Clearance

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CLEARANCE, com. law. The name of a certificate given by the collector of a port, in which is stated the master or commander (naming him) of a ship or vessel named and described, bound for a port, named, and having on board goods described, has entered and cleared his ship or vessel according to law.
     2. The Act of Congress of 2d March, 1790, section 93, directs, that the master of any vessel bound to a foreign place, shall deliver to the collector of the [dis ot?] from which such vessel shall be about to depart, a manifest of all the cargo on board, and the value thereof, by him subscribed, and shall swear or affirm to the truth thereof; whereupon the collector shall grant a clearance for such vessel and her cargo; but without specifying the particulars thereof in such clearance, unless required by the master so to do. And if any vessel bound to any foreign place shall depart on her voyage to such foreign place, without delivering such a manifest and obtaining a clearance, the master shall forfeit and pay the sum of five hundred dollars for every such offence. Provided, anything to the contrary notwithstanding, the collectors and other officers of the customs shall pay due regard to the inspection laws of the states in which they respectively act, in such manner, that no vessel having on board goods liable to inspection, shall be cleared out, until the master or other person shall have produced such certificate, that all such goods have been duly inspected, as the laws of the respective states do or may require, to be produced to the collector or other officer of the customs. And provided, that receipts for the payment of all legal fees which shall have accrued on any vessel, shall, before any clearance is granted, be produced to the collector or other officer aforesaid.
     3. According to Boulay-Paty, Dr. Com. tome 2, p. 19, the clearance is imperiously demanded for the safety of the vessel; for if a vessel should be found without it at sea, it may be legally taken and brought into some port for adjudication, on a charge of piracy. Vide Ship's papers.

A Law Dictionary, Adapted to the Constitution and Laws of the United States. By John Bouvier. Published 1856.
References in periodicals archive ?
Overall this represents a long term, sustainable continuity of clearing services for Euronext and its clients.
The first bilaterally agreed disclosed trades executed on the EquiLend Clearing Services platform already have successfully flowed from the ECS Gateway through the ECS Middle Office to OCC.
"Flexibility, extensibility, performance and cost-efficiency are key system requirements for clearing banks to stay competitive and develop attractive clearing services as the new regulatory landscape evolves.
"Our successful partnership with Euroclear Bank is a result of our ability to leverage our strong on-the-ground presence in the region and our state-of-the-art platform to provide our corporate and bank clients with world-class cash clearing services," he added.
“In behalf of the company, we have already decided not to renew anymore our Memorandum of Agreement between us and our previous clearing service firm and look for Futures Commission Merchant instead to provide us clearing services,” said Jack Wallace, FG Solutions International's Director for Sales and Marketing Department.
"The introduction of this service helps reduce systemic risk in the swap markets and Credit Suisse looks forward to working with the SGX as it develops clearing services for a greater range of OTC derivatives," he said.
Summary: New Derivatives Clearing Services (DCS) business to provide suite of integrated agency clearing services for all listed and OTC derivatives.
International Resource News-12 August 2009-CME starts trading and clearing services for three new NYISO(C)2009 ENPublishing - http://www.enpublishing.co.uk
ENERGY RESOURCE-7 November 2006-Chicago Board of Trade Establishes Clearing Services for New Ethanol Calendar Swap Contracts(C)2006 JeraOne - http://www.jeraone.com
A spokesman for the Association of Payment Clearing Services said: "They've used an old style skimming device to copy magnetic details."
Approval would hinge on the groups agreeing to reinforce the independence of the LSE's current clearing services provider, LCH.Clearnet.