Terms used in export business such as Intermediate consignee,Insurance policy,Inventory system,Joint Venture

 

Terms used in export business such as Intermediate consignee,Insurance policy,Inventory system,Joint Venture etc.

 

This post explains about terms used in export business such as Inspection,Inspection Certificate,Intermediate consignee,Insurance policy,Inventory system,Joint Venture,Intrastat 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

 

Inland clearance depot (ICD) :A place approved by HM Revenue & Customs to which goods imported in containers/vehicles may be removed for entry, examination and clearance, and at which goods intended for export in container/vehicles may be made available for export control.

 

Inspection - A visit made to a workplace by an authorised outside organisation or individual for the purpose of checking whether a code of labour practice is being applied.

 

Inspection Certificate:A report issued by an independent surveyor (inspection company) or the exporter on the specifications of the shipment, including quality, quantity, and/or price, etc; required by certain buyer and countries.

Terms used in export business such as Intermediate consignee,Insurance policy,Inventory system,Joint Venture etc

Insurance Certificate:A document issued by an insurance company, usually to order of shipper, under a marine policy and in cover of a particular shipment of merchandise.

 

Insurance policy :Should cover goods for at least their full value (110 per cent is common), and include details of quantity and route. Where necessary, it should also provide for time extensions and transhipments.

 

Insurance Policy/ Certificate: An insurance policy is an insurance document evidencing insurance has been taken out on the goods shipped, and it gives full details of the insurance coverage. An insurance certificate certifies that the shipment has been insured under a given open policy and is to cover loss of or damage to the cargo while in transit.

 

Intellectual Property Rights - The right to control and derive the benefits from writing (copyright), inventions (patents), processes (trade secrets) and identifiers (trademarks). See also Trade Related Intellectual Property Rights.

 

Intermediate consignee - The person who acts as an agent for a principal party in interest for the purpose of affecting the delivery of items to the ultimate consignee. The intermediate consignee may be a bank, forwarding agent, or other person who acts as an agent for a principal party in interest.

 

International commercial terms (Incoterms) :Agreed rules which set out the delivery terms for goods which are traded internationally. They allow the buyer and seller to agree responsibilities for the carriage of the goods, Customs clearance and a division of costs and risks. The current version of Incoterms, agreed in 2000, contains 13 terms. They are grouped into categories covering various modes of transport.

 

International freight forwarder - [check Freight Forwarder]

 

International Import Certificate (IIC):A statement issued by the government of country of destination, certifying the imported strategic goods will be disposed of in the designated country. In Hong Kong, it is issued only to meet an exporting country's requirement.

 

International Joint Venture: One of the strategies for entering international markets is through joint ventures—where the risks, costs, management, and success of the venture are shared by the partners. The international nature of joint ventures subjects them to a multitude of statutes, regulations and legal requirements which must be understood by the players: the US business executive, the overseas partner, the investment banker, and their professional advisors. Add to this the complex business considerations which must be satisfied—often within the framework of a foreign culture and foreign practices—and you have a situation in which informed guidance is essential.

 

International Monetary Fund (IMF): The International Monetary Fund (IMF) was established by international treaty in 1945 to help promote the health of the world economy. Headquartered in Washington, D.C., it is governed by its almost global membership of 184 countries. The IMF is the central institution of the international monetary system—the system of international payments and exchange rates among national currencies that enable business to take place between countries. The IMF’s statutory purposes include promoting the balanced expansion of world trade, the stability of exchange rates, the avoidance of competitive currency devaluations, and the orderly correction of a country’s balance of payments problems. It aims to prevent crises in the system by encouraging countries to adopt sound economic policies; it is also—as its name suggests—a fund that can be tapped by members needing temporary financing to address balance of payments problems.

