IMPORT EXPORT DOCUMENTATION & PROCEDURE
GLOSSARY
In Glossary Chapter of Import Export Documentation & Procedure, We get the knowledge about Acceptance, Acceptor, Accounted, Act
of God, Actual
Container Gross Weight, Actual
Pay Load, Actual
Total Loss, Ad
Valorum Duty, Advance
against documents, Advance
Clause Credit, Advance
Payment Guarantee/Bond, Advising
Bank, Affidavit, After
Date, Agent, Air Waybill/ Air
Consignment Note, Alongside, Amendment, Anti-Dumping Duty, Applicant, Arbitration, Asset,Balance
of trade, Barter, Beneficiary, Bid
Bond, Bill
for Collection (BC), Bill
of Exchange, Bill
of Lading, Bill
Receivable (BR), Blank
Endorsed, Bond, Bonded
Warehouse, Carrier, Cash
against documents (CAD), Cash
in advance (CIA) , Certificate
of inspection, Certificate
of Insurance, Certificate
of manufacture, Certificate
of Origin, Chaser, CFR formerly written as
C&F (cost and freight), Clean
bill of lading, COD, Collection
Bank, Collection
Order, Collection
papers, Commercial
Invoice, Common
carrier, Confirmed
letter of credit, Confirming, Consignee, Consignment, Consignor, Consular
Invoice,Container
Freight Station (CFS), Container
Ship, Container
Tanks,Container
Terminal (CT), Contract, Correspondent
bank, Counter
trade, Countervailing
duty, CPT
(carriage paid to) and CIP (carriage and insurance paid to), Credit
insurer, Credit
risk insurance, Customhouse
broker, Customs, Customs
Invoice, Date
draft, DC
Bills, Delivered
at Frontier, Delivered
Duty Paid, Blank
Endorsed, Bond, Bonded
Warehouse, Carrier, Cash
in advance (CIA), Certificate
of inspection, Certificate
of Insurance, Certificate of manufacture, Certificate
of Origin, Chaser, CFR
formerly written as C&F (cost and freight), CIF
(cost, insurance and freight), CIF
(cost, insurance and freight), COD
Collect
on Delivery, Collection
Order, Collection
papers, Commercial
Invoice, Common
carrier,
What is Acceptance in Import Export Documentation & Procedure ?
An
undertaking by the drawee (who then becomes the "acceptor"), of a
bill of exchange to pay to the person presenting the bill (called the holder)
the face value of the bill on the due date.
What is Acceptor in Import Export Documentation & Procedure ?
The
person who accepts a bill of exchange drawn on him/her. Until he accepts it, he
is called the drawee. By accepting the bill, the acceptor undertakes to pay the
person presenting the bill.
What is Advance Clause Credit in Import Export Documentation & Procedure ?
These
documentary credits incorporate a clause which authorizes the advising bank to
make an immediate payment to the beneficiary (exporter) of an amount up to the
total of the credit, or some lesser nominated amount.
What is Advance
Payment Guarantee/Bond in Import Export Documentation & Procedure ?
A guarantee that advance payments will be returned if the party having
received such payments does not perform the contract.
What is Amendment in Import Export Documentation & Procedure ?
Alteration
to the terms of a DC; amendments must stamp from the applicant, be issued and
advised to the beneficiary; the beneficiary has the right to refuse an
amendment if the credit is irrevocable
What is Anti-Dumping Duty in Import Export Documentation & Procedure ?
A
tariff imposed to discourage sale of foreign goods, subsidized to sell at low
prices detrimental to local manufacturers.
What is Bill
Receivable (BR) in Import Export Documentation & Procedure ?
Bills
which are financed by the receiving branch, whether drawn under a DC or not,
are treated as BRs by both the remitting branch and the receiving branches
What is Bill
of Lading in Import Export Documentation & Procedure ?
A
document prepared by a carrier or freight forwarder that acts as a receipt for
the goods, as evidence of a contract between the carrier and the exporter and
as a document of title. A foreign buyer needs this document to take possession
of the goods.
What is Bill
of Exchange (B/E) in Import Export Documentation & Procedure ?
An unconditional order in writing addressed by one person to another,
signed by the person giving it, requiring the person to whom it is addressed to
pay on demand, or at a fixed or determinable future time, a certain sum of money
to the order of a person or bearer. The obligation to pay is unconditional and
can therefore be used as a negotiable instrument
What is Bill
for Collection (BC) in Import Export Documentation & Procedure ?
Document(s)
or cheque submitted through a bank for collection of payment from the drawee.
What is Bid
Bond in Import Export Documentation & Procedure ?
When
an exporter is bidding on a foreign contract, a bid bond guarantees that the
exporter will take the contract if it is awarded. If the exporter fails to take
the contract, it will have to pay a penalty in the amount of the bond. A bid
bond is usually requested by a foreign organization to screen out weak
contenders.
What is Balance
of trade in Import Export Documentation & Procedure ?
The
difference between a country's total imports and exports. If exports exceed
imports, a favorable balance of trade exists; if not, a trade deficit is said
to exist.
What is Blank
Endorsed in Import Export Documentation & Procedure ?
When
a bill of lading is made out to order or shipper order and the shipper has
signed on the back of it, it is said to be blank endorsed. The bill of lading
then becomes a bearer instrument and the holder can present it to the shipping
company to take delivery of the goods.
What is Bond in Import Export Documentation & Procedure ?
A
financial guarantee, issued by a bank or insurance company, allowing the
beneficiary to draw down if the exporter has defaulted, eg if the goods and
services are unsatisfactory. Most bank bonds are "on-demand" which
means the buyer does not need to justify or provide evidence of his
dissatisfaction.
What is Bonded
Warehouse in Import Export Documentation & Procedure ?
A
warehouse in which goods subject to excise taxes or customs duties are
temporarily stored without the taxes or duties being assessed. A bond or
security is given for the payment of all taxes and duties that may eventually
become due.
What is Carrier in Import Export Documentation & Procedure ?
Person or company undertaking for the transportation of goods e.g.
shipping company.
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Chapter # 10
Glossary
(Import Export Documentation And Procedure)
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