Terms used in international trade business such as Expropriation,ex work.,freight prepaid,f.o.b. vessel,factoring houses,Factoring etc.
This post explains about terms used in international trade business such as Exporter, Exporting,Expropriation,ex work.,freight prepaid,f.o.b. vessel,factoring houses,Factoring,Fair market value,free alongside ship 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
Exporter - For purposes of completing the Automated Export System (AES), the U.S. principal party in interest that receives the primary benefit - monetary or otherwise - of the transaction. Generally, the U.S. seller, manufacturer, order party, or foreign entity if in the U.S. when completing the AES.
Exporter:delivers to named destination pays cost and freight provides export licence provides transport document
Exporter's identification number (often known as Employer’s Identification Number) (EIN) - For most corporate exporters, this number will be their Internal Revenue Service (IRS) Number. If the exporter is a business entity but does not have an IRS assigned number, then it may be the company’s DUNS number, if the company is a D&B subscriber. However, there must be some kind of identification number. A person’s social security account number (SSAN) can no longer be used as a means of exporter identification..
Export-Import Bank of the United States - Eximbank was chartered in 1934 as an independent agency to finance the export of U.S. goods and services. Eximbank offers four major export finance support programs: loans, guarantees, working capital guarantees, and insurance. Eximbank undertakes some of the risk associated with financing the production and sale of American-made goods; provides financing to overseas customers for American goods when lenders are not prepared to finance the transactions; and enhances a U.S. exporter's ability to match foreign government subsidies by helping lenders meet lower rates, or by giving financing incentives directly to foreign buyers. Eximbank's information hotline number is 1-800-424-5201. See Commercial Risk Political Risk Private Export Funding Corporation.
Exporting to Canada: Documentation & Procedures - This book provides the documentation and procedures necessary to export goods to Canada.
Exporting to Mexico: Documentation & Procedures - This book provides information on the documentation and procedures necessary to export products to Mexico.
Exporting:Sale of products produced in one country to residents ofanother country.
Expropriation: The seizure of private property by a foreign Government without just or reasonable compensation.
EXW - See Ex works.
EXW: ex work. This is an Incoterm - see the Incoterms 2000 website for more information. The seller makes the goods available to the buyer at their own premises or another named place. The buyer assumes all the costs and risks of loading and transporting the goods.
EXW:Ex Works. But see Incoterms 2010
Ex-works (EXW): Buyer bears all costs and assumes all risks for the consignment once it has left the seller's premises.
F - Degree Fahrenheit.
F & D:Freight and Demurrage
F.A.S.:Free Along Side, as in "F.A.S. (Vessel)," a pricing term under which the seller must deliver the goods to a pier and place them within reach of the ship's loading equipment.
F.C.A.—Free Carrier At:Indicates that the seller delivers the goods to the named place 'free' of any transportation cost, having cleared the cargo for export. The seller accepts transportation costs, risks, and responsibilities until the cargo is handed over at the named place.
F.O.B. FREIGHT ALLOWED:The same as F.O.B. named inland carrier, except the buyer pays the freight charges of the inland carrier and the seller reduces the invoice by that amount.
F.O.B. FREIGHT PREPAID: The same as F.O.B. named inland carrier, except the seller pays the freight charges of the inland carrier.
F.O.B. NAMED INLAND CARRIER:Seller must place the goods on the named carrier at the specified inland point and obtain a bill of lading. The buyer pays for the transportation.
F.O.B. NAMED PORT OF EXPORTATION: Seller is responsible for placing the goods at a named point of exportation at the sellers expense. Some European buyers use this form when they actually mean F.O.B. vessel.
F.O.B. VESSEL: Seller is responsible for goods and preparation of export documentation until actually placed aboard the vessel.
F.O.B.:Free on Board, as in "F.O.B. (Vessel)," a pricing term under which the seller must deliver the goods on board the ship at the point named at his own expense. Similar terms are "F.O.B. (Destination)" and F.O.B. (Named Point of Exportation)."
f.o.c. - Free of charge.
F/L:Freight Liner
FAC:Forwarding Agents Commission
Factor - Agent appointed to sell goods on commission, also known as a commission merchant.
Factoring - Factoring is the discounting of a foreign account receivable that does not involve a draft. The exporter transfers title to its foreign accounts receivable to a factoring house for cash at a discount from the face value. Factoring is often done without recourse to the exporter. Export factoring allows an exporter to ship on "open account," by which goods are shipped without guarantee of payment (that is, a letter of credit). The factor assumes financial ability of the customer to pay and handles collections on the receivables.
FACTORING HOUSES:Types of companies that purchase international accounts receivable at a discount price, usually about two to four percent less than their face value. The fee charged the exporter is offset by the immediate availability of payment, plus the reduction in risk for the exporter. (See Forfaiting.)
Fair Market Purchase Option: An option to purchase leased property at the end of the lease term at its then fair market value. The lessor does not have the ability to retain title to the equipment if the lessee chooses to exercise the purchase option.
Fair market value - Reference against which U.S. purchase prices of imported merchandise are compared during an antidumping investigation. Generally expressed as the weighted average of the exporter's domestic market price, or prices of exports to third countries during the period of investigation. In some cases fair value is the constructed value. Constructed value is used if there are no or virtually no home market or third country sales or if the number of such sales made at prices below the cost of production is so great that remaining sales above the cost of production provide an inadequate basis for comparison.
fair trade :the principle of charging a price for goods that does not put producers in developing countries (=poorer countries with less industry) at a disadvantage
FAK - See Freight of all kinds.
FAO:Food and Agriculture Organisation (UN)
FAS ( Free alongside ship ) - A pricing term indicating that the quoted price includes the cost of delivering the goods alongside a designated vessel.
FAS: free alongside ship. This is an Incoterm - see the Incoterms 2000 website for more information. The seller clears the goods for export. Delivery takes place when the goods are placed alongside the relevant ship at a named port. From this point the buyer bears all costs and risks.
The above details describes about terms called in international trade business such as Exporter, Exporting,Expropriation,ex work.,freight prepaid,f.o.b. vessel,factoring houses,Factoring,Fair market value,free alongside ship 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 Fast Track Negotiating,Federal Register,Freight Forwarder,Financial document, Finance Lease
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