Terms used in business such as Big Bang, Bill of Entry,Bill of Exchange,Billing Hierarchy etc


Terms used in business such as Big Bang, Bill of Entry,Bill of Exchange,Billing Hierarchy etc.


This post explains about terms used in business such as Benchmarking,Bid Bond, Big Bang, Bill of Entry,Bill of Exchange,Billing Hierarchy 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



Benchmarking: Rating your company's products, services and prac­tices against those of the front-runners in the industry.


Benefit Principle - A taxation principle which states that those who benefit more from government expenditure, financed by taxes, should pay more tax for the product or service than those who benefit less.


Benefits Realisation - Also Benefits Realisation Management, or if you prefer the US English it would be Benefits Realization. This refers to the translation of projects into real and perceived positive effects, seemingly a concept devised originally in the field of IT and ICT (Information and Communications Technology) project management, where projects are notoriously difficult to manage successfully and generate clear end-user appreciation. The term, abbreviated to BRM, is increasingly applied more widely to change management and project management of all sorts, representing an additional final stage of project management process, for which a manager is sometimes specifically responsible.


Best Boy - The person on film sets, TV, etc., who is the assistant to the electrician.


Beta Test - The second test of a product, such as computer hardware, software, or even a website, under actual usage conditions, before the final version is used by or sold to the public. See Alpha Test.


Terms used in  business such as Big Bang, Bill of Entry,Bill of Exchange,Billing Hierarchy etcBid Bond - A sum agreed to be paid by a company that wins a contract if the work is not carried out.


Big Bang - Occurred (UK) on 27th October 1986, when major technology changes took place on the London Stock Exchange chiefly to replace manual systems with electronic processes.


Bikeshed Colour effect/Colour of the Bikeshed Law/The Bicycle Shed Law/Parkinson's Law of Triviality - This was originally a concept or 'law' proposed by C Northcote Parkinson in his (1957/8) book Parkinson's Law: The Pursuit of Progress, which also gave us Parkinson's Law itself. The revived Triviality Law was popularized in 1999 by Poul Henning Kamp, a computer developer, effectively and accidentally renaming it the Bikeshed Colour effect. Essentially the law contends that people in organizations (due to human nature and organizational behaviour) inevitably spend a disproportionately large amount of time and effort on trivia matters - especially attempting to apply personal influence - while neglecting the really important issues because they are difficult to understand, and consequently more difficult to influence. See Parkinson's Law and Parkinson's Law of Triviality, which includes more explanation about the Bikeshed Colour effect and its derivation.


Bilateral - Agreement or involvement or action by two parties, people, companies, countries, etc. See Unilateral and Multilateral.


Bilateral Investment Treaty (BIT) - A treaty between two countries to ensure that investments between the two countries receive the same treatment as domestic or other international investments.


Bilateral Trade Agreement - A commercial agreement between two countries, often detailing what specific quantities of what specific goods can be exchanged.


Bill / Traite :Written unconditional order whereby an individual or legal entity (the drawee) makes a commitment to pay a certain sum to another individual or legal entity (the drawer) at sight or after a defined period.


Bill of Entry:This is an important document used in import trade. On the arrival of imported goods at the port, the importer is to give a declaration in writing to the customs authorities as regards the description of the goods, their quantity and value, this declaration is made in a form known as Bill of Entry.


Bill of exchange, (b/e), Draft / Effet de commerce :Document whereby a creditor (the drawer) gives his debtor (the drawee) an order to pay a certain sum on a given date (the due date), either to himself or to a third party (the beneficiary).


Bill of Exchange:It is a credit instrument like a cheque or bank note. It contains an unconditional order in writing addressed by one person to another, signed by the person making it and requiring the addressed to pay on demand or after a certain period of time, a sum of money to or to t-he order of, a specified person or bearer of the instrument.


Bill of Lading (BOL) - A document that establishes the terms and conditions of a contract between a shipper and a shipping company under which freight is to be moved between specified points for a specified charge.


Bill of lading / Connaissement :A document issued on behalf of the carrier which evidences a contract of carriage by sea.The document has the following functions:1. {{A receipt for goods, signed by a duly authorized person on behalf of the carriers.2. {{A document of title to the goods described therein3. {{Evidence of the terms and condition of carriage agreed upon between the two parties.


Bill of sale - a legal document used in the purchase of property or other assets that details what was purchased, where the purchase took place, and for how much.


Billing Currency / Monnaie de facturation :The choice of payment (billing) currency (local or foreign) should take into account commercial considerations (complexity and exchange risk for buyers in case of local currency), and the economic viability of the operation (exchange risk involved for sellers who invoice in foreign currency).


Billing Hierarchy - Allows customers to combine multiple accounts and services into a single billing structure. Customers can choose whether to have all services invoiced together, invoiced separately, or in any combination thereof. In addition the customer may specify where the invoices are to be sent and who is to receive them. The customer can select the data format for their invoice and call detail, i.e., paper, FONVIEWSM, microfiche or magnetic tape.


