T
Take-and-pay contract:
A contractual term indicating that the buyer is required to take and pay for
goods or services only if delivered.
Français: Contrat du type : "Prend-et-paye"
Español: Contrato de compra contra entrega

Take-or-pay contract:
A contractual term whereby the buyer is unconditionally obligated to take
any product or service that he is offered (and pay the corresponding
purchase price), or to pay a specified amount if he refuses to take the
product or service.
Français: Contrat du type : "Prend-ou-paye"
Español: Contrato firme de compra, contrato sin derecho de rescisión

Take over:
A general term referring to the transfer of control of a company from one
group of shareholders to another group of shareholders.
Français: Prise de contrôle, achat
Español: Adquisición, absorción

Tare weight:
The weight of a container and/or the packing materials holding the shipped
merchandise. Compare with Gross weight.
Français: Poids à vide
Español: Tara


Tariff:
A tax imposed by a government on goods as they enter (or leave) the
country. It may be imposed for Protectionist reasons and/or to generate

revenues for the government. Tariff types include ad valorem, specific,
variable or some combination of these. See also duty.
Français: Tarif
Español: Arancel

Tariff anomaly:
A term indicating a situation where a tariff applied on raw materials or
semi-manufactured goods is higher than the corresponding tariff on
finished products.
Français: Tarif anormal
Español: Anomalía arancelaria

Tariff escalation:
A situation where tariffs on manufactured goods are relatively high, tariffs
on semi-processed goods are moderate and tariffs on raw materials are low
or non-existent.
Français: Tarif par paliers croissants
Español: Progresión arancelaria

Tariff preferences:
See Preferences.


Français: Tarifs préférentiels
Español: Tariff preferences

Tariff quotas:
A two tier tariff system, i.e. when imports within a set quota may enter at a
lower tariff rate than imports exceeding such a quota.
Français: Tarifs par quotas

Español: Contingente arancelario

Tariff schedule:
A comprehensive list of the goods which may be imported into a country,
together with the relative tariff rates applicable to each category.
Français: Barème de tarifs
Español: Arancel de aduanas

Tax haven:
A country with low levels of taxation (including on income from foreign
sources) and/or liberal tax incentives for undertaking specific economic
activities.
Français: Paradis fiscal
Español: Paraíso fiscal

Tax haven subsidiary:
A subsidiary of a company, established in a tax haven in order to minimize
the burden of taxation.


Français: Filiale domiciliée dans un paradis fiscal
Español: Filial en paraíso fiscal

Tender; Bid:
A general offer made by a company or a public sector agency for the
purchase of specific goods and services. The potential suppliers respond to
the tender notice or invitation by submitting their proposals, which specify
the technical, commercial and financial aspects of how they would carry out
work. See also Open Tender; Restricted Tender.
Français: Soummission, offre

Español: Licitación, oferta

Tender bond:
Another name for a bid bond.
Français: Tender bond
Español: Tender bond

Tender to contract period:
The period of time ranging between the submission of a tender and the
actual signature of the contract.
Français: Période comprise entre la soumission et la signature
Español: Período de licitación a contrato

Tenor:


The term established for the payment of a draft or a loan, i.e. the draft or
loan's maturity. The tenor may be either
(1) At sight, i.e. payable upon presentation.
(2) Time, i.e. payable at some specified future date, for example thirty days
after sight or sixty days after bill of lading date.
Français: Echéance
Español: Vencimiento

Term bonds:
Often referred to as bullet-bonds, whose principal is payable at maturity.
Français: Obligations sans amortissement
Español: Term bond

Term loan:

A business loan with a final maturity of more than one year, payable
according to a specified schedule.
Français: Prêt à terme
Español: Préstamo a plazo, crédito a plazo

Terms of trade:
An index expressed as a ratio between the price of exports and the price of
imports. When the index rises the terms of trade improve, and vice versa.
Broadly speaking, the index measures the purchasing power of a country's
exports in terms of the imports it buys (i.e. the quantity of imports which
can be bought with the country's export revenues.


