Terms used in export business such as Declaration ,Deemed Export,Deflation,Delivery Point etc.
This post explains about terms used in export business such as Customs warehouse, Date draft,Debtor ,Declaration ,Deemed Export,Deflation,Delivery Point:,Declarant 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 export business
Customs value :The value of imported goods for Customs purposes.
Customs warehouse :A place approved by HM Revenue & Customs for the storage of goods without payment of import duty. Import VAT is also suspended during storage of warehoused goods. There are several different types of Customs warehouse. While most approvals are for specific locations, in some cases approval can be given to a company and its commercial accounting and stock control systems. In these cases the approval is not linked to a specific location.
Customs warehousing - [check Bonded Warehouse]
Customs:The agency or procedure for collecting duties imposed by a country on imports or exports.
D.E.Q. Delivered Ex Quay—indicates that the seller must deliver the goods onto the quay (dock or wharf), having cleared the goods for import and paid all taxes, duties, etc. applicable to that clearance.
D/A:See "Documents Against Acceptance."
D/P:See "Documents Against Payment."
DAF: delivered at frontier (named place). This is an Incoterm - see the Incoterms 2000 website for more information. The seller clears the goods for export and pays for delivery. The goods are delivered - not unloaded or cleared for import - when they arrive at the named place at the frontier of the importing country but outside the customs border. The buyer clears the goods for import and is responsible for all costs and risks from this point.
Dangerous Goods Declaration (DGD) :Declaration required when shipping hazardous or potentially hazardous goods. This is sometimes called the Dangerous Goods Note.
Dangerous goods note: document required when shipping hazardous or potentially hazardous goods.
Date draft - A draft that matures in a specified number of days after the date it is issued, without regard to the date of acceptance. See Draft, Sight draft, and Time draft.
DDP: delivered duty paid (named place of destination). This is an Incoterm - see the Incoterms 2000 website for more information. The seller clears the goods for export and pays for delivery to the named destination. The seller meets all the costs and risks of clearing the goods for import, though the buyer may agree to bear some of the costs. The goods are delivered when they arrive, cleared for import but not unloaded, at the named destination.
DDTC – Directorate of Defense Trade Controls. The office in the Department of State (DOS) that administers licenses for defense services and defense (munitions) articles. (Formerly known as the Office of Defense Trade Controls).
DDU: delivered duty unpaid (named place of destination). This is an Incoterm - see the Incoterms 2000 website for more information. The seller clears the goods for export and pays for delivery. The goods are delivered when they arrive at the named destination place, not cleared for import or unloaded. The buyer is responsible for clearing the goods for import and the associated costs and risks, though the seller can agree to bear some of these costs.
Debtor - It is a term to any individual who is liable for the payment of a customs debt.
Declarant :The person legally responsible for the accuracy of the information given in a declaration to customs. This includes the accuracy of any supporting documents relating to the declaration.
Declaration :A declaration made in the appropriate form to customs indicating the intention of the declarant to declare goods to the export or import procedure.
Deed of Gift :A legal document which transfers ownership of the special stamp to customs whilst local export control (LEC) traders retain the stamp for authenticating community transit (CT) documents.
Deemed Export - Occurs when technology or software source code is released or transmitted to a Foreign Person within the U.S. including through a discussion with a foreign researcher or student.
Deemed Export: A deemed export occurs when information or technology subject to export control is released, disclosed, or transmitted to any foreign national in the U.S. Such a release, disclosure, or transmission is considered to be an export to the country of citizenship of the foreign national.
Defense Article - (ITAR 120.6) means any item designated in the USML. Examples include specified chemical agents, cameras designated for military purposes, specified lasers, and GPS equipment as noted above. It also means any technical data recorded or stored in any physical form, models, mock-ups, or other items that reveal technical data directly relating to the particular item or "defense article" listed in the USML.
Defense Service - (ITAR 120. 9) means the furnishing of assistance (including training) anywhere (inside the United States or abroad) to foreign nationals in connection with the design, development, engineering, manufacture, production, assembly, testing, repair, maintenance, modification, operation, demilitarization, destruction, processing, or use of defense articles, and the furnishing of any controlled "technical data" (see definition below) to foreign nationals anywhere.
Deferment account :An account underwritten by a bank or insurance company to which import duties due are posted.
Deferment approval number (DAN) :A unique reference number issued to a trader by the central deferment office, part of HM Revenue & Customs (HMRC), to identify the trader's duty deferment account.
Deferment trader :A trader who is approved by HM Revenue & Customs (HMRC) to defer the payment of tax and duties. Conditions apply.
Deferred payment credit - It is similar to the letter of credit which provides payment some time after presentation of shipping documents by exporter.
Deflation - a reduction in the level of national income and output, usually accompanied by a fall in the general price level.
Delivered at frontier (named place) (DAF) :An Incoterm, where the seller clears the goods for export and pays for delivery. The goods are delivered -not unloaded or cleared for import -when they arrive at the named place at the frontier of the importing country but outside the customs border. The buyer clears the goods for import and is responsible for all costs and risks from this point.
Delivered duty paid (named place of destination) (DDP) :An Incoterm, where the seller clears the goods for export and pays for delivery to the named destination. The seller meets all the costs and risks of clearing the goods for import, though the buyer may agree to bear some of the costs. The goods are delivered when the seller places the goods at the buyers' disposal at the named destination cleared for import but usually not unloaded.
Delivered duty unpaid (named place of destination) (DDU) :An Incoterm, where the seller clears the goods for export and pays for delivery. The goods are delivered when they arrive at the named destination place and placed at the disposal of the buyer, not cleared for import or unloaded. The buyer is responsible for clearing the goods for import and the associated costs and risks, though the seller can agree to bear some of these costs.
Delivered ex quay (named port of destination) (DEQ) :An Incoterm, where the seller clears the goods for export and pays for delivery. The goods are delivered when they're placed on the quay at the named port of destination. The buyer is responsible for clearing the goods for import and the associated costs, unless agreed otherwise.
Delivered ex ship (named port of destination) (DES) :An Incoterm, where the seller clears the goods for export and pays for delivery. Delivery occurs when the goods are placed at the disposal of the buyer on board the ship at the named port of destination. From this point the buyer bears the costs and risks of clearing the goods for import and unloading.
Delivery Point:See "Specific Delivery Point."
Delivery Verification Certificate (DVC):A statement issued by the government of country of destination, certifying a specific strategic commodity has been arrived in the designated country. In Hong Kong, it is issued only to meet an exporting country's requirement.
The above details describes about terms called in export business such as Customs warehouse, Date draft,Debtor ,Declaration ,Deemed Export,Deflation,Delivery Point:,Declarant 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 export trade below this post.continue reading: Terms used in export business such as Countervailing Duty,Country of Origin,Currency substitution,Customs,Customs
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