Export Glossary-UV

Uberrimae Fidei

Utmost good faith.

Ullage

See Trade Ullage.

Ultimate Beneficial Owner

The UBO of a U.S. affiliate is that person, proceeding up the affiliate's ownership chain beginning with and including the foreign parent, that is not owned more than 50 percent by another person. The UBO consists of only the ultimate owner, other affiliated persons are excluded. If the foreign parent is not owned more than 50 percent by another person, the foreign parent and the UBO are the same. A UBO, unlike a foreign parent, may be a U.S. person.

Ultimate Consignee

The ultimate consignee is the person located abroad who is the true party in interest, receiving the export for the designated end-use.

Umbrella Agreements

Bilateral trade agreement between public agencies of two countries or a public agency and a foreign private enterprise. Umbrella agreements stipulate conditions for substantial trade turnovers, are reviewed on an annual basis, and provide for the inclusion of multiple trading parties.

Unfair Trade Practice

This term refers to any act, policy, or practice of a foreign government that: (a) violates, is inconsistent with, or otherwise denies benefits to the U.S. under any trade agreement to which the United States is a party; (b) is unjustifiable, unreasonable, or discriminatory and burdens or restricts United States commerce; or (c) is otherwise inconsistent with a favorable section 301 determination by the U.S. Trade Representative.

Unclean Bill

A Bill of Lading that has been claused by the carrier to show that the goods were not in sound condition when received.

Under Deck Tonnage

The cubic capacity of the vessel below the tonnage deck in measurement tons of 100 cubic feet per ton.

Under Insurance

Insuring for less than the full value of the subject matter insured.

Underwriter

One who agrees to compensate another for loss from an insured peril in consideration for payment of a premium.

Underwriting Agent

One who acts for an underwriter either in accepting business on his behalf (e.g. a company underwriting agent) or in taking care of his financial affairs in relation to underwriting (e.g. a Lloyd’s underwriting agent).

Unearned Premium

Premium already paid to an underwriter that is in respect of a period when he was not at risk.

Unit Price

The price of a selected unit of good or service; e.g., price per ton, per dozen, per box, etc.

United States Price

In the context of dumping investigations, this term refers to the price at which goods are sold in the U.S. compared to their foreign market value. The comparisons are used in the process of determining whether imported merchandise is sold at less than fair value.

United States Trade Representative

The USTR is a cabinet-level official with the rank of Ambassador who advises the President on trade policy. The USTR coordinates the development of U.S. trade policy initiatives; leads U.S. international trade negotiations; and seeks to expand U.S. exports by promoting removal or reduction of foreign trade barriers.

Unseaworthy

The condition of a vessel where from any cause it is unsafe to send her to sea.

U.S. Affiliate

A U.S. affiliate is a U.S. business enterprise in which there is foreign direct investment -- that is, in which a single foreign person owns or controls, directly or indirectly, 10 percent or more of its voting securities if the enterprise is incorporated or an equivalent interest if the enterprise is unincorporated. The affiliate is called a U.S. affiliate to denote that the affiliate is located in the U.S. (although it is owned by a foreign person).

Validated Export License

A document issued by the U.S. government authorizing the export of commodities for which written export authorization is required by law. Two types exist: an Individual Validated License (IVL) and a Special License.

Valuation Clause

The clause in the Marine Policy that contains a fixed basis of valuation agreed upon by the Assured and the Underwriter and which establishes the insured value of the merchandise. The Clause determines the amount payable under any recoverable loss or General Average contribution.

Value Added

The difference between the value of goods produced and the cost of materials and services purchased to produce them. It includes wages, interest, rent, and profits. The sum of value added of all sectors of the economy equals GDP.

Value for Customs Purposes Only

The U.S. Customs Service defines "value for Customs purposes only" as the value submitted on the entry documentation by the importer which may or may not reflect information from the manufacturer but in no way reflects Customs appraisal of the merchandise.

Valued Policy

The agreed value of the subject matter insured is stated on the policy. Hull and Goods policies are invariably of this type.

Variable Levy

A tariff subject to alterations as world market prices change, the alterations are designed to assure that the import price after payment of the duty will equal a predetermined "gate" price.

VAT (Value Added Tax)

A national sales tax on goods and/or services. Used in Europe and elsewhere.

Vendor

Any person or entity who sells something.

Vertical Export Trading Company

An export trading company that integrates a range of functions taking products from suppliers to consumers.

Vessel

Every description of watercraft or other artificial contrivance used, or capable of being used, as a means of transportation on water.

Vice Propre

Inherent vice.

Victualling Bill

A document showing bonded stores for the vessels use.

Visa

Visas are required by many countries for entry of a foreigner. A visa is a stamp in a foreign national's passport issued by a U.S. consular officer that creates a legal presumption that there are no apparent reason to deny entry into the U.S. Regardless of the stamp, the final decision to grant admission is made by an officer of the U.S. Immigration Service at the port of entry.

Visa Waiver

A program of selected countries to eliminate the visa requirement on a test basis.

Voidable Policy

A policy in respect of which the underwriter is entitled to avoid liability (see Avoidance).

Void Policy

A policy that is invalid in a court of law (eg. a policy in respect of which the assured has no insurable interest or a P.P.I. policy).

Voluntary Export Restriction

An understanding between trading partners in which the exporting nation, in order to reduce trade friction, agrees to limit its exports of a particular good. Also called voluntary restraint agreement.

Voluntary Restraint Agreement (VRA)

An arrangement whereby an exporting country agrees to reduce or restrict exports without the importing country having to enact import controls. These agreements are generally undertaken to avoid action by the importing country against imports that might injure or in some way threaten the positions of domestic frims in the exporting industry in question. Also referred to as a "voluntary export restraint" or an "orderly marketing agreement."

Voyage Charter

The shipowner hires his vessel subject to various conditions for the carriage of cargo for a single voyage.

VPA

Vendor Payment Authorization

V.R.A.

See Voluntary Restraint Agreement.