P. and I. Club Cover	A mutual association formed by shipowners to provide protection from large financial loss to one member by contribution towards that loss by all members. The P. & I. club covers liabilities not insurable in the ordinary marine insurance market and other expenses incurred by the shipowner in the running of his ship, such as cost of defending claims made by cargo owners.
Pacific Rim	The Pacific Rim, referring to countries and economies bordering the Pacific ocean, is an informal, flexible term that generally has been regarded as a reference to East Asia, Canada, and the United States. At a minimum, the Pacific Rim includes Canada, Japan, the People's Republic of China, Taiwan, and the United States. It may also include Australia, Brunei, Cambodia, Hong Kong/Macau, Indonesia, Laos, North Korea, South Korea, Malaysia, New Zealand, the Pacific Islands, the Philippines, Russia (or the Commonwealth of Independent States), Singapore, Thailand, and Vietnam. As an evolutionary term, usage sometimes includes Mexico, the countries of Central America, and the Pacific coast countries of South America.
Packing List	A list which shows number and kinds of packages being shipped, totals of gross, legal, and net weights of the packages, and marks and numbers on the packages. The list may be requested by an importer or may be required by an importing country to facilitate the clearance of goods through customs.
Pallet	A low portable platform, usually wooden, on which cargo is stacked for storage or transportation; a skid.
Parcel Post Receipt	The postal authorities' signed acknowledgment of delivery to receiver of a shipment made by parcel post.
Paris Convention	The Paris Convention for the Protection of Industrial Property, first adopted in 1883, is the major international agreement providing basic rights for protecting industrial property. It covers patents, industrial designs, service marks, trade names, indications of source, and unfair competition. The U.S. ratified this treaty in May of 1887.
Particular Average	A fortuitous partial loss to the subject matter insured, proximately caused by an insured peril but which is not a general average loss.
Particular Charge	An expense incurred by an assured in relation to an insured loss. This can be a means of preventing further loss in transit (e.g. sue and labor charges), of assessing loss (e.g. a survey fee) or of making good a loss at destination (e.g. repacking) sometimes referred to as an "extra charge" when it is the subject of a claim on the policy.
Pass-Through	Pass-through operations (also called transshipments) involve a foreign country's use of one country in a trade bloc as a means of gaining preferential treatment from other countries in the bloc. See: Transshipment.
PEFCO	Private Export Funding Corporation. A corporation that lends to foreign buyers to finance exports from the United States.
Penalty Clause	Clause in a countertrade contract that specifies sanctions against one or both signatories of the contract in the event of nonperformance on contractual obligations.
Percentage of Depreciation	The proportion of the total value of cargo that is the subject of loss from an insured peril. This percentage is applied to the sum insured by the policy to determine the amount of claim payable.
Perfecting the Sight	Adding necessary details to a Bill of Lading when such had been previously omitted.
Performance Bond	If a foreign contract is awarded, a performance bond may be required of an exporter. Your financial institution or the Export Development Corporation can often assist in financing these bonds.
Performance Requirements	"Performance requirements" refers to government-mandated or -approved activities that investors must undertake, usually as a condition of establishment or operation in a particular country.
Perils of the Sea	A marine insurance term used to designate heavy weather, stranding, lightning, collision, and seawater damage. Fortuitous accidents or casualties, peculiar to transportation on a navigable water, such as stranding, sinking, collision of the vessel, striking a submerged object, or encountering heavy weather or other unusual forces of nature.
Period of Investigation	The period, usually 6 months, beginning at least 150 days before and continuing 30 days after the first day of the month when an antidumping petition is filed, during which an exporter's home market (or third country) and United States prices and other appropriate facts are investigated to determine whether sales to the United States have been at less than fair value.
Persona Grata	A diplomatic representative who is acceptable to the government of the country where he or she is assigned.
Persona Non Grata	A diplomatic representative who is no longer acceptable to the government of the country where he or she is assigned.
Petrodollars	This term refers to oil earnings of petroleum-exporting countries in excess of their domestic needs and deposited in dollars in Western banks. However, a large part of the revenues that OPEC countries were unable to spend has been recycled to oil-importing countries in an attempt to balance international accounts.
Phytosanitary Inspection Certificate	A certificate, issued by the U.S. Department of Agriculture to satisfy import regulations for foreign countries, indicating that a U.S. shipment has been inspected and is free from harmful pests and plant diseases.
Piggybacking	The assigning of export marketing and distribution functions by one manufacturer to another.
Pilferage	The theft of part of the contents of a shipping package.
Piracy	An assault on a vessel cargo, crew or passengers at sea by persons owing no allegiance to a recognized flag and acting for personal gain. It also includes acts of rioters who attack a ship from the shore and of passengers who mutiny.
Plimsoll Mark	The loadline mark on the side of a vessel.
PO	See Purchase Order
POA	Purchase Order Adjustment
Policy	A contract of insurance:
Policy Proof of Interest	A policy wherein the underwriter agrees to waive proof that an insurable interest is enjoyed by the assured as a condition of claim payment In other policies the underwriter is not liable for any claim where the assured is unable to prove that his interest in the subject matter of the insurance exists at the time of loss. P.P.I. policies are invalid in a court of law, but are not illegal except where no interest exists or where there was no reasonable expectation that it would exist at the time the policy was effected.
Political Risk	In export financing, the risk of loss due to such causes as currency inconvertibility, government action preventing entry of goods, expropriation or confiscation, and war.
Populated or Unpopulated Joint Ventures	A legally independent entity joint venture is populated when it has its own management and staff personnel, and is unpopulated or a "shell company" when partner companies loan the temporary services of their own management and staff to share in the work of the venture.
