Terms used in international trade business such as Counterpurchase,Countervailing duty,Country of origin ,Country risk,Court of international trade, Cover note

 

Terms used in international trade business such as Counterpurchase,Countervailing duty,Country of origin ,Country risk,Court of international trade, Cover note etc.

 

 

This post explains about terms used in international trade business such as Copyright,Correspondent bank,Cost, insurance & freight, Countertrade, Counterpurchase,Countervailing duty,Country of origin ,Country risk,Court of international trade, Cover note,arriage paid to,Credit risk insurance 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

 

Copyright: The exclusive right to reproduce, publish and sell printed materials, musical work, and art.

 

Correspondent - Bank, Customs Broker, freight forwarder, etc. working with others in another city or country to expediate transactions.

 

Correspondent bank - A bank that, in its own country, handles the business of a foreign bank.

 

Terms used in international trade  business such as Counterpurchase,Countervailing duty,Country of origin ,Correspondent bank: Overseas bank with whom a bank account has relationships (nostro-vostro accounts) and arrangements for authentication of communications.

 

Correspondent Bank:A bank that, in its own country, handles the business of a foreign bank

 

Correspondent Bank:A bank which is a depository for another bank, accepting deposits and collecting items for its bank depositor.

 

Cost and freight (CFR) - Term of sale (Incoterm) indicating that the international freight is arranged by and charges for same are borne by the seller of the goods. The buyer bears the risk of loss and damage while goods are in international transit. Applies to only ocean and inland waterway modes of transport.

 

Cost, insurance & freight (CIF) - Term of sale (Incoterm®) indicating that the international freight is arranged by and charges for same are borne by the seller of the goods. The seller also arranges and purchases insurance for the goods while in-transit. The buyer bears the risk of loss and damage while goods are in international transit. Applies to only ocean and inland waterway modes of transport.

 

COT:Customer's Own Transport

 

COU:Clip-On Unit

 

Counter credit: Another name for back-to-back letter of credit.

 

Counter trade: The sale of goods or services that are paid for in whole or part by the transfer of goods or services from a foreign country.

 

Counterpurchase - Agreement of an exporter to purchase a quantity of unrelated goods or services from a country in exchange for and approximate in value to the goods exported.

 

Countertrade - Sale of goods or services that are paid for in whole or in part by the transfer of goods or services rather than money. See Barter.

 

Countervailing Duties (CVD): Additional duties imposed by the importing country to offset Government subsidies in the exporting country, when the subsidized imports cause material injury to domestic industry in the importing country.

 

Countervailing Duties: Duties levied on an imported good that has been unfairly subsidized by a foreign government. Imposing duties on the good is meant to raise the product's price to a "fair market value".

Countervailing duty - A duty imposed to counter unfairly subsidized products.

 

Countervailing duty (CVD) - Duty levied on an imported good to offset subsidies to producers or exporters of that good in the exporting country. GATT Article VI permits the use of such duties if material injury to the importing country's producers occurs.

 

Countervailing Duty:;A duty imposed to counter unfairly subsidised products

 

Country of export destination - Country where the goods are to be consumed, further processed or manufactured, as known to the shipper at time of export. If the country of ultimate destination is unknown, the shipment is credited to the last country in which the shipper knows that the merchandise will be shipped in the same form as when exported.

 

Country of origin - U.S. Customs & Border Protection defines country of origin as the country where an article was wholly grown, manufactured or produced, or, if not wholly grown, cultivated or produced in one country, the last country in which the article underwent a substantial transformation. Duty rates vary according to the country of origin.

 

Country of Origin:The country in which a product or commodity is manufactured or produced.

 

Country of transshipment: Name of the country, where goods will be discharged, from a vessel or aircraft, and transit through that country to reach their final country of destination.

 

Country risk: Risk that economic or political instability in the buyer's country will interfere with the buyer's ability to pay for goods supplied.

 

Court of international trade - Has jurisdiction over any civil action against the United States arising from Federal laws governing import transactions. The court hears antidumping, product classification, and countervailing duty matters as well as appeals of unfair trade practice cases from the International Trade Commission. The court was originally established in 1890; principal offices are located in New York City , but the court is empowered to hear and determine cases arising at any port or place within the jurisdiction of the United States . The judges are appointed for life by the President, subject to Senate confirmation.

 

Courtage - (Fr.) Brokerage; brokerage fee.

 

Cover note - Insurance document indicating coverage of a particular shipment under an open cover policy. Also known as broker’s cover note; to be distinguished, particularly as regards presentation under a documentary credit, from an insurance policy or insurance certificate.

 

CP:Commonwealth Preference /Commercial Paper

 

CPC:Customs Procedure Code

 

Cpd:Charterer pays dues

 

CPT (carriage paid to) and CIP (carriage and insurance paid to) - Pricing terms indicating that carriage, or carriage and insurance, are paid to the named place of destination. They apply in place of CFR and CIF, respectively, for shipment by modes other than water.

 

CPT: carriage 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.

 

CR: Current Rate / Carrier's Risk / Compound Risk

 

Credit Agreement - Agreement between carrier and shipper for release of cargo with promise to pay ocean freight within specified time.

 

Credit Risk Insurance- A form of insurance which protects the seller against loss due to default on the part of the buyer. See "FCIA."

 

Credit risk insurance - Insurance designed to cover risks of nonpayment. Compare Marine insurance.

 

CREDIT RISK INSURANCE: Insurance which protects the seller against loss due to default on the part of the buyer.

 

Credit-risk insurance: insurance for exporters designed to cover risks of non-payment for delivered goods. (See Export Credits Guarantee Department).

 

CRF: Clean Report of Findings

 

The above details describes about terms called in international trade business such as Copyright,Correspondent bank,Cost, insurance & freight, Countertrade, Counterpurchase,Countervailing duty,Country of origin ,Country risk,Court of international trade, Cover note,arriage paid to,Credit risk insurance 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 Consular invoice,Consumption entry,Container yard,Container freight station , Convertible currency

 

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