Terms used in international trade business such as Claim,CLASS,Clean bill of lading,Clean report of findings, Collecting bank,Collection papers etc.
This post explains about terms used in international trade business such as cost, insurance and freight,Claim,CLASS,Clean bill of lading,Clean report of findings, Collecting bank,Collection papers,Collection,Collection order 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
CIF&I:Cost, Insurance, Freight and Insurance
CIF: cost, insurance and freight. This is an Incoterm - see the Incoterms 2000 website for more information. The seller clears goods for export and meets the cost of carriage to the port in the destination country, including insurance. But the importing buyer bears all risks, except marine insurance, after delivery. Delivery occurs when goods pass over the ship's rail in the port of shipment. The buyer also bears any extra costs caused by events that happen after delivery.
CIFC & 5:Cost, Insurance, Freight, including 5% Commission
CIFC & I:Cost, Insurance, Freight, Commission and Interest
CIFLt:Cost Insurance and Freight, London terms
CIFTA: Canada-Israel Free Trade Agreement. Implemented January 1, 1997.
CIM:International convention governing international rail carriage
CIP - Carriage and insurance paid to… (named point).
CIP: carriage and insurance paid to (named place of destination). This is an Incoterm see the Incoterms 2000 website for more information. The seller clears the goods for export and pays for delivery to the named destination. The goods are delivered when the seller passes the goods to its carrier. From this point the buyer takes responsibility for all costs and risks. But the seller must also take out insurance to cover the buyer's risk during transport.
CIP:Carriage and Insurance Paid To. But see Incoterms 2010
CIPA:Chartered Institute of Patent Agents
CIRM:International Maritime Radio Association
CISG - U.N. Convention on the Contract for the International Sale of Goods. A U.N. convention developed to provide uniformity in structure, content, and application of international contracts between buyers and sellers for the sale of goods. When cited within a contract as the governing authority, the provisions of the convention are afforded the force of law. The CISG applies automatically to all contracts for the sale of goods between traders from two different countries that have both ratified the CISG, unless the parties to the contract expressly exclude all or part of the CISG or expressly stipulate a law other than the CISG.
CIT:Chartered Institute of Transport
CITHA:Confederation of International Trading Houses Associations
CITT: Canadian International Trade Tribunal. A body responsible under Canadian legislation for findings of injury in anti-dumping and countervailing duty cases and the provision of advice to the Government on other import issues.
CLA:Cargo Loading Adaptability
Claim - When used in marine insurance, means a demand made by a shipper or insurance company upon a carrier for payment of a loss sustained through its negligence.
Class - Grouping of articles.
Class - National motor freight classification (NMFC) of the product being shipped. This classification is used only on the domestic Uniform Straight Bill of Lading form.
CLASS:Cargo Loading and Scheduling System
Claused bill of lading - Claused (or foul) bill of lading contains notations or remarks as to defects in the goods and/or packaging. See Bill of lading and Clean bill of lading.
Cld. - Cleared (through customs).
Clean bill of lading - A receipt for goods issued by a carrier that indicates that the goods were received in "apparent good order and condition," without damages or other irregularities. Compare Foul bill of lading.
Clean collection: Collection in which only the financial document (bill of exchange) is sent through the banks.
Clean draft - A draft to which no documents have been attached.
Clean report of findings - Certificate of inspection of goods and verification of selling price issued by an inspection company (usually required by the buyer’s country).
CLECAT:European Liaison Committee of Common Market Forwarders
CLP - See Container Load Plan.
CMR - International road transport convention.
CMR:Convention on the contract for the International Carriage of Goods by Road
CO or C/O:Certificate of Origin / Cash Order
COCOM: Co-ordinating Committee on Export Controls (NATO)
COCOM: Coordinating Committee on Multilateral Export Controls, a committee of all NATO countries (except Iceland) plus Japan to coordinate and control exports of member countries, especially in high-technology equipment.
COD - Collect (Cash) on deliver; Carried on docket (pricing); Change of destination.
COD: Cash on Delivery
Cof: Cost of Funds
COFACE: Compagnie Francaise pour l'Assurance du Commerce Exterieur (credit insurance company).
COFC (Container on flat car) - Containers moving on articulated flat cars without chassis.