Français: Termes de l'échange
Español: Relación de intercambio

Through bill of lading:
A single bill of lading covering the inland transport of a cargo from the point
of origin to that of final delivery to the ultimate consignee, when two or
more modes of transportation are used. Ocean shipments however usually
require two separate documents. i.e. an Inland bill of lading for the
domestic carriage and an Ocean bill of lading for international carriage.
Through bills of lading cannot, therefore, be used. See also Air Waybill.
Français: Connaissement direct
Español: Conocimiento de embarque directo

Tick:
The minimum price fluctuation of a security or commodity, either up or
down.
Français: Tick

Español: Movimiento mínimo de precios, variación de precio

Tied aid credit:
This refers to the practice of providing a grant and/or a concessional loan,
either alone or combined with an export credit, which is linked to an export
sale from the donor country.
Français: Crédit couplé à une aide
Español: Crédito de ayuda condicionada, crédito de ayuda vinculada


Tied loan:
A loan made by a government agency whereby the foreign borrower is
required to spend the related financial resources in the lender's country.
Français: Prêt lié
Español: Préstamo condicionado, empréstito de uso condicionado

Time deposits; fixed term deposits:
Money placed on deposit for a fixed period determined in advance, in
return for relatively high interest. This is indicated in the bank's balance
sheet together with its fixed due date. This type of deposit may not usually
be transferred or withdrawn without notice. If the depositor chooses to
withdraw the money before the due time, he sacrifices all or part of the
interest. Notice of withdrawal might be waived for small withdrawals.
Sometimes referred to as saving deposits. Related: Certificate of deposit.
Français: Dépôts à terme, dépôts à terme fixe
Español: Depósito a plazo, depósito término

Time draft:
A draft calling for payment at a later period than the delivery of the goods
or services. Compare with Date Draft, Sight Draft.

Français: Traite à terme
Español: Letra de cambio a plazo

Tolling contract:
Another name for take-or-pay contract.
Français: Tolling contract
Español: Tolling contract


Trade acceptance:
A draft drawn by the seller of goods on the buyer and accepted by the latter
for payment at specified future date.
Français: Acceptation commerciale
Español: Aceptación comercial

Trade account:
See Balance of trade.
Français: Compte commercial
Español: Trade account

Trade creditors (UK); Accounts payable (US):
See Accounts payable.
Français: Dettes passives / Créanciers commerciaux (GB)
Español: Cuentas a pagar

Trade related investment measures (TRIMs):
The Agreement on TRIM's, negotiated in the Uruguay Round, recognizes
that certain investment measures can restrict and distort trade. It requires
countries to phase out TRIM's which have been identified as being
inconsistent with GATT rules. The phasing out period, from 1 January 1995,

was two years for developed countries, five years for developing countries
and seven years for transitional economies.


Français: Mesures au sujet des investissements en rapport avec le
commerce (TRIMs)
Español: Medidas en materia de inversiones relacionadas con el comercio
(MIC)

Traders:
An individual, or a company, who takes positions on the market with the
objective of making a profit, typically consisting of the Spread between
the Bid and the Ask price or rate. Traders can make markets by trading the
flow. See also Speculators.
Français: Courtiers
Español: Agente

Tranche:
(1) A term used to refer to IMF's borrowing facilities. The reserve tranche
refers to the 25% of a member's quota paid in reserve assets.
(2) In security markets, the term indicates a part issue of securities.
Français: Tranche
Español: Tramo

Transfer risk:
The risk that the borrower will not be able to convert local currency into
foreign exchange, therefore being unable to make the due debt-service
payments. Such risk typically arises from currency exchange restrictions
imposed by the government of the borrower's country. This is a particular
kind of political risk.



Français: Risque de transfert
Español: Riesgo de transferencia

Transaction costs:
The time, effort and expense involved in the transfer an asset from the
seller to the buyer (for example, search costs, commission fees, costs of
transport, etc.).
Français: Coût de transaction
Español: Costo de transacción

Transit tariff:
A tax placed on goods transiting (i.e. passing through) a country.
Français: Droit de transit
Español: Arancel de tránsito

Transmittal letter:
A letter containing a detailed description of the shipped goods, the
documents being transmitted together with instructions for the use of such
documents. Any special instructions are also included.
Français: Lettre de transmission
Español: Carta anexada

Treasury bills (T-Bills):
Short-term papers issued by governments in many countries, with maturity
of one year or less.


