Terms used in international trade business such as Delivered ex quay ,Delivery instructions,Demurrage,Dest., Devaluation,Dispatch ,Discrepancy

 

Terms used in international trade business such as Delivered ex quay ,Delivery instructions,Demurrage,Dest., Devaluation,Dispatch ,Discrepancy etc.

 

 

This post explains about terms used in international trade business such as Delivered duty unpaid ,Delivered ex quay ,Delivery instructions,Demurrage,Dest. , Devaluation,Dispatch ,Discrepancy,Distributor,Dispatch Money 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

 

Delivered duty unpaid (DDU) - Incoterm® for when the seller bears all obligations, risk and costs to delivers the goods, cleared for export, at the named point in the country of destination.The buyer arranges and pays for customs formalities upon import into the destination country. In Incoterms® 2010, this has been replaced by DAP.

 

Delivered Duty Unpaid:The seller must deliver the goods to the named destination and is responsible for all costs involved in transportation, including exportation. The buyer handles the import formalities.

 

Terms used in international trade  business such as Delivered ex quay ,Delivery instructions,Demurrage,Dest.,  Devaluation,DispatchDelivered ex quay (DEQ) - Incoterm® for when the seller bears all obligations, risk and costs to delivers the goods, cleared for export, on the quay in the port of destination; offloaded from the delivering vessel. In Incoterms® 2010, this has been replaced by DAT.

 

Delivered ex ship (DES) - Incoterm® for when the seller bears all obligations, risk and costs to delivers the goods, cleared for export, on board the named vessel in the port of destination, not offloaded. In Incoterms® 2010, this has been replaced by DAP.

 

DELIVERY DUTY PAID:Term referring to the sellers obligation to supply goods according to the terms of the contract. At his/her own risk and expense, the seller must deliver the goods, duty paid, at the specified time and the specified frontier, after complying with all necessary formalities at that frontier.

 

Delivery instructions -These instructions provide specific information to the inland carrier about the merchandise to the particular pier or steamship line. This term is not to be confused with "Delivery Order" which is used for import cargo.

 

Delivery order (D/O) - Order, commonly addressed to a terminal superintendant or warehouse manager, directing the release of specified cargo to a particular receiver.

 

Delivery Point:See "Specific Delivery Point."

 

Delivery verification certificate - U.S. CBP defines a DVC as a form used to track imported merchandise from the custody of the importer to the custody of a manufacturer and is used to substantiate a manufacturing drawback claim. The DVC is also known as a Certificate of Delivery (Customs Form 331). An export license may be issued with a requirement for delivery verification by a governmental authority in the receiving country. When delivery verification is required by a foreign government for goods imported into the U.S. , the U.S. CBP will certify a delivery verification certificate (Form ITA-647). A U.S. export license may require submission of a similar form from an importing country.

 

Demand draft - See Sight draft.

 

Demand Draft:See Sight Draft

 

Demand guarantee - Guarantee usually issued by a bank, under which the beneficiary is only required to make a demand in order to receive payment.

 

Dem-des:Demurrage and Dispatch

 

Demurrage - Penalty for exceeding free time (generally 48 hours) allowed for loading/unloading under terms of railroad/ocean tariffs; detention is used to mean the same thing for motor carriers. Excess time taken for loading or unloading of a vessel not caused by the vessel operator, but due to the acts of a charterer or shipper. Also refers to imported cargo not picked up within prescribed time.

 

DEPS:Departmental Entry Processing System

 

DEQ: delivered ex quay (named port 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. The goods are delivered when they're placed on the quay at the named port of destination. The buyer is responsible for clearing the goods for import and the associated costs, unless agreed otherwise.

 

DES: delivered ex ship (named port 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. Delivery occurs when the goods are placed at the disposal of the buyer on board the ship at the named port of destination. From this point the buyer bears the costs and risks of clearing the goods for import and unloading.

 

Dest. :Destination/ Devaluation: The official lowering of the value of one country's currency in terms of one or more foreign currencies. For example, if the UK pound is devalued in relation to the US dollar, one pound will "buy" fewer dollars than before

 

Destination control statement - U.S. exporters are required to place destination control statements on commercial invoices and bills of lading for most export sales. These statements alert foreign recipients of goods and documents that diversion contrary to U.S. law is prohibited. Destination control statements are discussed in the Code of Federal Regulations (15 CFR 786.5 and 786.6).

 

Destination Delivery Charges (DDC) - Unloading charges at destination port of a steamship line of NVOCC.

 

Destuffing - Unloading goods from a container.

 

Devaluation - Official lowering of the value of one country’s currency in terms of one or more foreign currencies. For example, if the U.S. dollar is devalued in relation to the euro, one dollar will “buy” fewer euros than before.

 

Devanning - Unloading goods from a container.

 

DF:Dead Freight

 

Dft:Draft

 

DGN:Dangerous Goods Note

 

DHD:Dispatch Half Demurrage

 

DIN:German Standards Institute

 

Direct exporting - Sale by an exporter directly to a buyer located in another country.

 

Direct Financing Lease(Direct Lease): A non-leveraged lease by a lessor (not a manufacturer or dealer) in which the lease meets any of the definitional criteria of a capital lease, plus certain additional criteria.

 

DISC - Domestic international sales corporation.

 

Dischg:Discharging

 

Discount (Financial):A deduction from the face value of commercial paper such as bills of exchange, in consideration of receipt of cash by the seller before maturity date.

 

Discounting of bills: Where the payee of a term bill requires payment immediately, a bank may discount the bill, i.e. make immediate payment, deducting an amount for interest over the term of the bill.

 

Discrepancy - Situations where documents do not conform to an L/C’s terms and conditions.

 

Dispatch - An amount paid by a vessel's operator to a charterer if loading or unloading is completed in less time than stipulated in the charter party.

 

Dispatch Money - Incentive payment paid by a vessel’s operator to a charterer if loading or unloading is completed in less time than stipulated in the charter party. (Also despatch)

 

Dispute Settlement: Those institutional provisions in a trade agreement which provide the means for settling differences of view between the parties.

 

DISTRIBUTION LICENSE: A license given to an exporter to replace numerous individual validated licenses when there is continuous shipping of authorized products.

 

Distributor - A foreign agent who sells for a supplier directly and maintains an inventory of the supplier's products.

 

The above details describes about terms called in international trade business such as Delivered duty unpaid ,Delivered ex quay ,Delivery instructions,Demurrage,Dest. , Devaluation,Dispatch ,Discrepancy,Distributor,Dispatch Money 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 Dock receipt,Document of title,Documentary Collection,Documentary credits, Documentary draft 

 

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