Terms used in shipping such ,Export Statistics,Exporter's Sales Price,Express release Bill,Extended Fund Facility,Extra-length Surcharge

 

Terms used in shipping such ,Export Statistics,Exporter's Sales Price,Express release Bill,Extended Fund Facility,Extra-length Surcharge etc.

 

 

This post explains about terms used in shipping such as Exporter Data Base,Export Subsidies,Export Statistics,Exporter's Sales Price,Express release Bill,Extended Fund Facility,Extra-length Surcharge,Ex Works,Extension to Suit Time 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 shipping

 

Export Statistics - Export statistics measure the total physical quantity or value of merchandise (except for shipments to U.S. military forces overseas) moving out of the United States to foreign countries, whether such merchandise is exported from within the U.S. Customs territory or from a U.S. Customs bonded warehouse or a U.S. Foreign Trade Zone.

 

Export Subsidies - Any form of government payment or benefit to an exporter or manufacturing concern contingent upon the export of goods. Under the GATT (Article XVI) subsidies, especially export subsidies, are seen as a tool that distorts the normal behavior of the market. The Tokyo Round produced an agreement on subsidies and countervailing duties that prohibits export subsidies by developed countries on manufactured and semi-manufactured goods.

 

Export Trade Certificate of Review - A certification of partial immunity from U.S. antitrust laws that can be granted based on the Export Trading Company Act legislation by the Department of Commerce with Department of Justice concurrence. Any prospective or present U.S.-based exporter with antitrust concerns may apply for certification.

 

Export Trading Company - An ETC is a company doing business in the United States principally to export goods or services produced in the United States or to facilitate such exports by unaffiliated persons. The ETC can be owned by foreigners and can import, barter, and arrange sales between third countries, as well as export. An ETC is demand-driven and transaction-oriented. Generally, an ETC takes title to the products involved, but may work on a commission basis.

Terms used in shipping such ,Export Statistics,Exporter's Sales Price

Export Trading Company Act - The Export Trading Company Act of 1982: initiates the Export Trade Certificate of Review program that provides antitrust preclearance for export activities; permits bankers' banks and bank holding companies to invest in ETCs; establishes a Contact Facilitation Service within the Commerce Department designed to facilitate contact between firms that produce exportable goods and services and firms that provide export trade services.

 

EXPORT TRADING COMPANY:A corporation or other business unit organized and operated primarily for the purpose of exporting goods and services, or of providing export-related services to other companies.

 

Export:A shipment transported out of a country.

 

Export:To send goods from a country to an overseas destination.

 

Exporter Data Base - The EDB, operating on a pilot basis in 1992, provides data on the number of exporters, their distribution in cities and states, and their economic characteristics. The EDB, developed by the Commerce Department's International Trade Administration and the Census Bureau links commodity data from millions of U.S. export declarations to the Bureau's various databases on the business characteristics of U.S. firms.

 

Exporter's Certificate of Origin - The U.S. Customs Service defines an Exporter's Certificate of Origin (also known as Customs Form 353) as a document completed by the exporter, certifying that the goods described therein are eligible for a preferential rate of duty under some trade program such as the U.S.-Canada Free-Trade Agreement. (See 19 CFR 10.37(d)(1).)

 

Exporter's Sales Price - ESP is a statutory term used to refer to the United States sales prices of merchandise which is sold or likely to be sold in the United States, before or after the time of importation, by or for the account of the exporter. Certain statutory adjustments are made to permit a meaningful comparison with the foreign market value of such or similar merchandise, e.g., import duties, United States selling and administrative expenses, and freight are deducted from the United States price. See: Tariff Act of 1930.

 

Export-Import Bank of Japan - JEXIM is Japan's official provider of export credits. About 10 percent of JEXIM's business is providing export credits. The bank's main role is to disburse about half the funds available under the trade surplus recycling program (the Nakasone facility). See: Japan International Cooperation Agency Overseas Economic Cooperation Fund.

