Terms used in business such as Affidavit ,African Union,After Date, Agency, Agency Disclosure,Agent , Agribusinesss etc


Terms used in business such as Affidavit ,African Union,After Date, Agency, Agency  Disclosure,Agent , Agribusinesss etc.


This post explains about terms used in business such as Affidavit ,African Union,After Date,Agency,Agency Disclosure,Agent 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 business


Affidavit - A sworn signed statement of fact used as evidence in court whose signature has been witnessed by a commissioner of oaths or other authorised officer, for example a notary. Medieval Latin for 'he has stated on oath', from affidare, meaning to trust.


AFNOR / AFNOR :"L'Association française de Normalisation" (French Standards Association) is the institution which compiles standards and promotes their use in France.


AFR :Annual Financial Report, published as statistical data, includes per pupil spending.


African Developmental Bank Group (ABD Group) - The ABD Group is 1 of 4 major regional developmental banks currently operating in the global economy; it is headquartered in Abidjan, Cote d'Ivoire.

Terms used in  business such as Affidavit ,African Union,After Date, Agency, Agency  Disclosure,Agent , Agribusinesss etc

African Union (AU) - The African Union is an organization for regional, social and economic cooperation. It consists of 53 member nations in Africa and was derived from the OAU (Organization of African Unity). Its goal is to unify Africa and promote peace, security, and stability on the continent through social and economic cooperation.


African, Caribbean, and Pacific Countries (ACP) - The African, Caribbean and Pacific Group of States (ACP) is an organization created by the Georgetown Agreement in 1975. It is composed of 79 African, Caribbean and Pacific States. All 79 states are signatories to the Cotonou Agreement (a partnership agreement between the ACP and the European Union).


After Date: It is used on a bill of exchange and it indicated that maturity of the bill will be calculated at a fixed period after the date on the bill.


After Sight: This means that the due date of the bill is to be counted at a specified period from the date of presentation of the bill to the drawee.


After-sale service / Service après-vente :A service provided by the supplier of a product after it has been sold, with a view of keeping it in good (working) order.


After-Sales-Service: Customer support following the purchase of a product or service


Ageism - Unfair prejudice or discrimination on the grounds of a person's age.


Agency / Agence :The work carried out by a person (the agent) chosen to act on behalf of another (the principal).


Agency Costs - The costs incurred to ensure that agents and managers act in the best interest of the principal. For example, reward to managers as a percentage of profit.


Agency procurement procedures: These are agency-specific procedures, which set out how procurement activities are to be conducted in compliance with the policy. Approach to market (depending on the approach used this may also be called an invitation to offer, request for offer, request for proposal, request for quote or request for tender).The process where a government agency approaches the supply market calling for offers for a particular good or service.


Agency Disclosure:  A written explanation to be signed by a prospective buyer or seller, explaining to the client the role that the broker plays in the transaction (The purpose of disclosure is to explain whether the broker represents the buyer or seller or is a dual agent, representing both,  or a subagent, an agent of the seller’s broker. This allows the  customer to understand to which party the broker  owes  loyalty.)


Agency/Distributor: A direct market entry method where the exporter contracts a partner or representative in the country of import to sell and/or represent their products. Although the terms agent, sales agent, sales representative, distributor, etc. are often misused interchangeably, there are some important differences to note.


Agency: A relationship between two people or organizations in which one is empowered to act on behalf of the other in dealings with a third party.


Agency:  The legal relationship between a principal and his agent arising from a  contract in which the principal engages the agent to perform certain acts on the principals behalf


Agency:A department or statutory body as those expressions are defined in the Financial Accountability Act 2009 (PDF, 572KB).Any government-owned corporation recognised under the Government Owned Corporations Act 1993 (PDF, 832KB). Note: Government-owned corporations are no longer covered under the new Queensland Procurement Policy (2013).Special purpose vehicles as established from 1 July 2010 and existing special purpose vehicles which are required to comply with the Queensland Procurement Policy (2013) by their respective constitutions.


