International Trade Finance Terms from TEFO - W

W

War Clause

A marine insurance provision excluding the liability of an insurer if a loss is caused by war or hostile action. Bills of Lading and charter parties may contain a "War Clause" giving the vessel options to maintain it's safety in case of hostilities.

War Risk

The risk to a vessel, its cargo and passengers by aggressive actions of a hostile nation or group.

War Risk Insurance

Insurance covering loss or damage caused by war or other hostile actions. Usually a separate policy from a marine insurance policy, or a special attachment to it.

Warehouse Receipt

A document issued by a warehouse listing the goods or commodities deposited in the warehouse. It is a receipt for the commodities listed, and for which the warehouse is the bailee. Warehouse receipts may be either non-negotiable or negotiable.

Warehouse, U.S. Customs Bonded

(USA) A privately owned and operated warehouse which has posted bond and has been approved by U. S. Customs where goods remain until duty has been collected from the importer.

Warranty

A promise by a contracting party that the other party can rely on certain facts or representations as being true.

Warsaw Convention

An international multilateral treaty which set the conditions of international transportation by air.

Waybill

A document prepared by a transportation line at the point of shipment for use in the handling of the shipment showing the point of origin, destination, route, consignor, consignee, description of shipment and amount charged for the transportation service and other services connected with the transport It is similar in point of information to a bill of lading..

Webb-Pomerene Act Of 1918

(USA) Federal legislation exempting certain exporters' associations from certain antitrust regulations.

Webb-Pomerene Association

(USA) Associations engaged in exporting that handle the products of similar producers for overseas sales. These associations have partial exemption from U.S. anti-trust laws but the associations may not engage in import, domestic or third country trade, or combine to export services.

Weight Break

The point at which the weight of a shipment is large enough to be assessed the lower freight rates which are applicable to larger shipments, as per the carrier's tariff.

Wharfage

A charge assessed by a pier or dock owner for handling incoming or outgoing cargo.

Without Reserve

A term applied to a sale by auction indicating that no price is reserved (there is no minimum price.)

World Bank

The International Bank for Reconstruction and Development (IBRD), commonly referred to as the World Bank, is an intergovernmental financial institution located in Washington, DC. Its objectives are to help raise productivity and incomes and reduce poverty in developing countries through the granting of loans.

World Bank Group

An integrated group of international institutions that provides financial and technical assistance to developing countries.

World Trade Clubs

Local or regional based organizations in the United States and around the world of importers, exporters, customs brokers, freight forwarders, attorneys, bankers, manufacturers and shippers.

World Trade Organization

The international organization which resulted from the Uruguay Round of GATT negotiations. It is intended to promote world trade and to settle disputes among member nations.