Français: Bons du Trésor

Español: Bono del Tesoro, letra del Tesoro

Triangular arbitrage:
The process of buying and selling an asset, commodity or foreign exchange
at a profit, due to price discrepancies, where three different currencies are
involved. See also Arbitrage.
Français: Arbitrage triangulaire
Español: Arbitraje triangular

Trust receipt:
A receipt for goods which are to be held in trust for the lender, who retains
title to the merchandise. The lender may release such goods to the buyer,
who may use them for manufacturing or sales purposes, with the obligation
of maintaining the goods under trust (or the proceeds from their sale)
distinct from the remainder of his assets, ready for repossession by the
lender.
Français: Reçu fiduciaire
Español: Recibo fiduciario

Trustee:
An individual or company who holds and administers a sum of money or
property on behalf an individual, group or organization.
Français: Fiduciaire
Español: Administrador fiduciario, fideicomisario


Turn-Key:
A term used in a construction contract, whereby the contractor has a
contractual responsibility to build and hand over to a client a completed
and tested plant, operating to specification. The contractor is thus totally

responsible for all activities from design through to final completion of the
project.
Français: Clé en main
Español: Llaves en mano

Turnover tax:
A form of indirect taxation imposed on a firm's sales revenues.
Français: Taxe sur le chiffre d'affaires
Español: Impuesto sobre el volumen de negocio, impuesto sobre la cifra de
venta

U
Ultimate consignee:
The final recipient of the shipped goods, who will use them for the
designated end use.
Français: Consignataire final
Español: Destinatario final, consignatario final

Underlying:
The "something" (commodity, security, foreign exchange etc.) that the
parties agree to exchange in a Derivative contract.
Français: Sous-jacent
Español: Subyacente


Underwriter:
(1) In security markets, the financial institution which agrees to purchase
an unsubscribed new issue of securities at an agreed price on a fixed day
with a view to selling it publicly, for an underwriting fee.
(2) In an insurance contract, the insurer who underwrites the policy.

Français: Syndicataire
Español: Suscriptor, Asegurador

Unfair calling cover:
An insurance cover to compensate for loss, in case of an unfair call of a Bid
bond by the overseas buyer.
Français: Appel injustifié à la couverture
Español: Cobertura de ejecución injusta

Unit of account:
A benchmark against which to base the value of payments. It is a specially
defined unit, rather than a real payment medium, used in international
payments.
Français: Unité de compte
Español: Unidad de cuenta

Unit of currency:
The monetary unit of a country (e.g. US dollar) or of an international
monetary system (e.g. ECU).


Français: Unité monétaire
Español: Unidad de moneda

Unitary tax:
A taxation system whereby taxes are calculated on a percentage basis of a
company's world-wide operations, rather than on the profits made in the
area where the taxing authorities are located.
Français: Taxe unitaire
Español: Impuesto unitario


Unit costs:
The costs per unit produced. Can be used to analyse a company's
performance.
Français: Coûts unitaires
Español: Costos unitarios

Unsecured credit:
A credit extended without the pledge of collateral, usually for a highly
creditworthy borrower. Opposite: Secured credit.
Français: Crédit non-garanti
Español: Crédito al descubierto, crédito no garantizado

Use-or pay contract:
Another term for take-or-pay contract.


Français: Contrat du type "Utilisez-ou-payez"
Español: Use-or pay contract

Usuance; Usuance draft:
The same as tenor.
Français: Usuance; Usuance draft
Español: Usuance; usuance draft
V
Validated Export License:
A document issued by government authorities to allow the export of
commodities for which written authorization is required by law.
Compare with General Export License.
Français: Licence d'export validée

Español: Licencia de exportación validada

Validity date:
The date on which a bond or guarantee expires.
Français: Date de validité
Español: Fecha de validez

Value added tax:
A method of indirect taxation whereby the tax is assessed and levied
on the increase of the value of the goods as they pass from the raw
material through to the final product stage. If the production process
is split between different firms, each is taxed only on the value added


to the product during the part of the production stage it is
undertaking.
Français: Taxe sur la valeur ajoutée
Español: Impuesto sobre el valor añadido, IVA

Value date:
The date on which traded funds are actually delivered to the
beneficiary, i.e. received by his bank, credited to his account and
made available for withdrawal. Interest accrues with effect from the
value date. In the case of a spottransaction, the value date is usually
two days after the transaction has been agreed upon.
In forward trade it corresponds to the future date indicated in the
forward contract.
Français: Date de valeur
Español: Fecha de valor


