Terms used in export business such as Part shipment,Period of validity ,Political risk ,Point of entry , Piggybacking etc.
This post explains about terms used in export business such Packing List ,Part delivery,Part shipment,Period of validity ,Political risk ,Point of entry , Piggybacking, Preference 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
Open Cargo Policy:Synonymous with "Floating Policy." An insurance policy which binds the insurer automatically to protect with insurance all shipments made by the insured from the moment the shipment leaves the initial shipping point until delivered at destination. The insuring conditions include clauses naming such risks insured against as "perils of the sea," fire, jettison, forcible theft, and barratry. See >'Perils of the Sea," "Barratry," "All Risks Clause."
Open General Import Licence (OGIL) :Available from the Department for Business, Enterprise & Regulatory Reform (BERR), this allows the import of most goods from outside the European Union without licensing formalities.
Open insurance policy - A marine insurance policy that applies to all shipments made by an exporter over a period of time rather than to one shipment only.
Order bill of lading - A negotiable bill of lading made out to the order of the shipper.
Originating products :Products which have been wholly produced in the European Union (EU) or products which incorporate material not wholly produced in the EU, but which have been sufficiently transformed in the EU.
Outward processing relief (OPR) :A system of duty relief that gives full or partial relief from import duty when European Union (EU) goods are exported outside the EU for process or repair and are subsequently re-imported.
Outward processing trade (OPT) :Concerned with the temporary export of textiles to certain Eastern European countries for processing and re-import into the European Union. Before exporting the goods, the exporter must obtain an OPT authorisation from the Department for Business, Enterprise and Regulatory Reform.
Overseas countries and territories (OCT) :A collective term for a large number of states which are treated similarly for the purposes of trade preferences. The OCT group consists of states which are not part of the single market, but which have historical links with various European Union member states. A complete list of the states Glossary | Business Link included in the OCT group can be found in Volume one of the Tariff.
Packing List (sometimes as packing note): A list providing information needed for transportation purpose, such as details of invoice, buyer, consignee, country of origin, vessel/flight date, port/airport of loading, port/airport of discharge, place of delivery, shipping marks / container number, weight / volume of merchandise and the fullest details of the goods, including packing information.
Packing List :A list with detailed packing information of the goods shipped.
Parcel post receipt - It is the acknowledgment of delivery by the postal authorities' of a shipment made by parcel post.
Part delivery :Alternatively known as a part release -the delivery by a transit shed operator of part of a Customs released consignment.
Part shipment :The description for each of the two or more parts of a split export consignment.
Paying agent :A trader known to HM Revenue & Customs and formally set up on the Customs Handling of Import and Export Freight (CHIEF) system who transmits import or customs warehouse removal declarations to the CHIEF system.
Payment in advance :An exporter may be able to negotiate these terms for all or part of its shipment. The exporter bears no risks or financing costs. Payment or part-payment in advance is typically used for low-value sales to individuals or new customers.
PEFCO - Private Export Funding Corporation. A corporation that lends to foreign buyers to finance exports from the United States.
Perils of the sea - A marine insurance term used to designate heavy weather, stranding, lightning, collision, and sea water damage.
Period entry :The period within which the quantity of goods specified by a licence must be imported or
exported.
Period of validity :The period within which the quantity of goods specified by a licence must be imported or exported.
Person – A natural person, including a citizen or national of the United States or of any foreign country; any firm; any government, government agency, government department, or government commission; any labor union; any fraternal or social organization; and any other association or organization whether or not organized for profit. This definition does not apply to part 760 of the EAR (Restrictive Trade Practices or Boycotts).
Personal export scheme (PES) :A scheme under which a VAT-registered supplier can supply a motor vehicle to certain customers in the UK free of VAT, on condition that the vehicle is exported to a destination outside the European Union (EU) within a fixed time. Subject to some restrictions the vehicle may also be used in the EU prior to its final export.
Phytosanitary Certificate Frequently:an international requirement that any consignment of plants or planting materials importing into a country shall be accompanied by a Phytosanitary Certificate issued by the exporting country stating that the consignment is found substantially free from diseases and pests and conforms with the current phytosanitary regulations of the importing country. Application of the certificate in Hong Kong should be made to the Agriculture and Fisheries Department.
Phytosanitary Certificates (PHYTO (Sanitary) Certificate) :Written verification that plant and plant products meet the standards required for foreign countries.
Phytosanitary inspection certificate - A certificate, issued by the U.S. Department of Agriculture to satisfy import regulations for foreign countries, indicating that a U.S. shipment has been inspected and is free from harmful pests and plant diseases.
Piggybacking:The assigning of export marketing and distribution functions by one manufacturer to another.
Point of entry :The location at which imported goods first enter the UK. This is not necessarily the place at which goods are presented for Customs clearance.
Political risk - In export financing, the risk of loss due to such causes as currency inconvertibility, government action preventing entry of goods, expropriation or confiscation, and war.
Port Marks:See "Marks."
Port of export –The port where the cargo to be shipped abroad is laden aboard the exporting carrier. It includes, in the case of an export by mail, the place of mailing.
Post-shipment declaration :A full statistical export declaration submitted to the Customs Handling of Import and Export Freight system after goods have been exported. A post shipment declaration is required following the export of goods under the simplified declaration procedure and local clearance procedure.
Preference :A system under which eligible goods imported into the European Union (EU) from certain non-EU countries qualify for a reduced (often nil) rate of Customs duty. These arrangements also cover EU goods exported to the non-EU country.
Pre-finance goods :An arrangement whereby an export refund is paid on Common Agricultural Policy goods in advance of the actual export. Goods must be deposited in a Customs warehouse or free zone specially approved for pre-financing.
Pre-financing :System permitting payment of Common Agricultural Policy export refund when goods for export are placed in Customs control in warehouse, or when basic products from which goods for export are to be produced are placed in Customs control at the manufacturing premises.
Presentation of goods :The notification to Customs in the manner laid down of the arrival of goods at the Customs office or at any other place designated or approved by Customs.
Pre-shipment advice :An abbreviated export declaration presented to HM Revenue & Customs at the time of export.
Pre-shipment declaration:A full statistical export declaration lodged with HM Revenue & Customs together with the goods before the time of shipment. A full manual declaration may be made either electronically, using the national export system, or as a manual declaration. At a designated export place
a Customs Handling of Import and Export Freight declaration must be submitted.
The above details describes about terms called in export business such as Packing
List,Part delivery,Part shipment,Period of validity ,Political risk ,Point of entry , Piggybacking, Preference 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 Multimodal operation, Munitions List ,Netting,Office of exit ,Offshoring,Offset,Open account,On-line
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