Terms used in shipping such as Issuing Carrier,Issuing Bank,Jacob's Ladder,Jackup ,Japan Development Bank

 

Terms used in shipping such as Issuing Carrier,Issuing Bank,Jacob's Ladder,Jackup ,Japan Development Bank etc.

 

 

This post explains about terms used in shipping such as Irrevocable,Issuing Carrier,Issuing Bank,Jacob's Ladder,Jackup ,Japan Development Bank,Joint Account 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

 

IRR - Internal rate of return

 

Irrevocable - This the most common instrument of credit in international trade, carries an irrevocable obligation of the issuing bank to pay the beneficiary when drafts and documents are presented in accordance with the terms of the letter of credit. An irrevocable letter of credit, once issued, cannot be amended or canceled without the agreement of all named parties. As such, it must have a fixed expiration date.

 

Irrevocable Letter of Credit - A letter of credit in which the specified payment is guaranteed by the issuing bank if all terms and conditions are met by the drawee. It is as good as the issuing bank.

 

Irrevocable Letter of Credit:Letter of credit in which the specified payment is guaranteed by the bank if all terms and conditions are met by the drawee and which cannot be revoked without joint agreement of both the buyer and the seller.

 

Terms used in shipping such as Issuing Carrier,Issuing Bank,Jacob's Ladder,Jackup ,Japan Development Bank etcIS - International Standards Organization

 

ISA - Industry Sub-Sector Analysis, International Sugar Agreement

 

ISAC - Industry Sector Advisory Committee

 

ISDA - International Swaps and Derivatives Association

 

IsDB - Islamic Development Bank

 

ISDN - Integrated Services Digital Network

 

Islamic Conference Organization - See: Organization of the Islamic Conference.

 

Islamic Development Bank - The IsDB (sometimes IDB) finances economic aid and social development in member countries. The Bank also supports Muslim communities in non-member countries. Membership is open to all countries which are members of the Islamic Conference. Members include: Afghanistan, Algeria, Bahrain, Bangladesh, Benin, Brunei, Burkina, the Cameroon, Chad, Comoros, Djibouti, Egypt, Gabon, The Gambia, Guinea, Guinea-Bissau, Indonesia, Iran, Iraq, Jordan Kuwait, Lebanon, Libya, Malaysia, Maldives, Mali, Mauritania, Morocco, Niger, Oman, Pakistan, the Palestine Liberation Organization, Qatar, Saudi Arabia, Senegal, Sierra Leone, Somalia, Sudan, Syria, Tunisia, Turkey, Uganda, the United Arab Emirates, and Yemen. The Bank was created in 1973 (began operations in October 1975); headquarters are in Jeddah, Saudi Arabia.

 

ISLP - Investment Sector Loan Program

 

ISNAR - International Service for National Agricultural Research

 

ISO 9000:A series of voluntary international quality standards.

 

ISO: International Organization for Standardization. Worldwide organization formed to promote development of standards to facilitate the international carriage and exchange of goods and services. Governs construction specifications for ISO containers.

 

ISO:Intermodal Shipper Owned

 

ISONET - International Standards Organization Information Network

 

ISSA - International Social Security Association

 

Issuing Bank - A bank which opens a straight or a negotiable letter of credit. This bank assumes the obligation to pay the beneficiary or a correspondent bank if the documents presented are in accordance with the terms of the letters of Edit.

 

Issuing Carrier:The carrier issuing transportation documents or publishing a tariff.

 

Istituto Nazionale per il Commercio Estero - ICE (English: Institute of Foreign Trade) is an Italian agency which promotes exports through a network of domestic and foreign offices. Although ICE obtains overall policy directiel Commercio con l'Estero), it functions as an autonomous public corporation. The Ministry of Foreign Affairs (Ministero degseas embassies and consulates, though ICE's overseas officers are independent of these organizations.

 

ITA - International Tin Agreement, International Trade Administration

 

ITAR - International Traffic in Arms Regulations

 

ITC - International Trade Commission

 

ITDCs - International Trade Development Centers

 

ITF:International Transport Workers Federation (Trade Unions)

 

ITU - International Telecommunication Union

 

IVL - Individual Validated License

 

IWC - International Whaling Commission

 

IWL Institute Warranty Limits - Geographical limits within which a ship may navigate without incurring any additional insurance premium.

 

J&WO:Jettison and Washing Overboard.

 

J.C.C. - Joint Cargo Committee

 

J.C.R.A. - Joint Common Risks Agreement

 

J.H.C. - Joint Hull Committee

 

J.H.F. - Joint Hull Formula

 

J.H.I.U. - Japanses Hull Insurers' Union

 

J.H.U. - Joint Hull Understandings

 

J/A - Joint Account

 

Jacket:A wood or fiber cover placed around such containers as cans and bottles.

 

JACKUP:A deck with legs that can be jacked up or down. During operations, the legs rest on the sea-bed. When the rig is moved, the legs are retracted, leaving the rig floating. A backup has normally no propulsion machinery of its own.

 

Jacob's Ladder:A rope ladder suspended from the side of a vessel and used for boarding.

 

Japan Corporate Program - The Japan Corporate Program was initiated (by the U.S. Department of Commerce) to help increase U.S. exports to Japan. The program was initiated in January 1991, following selection of 20 companies to participate in a five-year pilot project to improve U.S. knowledge of, and access to, the Japanese market. As part of the five-year commitment to the program, the companies arrange four visits a year to Japan, including two by their chief executives; publish their product literature in Japanese; participate in at least one trade promotion event in Japan each year; and modify products to enhance consumer acceptance and promote sales in Japan. Commerce supports the 20 firms with market data, arranges introductory meetings with prospective Japanese buyers, and recommends market development strategies.

 

Japan Development Bank - The Japan Development Bank was founded in 1951 to aid in developing and diversifying the Japanese economy. The JDB is a non-profit organization owned entirely by the Japanese Government. U.S. companies may participate in JDB funding activity under the Bank's Loan Division in the International Department. The International Department disburses loans to foreign companies under two primary loan programs: Promotion of Foreign Direct Investment in Japan and Facilities for Import Products. The other loan programs of JDB are also available to foreign-owned companies under the principle of equal treatment of clients regardless of nationality.

 

Japan Export Information Center - The Japan Export Information Center (JEIC) provides information on doing business in Japan, market entry alternatives, market information and research, product standards and testing requirements, tariffs and non-tariff barriers. The Center maintains a commercial library and participates in private- and government-sponsored seminars on doing business in Japan. JEIC is operated by the International Trade Administration of the Department of Commerce. (202-482-2425 and 202-482-4524; fax: 202-482-0469)

 

Japan External Trade Organization - Although legally under the aegis of the Ministry of International Trade and Industry (MITI), JETRO administers the export programs of the Japanese Government independently. MITI subsidizes about 60 percent of JETRO's total annual expenditures and, technically, has final decision-making authority over JETRO management and programs. Originally established to help Japanese firms export, JETRO also assists American companies seeking to export to Japan and promotes Japanese direct investment in the United States and U.S. direct investment in Japan.

 

The above details describes about terms called in shipping such as Irrevocable,Issuing Carrier,Issuing Bank,Jacob's Ladder,Jackup ,Japan Development Bank,Joint Account 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 International Trade Commission,International Telecommunications Services,International waterways

 

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