Glossary of Trade Terms

Agent	A person or firm authorized by the seller (known as the principal) to enter into binding contracts of sale on the seller's behalf without taking possession of the goods themselves.
All Risk	The most comprehensive type of transportation insurance, providing protection against all physical loss or damage from external causes.
Anti-dumping duty	A special duty imposed to offset the price effect of dumping that has been determined to be materially harmful to domestic producers.
Arbitration	The process of resolving a dispute or a grievance outside of the court system by presenting it to an impartial third party or panel for a decision that may or may not be binding.
Area Control List	A list of countries to which any export (except humanitarian items) requires an export permit.
Assignment of proceeds	An instruction to a bank to pay a portion of proceeds earned under a letter of credit to a third party, usually a supplier.
ATA Carnet	An international, unified customs document, issued by the Canadian Chamber of Commerce, that simplifies customs procedures for the temporary duty free admission of three main categories of goods traded internationally: commercial samples; goods for presentation or use at trade fairs, shows, exhibitions, or similar events; and professional equipment.