Terms used in international trade business such as Inner packaging ,Inspection certificate,Insurance Certificate,Integrated carrier,Intellectual Property

 

Terms used in international trade business such as Inner packaging ,Inspection certificate,Insurance Certificate,Integrated carrier,Intellectual Property etc.

 

 

This post explains about terms used in international trade business such as Inconvertibility, indirect exporting,infant industry argument,Inland bill of lading,Inner packaging ,Inspection certificate,Insurance Certificate,Integrated carrier,Intellectual Property 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

 

In Bond - Procedure under which goods are transported or warehoused under customs supervision until they are either formally entered into the customs territory of the United States and applicable duties are paid, or until they are exported from the United States.

 

Inco Terms:Indicate whether the buyer or the seller carries the risk, responsibility, liability, or costs at specific points during a transaction.

 

Inconvertibility:The inability to exchange the currency of one country for the currency of another.

 

Terms used in international trade  business such as Inner packaging ,Inspection certificate,Insurance Certificate,Integrated carrier,Incoterms (International Commercial Terms): agreed rules which set out the delivery terms for goods which are traded internationally. They allow the buyer and seller to agree responsibilities for the carriage of the goods, customs clearance and a division of costs and risks. The current version of Incoterms, agreed in 2000, contains 13 terms. They are grouped into categories covering various modes of transport. See the Incoterms 2000 website for more information.

 

Indeminity Clause: A clause in which the one party indemnifies the other. In leasing, generally a clause whereby the lessee indemnifies the lessor from loss of tax benefits.

 

INDENT:A requisition for goods, stating conditions of the sale. Acceptance of an indent by a seller means his agreement to the conditions of the sale.

 

Indenture of Trust: (Indenture) An agreement between the owner trustee and the indenture trustee: The owner trustee mortgages the equipment and assigns the lease and rental payments under the lease as security for amounts due to the lenders. Same as a security agreement or mortgage.

 

Independent Action (IA) - Carrier can take an independent action within a conference resulting in a unique rate for that carrier, ability to file a rate independently of other carrier's action.

 

Indirect Export - Sale to the buyer through an intermediary in the domestic market.

 

INDIRECT EXPORTING: Sale by the exporter to the buyer through an intermediary in the domestic market.

 

Individually validated export license - A required document issued by the U.S. Government authorizing the export of specific commodities. This license is for a specific transaction or time period in which the exporting is to take place. Compare General export license.

 

infant industry argument:New industries in developing countries must be temporarily protected from international competition to help them reach a position where they can compete on world markets with the firms of developed nations.

 

Inherent Vice - Insurance term referring to any defect or other characteristics of a product which could result in damage to the product without external cause. Insurance policies may specifically exclude losses caused by inherent vice.

 

Inherent Vice:Defects or characteristics of a product that could lead to deterioration without outside influence. An insurance term. See "All Risk Clause."

 

Injury - In U.S. law, a finding by the International Trade Commission that imports are causing, or are likely to cause, harm to a U.S. industry. An injury determination is the basis for a Section 201 case. It is also a requirement in all antidumping and most countervailing duty cases, in conjunction with Commerce Department determinations on dumping and subsidization.

 

Inland bill of lading - A bill of lading used in transporting goods overland to the exporter's international carrier. Although a through bill of lading can sometimes be used, it is usually necessary to prepare both an inland bill of lading and an ocean bill of lading for export shipments. Compare Air waybill, Ocean bill of lading, and Through bill of lading.

 

Inland carrier - Transportation line that hauls export or import freight between ports of entry and inland destinations.

 

Inland clearance depot (inland dry port) - Combination transport terminal and customs clearance centre.

 

Inland Point Intermodal (IPI) - Inland carriage by another mode of transportation after port discharge, cargo moving to/from an inland point.

 

Inner packaging - Packaging for which an outer packaging is required for transport. It does not include the inner receptacle of a composite packaging.

 

Inner receptacle - Receptacle that requires an outer packaging in order to perform its containment function. The inner receptacle may be an inner packaging of a combination packaging or the inner receptacle of a composite packaging.

 

Inspection certificate - Some purchasers and countries may require a certificate of inspection attesting to the specifications of the goods shipped, usually performed by a third party. Inspection certificates are often obtained from independent testing organizations.

 

Inspection certificate: sometimes required by the importer's country to confirm that the shipped goods meet its national specifications.

 

Institute Cargo Clauses: Standard conditions of insurance cover for goods, established by the Institute of London Underwriters. This is also referred to as clauses A, B and C.

 

Institute clauses - Standard international transport insurance clauses, published by the Institute of London Underwriters . The Institute Cargo Clauses are three sets of clauses providing different levels of protection: The “A” Clauses correspond to the general notion which is referred to in the trade as “all risks” coverage; while clauses “B” and “C” indicate a lower level of coverage and a greater number of exclusions.

 

Instruments of international traffic - Lift vans, cargo vans, shipping tanks, skids, pallets, caul boards, and cores for textile fabrics, arriving (whether loaded or empty) in use or to be used in the shipment of merchandise in international traffic are designated as "instruments of international traffic" (IIT) within the meaning of section 322(a), Tariff Act of 1930, as amended. Upon Customs acceptance of a type 3 bond, covering these IIT types, such instruments may be released without entry or the payment of duty, subject to the provisions of 19 CFR 10.41a.

 

Insurance certificate: Document giving details of insurance cover for a consignment. The certificate will cross-reference a master insurance policy and must be countersigned.

 

Insurance Certificate:A document issued by an insurance company, usually to order of shipper, under a marine policy and in cover of a particular shipment of merchandise.

 

Insurance cover note:- Insurance document evidencing that insurance cover for a consignment has been taken out, but not giving full details.

 

Insurance policy: Document setting out full details of insurance in force. A policy MAY refer to a single consignment and be sent with the other commercial documents. More commonly there is an open policy for all the shipper's consignments. For each consignment an insurance certificate is issued, cross-referencing the policy.

 

Integrated carrier - Carriers that have both air and ground fleets; or other combinations, such as sea, rail, and truck. Since they usually handle thousands of small parcels an hour, they are less expensive and offer more diverse services than regular carriers.

 

Intellectual Property (IP): A collective term used to refer to new ideas, inventions, designs, writings, films, etc. and protected by copyright, patents, trademarks, etc.

 

Intellectual property rights - Generic phrase encompassing intangible property rights, including, among others, patents, trade and service marks, copyrights, industrial designs, rights in semiconductor chip layout designs, and rights in trade secrets.

 

Intellectual Property: Intangible items protected by patents, trademarks and copyrights, such as creative works and inventions. There are international organizations that deal solely with intellectual property, and increased protection of intellectual property, and increased protection of intellectual properly rights is an issue of discussion in GATT, WTO and other talks.

 

The above details describes about terms called in international trade business such as Inconvertibility, indirect exporting,infant industry argument,Inland bill of lading,Inner packaging ,Inspection certificate,Insurance Certificate,Integrated carrier,Intellectual Property 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 House bill of lading,House to house,Import ,Immediate Delivery Entry,ICC Arbitration

 

 

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