Validated Export License

A document issued by the U.S. Government authorizing the export of commodities for which written export authorization is required. Validity The time period for which a letter of credit is valid. Valuation The appraisal of the worth of imported goods & servicesby customs officials for the purpose of determining the amount of duty payable in the importing country. Valuation Charges Transportation charges assessed shippers who declare a value of goods & serviceshigher than the value of the carriers' limits of liability. Value Added That part of the value of produced goods & servicesdeveloped in a company. It is determined by subtracting from sales the costs of materials & supplies, energy costs, contract work, & so on, & it includes labor expenses, administrative & sales costs, & other operating profits. Value-Added Tax An indirect tax on consumption that is assessed on the increased value of goods & servicesat each discrete point in the chain of production & distribution, from the raw material stage to final consumption. The tax on processors or merchants is levied on the amount by which they increase the value of items they purchase & resell. Vendor A company or individual that supplies goods & servicesor services. Vertical Export Trading Company An export trading company that integrates a range of functions taking products from suppliers to consumers. Vessel Ton A unit of measurement in the shipping industry assuming that 100 cubic feet of cargo equals one ton. Visa A license issued by the government of an exporting country for the export to a specific importing country of a certain quantity of a quota controlled commodity subject to a voluntary export restriction or a voluntary restraint agreement. Visa Waiver A program of selected countries to eliminate their visa requirement on a test basis. Volatility The measure of the relative deviation of a price from the mean. Volume Rate A rate applicable in connection with a specified volume of freight. Voluntary Export Restriction An underst&ing between trading partners in which the exporting nation, in order to reduce trade friction, agrees to limit exports of a particular good. Voluntary Restraint Agreements Informal bilateral or multilateral arrangements through which exporters voluntarily restrain certain exports, usually through export quotas to avoid economic dislocation in an importing country & to avert the possible imposition of m&atory import restrictions.