Terms used in export business such as Privatization , Promissory Note,Proprietor,Quotation etc.
This post explains about terms used in export business such as Privatization , Promissory Note,Proprietor,Quotation,Quota,Rebate licence,Rebate,Release 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
Pre-shipment inspection (PSI) :A few countries require goods and documents to be examined before export by an independent agency. In some countries it's optional but can be requested by the customer. Usually, countries where PSI applies have appointed one dedicated agency to perform the pre-shipment inspection. Normally, your freight forwarder or customer will be able to advise on the necessary arrangements.
Private warehouse :A Customs warehouse reserved for the warehousing of goods by the warehouse keeper, ie the warehouse keeper is also the depositor of the goods.
Privatization - The process of private, for-profit businesses taking over the provision of public services.
Pro forma invoice - An invoice provided by a supplier prior to the shipment of merchandise, informing the buyer of the kinds and quantities of goods to be sent, their value, and important specifications (weight, size, etc.).
Procedure for Electronic Application for Certificates (PEACH) :Created to help businesses comply with the requirement for pre-notification of horticultural consignments being imported into the European Community (EC) and which fall under the EC Marketing Standards.
Processing under Customs control for free circulation (PCC) :A system of import duty relief for goods imported or transferred from another Customs regime.
Product Testing Certificate: A certificate to certify the products are conformed to a certain international/national technical standard, such as product quality, safety and specifications, etc.
Production account point :This is the precise, clearly defined point through which all tobacco products are channelled and where the production account is raised.
Promissory Note :A financial instrument that is negotiable evidencing the obligations of the foreign buyer to pay to the bearer.
Proprietor:In relation to excise goods this term includes the owner, importer, exporter, shipper, or other person owning or being beneficially interested in the goods.
Protectionism - It is the economic policy of relying on tariffs for government revenue in order to reduce or eliminate other forms of taxation, such as income and sales taxes.
Public Domain - (ITAR; 22 CFR § 120.11) means information that is published and that is generally accessible or available to the public: (1) through sales at newsstands and bookstores; (2) through subscriptions which are available without restriction to any individual who desires to obtain or purchase the published information; (3) through second class mailing privileges granted by the U.S. government; (4) at libraries open to the public or from which the public can obtain documents; (5) through patents available at any patent office; (6) through unlimited distribution at a conference, meeting, seminar, trade show, or exhibition, generally accessible to the public, in the United States; (7) through public release (i.e., unlimited distribution) in any form (e.g., not necessarily in published form) after approval by the cognizant U.S. government department or agency; and (8) through fundamental research in science and engineering at accredited institutions of higher learning in the U.S. where the resulting information is ordinarily published and shared broadly in the scientific community.
Public warehouse :A Customs warehouse available for use by any person for the warehousing of goods.
Publicly available information – (EAR; part 732) Information that is generally accessible to the interested public in any form and, therefore, not subject to the EAR.
Publicly available technology and software – (EAR; §734.3(b)(3)) Technology and software that are already published or will be published; arise during, or result from fundamental research; are educational; or are included in certain patent applications.
Purchaser - The person abroad who has entered into a transaction to purchase an item for delivery to the ultimate consignee. In most cases, the purchaser is not a bank, forwarding agent, or intermediary. The purchaser and ultimate consignee may be the same entity.
Purchasing agent - An agent who purchases goods in his or her own country on behalf of foreign importers such as government agencies and large private concerns.
Quota - It is the quantity of goods of a specific kind, which is permitted by a country to be imported without restriction or imposition of additional duties.
Quota:The total quantity of a product or commodity which may be imported into a country without restriction or the penalty of additional duties or taxes.
Quotation - An offer to sell goods at a stated price and under specified conditions.
Quotation An offer to sell goods and should state clearly the price, details of quality, quantity, trade terms, delivery terms, and payment terms.
Quotation: offer to sell goods at a stated price and under specified conditions.
Race to the Bottom - The constant search for cheaper wages, lower taxes and weaker environmental and other regulations, produces a downward spiral in socio-economic conditions in the United States and in countries around the world.
Rate of Exchange:The basis upon which money of one country will be exchanged for that of another. Rates of exchange are established and quoted for foreign currencies on the basis of the demand, supply, and stability of the individual currencies. See "Exchange."
Rate of yield :The amount of compensating product obtained from processing a given quantity of imported goods.
Reasons for Control – Reasons for Control are: Anti-Terrorism (AT), Chemical & Biological Weapons (CB), Crime Control (CC), High Performance Computer (XP), Missile Technology (MT), National Security (NS), Nuclear Nonproliferation (NP), Regional Stability (RS), Short Supply (SS), and United Nations sanctions (UN). Items controlled within a particular ECCN may be controlled for more than one reason.
Rebate :In the context of excise duty, a reduced rate of duty that is allowed on oils that have been put to industrial and off-road use. They are marked to show that they have been rebated. It is illegal to use rebated fuels as fuel in road vehicles.
Rebate licence :A licence to use rebated heavy oil as road fuel, issued by HM Revenue & Customs.
Reception input :An input message that records the physical receipt of export cargo and the associated documents.
Reduced rates of duty: some goods can be imported into the UK at a nil or reduced rate of customs duty because they originated in a preference country or are from a non-EU country and qualify for a temporary suspension of customs duty. You can get more information on which countries get preference and temporary suspension of customs duty on the Customs and Excise website. (See also Tariff quotas).
Re-export – An actual shipment or transmission of items subject to export regulations from one foreign country to another foreign country. For the purposes of the EAR, the export or reexport of items subject to the EAR that will transit through a country or countries to a new country, or are intended for reexport to the new country, are deemed to be exports to the new country.In addition, for purposes of satellites controlled by the Department of Commerce, the term "reexport" also includes the transfer of registration of a satellite or operational control over a satellite from a party resident in one country to a party resident in another country.
Registered excise dealers and shippers (REDS) :Revenue traders who are approved and registered by HM Revenue & Customs to obtain excise goods commercially from other European Union countries.
Registered owner :A person who has been authorised and registered by HM Revenue & Customs to deposit their duty-suspended goods in an excise warehouse.
Registered person :An individual, firm or company that is registered for VAT under the terms of the VAT Act 1994.
Release :Release of goods to a Customs procedure either at the frontier using the simplified declaration procedure or entry in the records using the local clearance procedure.
The above details describes about terms called in export business such as Privatization,Promissory Note,Proprietor,Quotation,Quota,Rebatelicence, Rebate,Release 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 Part shipment,Period of validity ,Political risk ,Point of entry , Piggybacking
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