Terms used in export business such as Relevant goods,Royalty Payment,Sanction,Sea waybill,Shed identity etc.
This post explains about terms used in export business such as Removal,Removal document,Relevant goods,Royalty Payment,Sanction,Sea waybill,Shed identity,Sight draft,Shared secrets 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
Release note :A computer printout, or manual equivalent, for a consignment of goods which has been given Customs release.
Relevant goods :Excise goods on which the duty has not been paid (excluding hydrocarbon oils).
Relevant revenue trader :An authorised warehouse keeper, registered owner or duty representative.
Remitting bank - It is that bank which sends the draft to the overseas bank for collection.
Remote transit shed :An approved place situated within the boundaries of the appointed area of an approved airport, but outside the HM Revenue & Customs approved area where non-European Union goods may be held until they are assigned to a Customs approved treatment or use.
Removal :Goods removed with HM Revenue & Customs permission from approved inland or frontier premises under New Export System.
Removal authority :A release note that is produced when a request has been made for goods in transit or for goods being removed to another shed or another airport.
Removal document :Either single administrative document (SAD) copy three, approved commercial document, laser printed or approved privately printed versions of the SAD.
Removed :The term includes goods dispatched to another member state of the European Union (EU) and goods exported to a destination outside the EU.
Representative - See Foreign sales agent.
Restricted goods :Goods needing a licence or certificate before they can be imported into, or exported from, the UK.
Restrictions and sanctions :Regimes and rulings under which licences or certificates are issued on goods imported into or exported from the UK.
Returned goods relief (RGR) :A system of duty relief for goods previously exported from the European Union and re-imported in the same state as at export.
Revenue trader :A person importing, exporting, producing, handling, processing, packaging, transporting or dealing in goods chargeable with excise duty.
Revocable letter of credit - A letter of credit that can be canceled or altered by the drawee (buyer) after it has been issued by the drawee's bank. Compare Irrevocable letter of credit.
Revocable:Applied to letters of credit. A revocable letter of credit is one which can be altered or canceled by the buyer after he has opened it through his bank. See "Irrevocable."
Royalty Payment:The share of the product or profit paid by a licensee to his licenser. See "Licensing."
Rural Payments Agency (RPA) :Agency with responsibility for issuing agricultural licences, collecting Common Agricultural Policy (CAP) charges and paying CAP refunds. The RPA was previously known as the Intervention Board Executive Agency, the Intervention Board for Agricultural Products or simply as the Intervention Board.
S.I.T.C.:See "Standard International Trade Classification."
S/D:See "Sight Draft."
Sales Agent:See "Foreign Sales Representative."
Sales Contract (see Appendix II): An agreement between the buyer and the seller stipulating every details of the transaction. It is a legally binding document. It is therefore advisable to seek legal advice before signing the contract.
Sales Representative:See "Foreign Sales Representative."
Sanction - A punitive mechanism used. to encourage a country to adopt or revise its policies. Trade sanctions might include increases in tariffs.
Sanitary Certificate:A certificate which attests to the purity or absence of disease or pests in the shipment of food products, plants, seeds, and live animals.
Schedule B: In the United States, numbers used to classify exported products are called “Schedule B” numbers. The US Bureau of Census is responsible for publishing the Schedule B codes. Schedule B commodity codes are 10-digit numeric codes used to identify products that are exported to other countries from the US and it is based on the international Harmonized System. Transactions are classified under approximately 8,000 different products leaving the United States. Every item that is exported is assigned a unique 10-digit identification code.
Sea waybill :A waybill that covers both domestic and international transportation of goods to a specified destination by sea. This is a non-negotiable instrument of sea transport that serves as a receipt for the shipper, indicating that the carrier has accepted the goods listed and obligates itself to carry the consignment to the port of destination according to specified conditions.
Secondary compensating products (SCP) :A product which is a necessary by-product of the processing of goods imported under inward processing relief. Secondary compensating products are not regarded as waste or scrap.
Services:Economic activities — such as transportation, banking, insurance, tourism, telecommunications, advertising, entertainment, data processing, and consulting—that normally are consumed as they are produced, as contrasted with economic goods that are more tangible. Service industries, which are usually labor intensive, have become increasingly important in domestic and international trade since at least the 1920s. Services account for about two-thirds of the economic activity of the United States and for a rapidly increasing percentage of U.S. exports.
Shared secrets :An additional level of security for online services. For example, if an agent or client forgets their user ID or password and calls the Helpdesk, they will be asked their shared secrets for identification purposes. An agent will be asked to enter these the first time they transact online using the service.
Shed identity :A three-letter code that provides a unique identity for a transit shed located at a Cargo Community System airport.
Shipper's export declaration - A form required for all shipments by the U.S. Treasury Department and prepared by a shipper, indicating the value, weight, destination, and other basic information about an export shipment.
Shipper's Export Declaration:A form required by the U.S. Treasury Department and completed by a shipper showing the value, weight, consignee, destination, etc., of export shipments as well as Schedule B identification number.
Shipping Documents:Commercial invoices, bills of lading, insurance certificates, consular invoices, and related documents.
Shipping Guarantee :Usually a pre-printed form provided by a shipping company or the bank, given by an importer's bank to the shipping company to replace the original transport document. The consignee may then in advance take delivery of goods against a shipping guarantee without producing the original bill of lading. The consignee and the importer bank will be responsible for any loss or charges occurred to the shipping company if fault is found in the collection. It is usually used with full margin or trust receipt to protect the bank's control to the goods.
Shipping Order S/O: A document to give details of the cargo and the shipper's requirements. It is the basic document for preparing other transport documents such as bill of lading, air waybill, etc.
Ship's manifest - An instrument in writing, signed by the captain of a ship, that lists the individual shipments constituting the ship's cargo.
Sight draft (S/D) - A draft that is payable upon presentation to the drawee. Compare Date draft and Time draft.
Simplified Administrative Accompanying Document (SAAD) :A control document for duty paid goods moving between European Union member states.
The above details describes about terms called in export business such as Removal,Removal document,Relevant goods,Royalty Payment,Sanction,Sea waybill,Shed identity,Sight draft,Shared secrets 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. Terms used in export business such as Privatization , Promissory Note,Proprietor,Quotation
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