Terms used in international trade business such as as License Exception ,Licensing,Line Release,Liner shipping ,Liquidation,Liner terms etc.
This post explains about terms used in international trade business such as License Exception ,Licensing,Line Release,Liner shipping ,Liquidation,Liner terms ,Main carriage,Maquiladora,Marine insurance,Marine pollutant 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
License Exception - Export Administration Regulations (EAR) provide that commodities which may be otherwise subject to an export license may not require one under certain circumstances. If the export meets the criteria of a particular license exception, then an export license will not be required. The exporter must make this decision having consulted the EAR.
Licensing - A business arrangement in which the manufacturer of a product (or a firm with proprietary rights over certain technology, trademarks, etc.) grants permission to some other group or individual to manufacture that product (or make use of that proprietary material) in return for specified royalties or other payment.
Licensing: Licensing is a contractual arrangement in which the licensor’s patents, trademarks, copyrights, trade secrets, or other intellectual property may be sold or made available to a licensee for compensation that is negotiated in advance between the parties. This compensation, or royalties, may be a lump sum royalty, a running royalty (royalty that is based on volume of production), or a combination of both. US companies frequently license their technology to foreign companies that then use it to manufacture and sell products in a country or group of countries defined in the licensing agreement. Licensing is not limited to the manufacturing sector. Franchising is also an important form of technology licensing used by many service industries. In franchising, the franchisor (licensor) permits the franchisee (licensee) to employ its trademark or service mark in a contractually specified manner for the marketing of goods or services. The franchisor usually continues to support the operation of the franchisee’s business by providing advertising, accounting, P. 5training, and related services and in many instances also supplies products needed by the franchisee.
LIFFE:London International Financial Futures Exchange
LIFO:Last in First out /Liner In Free Out
Lighter - Open or covered vessel which transfers cargo between ship and shore, used mainly in harbors and inland waterways. Lighters are generally used for shorter hauls than barges.
Limited quantity - Maximum amount of a hazardous material for which there is a specific labeling or packaging exception. Dangerous goods in limited quantities must display either LIMITED QUANTITY or LTD. QTY. on the shipping papers.
Line Release - Part of Customs' Automated Commercial System, is designed for the release and tracking of shipments through the use of personal computers and bar code technology. To qualify for line release, a commodity must have a history of invoice accuracy, and be selected by local Customs districts on the basis of high volume. To release the merchandise, Customs reads the bar code into a personal computer, verifies that the bar code matches the invoice data, and enters the quantity. The cargo release is transmitted to the Automated Commercial System, which establishes an entry and the requirement for an entry summary, and provides the Automated Broker Interface system participants with release information.
Liner shipping - Services provided by a steamship company or shipping line, under which cargo vessels operate according to a fixed schedule and publicly advertised freight rates.
Liner terms - Freight rates which include loading/unloading charges according to the custom of the respective ports which varies widely. “Liner terms” therefore is not a standard designation. ICC currently working on establishing a standard liner term.
Liquidation - Final determination of the duties due..
Lkg. & Bkg. - Leakage and breakage.
Lkge:Leakage
LO/LO:Lift on Lift off
local content requirement:A requirement that some specific fraction of a good be produced domestically.
Local Content: The percentage of a good that is made locally.
LOI - See Letter of indemnity.
LT - Long Ton (2,240 pounds).
LT-EUR1:Long-Term Movement Certificate (EU)
LTL - Less than truck load.
LVP:Low Value Procedure
LWM:Low Water Mark
M & R - Maintenance and repair.
M/R:Mate's Receipt
M/T - Metric Ton.
M/V - Motor vessel.
M3 - Cubic meters.
Main carriage – - Freight movement and cost from the seller’s side to the buyer’s side. Usually considered to be the international portion of the transport movement.
Managing Forwarders, Brokers & Carriers In Your International Supply Chain - This book describes the key elements of the international supply chain and the various people who affect the pick-up and delivery of goods from the point of origin to the place of final delivery. It also explains the underlying legal and regulatory authority that allows these people to act on behalf of the buyer and/or seller.
Manifest - See Ship’s manifest.
Maquiladora - Also known as "in-bond" industry, this program allows foreign manufacturers to ship components into Mexico duty-free for assembly and subsequent reexport. Industry established under the maquiladora program is Mexico 's second largest source of foreign revenue (following oil exports). The maquiladora programs was established in 1965; in December 1989, the Mexican government liberalized the maquiladora program to make this a more attractive and dynamic sector of the economy. As a result, maquiladora operations may import, duty and import license free, products not directly involved in production, but that support production, including computers and other administrative materials and transportation equipment.
Marine (Cargo) Insurance - Insurance covering loss of, or damage to, goods at sea. Marine insurance typically compensates the owner of merchandise for losses in excess of those which can be legally recovered from the carrier that are sustained from fire, shipwreck, piracy, and various other causes. Three of the most common types of marine insurance coverage are "free of particular average" (f.p.a.), "with average" (w.a.), and "All Risks Coverage."
Marine Bill of Lading (also ocean bill of lading) - Classic document of the traditional export trade. Plays three potential roles: 1) as receipt for the cargo and evidence that the goods have been received in apparent good order, 2) evidence that the terms of the contract of carriage between the shipper and the ocean carrier, and 3) an instrument enabling transfer of control over delivery of the goods (negotiability) which allows the holder of the bill to trade the goods in transit by simple endorsement and physical transfer of the bill.
Marine insurance - Insurance that compensates the owners of goods transported overseas in the event of loss that cannot be legally recovered from the carrier. Also covers air shipments. Compare Credit risk insurance.
Marine pollutant - Material which is listed in appendix B to §172.101 of 49 CFR and, when in a solution or mixture of one or more marine pollutants, is packaged in a concentration which equals or exceeds: (1) Ten percent by weight of the solution or mixture for materials listed in the appendix; or (2) One percent by weight of the solution or mixture for materials that are identified as severe marine pollutants in the appendix. This term also includes those materials that meet the defining criteria in chapter 2.9 of the UN Model Regulations or the IMDG Code.
The above details describes about terms called in international trade business such as License Exception ,Licensing,Line Release,Liner shipping ,Liquidation,Liner terms ,Main carriage,Maquiladora,Marine insurance,Marine pollutant 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 Lay Days,LAY TIME,Lease Rate,Legal weight,Legalization,Letter of Credit Advice,Letter of Indemnity
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