Basket of Currencies

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Basel Convention

The Basel Convention restricts trade in hazardous waste, some nonhazardous wastes, solid wastes and incinerator ash. It was adopted in 1989 by a United Nations-spon- sored conference of 116 nations in Basel, Switzerland. Twenty nations must ratify the treaty before it goes into ef¬fect. Contact at: Secretariat of the Basel Convention (SBC); International Environment House; 13-15 Chemin des Anemones, Building D; 1219 Chatelaine; Geneva Switzerland – Tel : [41] (22) 917-8218 – Fax : [41] (22) 797- 3454

Basing Point - shipping

A point (location) which is used in constructing through rates between other points.

Basing Rate - shipping

A rate used only for the purpose of constructing other rates.

Basket of Currencies – banking / foreign exchange

A means of establishing value for a composite unit consisting of the currencies of desig¬nated nations. Each currency is represented in proportion to its value in relation to the total. The European Currency Unit (now obsolete due to introduction of the Euro), for example, was a weighted average of the currencies of the European Community member nations, used as a unit of value in transactions among businesses in the member countries. See European Currency Unit.

Battens - shipping

The protruding fixtures of the inside walls of a vessel’s hold which keep cargo away from the walls of the vessel, or to fasten the cargo to the walls of the vessel

Baud - Internet

The measurement of the transmission speed of a computer modem expressed in bits per second

Bearer – general

The person in possession

Bearer – banking / finance / law / shipping

A person who possesses a bearer document and who is entitled to payment of funds or transfer of title to property on presentation of the document to the payee or transferor. A buyer, for example, who presents bearer documents of title (such as a bill of lading) to a.shipper that transported the goods is entitled to receive the shipment. A seller who presents to a bank a negotiable instrument, such as a check, that is payable to the bearer is entitled to payment of the funds - bearer document - endorsement

Bearer Document – banking / finance / law / shipping

A negotiable instrument, commercial paper, document of title or security that is issued payable or transferable on demand to the individual who holds the instrument, or one that is endorsed in blank. A bearer docu¬ment authorizes the payment of funds or the transfer of prop¬erty to the bearer when the bearer presents the document to the person, such as a bank or a shipper, that is holding the funds or property – bearer – endorsement

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