Terms used in export business such as Certificate of insurance,Certificate of manufacture,Certificate of Origin,Charter party

 

Terms used in export business such as Certificate of insurance,Certificate of manufacture,Certificate of Origin,Charter party etc.

 

This post explains about terms used in export business such as Certificate of Free Sale,Certificate of insurance,Certificate of manufacture,Certificate of Origin,Charter party,Certification ,Clear/clearance,Code initiatives,Codes of Conduct etc. These terms used in international business are arranged in alphabetical order and you may add more information about terms used in export business at the end of this article, if you wish.

 

Terms used in export business

 

Certificate of Free Sale:A certificate, required by some foreign governments, stating that the goods for export, if products under the jurisdiction of the U.S. Federal Food and Drug Administration, are acceptable for sale in the United States, i.e., that the products are sold freely, without restriction. FDA will issue shippers a "letter of comment" to satisfy foreign requests or regulations.

 

Certificate of Inspection:A document in which certification is made as to the good condition of the merchandise immediately prior to shipment. The buyer usually designates the inspecting organization, usually an independent inspection firm or government body.

 

Certificate of insurance :Shows insurance cover has been arranged for goods being transported. It should detail the degree of cover and list the policy number and all other relevant details.

 

Terms used in export business such as Certificate of insurance,Certificate of manufacture,Certificate of Origin,Charter party etcCertificate of manufacture - A statement (often notarized) in which a producer of goods certifies that manufacture has been completed and that the goods are now at the disposal of the buyer.

 

Certificate of manufacture :Statement (often legalised by a notary) in which a producer of goods certifies that manufacture has been completed and the goods can be bought.

 

Certificate of Manufacture: Statement by a producer, who is usually also the seller, of merchandise that manufacture has been completed and that the goods are at the disposal of the buyer.

 

Certificate of origin (C/O) :Statement on the origin of goods. You may need one if you're exporting to a number of countries. They're available from your chamber of commerce for goods of European (EU) origin.

Certificate of Origin (CO) :A certificate to certify the place of manufacture, the nature/quantity/value of the goods.

 

Certificate of Origin Generalized Systems of Preferences (GSP) Form A(or as Form A): A C.O. to support the claim for preferential tariff entry (a reduced or zero rate) of the exporting country's products into the GSP donors under the GSP they operate. In general, a Form A is issued only when the goods concerned have met both the origin rules of the preference receiving country as well as the origin criteria of the respective donor country's GSP. Hong Kong is now a beneficiary under the GSP schemes operated by Canada and Norway, while China is beneficiary to countries like Australia, Canada, Czech Republic, European Union, Japan, Poland, Russia, Slovakia.

 

Certificate of Origin: A statement signed by the exporter or the exporter’s agent and attested to by a local Chamber of Commerce, indicating that the goods being shipped, or a major percentage of them were produced in the exporter’s country. The Certificate of Origin may be asked for by the customs authorities of the country of import, because it proves the country of manufacture for particular goods.

 

Certificate of Veterinary Clearance (CVC) :A document issued by the official Veterinary Officer at a Border Inspection Post (BIP) controlling Products Of Animal Origin (POAO) and live animals entering the European Union (EU).

 

Certificate of Weight: Listed under Export Documents

 

Certification :The process of issuing the "certificate" which is required to be produced at time of Customs clearance as evidence that controlled fresh fruit and vegetable produce has been inspected by a competent authority and found to comply with European Community (EC) standards for quality, packaging and labelling.

 

CFR - Cost and freight. A pricing term indicating that the cost of the goods and freight charges are included in the quoted price; the buyer arranges for and pays insurance.

 

Chamber of Commerce:An association of businessmen whose purpose is to promote commercial and industrial interests in the community.

 

Charter party - A written contract, usually on a special form, between the owner of a vessel and a "charterer" who rents use of the vessel or a part of its freight space. The contract generally includes the freight rates and the ports involved in the transportation.

 

CIF - Cost, insurance, freight. A pricing term indicating that the cost of the goods, insurance, and freight are included in the quoted price.

 

CIF duty paid: The seller includes in the final price to the buyer, in addition to C.I.F., the estimated duty.

 

CIF named port: Cost, insurance, freight. Same as C&F except seller also provides insurance up to the named destination.

 

CIF&C.: Price includes commission as well as Cost, insurance, freight

 

CIF&E.: Price quoted includes currency exchange from U.S. dollars to foreign money as well as C.I.F.

 

CIF: cost, insurance and freight. This is an Incoterm - see the Incoterms 2000 website for more information. The seller clears goods for export and meets the cost of carriage to the port in the destination country, including insurance. But the importing buyer bears all risks, except marine insurance, after delivery. Delivery occurs when goods pass over the ship's rail in the port of shipment. The buyer also bears any extra costs caused by events that happen after delivery.

 

CIP: carriage and insurance paid to (named place of destination). This is an Incoterm see the Incoterms 2000 website for more information. The seller clears the goods for export and pays for delivery to the named destination. The goods are delivered when the seller passes the goods to its carrier. From this point the buyer takes responsibility for all costs and risks. But the seller must also take out insurance to cover the buyer's risk during transport.

 

Civil Society - This term refers to all of the organizations which are not public or for-profit institutions.

 

Clean bill of lading - A receipt for goods issued by a carrier that indicates that the goods were received in "apparent good order and condition," without damages or other irregularities. Compare Foul bill of lading.

Clean Bill of Lading: A document specifying that the goods were received in "apparent good order" by the carrier.

 

Clean draft - A draft to which no documents have been attached.

 

Clear/clearance :Goods are cleared when HM Revenue & Customs (HMRC) have accepted a declaration for them and formally released them for import or export.

 

Closed economy - An economy in which there are no foreign trade transactions or any other form of economic contacts with the rest of the world.

 

Code implementation - The policies, procedures and activities that a company needs to put in place in order to implement a code of practice.

 

Code initiatives - Organisations, such as ETI, whose role is to establish and/or encourage the implementation of codes of labour practice.

 

Code of Federal Regulations (CFR) — The United States Code of Federal Regulations (CFR) is the codification of the general and permanent rules and regulations published in the Federal Register by the executive departments and agencies of the Federal Government.

 

Code of practice/conduct - A set of standards concerning labour practices adopted by a company and meant to apply internationally, and, in particular, to the labour practices of its suppliers and subcontractors.

 

Codes of Conduct - Represent voluntary guidelines for treatment of workers and business behavior. In some cases the acceptance of inspections by independent agencies is a key factor of the guidelines.

 

Collateral security - Additional security a borrower supplies to obtain a loan.

 

Collection Instruction:An instruction given by an exporter to its banker, which empowers the bank to collect the payment subject to the contract terms on behalf of the exporter.

 

Collection papers - All documents (commercial invoices, bills of lading, etc.) submitted to a buyer for the purpose of receiving payment for a shipment.

 

collection: An exporter draws a bill of exchange on a customer abroad and gives the bill to his/her bank to collect funds. The importer must be willing to pay. The bank charges a fee to collect payment, but is not liable should the importer refuse to release the funds.

 

The above details describes about terms called in export business such as Certificate of Free Sale,Certificate of insurance,Certificate of manufacture,Certificate of Origin,Charter party,Certification ,Clear/clearance,Code initiatives,Codes of Conduct etc. These phrases may help importers and exporters on their day to day business activities. The readers can also add more information about terms used in export trade below this post.continue reading: Terms used in export business such as Buying Agent,Cost and Freight,Call money,Cargo Community System , Cartel ,Cash In Advance

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