Terms used in international trade business such as Asian dollars,Automated broker interface,Automated commercial system,Automated manifest system,Avalisation etc
This post explains about terms used in international trade business such ASEAN,Assignment,ATA carnet ,Asian dollars,Automated broker interface,Automated commercial system,Automated manifest system,Avalisation,Back-to-back credit,Awkward cargo 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 international trade business
ASEAN: The Association of South East Asian Nations, a regional organization of Southeast Asian countries.
ASEAN:The Association of Southeast Asian Nations, an economic cooperation which includes Thailand, Indonesia, Malaysia, Singapore, Philippines and Brunei. The ASEAN Alliance for Mutual Growth (AMG) is a multilateral initiative to encourage mutually beneficial trade relations between the United States and the ASEAN countries.
Asian dollars - U.S. dollars deposited in Asia and the Pacific Basin. Compare Eurodollars.
Asian dollars: US dollars deposited in Asia and the Pacific Basin.
Assignment: A transfer of legal rights under an agreement. In the case of letters of credit, a banking arrangement between the beneficiary of a letter of credit and a third party - usually the supplier of the goods - who requires an assurance of payment. Usually takes the form of a letter or deed of assignment. The beneficiary of the credit is the assignor; part of the proceeds of the credit are irrevocably assigned to the assignee.
AST:Average Spring Tides
At sight - Phrase indicating that payment on a draft or other negotiable instrument is due upon presentation or demand. Compare After sight and After date.
At the Money (ATM):A currency option whose strike price is equal to the prevailing spot rate or the prevailing rate corresponding to the contract’s expiry date.
ATA carnet - “Admission Temoraire/Temporary Admission.” An international customs document for the temporary duty-free admission of goods into a country for display, demonstration, or similar purposes. ATA Carnets are issued by national chambers of commerce, which guarantee the payment of duties to local customs authorities should the goods not be ultimately re-exported. See Carnet.
ATA: admission temporaire or temporary export, used in conjunction with the term carnet.
ATA:Actual Time of Arrival
ATP:European Agreement on the International Carriage of Perishable Goods
ATR:Temporary Admission on Wheels (Admission Temporaire Roulette)
ATSBE (atsbe):All Time Saved at Both Ends
ATSDO (atsdo):All Time Saved Discharging Only
ATSLO (atslo):All Time Saved Loading Only
ATT:Admiralty Tide Tables
Audits and Compliance: Customs Modernization Act - An overview of the U.S. Customs Modernization Act, providing information on the audit procedures for imports into the U.S.
Authority to Pay:A document comparable to a revocable letter of credit but under whose terms the authority to pay the seller stems from the buyer rather than from a bank.
Automated broker interface (ABI) - Part of the CBP Automated Commercial System, permits transmission of data pertaining to merchandise being imported into the United States . Qualified participants include brokers, importers, carriers, port authorities, and independent data processing companies referred to as service centers.
Automated clearinghouse (ACH) - Function within the CBP Automated Commercial System that combines the elements of bank lock box with electronic funds transfers replacing the payment of customs duties by either check or cash.
Automated commercial system (ACS) - Customs & Border Protection’s Automated Commercial System is a joint public-private sector computerized data processing and telecommunications system linking customhouses, members of the import trade community, and other government agencies with the Customs computer.
Automated export system (AES) - The US Customs & Border Protection's system for filing and collecting electronic export information (EEI). See also AESDirect. http://www.aesdirect.gov
Automated manifest system (AMS) - Module of the CBP Automated Commercial System into which international carriers electronically file cargo manifest data permitting CBP real-time visibility to cargoes inbound to the U.S.
Av or Avg:Average
Aval - Bank’s guarantee to pay a bill of exchange. An irrevocable, unconditional promise to pay on the due date. The use of avals is common in the practice of forfeiting.
Avalisation: Payment undertaking given by a bank in respect of a bill of exchange drawn on a buyer. A way of giving security to the drawer of a term bill. The bill is stamped with wording such as 'Pour aval' and signed by a representative of the bank.
AWB - See Air waybill.
AWES:Association of Western Shipbuilders
Awkward cargo - Cargo of irregular size that is either containerized or un-containerized. It requires prior approval, depending on the circumstances, before confirmation of booking.
Az:Azimuth
B/B - Breakbulk (cargo).
B/D - Bank draft.
B/D:Bar Draft/Banker's Draft.
B/d:Brought Down
B/E:Bill of Entry (customs)
B/G - Bonded goods. See Bonded warehouse.
B/G:Bonded Goods
B/L or b.l.:Bill of Lading
B/P:Bills Payable
B/R:Bills Receivable
B/S:Bill of Sale
BA:British Airways
BAA:British Airports Authority
BACA:Baltic Air Charter Association
Back-to-back credit - Commercial device under which a middleman uses a documentary credit to open a second credit in favor of a supplier. It should be distinguished from a transferable credit.
Back-to-back letters of credit: Arrangement used by intermediaries to give payment security to their suppliers. The beneficiary of one L/C (prime or 'master' letter of credit) offers this as security for the issuance of a further L/C (second or 'slave' letter of credit) in favour of the supplier of the goods. The bank issuing the second L/C (usually Advising bank to the prime L/C) is called the second Issuing bank. This is regarded by many banks as risky - if the prime L/C runs into problems, it will no longer serve as security for the second L/C.
The above details describes about terms called in international trade business such as ASEAN,Assignment,ATA carnet ,Asian dollars,Automated broker interface,Automated commercial system,Automated manifest system,Avalisation,Back-to-back credit,Awkward cargo etc These phrases may help importers and exporters on their day to day export import business activities. The readers can also add more information about terms used in international business trade below this post. continue reading:Terms used in international trade business such as Alternative dispute resolution,AMCHAMS,Amendment,Anti-Dumping,Antidumping duty,Applied Tariffs
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