Legal Dictionary of Pakistan
Quick lookup for English, Urdu, and Latin legal terms used in Pakistani jurisprudence.
gray market
A market in which legal but perhaps unethical methods are used to avoid a manufacturer's distribution chain and thereby sell goods (esp. imported goods) at prices lower than those envisioned by the manufacturer. See PARALLEL IMPORTS. "One of the most controversial areas of customs law concerns 'gray market goods,' goods produced abroad with authorization and payment but which are imported into unauthorized markets. Trade in gray market goods has increased dramatically in recent years, in part because fluctuating currency exchange rates create opportunities to import and sell such goods at a discount rate from local price levels." Ralph H. Folsom & Michael W. Gordon, International Business Transactions ยง 20.8 (1995).
gray market.
See MARKET