Terms used in international trade business such as absolute advantage,acceptance,acceptance draft, acceptance, accession,ad valorem rate

 

Terms used in international trade business such as absolute advantage,acceptance,acceptance draft, acceptance, accession,ad valorem rate etc.

 

 

This post explains about terms used in international trade business such as a basic guide to exporting ,absolute advantage,acceptance,acceptance draft, acceptance, accession,ad valorem rate,ad valorem duty,additional costs,actual total loss,acceptance credit 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 international trade business

 

@:At (referring to price). From (referring to the sailing of a ship)

 

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A/B:Aktiebolaget (Swedish registered company)

 

A/C:Account

 

A/E:Abbreviated Entry

 

A/S:After Sight

Terms used in international trade  business such as absolute advantage,acceptance,acceptance draft, acceptance, accession,

A/V:Ad Valorem (according to value)

 

AA:Always Afloat

 

AAA:Association of Average Adjusters

 

AAD:Administrative Accompanying Document

 

A-BCC:Arab-British Chamber of Commerce

 

ABI:Association of British Insurers

 

ABP:Associated British Ports

 

ABS:American Bureau of Shipping

 

absolute advantage:A country has an absolute advantage when it is moreefficient than any other country at producing a product.

 

Acceptance - This term has several related meanings: (1) A time draft (or bill of exchange) that the drawee has accepted and is unconditionally obligated to pay at maturity. The draft must be presented first for acceptance - the drawee becomes the "acceptor" - then for payment. The word "accepted" and the date and place of payment must be written on the face of the draft.(2) The drawee's act in receiving a draft and thus entering into the obligation to pay its value at maturity.(3) Broadly speaking, any agreement to purchase goods under specified terms. An agreement to purchase goods at a stated price and under stated terms.

 

Acceptance (Acc.) - This term has several related meanings: (1) A time draft (or bill of exchange) that the drawee has accepted and is unconditionally obligated to pay at maturity. The draft must be presented first for acceptance — the drawee becomes the “acceptor” — then for payment. The word “accepted” and the date and place of payment must be written on the face of the draft. (2) The drawee’s act in receiving a draft and thus entering into the obligation to pay its value at maturity. (3) Broadly speaking, any agreement to purchase goods under specified terms. An agreement to purchase goods at a stated price and under stated terms.

 

Acceptance credit - Documentary credit which requires, amongst the documents stipulated, provision of a term bill of exchange. The bill is then generally accepted by the bank on which it is drawn or discounted. The practical result is that the beneficiary is paid promptly at a discount.

 

Acceptance Draft:A sight draft, documents against acceptance. See "Sight Draft," "Documents Against Acceptance."

 

Acceptance of bill of exchange: Recognition of a legal obligation to pay the amount on a term bill of exchange at a specified future date (maturity date).

 

ACCEPTANCE: An agreement to purchase goods at a stated price and under stated terms.

 

Acceptance:The act of a drawee acknowledging in writing on the face of a draft, payable at a fixed or determinable future date, that he will pay the draft at maturity.

 

Acceptance:This term has several related meanings:A time draft (or bill of exchange) that the drawee has accepted and has to pay when it matures. Once the draft is presented for acceptance, the drawee then becomes the "acceptor" for payment. The word "accepted" and the date and place of payment must be written on the face of the draft.The drawee's act in receiving a draft, which commits them to pay its value when it matures.Broadly speaking, any agreement to purchase goods under specified terms. An agreement to purchase goods at a stated price and under stated terms.

 

Accession: The process of becoming a contracting party to a multilateral agreement such as the WTO. Negotiations with established WTO contracting parties, for example, determine the concessions (trade liberalization) or other specific obligations a non-member country must undertake before it will be entitled to full WTO membership benefits.

 

ACCESSION: The process of becoming a member of the General Agreement on Tariffs and Trade (see GATT).

 

ACEP:Approved Continuous Examination Programme

 

ACH - See Automated clearinghouse.

 

ACMET:Advisory Council on Middle East Trade

 

ACP:African Caribbean and Pacific States

 

Act of God - Marine insurance term meaning an act beyond man's control, e.g., lightning, flood, earthquake, etc. The carrier is not legally responsible under most circumstances for such damage.

 

Act. wt. - Actual weight.

 

Actual total loss - Marine insurance term. For insurance purposes, a missing ship is usually considered an actual total loss.

 

ACTUAL TOTAL LOSS: A marine insurance term; a ship is usually considered an actual total loss for insurance purposes when it has been listed as missing.

 

Ad valorem - Based on value of cargo.

 

Ad valorem duty - According to value, a rate of duty based upon a percentage of the appraised value of the imported merchandise. See Duty.

 

AD VALOREM RATE: An import duty rate determined according to the value (ad valorem) of the commodity entering a country, as opposed to the weight or other basis for calculation. An ad valorem tariff is a tariff calculated as a percentage of the value of the goods when clearing customs.

 

Ad Valorem:According to value. See Duty

 

ADB: Asia Development Bank, an international lending institution head quartered in Manila, Philippines.

 

Additional costs: the price you negotiate with overseas customers also needs to include some additional costs. For example, transportation costs may include the cost of special packaging and labelling, while the detailed documentation you generally need may involve extra costs.

 

ADP:Automatic Data Processing

 

ADR - See Alternative dispute resolution.

 

The above details describes about terms called in international trade business such as basic guide to exporting ,absolute advantage,acceptance,acceptance draft, acceptance, accession,ad valorem rate,ad valorem duty,additional costs,actual total loss,acceptance credit etc. These phrases may help importers and exporters on their day to day export import business activities. The readers can also add more information about terms used in international business trade below this post. Related posts about free online training on export import business:

 

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