| Sacu |
The Southern African Customs Union
is one of the oldest trading blocks that originated
in 1889 and includes Botswana, Lesotho, Namibia, South
Africa, and Swaziland. See also US-SACU FTA |
| Sanction |
A punitive mechanism used. to encourage a country
to adopt or revise its policies. Trade sanctions might
include increases in tariffs. |
| Saps Structural Adjustment Programs |
Are a tool used by organizations such as the International
Monetary Fund and World Bank that primarily impose
neoliberal rules in exchange for loans or grants.
Typical SAPs include emphasizing exports over goods
produced for people locally; eliminating all barriers
to the flow of goods, services and money from outside
the country; keeping inflation low and wages stagnant;
privatizing public services; reducing government spending;
and balancing government budgets. |
| Schedule |
The Remitting/Negotiating Bank's letter covering
a bill sent to the Collecting/Issuing Bank, which
lists the documents attached and gives collection
and/or payment instructions. |
| Seawaymax |
refers to vessels which are the maximum size that
can fit through the canal locks of the St Lawrence
Seaway that link the Great Lakes with the Atlantic
Ocean. Seawaymax vessels are 740 feet in length,
78 feet wide, (maximum 226 m length, 24 m beam)
and have a draft of 26 feet (7.92 m). Source |
| Self-Liquidating |
A transaction is said to be self-liquidating when
there is a known source of funds available for its
settlement on due date. |
| Shipment Date |
The date inserted on the bills of lading evidencing
goods received on board is regarded for documentary
credit purposes as being the date of shipment. |
| Shipper |
See consignor |
| Shipper's Export Declaration |
A form required for all shipments by the U.S. Treasury
Department and prepared by a shipper, indicating the
value, weight, destination, and other basic information
about an export shipment. |
| Shipping Guarantee (Sg) |
Guarantees of this nature are required to enable
customers to obtain goods before the arrival of the
documents of title, and are issued to the shipping
companies by the Bank against an undertaking to forward
the bills of lading when they are received. The Bank
normally take 100% cash margin against the value of
the goods if the customer does not have T/R facility. |
| Shipping Terms |
See Incoterms |
| Ship's Manifest |
An instrument in writing, signed by the captain
of a ship, that lists the individual shipments constituting
the ship's cargo. |
| Sight |
A bill payable at sight is payable on presentation
to the drawee i.e. on demand. |
| Sight Draft (S/D) |
A draft payable upon presentation to the drawee.
A sight draft is used when the seller wishes to retain
control of the shipment, either for credit reasons
or for the purpose of title retention. Money will
be payable at sight of the completed documents. |
| Sovereignty |
The principle that the state exercises absolute
power over its territory, system of government, and
population. Accordingly, the internal authority of
the state supersedes that of all other bodies. |
| Spot Exchange |
The purchase or sale of foreign exchange for immediate
delivery. |
| Standard Industrial Classification (Sic) |
A standard numerical code system used by the U.S.
Government to classify products and services. |
| Standard Industrial Classification (SIC) |
A standard numerical code system used to classify
products and services. |
| Standard International Trade Classification (Sitc) |
A standard numerical code system developed by the
U.N. to classify commodities used in international
trade.
Standby Credit This may be established as security
for facilities granted at another branch or bank,
usually to a subsidiary of the DC applicant. - see
Special DCs. |
| Standby Letter Of Credit |
A letter of credit issued to cover a particular
contingency, such as foreign investors guaranteed
payment for commercial paper. |
| Status Report |
Produced by a bank's TCI department or a credit
information bureau, giving details of the creditworthiness
and business background of traders and manufacturers. |
| Steamship Conference |
A group of steamship operators that operate under
mutually agreed upon freight rates. |
| Straight Bill Of Lading |
A nonnegotiable bill of lading in which the goods
are consigned directly to a named consignee. |
| Strikes, Riots And Civil Commotions (S.R.&C.C.) |
A term referring to an insurance clause excluding
insurance of loss caused by labor disturbances, riots
and civil commotion or any person engaged in such
actions. |
| Subsidies |
Grants of money made by the government to either
a seller or a buyer of a certain product or service,
thereby altering the price or cost in a way which
affects the output. Governments usually make payments
to domestic producers to offset partially their costs
of producing and selling certain goods and services.
Subsidies are commonly used to support infant firms
just entering a new market, to bail out older firms
suffering from intensified competition, and to provide
support for sectors(such as farming) deemed essential |
| Substitution |
The act whereby the prime beneficiary substitutes
his own documents i.e. invoices and drafts, in back-to-back
and transferable credit operations prior to negotiation
of the master credits. |
| Subzone |
A special purpose zone established as part of a
zone project for a limited purpose, that cannot be
accommodated within an existing zone. |
| Sue And Labor Clause |
A provision in marine insurance obligating the
insured to take necessary steps after a loss to prevent
further loss and to act in the best interests of the
insurer. |
| Suezmax |
is a naval term for the largest ships capable
of fitting through the Suez Canal fully loaded,
and is almost exclusively used in reference to tankers.
Since the canal has no locks, the only serious limiting
factor is draft (maximum depth below waterline).
The current channel on the canal allows for 16 m
(53 ft) of draft (or depth), meaning many supertankers
are of too deep to fit through. Currently, the canal
is being deepened to 18 - 20 m. The typical displacement
of a Suezmax ship is 150 000 tons. Of note is the
head room limit of 68 meters by the Suez Canal bridge.
There is also a width limitation of 70.1 meters,
but only a handful of tankers exceed this size,
and they are excluded from Suez by their draft in
any case. |
| Surety bond |
A surety bond must be posted with the Customs Service
to cover potential penalties, duties, or taxes before
imported merchandise can be entered into the United
States. |
| Sustainability |
Meeting the needs of the present without compromising
the ability of future generations to meet their own
needs. |
| Sustainable Growth |
Growth that does not negatively affect the poor,
workers and the environment; economic growth that
is just and fair and improves the likelihood of such
growth in the future. |