 

International Trade Administration (ITA): As part of the US Department of Commerce, the mission of the International Trade Administration is to help US businesses participate fully in the growing global marketplace. The ITA overseas the Commercial Services that is a global network of professionals charged with promoting US exports, Manufacturing and Services that is the government’s link to American industry and that has industry sector specialists can help identify trade opportunities for specific US products or services, and the Market Access and Compliance that keeps world markets open to US products and that has country specialists can help you benefit from our trade agreements with other countries.

 

International trade prototype (ITP) :A system for facilitating trade by using electronic data transmission. This allows the export declaration in the country of dispatch to function as the import declaration in the destination country.

 

International Trafficking in Arms Regulations (ITAR) – The International Traffic in Arms Regulations (ITAR), 22 CFR § 120-130, regulations promulgated and implemented by the Department of State that control the export of articles, services, and related technical data that are inherently military in nature, as determined by the State Department. These "defense articles," "defense services," and related "technical data" are listed on the Munitions List (USML), 22 CFR § 121. Even some articles and technologies that are not readily identifiable as inherently military in nature—for example, research satellites—are included on the USML.

 

Intra-community :Between member states of the European Union.

 

Intrastat :The system for collecting statistics on the trade in goods between European Union (EU) member states. The system exists throughout the EU and requirements are similar in all member states.

 

Intrastat combined nomenclature (ICN) :A listing of codes to be used for classifying goods traded within the European Union. This information is used for statistical purposes.

 

Inventory return code (IRC) :Used by the Cargo Community System to indicate that inventory details sent by the Customs Handling of Import and Export Freight system are incorrect or invalid.

 

Inventory system :A trade computer system that controls the arrival and departure of consignments at most ports and airports in the UK.

 

Invoice:See "Commercial Invoice," "Consular Invoice."

 

Inward processing relief (IPR) :A Customs procedure providing import duty relief for goods imported to the European Union (EU) or removed from a Customs warehouse, for process and re-export outside the EU.

 

Inward processing relief (IPR): if you intend to re-export goods you've imported after processing them, you can apply for inward processing relief. This means VAT and duty only become payable if you decide to sell your goods in the UK or if you fail to meet the conditions of the scheme.

 

Irrevocable letter of credit - A letter of credit in which the specified payment is guaranteed by the bank if all terms and conditions are met by the drawee. Compare Revocable letter of credit.

 

ITAR (International Traffic in Arms Regulations): Regulations governing the exports and re-exports of items and services for military use, which include defense articles, including technical data, defense technologies, and defense services. These regulations are under the jurisdiction of the U.S. Department of Defense. (22 CFR Parts 120-130).

 

Item(s): Any material, technology, equipment, technical data, software, source code, or information useful or used for the development, production, or use of an item.

 

Joint Venture:A commercial or industrial enterprise in which principals of one company share control and ownership with principals of another.

 

Know/Knowledge - (EAR 15 CFR Part 772) Knowledge of a circumstance (the term may be a variant, such as "know," "reason to know," or "reason to believe") includes not only positive knowledge that the circumstance exists or is substantially certain to occur, but also an awareness of a high probability of its existence or future occurrence. Such awareness is inferred from evidence of the conscious disregard of facts known to a person and is also inferred from a person's willful avoidance of facts. This definition does not apply to part 760 of the EAR (Restrictive Trade Practices or Boycotts). The Arms Export Control Act (AECA) and International Traffic in Arms Regulations (ITAR) do not specifically define the term "willful," "willfully," "know," or "knowledge." A court held in 1996, however, that AECA and ITAR were not unconstitutionally vague with regard to meaning of term "willful" used in criminal penalty provisions, in light of limiting judicial construction given to that term. Bernstein v. U.S. Dept. of State , 922 F.Supp. 1426 (N.D.Cal. 1996).

 

The above details describes about terms called in export business such as Inspection,Inspection Certificate,Intermediate consignee,Insurance policy,Inventory system,Joint Venture,Intrastat 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 Hedging Tools,Import duties,Import licence,Importation of goods 

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