Collar:An option contract that sets upper and lower exchange rate parameters that will apply even if the market rate lies outside this range.
Collecting bank - In a documentary collection, the bank acting as an agent for the seller’s bank in collecting payment or acceptance of a time draft from the buyer to be forwarded to the seller’s bank (the remitting bank). See Documentary collection.
Collection order: In a collection, the document in which the seller instructs the banks as to how the collection is to be conducted.
Collection papers - All documents (commercial invoices, bills of lading, etc.) submitted to a buyer for the purpose of receiving payment for a shipment.
COLLECTION: An exporter draws a bill of exchange on a customer abroad and gives the bill to his/her bank to collect funds. The importer must be willing to pay. The bank charges a fee to collect payment, but is not liable should the importer refuse to release the funds.
Com/I : Commercial Invoice
Combined transport bill of lading: Transport document, widely used for containerized shipments, covering more than one transport mode - for example, rail and sea. Has the same general characteristics as a marine Bill of Lading.
COMECOM: Council for Mutual Economic Aid
COMET: Committee of Middle East Trade
COMEX: Commodity Exchange (New York)
The above details describes about terms called in international trade business such as as cost, insurance and freight,Claim,CLASS,Clean bill of lading,Clean report of findings, Collecting bank,Collection papers,Collection,Collection order 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.Terms used in international trade business such as Certificate of inspection,Certificate of free sale,Certificate of manufacture, Charter party
Related posts about free online training on export and import business:
STALE BILL OF LADING What does it mean? Difference between Clean On Board Bill of Lading and Shipped On Board Bill of Lading. Can Original Bill of lading be surrendered under DP terms of payment Can Original Bill of lading be surrendered under LC at sight Can Bill of Lading be surrendered on LC terms How to obtain a duplicate BL, if original bill of lading lost? Can a Bill of Lading be consigned to a customs broker? Can I get bill of lading before loading cargo Can two consignments meant for one buyer be shipped together under one Bill of Lading? Consignee To Order in Bill of Lading How to avoid delay in receiving OBL Original Bill of Lading? Amendment of Bill of Lading How to amend shipper details in Bill of Lading?. How to surrender HBL House Bill of Lading Surrender of Bill of Lading Some facts . How does Bill of Lading work in Sight LC. How does Bill of Lading work in DP payment terms? Can a Bill of Lading (BL) be predated for LC negotiation? What is the earliest date can be mentioned on Bill of Lading. Can BL date and let export date be same day? Can shipping line predate Bill of Lading,What is the earliest date can be mentioned on Bill of Lading. What is Said to weigh in Bill of Lading What is Shipper Load, stow and count in Bill of Lading What is said to contain in Bill of Lading. Can an importer take delivery of goods without original bill of lading? What is House BL House Bill of Lading Can Bill of Lading (BL) be before date of Certificate of origin GSP? What is Express Release Bill of Lading? Can Bill of Lading be surrendered at port of loading? Transferability of Bill of Lading What is charter party bill of lading ? How transshipment bill of lading works? What is Combined Bill of Lading / Multi model Bill of Lading Unclean Bill of Lading/Claused bill of lading/foul bill of lading/Dirty Bill of Lading What is Clean on board Bill of Lading? Is received for shipment Bill of Lading sufficient for LC negotiation? Different types of Bill of Lading 3 Reasons under Importance of bill of lading in international trade When can an exporter get bill of lading from shipping company?
How to export your product?
Click here to know HS code of your product
What is the ITC code (Indian Tariff Code) of your product?
12 Major risks and solutions in Imports and Exports
Dimension of export containers
Export Promotion Councils and Commodity Boards, product wise
SEIS scheme for exporters in India
Mode of payments in international trade
HEPC,Handloom Export Promotion Council
PEPC,Project Exports Promotion Council of India
Powerloom Development and Export Promotion Council
Plastics Export Promotion Council
Triangular export
Triangular shipment
Types of Insurance Documents.
How does Wire transfer work in international business?
How is assessable value calculated by customs for imports?
How is IGM filed under high sea sale?
How many of you know the meaning of Exports and Imports in India?
How many types of imports in India. Types of bills of Entry in India