Terms used in international trade business such as Release note,Remitting bank,Revenue ton,Revolving letter of credit ,Road consignment note

 

Terms used in international trade business such as Release note,Remitting bank,Revenue ton,Revolving letter of credit ,Road consignment note etc.

 

This post explains about terms used in international trade business such as Reexport,Refrigerated ,Release note,Remitting bank,Revenue ton,Revolving letter of credit ,Road consignment note,Routed export transaction ,Rules of Originetc.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

 

Red clause: A letter of credit instructing an advance payment to be made to the beneficiary upon advice of the credit but before shipment of the goods.

 

REDS:Registered Excise Shippers and Dealers

 

Reduced rates of duty: some goods can be imported into the UK at a nil or reduced rate of customs duty because they originated in a preference country or are from a non-EU country and qualify for a temporary suspension of customs duty. You can get more information on which countries get preference and temporary suspension of customs duty on the Customs and Excise website. (See also Tariff quotas).

Terms used in international trade  business such as Release note,Remitting bank,Revenue ton,Revolving letter of credit ,

Reefer box/container/ship - Refrigerated container or ship.

 

Reefer:Refrigerated Box or Vessel

 

Reexport - For export control purposes: the shipment of U.S. origin products from one foreign destination to another. For statistical reporting purposes: exports of foreign-origin merchandise which have previously entered the United States for consumption or into Customs bonded warehouses for U.S. Foreign Trade Zones.

 

Refrigerated - Cargo which requires refrigeration equipment.

 

Refrigerated container (Reefer) - Specialized type of container with built-in diesel power generator, engineered for the transportation of refrigerated and perishable commodities.

 

Reimbursing bank: Bank specified as a source of funds in a letter of credit transaction. Bank is not a party to the letter of credit.

 

reimport :to bring back into your country goods made in other places from materials that originally came from your country.

 

Release note: Document given by a bank to a buyer to enable buyer to claim the goods from the carrier. Used when goods are consigned to the bank as a means of retaining constructive control.

Remitter: The party making a payment.

 

Remitting bank - The bank that sends the draft to the overseas bank for collection.

 

Remitting bank: In a collection, bank who remits the documents overseas and in due course receives payment.

 

RENFE:Spanish Railways

 

Reporting currency:The currency in which a parent firm prepares its financial statements.

 

Representative - See Foreign sales agent.

 

RES:Retail Export Scheme

 

Residual Value: The value of an asset at the conclusion of a lease.

 

Restrictive endorsement: Endorsement transferring title or right to a named party. See also: blank endorsement.

 

Retention of title (reservation of title) clause (ROT) - Contract clause whereby a seller declares his intention to retain title or ownership over the contract goods until payment by the buyer is complete.

Revenue ton - Tonnage used to calculate freight rates as in ocean cargo.

 

Revocable letter of credit - A letter of credit that can be canceled or altered by the drawee (buyer) after it has been issued by the drawee's bank. Compare Irrevocable letter of credit.

 

Revocable:Applied to letters of credit. A revocable letter of credit is one which can be altered or canceled by the buyer after he has opened it through his bank. See "Irrevocable."

 

Revolving letter of credit - Credit which can be drawn against repeatedly by the beneficiary; can take a variety of different forms, depending on whether the credit is limited in terms of time, number of possible drafts, maximum quantity per draft, or maximum total quantity.

 

Revolving letter of credit:A Letter of credit designed to cover a series of similar consignments over a period of time.

 

RHA:Road Haulage Association

 

RN:Removal Note

 

Ro/Ro:Roll On Roll Off

 

Road consignment note: Transport document used for goods sent by road. This is not a document of title.

 

ROD:Rusting, Oxidation, Denting

 

Roll-on/roll-off (RoRo) - Combination of road and sea transport, where loaded road vehicles are driven on to a ferry or ship (roll-on/roll-off ship) and off at the port of destination.

 

RoRo - See Roll-on/roll-off.

 

ROT - See Retention of title.

 

Routed export transaction - Routed export transaction is where the foreign principal party in interest (buyer) authorizes a U.S. forwarding or other agent to facilitate export of items from the United States. In a routed export transaction, the foreign principal party in interest authorizes a U.S. forwarding or other agent to prepare and file the export documents. The exporter (USPPI) must maintain documentation to support the information provided to the forwarding or other agent for preparing the documents and provide such forwarding or other agent with the following information to assist in preparing the export documentation:1.Name and address of the USPPI;2.U.S. principal party in interest's EIN;3.Point of origin (State or FTZ);4.Schedule B description;5.Domestic (D), foreign (F), or FMS (M) code;6.Schedule B Number;7.Quantity/unit of measure;7.Value;8.Upon request from the foreign principal party in interest or its agent, the Export Control Classification Number (ECCN) or sufficient technical information to determine the ECCN;Any information that it knows will affect the determination of license authority.

 

Royalty Payment:The share of the product or profit paid by a licensee to his licenser. See "Licensing."

 

RP:Return Premium

 

RTK:Revenue Tonne Kilometres

 

RTP:Restrictive Trade Practices

 

Rules of Origin (ROO): Laws, regulations and administrative procedures which determine a product's country of origin. A decision by a customs authority on origin can determine whether a shipment falls within a quota limitation, qualifies for a tariff preference or is affected by an anti-dumping duty. These rules can vary from country to country.

 

Rules of Origin: Rules used to determine in what country a good will be considered as actually made for tariff and other trade purposes.

 

S&C - See Shipper’s load and count.

 

S&T - Shipper’s load and tally.

 

S.A. - Abbreviation after names of corporations in French and Spanish-speaking countries. Société Anonyme (Fr.); Sociedad Anonima (Sp.).

 

S.I.T.C.:See "Standard International Trade Classification."

 

The above details describes about terms called in international trade business such as Reexport,Refrigerated ,Release note,Remitting bank,Revenue ton,Revolving letter of credit ,Road consignment note,Routed export transaction ,Rules of Originetc.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 Purchase Option,Protest,Pro forma invoice,Quota,Quotation

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