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TermDefinitionAAbandonmentTheactofrelinquishingclaimorrighttopropertyAboutAbout,Approx.,andCircaaretermswhichwhenusedinaletterofcredit,areconstruedtoallowadifferencenottoexceed10%moreor10%lessthanthemonetaryamount,orthequantity,ortheunitpricestipulatedintheletterofcredit.AbsoluteAdvantageAnadvantageofonenationorareaoveranotherinthecostsofproducinganitemintermsofusedresources.Absorption1.Aneconomictermforthetotalexpendituresbyanation'sresidentsongoodsandservices.2.Theassumptionbyonecarrierofthechargesofanotherwithoutanyincreaseinthechargestotheshipper.AcceleratedTariffEliminationThereductionofimportdutiesfasterthanoriginallyhadbeenagreeduponorprojected.Acceptance1.AdraftcallingforpaymentatafuturedatewhichthedraweehasagreedtopaybysigningAcceptedonthedraft.2.Anunconditionalassenttoanoffer;oranassenttoanofferconditionedononlyminorchangesthatdonotaffectanymaterialtermsoftheoffer;3.Anagreementtopurchasegoodsonspecifiedterms.4.Receiptofashipmentbyaconsigneethusterminatingtheliabilityofthecarrierfordelivery.AcceptanceLetterOfCreditAletterofcreditwhichinsteadofagreeingtopaythebeneficiaryimmediatelyuponpresentationofdocuments,requirespresentationofatimedraftdrawnbythebeneficiaryupontheissuingbankoranotherbank.However,thebeneficiarymay,ineffect,obtainpromptpaymentbydiscountingthedraft.AcceptedDraftAdraftorabillofexchangeacceptedbythedrawee(acceptor)byputtinghissignatureandaccepted'onitsface.Indoingso,hecommitshimselftopaythebilluponpresentationatmaturity.AcceptingBankAbankwhichbysigning'accepted'onatimedraftacceptsresponsibilitytopaywhenthedraftbecomesdue.AcceptorThepartythatsigns'accepted'onadraftorobligation,agreeingtopaythestatedsumatmaturity.AccessionAccessionisaprocessbywhichacountrybecomesamemberofTermDefinitionaninternationalagreement(usuallyanagreementthathasalreadybeenacceptedbyothercountries).AccessorialChargesIntransportation,thosechargesmadeforadditional,supplemental,orspecialservicesperformedinadditiontothebasictransportationservice.AccessorialServices`Intransportation,servicesperformedwhichareadditional,supplemental,orspecial,inadditiontothebasictransportationservice.AccommodationAnarrangementorengagementmadeasafavortoanother,notdependentuponaconsiderationreceived.AccommodationNoteOrPaperAbillofexchangeorbanker'sacceptancewhichisendorsed,accepted,ordrawnbyoneparty(theaccommodatingparty)tobenefitanotherparty.Theaccommodatingpartygenerallydoesnotchargeorseekcompensationforthisact.AccordAndSatisfactionAmeansofdischargingaclaimwherebythepartiesagreetogiveandacceptsomethinginsettlementandperformtheagreement,theagreementbeingtheaccordanditsperformancethesatisfaction.AccountNumberAnidentificationnumberassignedinitsrecordsforpurposesoffasterandmoreaccurateaccountingandrecordkeeping,bybanks,institutions,andbusinessesofallkindtotheirdepositors,users,members,subscribers,customers,vendors,orotherentities.AccountPartySameasApplicant,thepartyatwhoserequestabankissuesaletterofcredit.AccountsPayableAcurrentliabilityrepresentingtheamountsowedtocreditorsformerchandiseorservicespurchasedonopenaccountorshort-termcredit.AccountsReceivableTheamountofmoneyabusinessexpectstoreceiveformerchandiseorservicesfurnishedbyittoothersonopenaccount.AccrualOfObligationThematuringofanobligationtothedatewhentheobligatedpartymustperform.(Suchasatimedraftwhichmustbepaidbythedraweeonthedatestated.)AcquisitionTheactofbecomingownerofaproperty.Infinance,itisthepurchaseofacompany'sassetsoritscommonstock.ActOfGodAviolentactofnaturesuchaslightning,flood,earthquakeorhurricanewhichmancanneithercausenorintervenewith.ActionExContractu1.Alegalactionforbreachofapromisestatedinanexpressorimpliedcontract.TermDefinition2.Anactionarisingoutofacontract.ActionExDelicto1.Alegalactionforabreachofadutythatisnotstatedinacontractbutarisesfromthecontract.2.Alegalactionthatarisesfromawrongfulact,suchasfraud,fault,misconductormalfeasance.AdValoremDutyDutycalculatedonthebasisofvalue(usuallyapercentageofthevalue.)AddressOfRecordTheofficialorprimarylocationforanindividual,company,orotherorganization.AdhesionContractAcontractwithstandard,oftenprinted,termsforsaleofgoodsandservices,offeredtoconsumerswhousuallycannotnegotiateanychangesinthetermsandcannotacquiretheproductunlesstheyagreetothem.AdjustmentAssistanceFinancial,trainingandre-employmenttechnicalassistancetoworkers,andtechnicalassistancetofirmsandindustries,tohelpthemcopewithadjustmentdifficultiesarisingfromincreasedimportcompetition.AdmiraltyAnycivilorcriminalmatterhavingtodowithmaritimelegalissues.AdmiraltyCourtAcourtoflawthathasjurisdictionovermaritimelegalissues.AdvanceAgainstCollectionAshorttermloanorcreditextendedtoaseller(usuallytheexporter)bytheseller'sbankonceadrafthasbeenacceptedbythebuyer(generallytheimporter).AdvanceArrangementsIntransportation,advancearrangementsmustbemadeforcertainkindsofcargowhichrequirespecialhandling:hazardouscargo,overweight,oversized,overnormalquantity,timesensitive,shippedunpacked,liveanimalsetc.Noteverycarriercanorwilltransporteverykindofcargo.AdvancedTechnologyProducts(ATP)Produ