Vanilla issue:
An issue of securities which has no unusual features.
Français: Emission du type "Vanille"
Español: Vanilla issue

Variable interest rate:
An interest rate, for instance on a loan or a bond issue, which
fluctuates during the life of the loan or bond issue. This fluctuation is
usually based on a benchmark interest rate, such as the Prime
Rate or LIBOR in the case of international credit.
Français: Taux d'intérêt variable
Español: Tipo de interés variable


Variable levy:
A Tariff which increases or decreases in response to changes in world
prices of imported goods in such a way that the import price after
payment of the duty remains constant (i.e. the level
of Protection remains the same.)
Français: Prélèvement variable
Español: Gravamen variable, impuesto variable

Variable price security:
A security, such as a share or a bond, which sells at a fluctuating,
market-determined price.
Français: Titre à prix variable
Español: Título de precio variable

Variable-rate loan:
A loan extended at an interest rate charge which fluctuates with

the Prime Rate or LIBOR or other benchmark rate.
Français: Prêt à taux variable
Español: Préstamo a tasa variable

Vehicle currency:
A currency which is extensively used by traders and bankers in
international trade transactions, i.e. used as an international medium


of exchange (such as the dollar). Vehicle currencies are sometimes
referred to as trading currencies.
Français: Véhicule monétaire
Español: Moneda vehículo

Venture capital:
An investment in a start-up business, which is perceived to have
excellent growth prospects but whose high level of risk limits its
access to the Capital markets. This is typical of financing extended to
new companies seeking to grow rapidly.
Français: Capital-risque
Español: Capital (de) riesgo

Vertical export trading company:
An export trading company which integrates (i.e. undertakes
internally) the different stages of the production process, from taking
products from suppliers to selling them to final consumers.
Français: Société de négoce spécialisée en exportations et de type
vertical
Español: Sociedad exportadora vertical


Vertical integration:
A firm’s acquisition of the control of the different stages of the
production process, from the earliest processing of raw materials to
the distribution of the final products.
Français: Intégration verticale
Español: Integración vertical


Voluntary export restraint:
An informal (and under GATT rules illegal) understanding between
nations in which the exporting country, in order to reduce trade
friction, voluntarily agrees (although usually under pressure from the
importing country) to limit its exports of particular goods to a
specific importing country. These arrangements do not involve any
obligation by the importing country to provide "compensation" to the
exporting country, as would be the case if the importing country
unilaterally imposed equivalent restraints on imports. Also called a
Voluntary restraint agreement.
Français: Restriction d'exportation volontaire
Español: Limitación voluntaria de las exportaciones, LVE

Vostro account:
Within a domestic bank, this is an account held by a foreign bank of
which the former is either the holder or in which it has an interest.
Also known as loro account. Opposite: Nostro account.
Français: Compte Vostro
Español: Cuenta vostro

Virgin bond:
See Back bond.

Français: Obligation vierge
Español: Bono garantizado


Virtual bank:
This is a bank which exists only on the Internet. A virtual bank does
not have any physical "bricks-and-mortar" branches.
Français: Banque virtuelle
Español: Banco virtual

W
W.A:
See With average.
Français: W.A
Español: W.A

Warehouse receipt:
A document issued by a warehouse listing the goods deposited in the
storage site and signifying ownership of the listed goods. Warehouse
receipts may be Negotiable (to Bearer) or non-negotiable.
Français: Récépissé d'entreposage
Español: Recibo de almacenamiento

Warrant:
(1) A written legal instruction of payment.
(2) A warehouse receipt, which in some countries is considered a
security. It can be assigned to transfer title to the goods.
(3) An attachment to a fixed interest security (for instance, a bond)
which gives certain rights to its holder, typically the right to purchase
a given security at some specified future date and at a specified price.

