Assign - law

To transfer or make over to another party.

Assignment – banking / letters of credit

The beneficiary of a letter of credit is entitled to assign his/her claims to any of the pro¬ceeds that he/she may be entitled to, or portions thereof, to a third party. Usually the beneficiary informs the issuing or advising bank that his/her claims or particle claims un¬der the letter of credit were assigned and asks the bank to advise the assignee (third party) that it has acknowledged the assignment. The validity of the assignment is not de¬pendent on bank approval. In contrast, the transfer re¬quires the agreement of the nominated bank. An assignment is possible regardless of whether the letter of credit is transferable - letter of credit.

Assignment of Proceeds


Assignor - law

One by whom a right or property is sfr M – assignee - assigpment

Assist - U.S. Customs

Any of a number of items that an importer provides directly or indirectly, free of charge, or at a re¬duced cost, for use in the production or sale of merchan¬dise for export to the United States.

Assists are computed as part of the transaction value upon which duty is charged, when the duty rate is a percentage of the value of the merchandise.

Examples of assists are: materials, components, parts and similar items incorporated in the imported merchandise; tools, dies, molds and similar items used in producing the imported merchandise; engineering, development, artwork, design work and plans and sketches that are undertaken out¬side the United States. Engineering is not treated as an assist if the service or work is: (1) performed by a person domi¬ciled within the United States, (2) performed while that per¬son is acting as an employee or agent of the buyer of the imported merchandise, and (3) incidental to other engineer¬ing, development, artwork, design work, or plans or sketches undertaken within the United States - valuation - transaction value - deductive value - computed value

Association of Southeast Asian Nations = ASEAN

ASEAN was established in 1967 to promote political, eco¬nomic and social cooperation among its six member coun¬tries: Indonesia, Malaysia, Philippines, Singapore, Thailand and Brunei. Contact: Association of Southeast Asian Na¬tions; 70A Jalan Sisingamangaraja; Jakarta-12110, Indone¬sia - Tel: [62] (21) 726-2991 - Fax: [62] (21) 739-8234

Assurance of Performance

(law) A declaration intended to induce one contracting party to have full confidence in the other’s performance. Pledges and sureties are forms of assurances

Related Links : ASEAN


Related Links : ASEAN