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Glossary

 

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R&E

Rolls and extensions

 

RBOB

Reformulated Blendstock for Oxygenate Blending (Gasoline)

RBU

Reference Base Unit (see ICUMSA)

 

Recourse or Payment with Recourse

The paying party retains the right to the funds in the event that reimbursement (from another party) is not forthcoming.

 

Red Clause

A letter of credit instructing an advance payment to be made to the beneficiary upon advice of the credit but before shipment of the goods.

 

Reimbursing Bank

The bank empowered by the issuing bank (i.e., with a bank balance) to charge the account of the issuing bank and pay to the bank collecting funds under a letter of credit.

 

Release Note

Document given by a bank to a buyer to enable buyer to claim the goods from the carrier. Used when goods are consigned to the bank as a means of retaining constructive control.

 

Remarketer 

Export agent or merchant who purchases products directly from the manufacturer, packing and marking the products according to his or her own specifications. Remarketers then sell these products overseas through their contacts in their own names and assume all risks. 

 

Remitter

Party making a payment.

 

Remitting Bank

Exporter's bank in a documentary collection process taking export documents and sending them to a correspondent in the country of the importer (the drawee in the collection process).

 

Restrictive Endorsement

Endorsement transferring title or right to a named party.
 

Revaluation

The restoration of the value of a nation’s currency that had once been devalued in terms of the currency of another nation. Currencies of countries undergoing inflation are more often “devalued,” meaning that either by market forces or by declaration of the issuing government, a greater number of units of its currency are required to purchase other currencies. When the reverse occurs, usually in an attempt to restore the purchasing power of an inflated currency, this is called “revaluation.”

 

Revocable

Adjective applied to a letter of credit which may be canceled or amended unilaterally by the issuing bank. Revocable letters of credit are rare, but may be used between friendly parties to observe the spirit of government regulations.

 

Revocable Letter of Credit

The terms and conditions can be changed, amended, or cancelled without the agreement of the beneficiary. This can happen only before the beneficiary has presented documents and has had them accepted in order.

 

Revolving Letter of Credit (RDLC)

An irrevocable letter issued for a specific amount that renews itself for the same amount over a given period.

 

RFQ

Request for Quote

 

Road Consignment Note

Transport document used for goods dispatched by road. Not a document of title.

 

Routing Number

Used by American Banks, used to direct or “route” funds to the correct banks (always 9 digits long).

RVC: Regional Value Content

A technique used to determine whether a product meets a rule of origin. 

RWA

Ready, Willing, and Able

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