Agenda:It is a list of items proposed to be discussed at a forthcoming meeting. Generally it is notified to the members to be present at the meeting before the date of the meeting.


Agent - somebody appointed to act on behalf of another person - known as the principal. The amount of authority the agent has is subject to agreement between the principal and the agent but unless told otherwise, third parties can assume the agent has full powers of authority.


Agent - Someone who represents another. In corporate governance terminology, management is the agent of the principal stakeholders in a principal-agent relationship.


Agent/Sales Representative: Overseas, a sales agent or sales representative is the equivalent of a manufacturer’s representative in the United States. The representative uses the company’s product literature and samples to present the product to potential buyers. A representative usually handles many complementary lines that do not conflict. The sales representative usually works on a commission basis, assumes no risk or responsibility, and is under contract for a definite period of time (renewable by mutual agreement). The contract defines territory, terms of sale, method of compensation, reasons and procedures for terminating the agreement, and other details. The sales representative may operate on either an exclusive or a non-exclusive basis. Firms in the US, and other developed countries have stopped using the term “agent” and instead rely on the term “representative,” since agent can imply the authority, perhaps even a power of attorney, to make commitments on behalf of the firm he or she represents.


Aggregate - A whole consisting of the combination of smaller separate elements.


Aggregate Demand - The total demand of all potential buyers of a commodity or service. Includes all individuals and organizations that have the ability, willingness, and authority to purchase such products.


Aggregate Planning - The process of planning and developing the best way of producing the right amount of goods, at the right time and at the minimum cost, based on the total number of items which need to be produced, and the amount of materials, equipment and workers necessary for production.


Aggressive Growth Fund - A high risk investment fund in which shares are expected to increase in value very quickly in the hope of making large profits.


Agile Development Method - A type of business development which gets things moving quickly and adapts during the development, as distinct from conventional planning and project management implementation.


Agio - The percentage charged by a bank for exchanging one form of currency or money, into another that is more valuable.


Agitprop - Political propaganda (published ideas designed to motivate people into certain political views or actions) typically in art, music, literature, etc., a portmanteau word combining the original Russian words agitsiya (agitation) and propoganda, where the term grew from the state department responsible for disseminating communist ideas and information to its people in the 1930s. In the west the term is more associated with publication of left-wing or socialist ideas, often targeted against a governing right-wing authority.


Agreement of Sale:  A bilateral contract whereby buyer promises to buy and seller promises to sell by execution and delivery of deed; also know as Purchase and Sale Agreement (P&S)


Agribusinesss - Farming industry on a large corporate scale.


AIDA - Attention, Interest, Desire, Action - an early and fundamentally useful model/process for effective communications. Also called the 'hierarchy of effects' - we all buy things, and decide to change something, after passing through these four key stages. (See AIDA in sales training materials)


Air container / Conteneur aérien :Container adapted to the standards for air navigation.


The above details describes about terms called in business such as Affidavit ,African Union,After Date,Agency,Agency Disclosure,Agent 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 business trade below this post.  Terms used in business such as Active Income,Active Partner, Ad Rotation ,Added Value,Adjunct,Adjusted Present Value etc


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MR ROBBERT KOJO FRIMPONG : I write to invite you to submit a bid in the ongoing Tender/ Bid by the African Union Commission for the supply of your products. This Tender is open to Foreign manufacturers/suppliers whose company products meet international standards.I therefore urge you to submit a bid with the price list of your products as well as its standard specification to enable me present/introduce your highly esteemed company to the Tender/procurement department of the African Union Commission for their consideration.I work in the capacity as a government licensed agent and an accredited entity with the procuring authority. Kindly consider this invitation and get back to me with your proposal. I will be furnishing you with more information about the tender upon receipt of your mail. Regards, MR ROBBERT KOJO FRIMPONG

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