Terms used in international trade business such as Consular invoice,Consumption entry,Container yard,Container freight station , Convertible currency etc.
This post explains about terms used in international trade business such as Confirming bank,Connecting Carrier,Consignment ,Constructed Value,Consular declaration, Consular invoice,Consumption entry,Container yard,Container freight station , Convertible currency ,Conventional tariff 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
Confirming bank - In letter of credit transactions, the bank which adds its own irrevocable undertaking for payment in addition to that given by the issuing bank. Usually located in the exporter’s country.
Conlinebill - Liner bill of lading published by the Baltic and International Maritime Conference (BIMCO).
Connecting Carrier - Intermediary carrier utilized to connect cargo to/from the mother vessel. Also known as "feeder service."
Consignee - In international export transactions: the intended receiver of a cargo shipment. The named person or legal entity having the right to claim the merchandise from the carrier at destination, and generally recognized as the legal owner for customs purposes. In international representation or distributorship relations: the holder and reseller of merchandise, who receives payment in the form of commission or a discount as and when sales are made but does not have to purchase the goods in advance.
Consignment - Delivery of merchandise from an exporter (the consignor) to an agent (the consignee) under agreement that the agent sell the merchandise for the account of the exporter. The consignor retains title to the goods until the consignee has sold them. The consignee sells the goods for commission and remits the net proceeds to the consignor.
Consignment - Delivery of merchandise from an exporter (the consignor) to an agent (the consignee) under agreement that the agent sell the merchandise for the account of the exporter. The consignor retains title to the goods until the consignee has sold them. The consignee sells the goods for commission and remits the net proceeds to the consignor.
Consignor:The sender of the goods
Consolidation - Air freight forwarder’s system of combining many small shipments into one large shipment on a scheduled aircraft. (Slang: Consol)
Consolidator - Company who combines small shipments to a common point for convenience and special rate to accommodate the customer.
Consolidator: company issuing bills of lading (see Bill of lading) for the carriage of cargo on vessels or aircraft.
Consortium - Group of carriers pooling resources in a trade lane to maximize their resources efficiently.
Constructed Value - Means of determining fair or foreign market value when sales of such or similar merchandise do not exist or, for various reasons, cannot be used for comparison purposes. The "constructed value" consists of the cost of materials and fabrication or other processing employed in producing the merchandise, general expenses of not less than 10 percent of material and fabrication costs, and profit of not less than 8 percent of the sum of the production costs and general expenses. To this amount is added the cost of packing for exportation.
Constructive control: The ability to retain control over goods dispatched to the buyer. Usually maintained through transport documents. Where there is credit risk, constructive control is important to the seller. Constructive control may also be important to a bank who has financed a transaction.
Consul - Government official residing in a foreign country who is responsible for representing the interests of his country and its nationals.
Consular declaration - A formal statement, made to the consul of a foreign country, describing goods to be shipped.
CONSULAR DECLARATION:A formal statement describing goods to be shipped, made out to the consul of the country of destination. Approval from the consul must be obtained prior to shipment.
Consular invoice - A document, required by some foreign countries, describing a shipment of goods and showing information such as the consignor, consignee, and value of the shipment. Certified by a consular official of the foreign country, it is used by the country's customs officials to verify the value, quantity, and nature of the shipment.
Consular officer - Embassy officials who extends to their country's citizens and their property abroad the protection of their country's government. Responsibilities include maintaining lists of local attorneys, acting as liaison with police and other offiicals, and having the authority to notorize documents.
Consularization - Approval of export documents by a foreign consulate or other entity in the United States.
Consumption Entry - Form required by U.S. Customs for entering goods into the U.S. The form contains information as to the origin of the cargo, a description of the merchandise, and estimated duties applicable to the particular commodity. Estimated duties must be paid when the entry is filed.
Consumption entry - Type of customs entry admitting goods into the commerce of the United States. May be formal or informal.
Container - Vehicle designed to transport cargo of many types in continuous transportation. They are constructed as to not fail under stress or handling over a long period of time. Most ocean vessels can accommodate 20' and 40' length ocean containers for below deck storage and any size above deck. Containers may be ventilated, insulated, flat rack (open sided), reefer (refrigerated), vehicle rack, or open top.
Container freight station (CFS) - Where less-than-container-load ocean shipments are brought to be loaded into a container (export) or unloaded from containers and made available for customs clearance (import).
Container load plan (CLP) - Document prepared to show all details of cargo loaded in a container, e.g. weight (individual and total), measurement, markings, shipper, the origin of goods and destination, as well as location of the cargo within the container.
Container services charges - See Terminal handling charges.
Container yard (CY) - Storage area where full containers are received, stored, and made available for delivery.
Containerised/containerisation: the packing of goods for transport in sealed containers.
Containership - Ocean vessel specifically designed to carry ocean cargo containers. It's fitted with vertical cells for maximum loading/discharge efficiency.
Contingency insurance - Insurance coverage taken out by one party to an international transaction to complement and fill in any gaps in the coverage taken out by the counterparty.
Contingency Insurance:Insurance taken out by a shipper supplementary to insurance taken out by the consignee abroad; especially to cover shipments made on a "C.& F." basis.
Conventional tariff -Tariff established in agreements resulting from tariff negotiations under the GATT. See GATT.
CONVENTIONAL TARIFF: A tariff established in the agreements resulting from tariff negotiations under the GATT (see GATT).
Convertible currency - A currency that can be bought and sold for other currencies at will.
Coordinating Committee on Multilateral Export Controls (COCOM) - Committee of all NATO countries (except Iceland) plus Japan created to coordinate and control exports of member countries, especially regarding high-tech equipment.
The above details describes about terms called in international trade business such as Confirming bank,Connecting Carrier,Consignment ,Constructed Value,Consular declaration, Consular invoice,Consumption entry,Container yard,Container freight station , Convertible currency ,Conventional tariff 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 commercial attaché,commercial invoice ,commercial officer,commodity,common carrier
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