Export Glossary-R

Rank in Person

The personal rank that a Foreign Service officer maintains even when occupying a job of higher or lower rank.

Rate of Exchange

The basis upon which money of one country will be exchanged for that of another. Rates of exchange are established and quoted for foreign currencies on the basis of the demand, supply, and stability of the individual currencies. See "Exchange."

Real Dollars

See Constant Dollars.

Received Bill

A Bill of Lading marked to indicate that goods have been received for shipment, but does not indicate that they have been shipped in fact.

Receiver

The person appointed to "receive" and administer the rents and profits, or other moneys, accruing to an estate or business undertaking which is administered or wound-up under the supervision of the court. Official Receivers are of officials permanently employed to act in that capacity in bankruptcy proceedings or the winding-up of joint-stock companies.

Receiver of Wreck

An official who is responsible to the Dept. of Trade for all wreckage that is salvaged on the coastline, or found at sea and brought to a British port.

Reciprocity

The reduction of a country's import duties or other trade restraints in return for comparable trade concessions from another country.

Reengineering

Reengineering changes the way work processes are carried out, to better serve the customer, client, or citizen. Reengineering is a strategy to redefine, and perhaps reduce, the business processes of an organization. Workforce reduction may be part of reengineering. Today, information technology is usually central to the reengineering of business processes. Synonyms: process management, process redesign.

Reexports

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

Reference

The submission of a matter in dispute to an arbitrator for his award.

Register

A company is normally required to maintain records of the members (shareholders), directors and officers and secretary of the company. These records are often referred to as a register and may or may not be open to inspection by the public, dependent on the laws of the country in which the company is incorporated.

Registered Office

The official address of the company to which legal documents can be sent. Often it is a requirement under company law that the registered office is within the country in which the company is incorporated.

Registry, Certificate of

A document giving all particulars of the vessel, including the names of the owner and the master.

Remitting Bank

The bank that sends the draft to the overseas bank for collection.

Representative

See Foreign Sales Agent.

Request/Offer

A negotiating approach whereby requests are submitted by a country to a trading partner identifying the concessions another seeks through negotiations. Compensating offers are similarly tabled and negotiated by
delegates of the countries involved.

Requirement Contract

A purchase agreement for goods, equipment or services, the quantity or amount of which is based upon the actual needs or requirement of the agency.

Requisition Time Schedule (RTS)

A schedule issued by the State Purchasing Bureau that designates the dates that requisition for various categories of purchase will be required during the calendar year.

Residence

Also know as Domicile. These are complex concepts regarding where a company or individual are considered to be located for the purposes of taxation, immigration and the application of law. 'Migration of Domicile' refers to the ability to move (a company) from one jurisdiction (country) to another.

Restrictive Business Practices

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

Restrictive Specification

Specifications that unnecessarily limit competition.

Retaliation

Action taken by a country whose exports are adversely affected by the raising of tariffs or other trade restricting measures by another country. The GATT permits an adversely affected contracting party (CP) to impose limited restraints on imports from another CP that has raised its trade barriers (after consultations with countries whose trade might be affected). In theory, the volume of trade affected by such retaliatory measures should approximate the value of trade affected by the precipitating change in import protection.

Returned Without Action

For export control purposes: the return of a license application without action is used when the application is incomplete, additional information is required, or the product is eligible for a General License.

Revocable Letter of Credit

A letter of credit that can be canceled or altered by the drawee (buyer) after it has been issued by the drawee's bank. Compare Irrevocable letter of credit.

RTS

See Requisition Time Schedule.

Running Down Clause

A clause extending a hull insurance policy to cover legal liability amounts paid by the assured consequent upon collision of the insured ship with another ship or vessel.