Biometrics - The biological identification of human features, such as eyes, voices and hands, increasingly used to identify individuals, e.g., in laptop computers, entry systems and passports.


Biro - in many parts of the world this means generally any ballpoint pen, in addition to being the Biro brand of ballpoint pen. Biro is named eponymously after its Hungarian inventor László Bíró, 1899-1985.


Bit - An abbreviation of binary digit which is the smallest unit of information in a binary notation system.


Bit Part - In films and TV, a supporting actor who has at least one line of dialogue, and who is usually listed in the credits.


Bitcoin - A significant digital currency, divided into 100 million units called satoshis, created by the pseudonymous developer Satoshi Nakamoto, first described by the creator(s) in 2008, broadly as an anonymous, peer-to-peer, electronic payments system. The Bitcoin currency is increasingly traded and as treated as seriously as conventional fiat (national or state-issued) currencies by the world's major financial merchants and institutions. The Bitcoin currency is scheduled to attain a finite total volume. It is 'mined' using a time-linked computerised generation process, via linked mutually/self-protecting computer servers including equipment belonging to 'members' who in return receive payment in Bitcoins in return for the use of computer processing power. The Bitcoin is part of the future of money perhaps, which does not rely on state or federal constitution, operating instead peer-to-peer (rather than through an institutional issuer), and instead relying on computing and internet or equivalent means of administration and connection. The Bitcoin name is a pun or double-meaning alluding to computing and coinage, i.e., a bit in computing is a single unit of data expressed as either 0 or 1 in binary notation; and separately a bit is a very old slang word for a coin (see bit coin slang). Reports following media investigations into and cross-linking encryption patents, Bitcoin white paper documentation, and registration of the bitcoin domain name, suggested the identity of the 'developer' to be three people, Neal King, Vladimir Oksman and Charles Bry, although each (at 2013) deny the assertion. Here's what the Bitcoin website says about the concept (at 2013):Bitcoin uses peer to peer technology to operate with no central authority; managing transactions and issuing Bitcoins are carried out collectively by the network. Through many of its unique properties, Bitcoin allows exciting uses that could not be covered by any previous payment systems. The software is a community-driven free open source project, released under the MIT license.And the abstract from the explanatory white paper published by the developer): "Bitcoin: A Peer-to-Peer Electronic Cash System. - Satoshi Nakamoto - satoshin@gmx.com - www.bitcoin.org - Abstract. A purely peer-to-peer version of electronic cash would allow online payments to be sent directly from one party to another without going through a financial institution. Digital signatures provide part of the solution, but the main benefits are lost if a trusted third party is still required to prevent double-spending. We propose a solution to the double-spending problem using a peer-to-peer network. The network timestamps transactions by hashing them into an ongoing chain of hash-based proof-of-work, forming a record that cannot be changed without redoing the proof-of-work. The longest chain not only serves as proof of the sequence of events witnessed, but proof that it came from the largest pool of CPU power. As long as a majority of CPU power is controlled by nodes that are not cooperating to attack the network, they'll generate the longest chain and outpace attackers. The network itself requires minimal structure. Messages are broadcast on a best effort basis, and nodes can leave and rejoin the network at will, accepting the longest proof-of-work chain as proof of what happened while they were gone."


The above details describes about terms called in business such as Benchmarking,Bid Bond, Big Bang, Bill of Entry,Bill of Exchange,Billing Hierarchy 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 Bank statement,Bankers Hours,Bankruptcy ,Bean Counter,Beanfeast etc

Related posts about free online training on export and import trade:



How to export your product?
Click here to know HS code of your product
What is the ITC code (Indian Tariff Code) of your product?
12 Major risks and solutions in Imports and Exports
Disadvantages of Letter of credit (LC) for Exporter
Foreign Trade Agreements of India
Mode of payments in international trade
Packing credit loan to Indian Exporters
Who are authorized to issue Certificate of origin under India Japan Comprehensive Economic Partnership Agreement
How to get Certificate of origin under India Chile Preferential Trade Agreement
Authorized agencies to issue Certificate of origin under India ASEAN Trade in Goods Agreement
How to make DA mode of payment safe
How to make delay in delivery of Shipment?
How to minimize import cargo clearance time? An open logic proposal to WTO
How to obtain a duplicate BL, if original bill of lading lost.
How to obtain GSP - Certificate of Origin?
How to obtain Phyto sanitary certificate. What is phytosanitary certification
How to obtain waiver on detention/ demurrage on imported goods/container from Shipping company/CFS
How to open an LC? Procedures to open a Letter of Credit

Discussion Forum

You can also share your thoughts about this article.
Any one can answer on question posted by Readers