Warrants may then be detached from the bond, to be traded as a


separate security whose price reflects the value of the underlying
bond. Warrants are often issued by corporations as "sweeteners",
bundled with another class of security to enhance the latter’s
marketability.
Français: Garantie
Español: Warrant

Waybill:
A document used as a receipt for goods. Unlike a Bill of lading it is not
a document of title. The term is a synonymous with liner waybill,
ocean waybill or sea waybill.
Français: Lettre de voiture
Español: Carta de porte

Weighted interest cost:
The total cost of a multi-part loan (i.e. a loan extended by different
lenders), weighted for the respective amounts lent and the length of
time the funds are on loan.
Français: Coût d'intérêt pondéré
Español: Costo de interés ponderado

Wharfage:
A charge assessed by a pier or dock owner for handling incoming or
outgoing cargo and merchandise.
Français: Droits de quai
Español: Muellaje



Whole turnover coverage; Comprehensive coverage; global
coverage:
An export credit insurance/guarantee policy which covers against
risk of loss due both to commercial and political causes. Whole
turnover policies generally charge a lower premium rate
than specific policies as the risks are spread across a broader range
of transactions and frequently across several debtor countries.
Français: Couverture complète du Chiffre d'affaires; Couverture
globale tous risques
Español: Cobertura del rendimiento total, cobertura global, cobertura
global

With average:
A term used in marine insurance indicating that a shipment is
covered in a situation of partial damage, whenever the damage
exceeds a certain percentage (3% for example). If, however, the ship
is involved in a major catastrophe, such as a collision, fire or
stranding, the minimum percentage requirement is waived and the
insurance company pays the totality of the damage.
Français: Avec avarie
Español: (seguro) Con avería

Withholding taxes:
Taxes levied at source by a country on income to be paid abroad.
Typically this applies to interest and Dividends remitted to the home
country of the firm operating abroad.
Français: Impôts anticipés
Español: Impuesto retenido en la fuente, impuesto en origen,
impuesto de retención en la fuente



Without recourse:
A clause in a contract whereby the lender, in the event of nonpayment, has no right to seek payment or seize assets from anyone
other than the party specified in the debt contract.
Français: Sans recours
Español: Sin recurso

Without reserve:
A term indicating that the shipper's agent or foreign representative is
empowered to make definitive decisions and adjustments without
referring to the individual or company he is representing.
Français: Sans réserve
Español: Sin reserva

Working capital:
The difference between a company’s current assets and current
liabilities (excluding short-term debt). It is also known as net current
assets.
Français: Fonds de roulement
Español: Capital de explotación, capital circulante, fondo de
operaciones, capital de operaciones (circulante)

Working capital credit:


A loan granted to temporarily strengthen the Working capital of a
borrower, for example in the form of Seasonal loans or Bridging
financing.
Français: Crédit destiné au fonds de roulement

Español: Crédito de capital circulante

Working capital guarantee:
A guarantee extended to exporters, designed to encourage lenders to
extend them working capital loans to finance various export-related
production and marketing activities. Lack of working capital is one of
the biggest barriers for small and medium-sized exporting
enterprises.
Français: Garantie de fonds de roulement
Español: Garantía de capital circulante

World Bank Group:
An integrated group of international institutions which provides
financial and technical assistance to developing countries. The group
includes the International Bank for Reconstruction and
Development, the International Development Association and
the International Finance Corporation.
Français: Groupe de la Banque Mondiale
Español: Grupo del Banco Mundial

World Trade Organization (WTO):
Successor of GATT's the WTO was established on the 1 January 1995
as the legal and institutional foundation of the multilateral trading
system. The main function of WTO is to act as a forum for multilateral


trade negotiations, to seek to resolve trade disputes, to oversee
national trade policies and promote fair competition. It is the
platform on which global trade relations among countries evolve
through collective debate, negotiation and adjudication.

Français: Organisation mondiale du Commerce (OMC)
Español: Organización Mundial del Comercio (OMC)

Wrap-around loan:
A long-term loan structured around a short-term loan in such a way
as to postpone repayments of the principal (and sometimes the
interest) on the long-term loan until the short-term loan is repaid.
Français: Prêt "structuré autour"
Español: Préstamo que incorpora un préstamo existente

Write-down:
A specific case of write-off. In general, this is the decrease in the book
value of an asset if this is overstated compared with the current
market value. Banks may also write down a loan (i.e. reduce its value
on their books) when they think it might not be repaid in full.
Français: Amortissement partiel
Español: Reducir el valor contable, amortizar parcialmente

Write-off:
A term signifying how banks deal with debts of which there is no
hope of recovery. When a borrower is bankrupt, his bank writes the
loans off its balance sheet by reducing its assets by the value of the
loan. This means the bank has to make an equal and opposite
reduction in the value of its liabilities.