Terms used in international trade business such as Blank endorsement,Blocks 23-25,Bolero,Bonded warehouse, Built-in Agenda,Bunker adjustment factor

 

Terms used in international trade business such as Blank endorsement,Blocks 23-25,Bolero,Bonded warehouse, Built-in Agenda,Bunker adjustment factor etc.

 

This post explains about terms used in international trade business such as Binding, Blank endorsement,Blocks 23-25,Bolero,Bonded warehouse,Broker,Built-in Agenda,Bunker adjustment factor,Buying Agent,buyer 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

 

BIMC:Baltic and International Maritime Conference

 

BIMCO - Baltic and International Maritime Conference.

 

Terms used in international trade  business such as Blank endorsement,Blocks 23-25,Bolero,Bonded warehouse,Binding: A nation's commitment to maintain a particular tariff level or other legal restriction, i.e., binding it against increase or change..

 

BIS - Bureau of Industry and Security within the U.S. Department of Commerce. It is the agency responsible for regulatory control over the export of dual-use goods and conventional arms. It publishes and enforces the Export Administration Regulations of the U.S.

 

Bkg:Banking/Breakage

 

Bkge:Brokerage

 

Bkrpt:Bankrupt

 

Blank endorsement: The method whereby a bill of lading is made into a freely negotiable document of title. Any bearer of a blank endorsed bill of lading has title to the goods and may claim them from the carrier. Insurance documents can also be blank endorsed, so that any party can make a claim if necessary.

 

BLEU:Belgium-Luxembourg Economic Union

 

blockade :an official action that is intended to prevent people or goods from moving from one place to another

 

blockade :to prevent people or goods from moving from one place to another

 

Blocks 23-25 - These blocks of information on the Canada Customs Invoice ask the preparer questions related to transport and packing charges for the shipment to Canada; the amount of the charges, and whether they have been included in the price/value of the goods or if they are being included separately in block 24.

 

BM:Board Measure

 

BMEC:British Marine Equipment Council

 

BMF:British Marine Federation

 

BMLA:British Maritime Law Association

 

BO:Buyer's Option /Branch Office

 

BOLERO - Originally a system for transmission of electronic bills of lading. In the process of being expanded by SWIFT into an electronic platform for transmission of all trade documents.

 

Bonded warehouse - A warehouse authorized by customs authorities for storage of goods on which payment of duties is deferred until the goods are removed.

 

Bonds/Guarantees:An irrevocable commitment by a bank to make payment provided the terms of the bond or guarantee are met

 

Booking - Arrangement with a steamship or air line company for the acceptance and carriage of freight on a common carrier. The equivalent of a reservation for cargo.

 

Box - Packaging with complete rectangular or polygonal faces, made of metal, wood, plywood, reconstituted wood, fiberboard, plastic, or other suitable material. Alternate meaning: Slang term for an ocean container for cargo.

 

BPB:Bank Post Bill

 

Breakbulk (BB) - Non-containerized cargo which is grouped or consolidated for shipment, and then later broken down, subdivided, or distributed at a further destination point.

 

British International Freight Association (BIFA): body representing the UK international freight services industry. BIFA can provide you with a list of freight forwarders (see Freight forwarders) and customs clearing agents. See the the BIFA website for more information.

 

British Trade International: Government body operated by the Department of Trade and Industry and the Foreign and Commonwealth Office to promote trade development and promotion in the UK. Through UK Trade & Investment, it offers free and impartial advice to businesses which trade abroad, both online and through its information centre. See the UK Trade & Investment website for more information.

 

Broker: A company or person who arranges, for a fee, purchase or sales or transactions between lessees and lessors of an asset.

 

Brokerage - Fee paid to freight forwarder by the carrier for services performed.

 

Brussels tariff nomenclature (BTN) - See Nomenclature of the Customs Cooperation Council.

 

Brussels Tariff Nomenclature:See "Nomenclature of the Customs Cooperation Council."

 

BSC:British Shippers Council

 

BSI:British Standards Institution

 

BSS:British Standard Specification

 

BST:British Summer Time

 

BTC:British Transport Commission

 

BTG:British Transport Group

 

Built-in Agenda: Refers to a set of activities to be undertaken in the WTO at different times in the future, including reviews and further negotiations, which are already inscribed in the various agreements annexed to the WTO Agreement, plus a series of activities that originate in ministerial decisions or declarations adopted along with the Final Act of the Uruguay Round at the Marrakesh Ministerial Meeting in April 1994.

 

Bulk cargo - Cargo that is not packed in any way as it is loaded and carried aboard a ship. It is neither marked nor counted by number. It is in a loose, unpackaged form. E.g., crude oil, coal, iron ore, grain.

 

Bulk freight - Not in packages or containers, shipped loose in the hold of the ship. Grain, coal and sulfur are usually bulk freight.

 

Bunker adjustment factor (BAF) - Surcharge levied in addition to the freight rate to compensate the carrier for differentials in the cost of purchasing fuel (bunkers) to power the ship’s engines.

 

Bunker Adjustment Factor:Fuel surcharge on standard or quoted rates, usually based on consignment weight

 

Bunker surcharge (BSC) - Extra charge by carrier to adjust for temporarily higher fuel costs. Also called fuel surcharge.

 

Bunkers - Ship’s fuel carried in the ship’s tanks to power the engines.

 

Buy-back (compensation) - Form of countertrade under which exporters of, e.g. heavy equipment, technology, or plant facilities agree to purchase a certain percentage of the output of the new facility once it is in production. See Countertrade.

 

BUYER CREDIT:Term to provide the exporter with prompt payment by the overseas importer, who borrows the necessary funds from the bank. The payment is usually made directly by the importers bank to the exporter.

 

Buying Agent:An agent who buys in this country for foreign importers, especially for such large foreign users as mines, railroads, governments, and public utilities. Synonymous with "purchasing agent."

 

The above details describes about terms called in international trade business such as as Binding, Blank endorsement,Blocks 23-25,Bolero,Bonded warehouse,Broker,Built-in Agenda,Bunker adjustment factor,Buying Agent,buyer 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.continue reating:Terms used in international trade business such as balance of trade,banker’s acceptance,baseefa,beneficiary,bifa,bill of exchange, big-ticket

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