| Race To The Bottom |
The constant search for cheaper wages,
lower taxes and weaker environmental and other regulations,
produces a downward spiral in socio-economic conditions
in the United States and in countries around the world.
For example, jobs moved from Detroit to Mexico in
pursuit of lower wages, and now jobs are being moved
from Mexico to China. |
| Reactivation |
A resumption of the activated status of an entire
area that was previously deactivated without any change
in the operator or the area boundaries. |
| Recourse |
The right to claim a refund from another party
which has handled a bill at an earlier stage. |
| Red Clause Credit |
A credit with a clause which authorises the advising
bank to make an advance payment to the beneficiary
- see special DCs. |
| Regional Commissioner |
The Regional Commissioner of Customs for the Customs
Region in which the zone is located. |
| Reimbursing Bank |
The bank nominated by the DC issuing bank that
will pay the value of the DC to the negotiating/paying
bank. |
| Remitting Bank |
Bank that sends the draft to overseas bank for
collection. |
| Resident Member |
The official that has been delegated authority
by the Secretary of the Army to act on nondiscretionary
zone matters. |
| Retail Trade |
Generally, sales or offers to sell goods or services
to individuals for personal use. |
| Retirement |
The act of paying or settling an outstanding bill
or import loan; i.e. payment by the importer to the
Bank. |
| Revocable Credit |
One that may be amended or cancelled without notice
to the beneficiary. |
| Revocable Letter Of Credit |
A letter of credit that can be cancelled or altered
by the drawee (buyer) after it has been issued by
the drawee's bank. Compare Irrevocable letter of credit. |
| Revolving Credit |
A credit automatically reinstated after each drawing
or upon receipt of authorisation from DC issuing bank,
with limits as to the duration of the facility and
as to the (cumulative or non-cumulative) amount involved
for each drawing - see Special DCs. |
| Ruling |
Adecision rendered by the Customs Service on an
issue or issues surrounding a particular importation
of merchandise. Rulings are published and can usually
be appealed to a higher administrative body or to
a court of law. |
