of or on behalf of producers, industrialists, traders or other sales representatives.SDR / DTS
Special Drawing Rights were introduced by the IMF to serve as an international monetary reserve. SDRs can be used in transactions between the IMF and national governments. The unit value of an SDR is determined on the basis of a basket of currencies (USD, JPY, EUR, GBP). SDR is the unit of payment of compensations in international carriage.Schengen (agreement and convention) / Schengen (accord et convention)
The Schengen Agreement refers to the agreement signed on June 14, 1985 at Schengen between Germany, Belgium, France, Luxembourg, and the Netherlands, aiming at progressively removing border controls at their common borders and allowing free movement of all persons who are nationals of the signatory States, from other States of the Community or from third countries. The Schengen Convention was signed on June 19, 1990 by these five countries. It defines the conditions for application and the guarantees for implementation of free circulation. It requires the modification of domestic laws and is subject to parliamentary ratification. Italy (1990), Spain (1991), Portugal (1991), Greece (1992), Austria (1995), Sweden, Finland and Denmark (1996) have joined the list of signatories. Iceland and Norway are also parties to this convention.Seal / Sceller
To close something in such a way that it can only be torn or broken open.Semi-finished / Semi-fini
Of goods that are only partly made, which help manufacture finished products.Semi-trailer / Semi-remorque
Any non-motorised vehicle intended to be connected to a motorised vehicle such that a part of the trailer rests on the motorised vehicle and a substantial part of its weight and the weight of its load are taken by the motorised vehicle. Most semi-trailers are specially adapted for combined transport.Shelf life / Durée de vie
The length of time that goods, especially food items, can be on sale and remain fit for use.Short-term Realisation of Receivables from Overseas / MCNE
Short-term Realisation of Receivables from Overseas is a short-term financing technique for exporters who grant their foreign buyers a certain term of payment. The realisation of the invoice is possible up to 100% of its value.SAD (Single Administrative Document) / DAU (Document administratif unique)
The Single Administrative Document (SAD) was set up by the European Community Council on January 1, 1988 with the purpose of standardizing customs documents, harmonizing codification and simplifying procedures in international trade exchanges.Single market / Marché unique
The free trade association between members of the European Union, to allow money, goods, services and people to move freely within the Union.Small and Medium-sized enterprise (SME) / Petite et moyenne entreprise (PME)
The European definition is a maximum of 500 employees, a turnover not exceeding 40 million euros, and with less than 25% holding by one or more non SME enterprises - with the exception of investment or venture capital companies. Usually these SME identification tests do not apply to research organisations or consultants.Standard Industrial Classification (SIC) / Classification internationale des secteurs SIC
A list in which industries and services are coded numerically for reference and research purposes.Standard of living / Niveau de vie
The level of material comfort and wealth of a person or community.Statistical value / Valeur statistique
The statistical value corresponds to box no. 46 of the Single Administrative Document. This value refers to the value of goods including transportation costs and insurance, up to the country's border.Subrogation / Subrogation
Legal mechanism by which the Credit Insurer, having indemnified the exporter, holds the exporters rights and shares and can rightfully exercise them against the debtor.
Subsidiary / Filiale
A firm placed under the direction of a parent company which holds the majority of its shares. As a legally independent entity, the subsidiary enjoys management autonomy.SWOT analysis / Analyse forces et faiblesses
SWOT is an abbreviation for Strengths, Weaknesses, Opportunities, Threats. It is a way to analyse one's chances on a market.Tare, dead weight / Tare
Weight of the ITU (Intermodal Transport Unit) or of the vehicle without any load. (Intermodal Transport Unit)Target price / Prix de référence
The price set by the European Community under its Common Agricultural Policy as a reasonable average amount of money for farmers to receive for their productions.TARIC / TARIC
Integrated tariff of the European Community. The TARIC classification is a 10-digit codification, which serves to integrate Community regulatory measures such as preferential tariffs, tariff quotas and anti-dumping duties. The common customs tariff is based on the TARIC.Tariff / Droits de douane
An amount of money that must be paid when particular goods are imported into a country.Tariff category / Espèce tarifaire
This is the designation of goods in terms of customs tariffs.Tender / Appel d'offres
A formal offer to supply goods or carry out work for a stated price.TEU / EVP
TEU (Twenty feet Equivalent Unit) is a unit of measure which corresponds to a container that is 20 feet long (6.10m). It is used to express a number of containers of different length, notably concerning of the tonnage of the ships or terminals.THC (Terminal Handling Charges) / THC
Charges corresponding to the handling services provided during loading/unloading operations at ports and airport terminals.TIR carnet / Carnet TIR
