An individual quota that is allocated to a boat or license holder that can be sold or traded.

Individual transferable quota. A form of limited entry that gives private property rights to fishermen by assigning a fixed share of the catch to each fisherman.

Individual Transferable Quota. (King, 1995). A catch limit or quota allocated to an individual fisher, who then has a guaranteed share (which may be either harvested or traded) of the Total Allowable Catch of a particular resource species. (ITQs are comparable to the marketable pollution allowance systems defined below.)