That portion of the sea up to a limited instance which is immediately adjacent to the shores of any country and over which the sovereignty and exclusive jurisdiction of that country extend.
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FLAG OF CONVENIENCE
Flags of nations which offer favorable tax structures and regulations. Ships registering under the laws of these nations are not always required to establish their home location in that country.
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DISTINGUISHING MARK
A flag flown to distinguish ships of one seagoing service of a given country from ships of the country's other seagoing service(s) when ships of more than one of the country's seagoing services fly the same ensign.
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FLAGS OF CONVENIENCE
The registration of ships in a country that offer favourable tax structures and regulations; also the flag representing the nation under whose jurisdiction a ship is registered. Ships are always registered under
the laws of one nation but are not always required to establish their home
location in that country. FOC states often offer low tax rates and their requirements concerning manning or maintenance are not stringent. The term always denotes registration of vessels in foreign nations.
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HOME TRADE VESSEL
A vessel engaged in trade between a country and the ports of a neighboring country within geographical limits determined by national law.
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FREE TRADE ZONE
A zone, often within a port (but not always), designated by the government of a country for duty-free entry of any nonprohibited goods. Merchandise may be stored, displayed, or used for manufacturing within the zone and reexported without duties being applied. Also referred to as free port.
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ADVISING BANK
A bank operating in the seller's country that handles letters of credit on behalf of a foreign bank.
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CONSUL
A government official residing in a foreign country who represents the interests of her or his country and its nationals.
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CONSULAR DECLARATION
A formal statement describing goods to be shipped; filed.with and approved by the consul of the country of destination prior to shipment.
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CONSULAR VISA
An official signature or seal af fixed to certain documents by the consul of the country of destination.
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COUNTERVAILING DUTY
An additional duty imposed to offset export grants, bounties or subsidies paid to foreign suppliers in certain countries by the government of that country for the purpose of promoting export.
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