A book with tear-off slips used for an international road transit operation.TIR / TIR
International Road Transport (Transport International Routier): a European arrangement for using international documents for sending goods by road.Track gauge / Ecartement des voies
Distance between the inside faces of the rails of a railway track. It is normally 1.435 m large.Trade union / Syndicat
An organisation of employees working in the same industry, or doing similar jobs, that represents its members in discussions with Management.Trader / Négociant
A trader is an enterprise of which the function consists in purchasing for its own account (therefore becomes the owner of the goods) and reselling in its own name, with a margin it determines itself. The agency of a trader helps to overcome the lack of knowledge of international markets, to reduce the difficulties caused by international practices and to organise risk-management more efficiently. The trader's business is based on specialisation in terms of geography or type of product.Trailer / Remorque
Any vehicle with no engine intended to be towed by a motorised vehicle, with the exception of trailer trucks.Transfer of the entitlement to indemnities / Transfert du droit aux indemnités
The profit from the insurance, that is to say, the right to receive indemnities in the event of a covered claim, can be transferred to a third party (for example the bank financing it) on agreement from the Credit Insurer.Transfer risk / Risque de transfert
Risk resulting from an event or decision by foreign authorities that prevents the transfer of the amount of the debt paid by the debtor.Transhipment / Transbordement
Transhipment consists of changing the mode of transport en route.Transit / Transit
Customs regulation which allows, subject to some guarantees, the movement of goods with postponement of duties, taxes and other economic, fiscal or customs clearance measures.Transit certificate / Certificat de passage
Attestation of payment of toll showing proof of the trips made by a truck on the highway and enabling transport companies to benefit from a more favourable axle tax system.Twist lock / Verrou tournant
Standardised fastening piece to lock an ITU (Intermodal Transport Unit) onto a ship or the vehicle transporting it.United Nations Conference on Trade and Development (UNCTAD) / UNCTAD
An organisation set up by the United Nations to help third world countries export goods.URU / RUU
The Uniform Rules and Usage are the texts drawn up by the International Chamber of Commerce for the correct usage of banking techniques in international trade. They have a legal standing in this field and reference is to be made to them in case of litigation. The most commonly known URU relates to documentary credit, URU 500, applicable since January 1, 1994.VAT / TVA
General indirect tax on expenses included in prices, applied at different rates to all sales of goods and services except in cases where legal exemptions have been granted.Very large capacity container / Conteneur de très grande capacité
Container that does not comply with ISO standards in length, width or height. The dimensions are variable and can sometimes be as long as 45' (13.72m), 48' (14.64m) or 53' (16.10m).
Visegrad / Visegrad
Group of Central European countries that were signatories to a customs agreement between them in 1991: the Czech Republic, Slovakia, Hungary and Poland. This expression is commonly used for issues relating to transit. These countries hold a status similar to the one enjoyed by EFTA countries in the field of common transit.
Waiting period / Délai constitutif de sinistre
Period between the maturity date of the unpaid debt and the date when the policyholder can make the claim.
Warehouse / Entrepôt
A large building where goods are kept.Warrant / Warrant
Document subscribed to by a trader and whose payment is guaranteed by a security for the goods kept in "general stores". However, hotel, petrol and industrial warrants come under specific rules and constitute securities that cannot be dispossessed by registration with the clerk of the commercial court (with the exception of agricultural warrants which are registered in the magistrates' court).Wholesaler / Grossiste
An organisation that buys large quantities of goods from manufacturers and sells them to retailers who sell directly to the public. The wholesaler buys in order to resell to traders, retailers or companies.WIPO / OMPI
World Intellectual Property Organization.Withdrawal / O Mainlevée
Official deed or private agreement or a decision by a court of law withdrawing a replevin, cancelling a mortgage or an objection and conferring once again the authorisation in respect of the goods or right that had been suspended.World bank / Banque mondiale
The central bank, controlled by UN, that lends money to member states.Working hours / Horaire d'ouverture
The time during which shops and offices are open for business.
WTO / Wereldhandelsorganisatie / OMC
The World Trade Organisation was created in 1947 under its old appellation "GATT" (General Agreement on Tariffs and Trade). The principal objective of the WTO is to promote international trade and put an end to protectionism. The WTO has over a hundred signatory countries. Currently, the WTO is seeking to remove tariff-related hurdles and to establish common regulations in order to bring about total trade liberalisation.
Zero stock / Flux tendus
Production on the basis of end customer orders. Stocks are kept to a minimum by supplying or producing just the required quantity at the time it is needed.