Terms used in freight forwarding such as Inventory Management,Inventory Accuracy,Issuing Bank ,Issuing Carrier,Jetsam etc.
This post explains about terms used in freight forwarding such as In-Transit Declaration, Inventory Management,Inventory Accuracy,Issuing Bank ,Issuing Carrier,Jetsam,Jetty,Journal of Commerce,Jurisprudence,Keelage 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 freight forwarding
International Import Certificate:This document is the Bureau of Export Administration (BXA) form number BXA-645P. It is required for the import of selected commodities form COCOM nations. The U.S. importer would supply this form, after authorization by BXA, to the foreign exporter so that he could apply for an export license.
International Maritime Dangerous Goods Code: IMDG Code A code, representing the classification of dangerous goods as defined by the International Maritime Organisation (IMO) in compliance with international legal requirements.
International Maritime Organisation: IMO An United Nations agency concerned with safety at sea. Its work includes codes and rules relating to tonnage measurement of vessels, load lines, pollution and the carriage of dangerous goods. Its previous name was the Inter-Governmental Maritime Consultative Organisation (IMCO).
International Standards Organization (ISO): An organization within the United Nations to which all national and other standard setting bodies (should) defer. Develops and monitors international standards, including OSI, EDIFACT, and X.400
International Traffic in Arms Regulations (ITAR): U.S. State Department regulations that govern the export of restricted product, service or technology to foreign states.
INTERPORT: Canada Customs truck (surface) sufferance warehouse (used by TBAC) to re-manifest bonded surface freight to the airport. Canada Customs do not permit truck freight to arrive directly at the airport – it has to be re-manifested.
In-Transit Declaration:The In-Transit Declaration, Department of Commerce form 7513, is prepared for shipments in transit form one foreign county to another which pass through the continental U.S., the U.S. Virgin Islands, or Puerto Rico. Also used for merchandise exported from General Order warehouses and for imports rejected by the U.S. government and re-exported.
Inventory Accuracy: This is when the on-hand quantity is equivalent to the perpetual balance (plus or minus the designated count tolerances). It can often be referred to as a percentage showing the variance between book inventory and actual count. This is a major performance metric for any organization which manages large inventories.
Inventory Management: The process of ensuring the availability of products through inventory administration.
Inventory: Components, raw materials, work in process, finished goods and supplies required for the creation of goods and services; it can also refer to the number of units and/or value of the stock of goods held by a company.
Invoice - An itemized list of goods shipped to a buyer, stating quantities, prices, shipping charges, etc.
INWARD CARGO MANIFEST: Manifest produced for freight ex. Canada that is to border clear at US Customs. The manifest shows details of each shipment to be cleared, by broker.
IPI – Inland rail service for ocean freight
IPI (Inland Point Intermodal) - Inland carriage by another mode of transportation after port discharge, cargo moving to/from an inland point.
IRREVOCABLE LETTER OF CREDIT:A letter of credit in which the specified payment is guaranteed by the bank if all terms and conditions are met by the drawee.
IRS NO.: A unique number, allocated by the IRS, that identifies a corporation and is used when completing bonds.
ISF: International Shipping Federation
ISO -The International Standards Organisation
ISO: See International Standards Organization Item: A uniquely identifiable piece of inventory. Also known as a part number or SKU, an item can be raw materials,
Issuing Bank - The bank that has issued or opened a letter of credit. Also called an Opening Bank.
Issuing Carrier- (IATA) The carrier who issues the Air Waybill.
ITF- International Terminal Fee. A charge applied at Australian Airports by Air Freight Forwarders to cover the cost of handling cargo and documents.
Jetsam- Cargo thrown overboard (jettisoned) to lighten a vessel and which is later washed ashore.
Jetsam:Goods thrown or lost.
Jettison:The act of intentionally throwing cargo overboard e.g. with the objective of lightening a vessel, which has run aground, such for the common good of all interests: vessel, crew and remaining cargo.
Jetty:A mole or breakwater, running out into the sea to protect harbours or coasts. It is sometimes used as a landing-pier.
Jib:Projecting arm of a crane. Attachment connected to the top of a crane boom.
JLC :US Customs bonded Container Freight Station – see CFS. Authorized by US Customs for receipt & storage of goods under US Customs control. A sister company of TBAC
Job:That work which is undertaken to meet a customer or production order and, for production control purposes, has a unique identification.
JOC (Journal of Commerce) - A trade publication. Trade Transportation Journal.
Joint Venture:A joint activity of two or more companies usually performed under a common name.
Jones Act:Named for United States Senator Wesley Jones, the Merchant Marine Act of 1920 is a federal statute with the stated goal of ensuring that the U.S. maintains a reliable fleet of merchant vessels to promote domestic commerce during peacetime, but that can also be used as auxiliary naval vessels during times of war or national emergency. To this purpose, the Act requires that the carriage of all goods transported between two U.S. ports be carried by vessels constructed at a U.S. shipyard, and that the vessels are U.S. flagged, owned by U.S. citizens, and crewed by U.S. citizens or permanent residents.Critics of the law contend that, by prohibiting foreign shipping lines from competing on domestic shipping lanes, the Jones Act drives up shipping rates to Hawaii, Alaska, Puerto Rico, and, to a lesser degree, Guam. On the one hand, the Act protects U.S. national security and economic interests (shipbuilding, maritime jobs), while, on the other hand, the Act raises the cost of living for residents of U.S. states and territories that rely on the transport of goods by water.
Journey:A voyage from one place, port or country to another one, in case of a round trip, to the same one.
Jurisprudence:Juridical decisions used for explanation and meaning of law.
Just In Time: JIT The movement of material/goods at the necessary place at the necessary time. The implication is that each operation is closely synchronised with the subsequent ones to make that possible. A method of inventory control that brings stock into the production process, warehouse or to the customer just in time to be used, thus reducing stock piling.
Just-in-Time (JIT): An inventory control system that controls material flow into assembly and manufacturing plants by coordinating demand and supply to the point where desired materials arrive just in time for use. An inventory reduction strategy that feeds production lines with products delivered "just in time". Developed by the auto industry, it refers to shipping goods in smaller, more frequent lots.
JUST-IN-TIME INVENTORY SYSTEM:An inventory system that keeps production inventory to an absolute minimum.
Keelage: Toll on vessels entering a port
Key Performance Indicator (KPI): A measure which is of strategic importance to a company or department. For example, a supply chain flexibility metric is Supplier On-time Delivery Performance which indicates the percentage of orders that are fulfilled on or before the original requested date.
The above details describes about terms called in freight forwarding such In-Transit Declaration, Inventory Management,Inventory Accuracy,Issuing Bank ,Issuing Carrier,Jetsam,Jetty,Journal of Commerce,Jurisprudence,Keelage 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 freight forwarding trade below this post. Terms used in freight forwarding such as Insurance Policy,Inter Alia,Interline Freight,Intermodal,Interport,Inventory Accuracy
The above information is a part of Export Import Training course online
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