VALIDATED EXPORT LICENSE

A required document issued by the U.S. government authorizing the export of specific commodities within a certain time period.

VALUATION, ACTUAL

Actual value of goods shown on the Bill of Lading by a shipper, when rate to be applied is dependent on value.

VALUATION, RELEASED

Value of goods set by shipper as the upper limit of carrier's liability in consideration for a lower rate to be charged.

VALUE

The value of imported merchandise as declared by the importer and as finally determined by the Customs Service.

VALUE ADDED TAX

An indirect consumption tax levied on imported goods in certain countries.

VAN CONTAINER

A standard container used to transport general freight.

VANNING

Loading of a container.

VESSEL CLOSEOUT

See Vessel Reconciliation.

VESSEL RECONCILIATION

The process whereby outbound documentation ensures that every shipment loaded aboard a vessel is manifested.

VESSEL TON

100 cubic feet.

VISA

A license issued to an importer by a foreign government pursuant to a quota. When asking for advice from the Customs Service, are you providing the most accurate, up-to-date, information you have on the merchandise.

VOLUNTARY RESTRAINT AGREEMENTS

Informal bilateral or multilateral arrangements through which exporters voluntarily restrain certain exports.  This action is taken to avoid economic dislocation in an importing country.

VOYAGE CHARTER

Engaging services of cargo ship for specified trip from one port to another at an established tonnage rate.