Terms used in international trade business such as Claim,CLASS,Clean bill of lading,Clean report of findings, Collecting bank,Collection papers

 

Terms used in international trade business such as Claim,CLASS,Clean bill of lading,Clean report of findings, Collecting bank,Collection papers etc.

 

This post explains about terms used in international trade business such as cost, insurance and freight,Claim,CLASS,Clean bill of lading,Clean report of findings, Collecting bank,Collection papers,Collection,Collection order 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

 

CIF&I:Cost, Insurance, Freight and Insurance

 

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.

 

CIFC & 5:Cost, Insurance, Freight, including 5% Commission

 

Terms used in international trade  business such as Claim,CLASS,Clean bill of lading,Clean report of findings, Collecting bank,CIFC & I:Cost, Insurance, Freight, Commission and Interest

 

CIFLt:Cost Insurance and Freight, London terms

 

CIFTA: Canada-Israel Free Trade Agreement. Implemented January 1, 1997.

 

CIM:International convention governing international rail carriage

 

CIP - Carriage and insurance paid to… (named point).

 

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.

 

CIP:Carriage and Insurance Paid To. But see Incoterms 2010

 

CIPA:Chartered Institute of Patent Agents

 

CIRM:International Maritime Radio Association

 

CISG - U.N. Convention on the Contract for the International Sale of Goods. A U.N. convention developed to provide uniformity in structure, content, and application of international contracts between buyers and sellers for the sale of goods. When cited within a contract as the governing authority, the provisions of the convention are afforded the force of law. The CISG applies automatically to all contracts for the sale of goods between traders from two different countries that have both ratified the CISG, unless the parties to the contract expressly exclude all or part of the CISG or expressly stipulate a law other than the CISG.

 

CIT:Chartered Institute of Transport

 

CITHA:Confederation of International Trading Houses Associations

 

CITT: Canadian International Trade Tribunal. A body responsible under Canadian legislation for findings of injury in anti-dumping and countervailing duty cases and the provision of advice to the Government on other import issues.

 

CLA:Cargo Loading Adaptability

 

Claim - When used in marine insurance, means a demand made by a shipper or insurance company upon a carrier for payment of a loss sustained through its negligence.

 

Class - Grouping of articles.

 

Class - National motor freight classification (NMFC) of the product being shipped. This classification is used only on the domestic Uniform Straight Bill of Lading form.

 

CLASS:Cargo Loading and Scheduling System

 

Claused bill of lading - Claused (or foul) bill of lading contains notations or remarks as to defects in the goods and/or packaging. See Bill of lading and Clean bill of lading.

 

Cld. - Cleared (through customs).

 

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 collection: Collection in which only the financial document (bill of exchange) is sent through the banks.

 

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

 

Clean report of findings - Certificate of inspection of goods and verification of selling price issued by an inspection company (usually required by the buyer’s country).

 

CLECAT:European Liaison Committee of Common Market Forwarders

 

 

CLP - See Container Load Plan.

 

CMR - International road transport convention.

 

CMR:Convention on the contract for the International Carriage of Goods by Road

 

CO or C/O:Certificate of Origin / Cash Order

 

COCOM: Co-ordinating Committee on Export Controls (NATO)

 

COCOM: Coordinating Committee on Multilateral Export Controls, a committee of all NATO countries (except Iceland) plus Japan to coordinate and control exports of member countries, especially in high-technology equipment.

 

COD - Collect (Cash) on deliver; Carried on docket (pricing); Change of destination.

 

COD: Cash on Delivery

 

Cof: Cost of Funds

 

COFACE: Compagnie Francaise pour l'Assurance du Commerce Exterieur (credit insurance company).

 

COFC (Container on flat car) - Containers moving on articulated flat cars without chassis.

 

Collar:An option contract that sets upper and lower exchange rate parameters that will apply even if the market rate lies outside this range.

 

Collecting bank - In a documentary collection, the bank acting as an agent for the seller’s bank in collecting payment or acceptance of a time draft from the buyer to be forwarded to the seller’s bank (the remitting bank). See Documentary collection.

 

Collection order: In a collection, the document in which the seller instructs the banks as to how the collection is to be conducted.

 

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.

 

Com/I : Commercial Invoice

 

Combined transport bill of lading: Transport document, widely used for containerized shipments, covering more than one transport mode - for example, rail and sea. Has the same general characteristics as a marine Bill of Lading.

 

COMECOM: Council for Mutual Economic Aid

 

COMET: Committee of Middle East Trade

 

COMEX: Commodity Exchange (New York)

 

The above details describes about terms called in international trade business such as as cost, insurance and freight,Claim,CLASS,Clean bill of lading,Clean report of findings, Collecting bank,Collection papers,Collection,Collection order 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.Terms used in international trade business such as Certificate of inspection,Certificate of free sale,Certificate of manufacture, Charter party

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