AGENCY TARIFF Meaning and
Definition
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Agency tariff refers to a specific type of tariff that is established and enforced by a governing agency or regulatory body. It is a structured system of fees or charges that is imposed by the agency on various activities, transactions, services, or products within a specific industry or sector. The purpose of an agency tariff is to provide a standardized pricing framework that ensures fairness, transparency, and consistency.
This type of tariff is most commonly seen in industries where the government has oversight, such as transportation, telecommunications, or utilities. The agency responsible for regulating the industry sets the tariff rates, which may vary depending on factors like distance, type of service, or volume.
An agency tariff is typically designed to protect consumer interests by preventing unfair or unreasonable pricing practices, monopolistic behavior, or unfair competition. It ensures that service providers or companies within the industry adhere to predetermined rates and rules, promoting a level playing field for all participants.
The agency overseeing the tariff is responsible for reviewing and approving any changes to the rates and terms and conditions. They also monitor the industry to ensure compliance and may impose penalties or sanctions on those that violate the tariff provisions. By implementing an agency tariff, the regulatory body aims to balance the interests of service providers and consumers, supporting a competitive and efficient marketplace.
Common Misspellings for AGENCY TARIFF
- zgency tariff
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Etymology of AGENCY TARIFF
The etymology of the term "agency tariff" can be understood by breaking it down into its constituent parts:
1. Agency: The word "agency" comes from the Latin word "agens", which means "acting, action, or business". It is derived from the verb "agere" meaning "to do, to act". In the context of business and commerce, an agency generally refers to a legal relationship between two parties, where one party (the agent) acts on behalf of another party (the principal) to perform certain tasks or services.
2. Tariff: The word "tariff" has its origins in the Arabic word "ta'rīf", which means "notification" or "list of prices". It entered the English language in the 16th century through the Italian word "tariffa", which referred to a list or schedule of duties or charges imposed on goods being imported or exported.
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