Portage Bill	A bill giving the statement of wages of each member of the crew at the end of a voyage.
Portfolio Investment	In general, any foreign investment that is not direct investment is considered portfolio investment. Foreign portfolio investment includes the purchase of voting securities (stocks) at less than a 10 percent level, bonds, trade finance, and government lending or borrowing, excluding transactions in official reserves.
Port Shopping	Port shopping is the practice of exporters and importers choosing a particular port on the basis of their assessment of Customs' treatment, rather than on the quality of physical facilities and efficiency.
Post-Shipment Verifications	PSVs are conducted to determine that a commodity is being used for the purposes for which its export was licensed. Firms or individuals representing the end user, intermediate consignees, or the purchaser may be subject to inquiries pertaining to the post-shipment verification. As part of the PSV process, BXA forwards a cable to the U.S. embassy or consulate in the respective geographical location to conduct an on-site inspection to ensure that the commodity is physically present and used as stated in the application. Post-shipment verifications are usually conducted six-to-eight months subsequent to export of the commodity. PSVs are also conducted by BXA agents.
Power of Attorney	A document that empowers one person to act for another.
Pratique	Permission to land crew and cargo after the vessel has satisfied the port doctor as to the state of health on board.
Pre-License Checks	PLCs are conducted to determine that dual-use items on an export license application are destined for a legitimate end-use by a reliable end-user. Firms or individuals representing the licensee (the applicant), the consignee, the purchaser, the intermediate consignee, or the end user may be subject to inquiries pertaining to the pre-license check. As part of the process, BXA forwards a cable to the U.S. embassy or consulate in the respective geographical location to conduct an inspection or meet with company representatives to conduct inquiries on BXA's behalf.
Prepaid	A term used to signify that transportation charges will be paid by seller at point of shipment.
Private Export Funding Corporation	PEFCO is a private company, accessed through its member banks and a few exporters, that works with Eximbank in using private capital to finance U.S. exports. The corporation acts as a supplemental lender to traditional commercial banking sources by making loans to public and private borrowers located outside of the United States who require medium and/or longer-term financing of their purchases of U.S. goods and services.
Privatization	Government procedure to pursue a free-market economy for certain state-owned assets such as companies, operating monopolies, natural resources, etc., and make them available for new investments by invited private businesses which assume part or all of their ownership and management.
Pro Forma Invoice	An invoice provided by a supplier prior to the shipment of merchandise, informing the buyer of the kinds and quantities of goods to be sent, their value, and important specifications (weight, size, etc.).
Project Financing	Financing by a bank or consortium of a major project with long-term revenue generating potential in which the lender's security is based on the expectation that revenues generated by the project will be sufficient to service debt incurred for the project, and/or a mortgage on the project's assets. Project financing is often referred to as "limited recourse financing" because it does not rely for security on recourse to the assets and revenues of the borrowers.
Project License	The Bureau of Export Administration uses the project license to authorize large-scale exports of a wide variety of commodities and technical data for specified activities. Those activities are restricted to capital expansion, maintenance, repair or operating supplies, or the supply of materials to be used in the production of other commodities for sale. Items intended for resale in the form received are not permitted and must be effected under a Distribution License.
Promissory Note	A note promising to pay a certain person a stated sum on a specified date.
Protective Order	With regard to antidumping cases, a term for the order under which most business proprietary information is made available to an attorney or other representative of a party to the proceeding.
Protest	A written declaration by the master and witnessed before a Notary Public.
Protocol	See Link Contract. The term is also used to specify government-to-government agreements that govern reciprocal trade between two countries. Bilateral government protocols may prescribe how the governments treat each other's suppliers and the general framework for the development of bilateral relations. The protocols also may set out the terms governing reciprocal trade turnovers of specified products such as commodities for industrial goods or industrial plants. Unlike bilateral clearing agreements, each trade transaction is settled through extension of government credits and guarantees.
Proximate Cause	The most effective cause of a loss in a chain of events leading to the loss. A basic principle of insurance in that, unless the policy provides otherwise, the underwriter is not liable for any loss that is not proximately caused by an insured peril.
Purchase Order	A document used to formalize a purchase transaction with a supplier. A purchase order, when given to supplier, should contain statements as to the quantity, description and price of the goods or services ordered; agreed terms as to payments, discounts, dates of performance, transportation terns, F.O.B. point and all other agreements pertinent to the purchase of its execution by the vendor.
Purchase Price	A statutory term used in dumping investigations to refer to the United States sales price of merchandise which is sold or likely to be sold prior to the date of importation, by the producer or reseller of the merchandise for exportation to the United States. Certain statutory adjustments (e.g., import duties, commissions, freight) are made, if appropriate, to permit a meaningful comparison with the foreign market value of such or similar merchandise.
Purchaser	Within the context of export controls, the purchaser is that person abroad who has entered into the export transaction with the applicant to purchase the commodities or technical data for delivery to the ultimate consignee.
Purchasing Agent	An agent who purchases goods in his or her own country on behalf of foreign importers such as government agencies and large private concerns.
Purchasing Power Parity	Purchasing power parity is a theory that states that exchange rates between currencies are in equilibrium when their purchasing power is the same in each of the two countries.
Purchase Requisition	The form used by departments to request the Purchasing Department to procure goods or services from vendors.
Quayage	The charge for using a berth alongside a wharf.
Quota	The quantity of goods of a specific kind that a country permits to be imported without restriction or imposition of additional duties.
Quotation	An offer to sell goods at a stated price and under specified conditions.

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