 

Export-Import Bank of the United States - Eximbank was chartered in 1934 as an independent agency to finance the export of U.S. goods and services. Eximbank offers four major export finance support programs: loans, guarantees, working capital guarantees, and insurance. Eximbank undertakes some of the risk associated with financing the production and sale of American-made goods; provides financing to overseas customers for American goods when lenders are not prepared to finance the transactions; and enhances a U.S. exporter's ability to match foreign government subsidies by helping lenders meet lower rates, or by giving financing incentives directly to foreign buyers. Eximbank's information hotline number is 1-800-424-5201. See: Commercial Risk Political Risk Private Export Funding Corporation.

 

Express Bill of Lading:Non-negotiable B/L where there are no hard copies of originals printed.

 

Express release Bill:Where a Shipping line do not require the surrender of an Original of the Bill of lading to release the goods to Consignee as per their Freight manifest.

 

EXPRESS:Premium-rated service for urgent deliveries.

 

Extended Fund Facility - The EEF is an arrangement by which the International Monetary Fund (IMF) may provide assistance to its members to enable them to meet their balance of payments needs for longer periods and in larger amounts than are available under the IMF's credit tranche policies. See: International Monetary Fund.

 

Extension of a Charter - Prolonging of the period during which a ship is on time charter. An option to extend the charter may be incorporated into the Charter-Party, very often on the same terms but possibly at a different rate of hire.

 

Extension to Suit Time - An extension by the carrier of the period within which cargo interests must bring a lawsuit for any claim which they may have under the contract of carriage. This extension may be granted at the request of cargo interests when the claim has not been fully quantified and provides the parties with further time to settle the claim out of court.

 

Extension to the Canceling Date - Agreement by the charterer to a later date than that agreed in the Charter-Party by which a ship must tender notice of readiness to the charterer that she has arrived and is ready to load. If a ship is likely to be delayed in reaching the load port, the shipowner may ask the charterer to extend the canceling date. If the charterer agrees, the contract is amended accordingly. If not, the charterer may have the option to cancel the charter either before the canceling date by mutual consent or after the canceling date within a time specified in the Charter-Party. Alternatively, the shipowner may be obliged to present his ship at the load port, however late.

 

Extra-length Surcharge - Extra charge set by liner conferences on behalf of their members or applied by shipping lines on cargo exceeding a length specified in their tariff often 40 feet or 12 meters. This extra charge is normally expressed as an amount of money per each ton for each unit of length, for example each foot or part of a foot in excess of the specified length.

 

EXW Ex Works (named place) – Incoterms:The seller's only responsibility is to make the goods available at his premises, (ie works or factory). The buyer bears the full cost and risk involved in bringing the goods from there to the desired destination and the buyer must be able to carry out any required export formalities. The term represents the minimum obligation for the seller.

 

EXW - ex. Works - Sales term denoting that the seller is responsible for making the goods available at his works or factory. The buyer bears the cost of loading the goods onto the vehicle(s) and delivering them to the destination. The risk of loss and damage to the goods generally passes from the seller to the buyer at the time that they are made available.

 

EXW (Ex Works): The buyer bears all costs and risks involved in taking the goods from the seller’s premises to the desired destination. The seller’s obligation is to make the goods available at his premises (works, factory, warehouse). This term represents minimum obligation for the seller. This term can be used across all modes of transport.

 

EXW (EX-Works):One of the simplest and most basic shipment arrangements places the minimum responsibility on the seller with greater responsibility on the buyer. In an EX-Works transaction, goods are basically made available for pickup at the shipper/seller’s factory or warehouse and “delivery” is accomplished when the merchandise is released to the consignee’s freight forwarder. The buyer is responsible for making arrangements with their forwarder for insurance, export clearance and handling all other paperwork.

 

The above details describes about terms called in shipping such as Exporter Data Base,Export Subsidies,Export Statistics,Exporter's Sales Price,Express release Bill,Extended Fund Facility,Extra-length Surcharge,Ex Works,Extension to Suit Time etc. These phrases may help importers and exporters on their day to day business activities. The readers can also add more information about terms used in shipping business below this post.Terms used in shipping such as ,Export Disincentives,Export License,Export Limitation,Export Information System,Export Rate

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