Terms used in international trade business such as Packing List,Passenger-carrying aircraft,Paying bank,Per diem,Pick up and delivery etc.
This post explains about terms used in international trade business such as Packaging ,Packing List,Passenger-carrying aircraft,Paying bank,Per diem,Pick up and delivery,Piggybacking,Perils of the sea 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
P/L:Partial Loss
P/N - Promissory note.
P/P - Pier to Pier (same as CFS/CFS).
PA - Particular average.
Packager: The person or organization putting together a proposal. In leasing, the leasing company, investment banker, or broker who arranges a leveraged lease.
Packaging - Receptacle and any other components or materials necessary for the receptacle to perform its containment function in conformance with the minimum packing requirements of 49 CFR or the ICAO/IMDG regulations.
Packing group - Grouping according to the degree of danger presented by hazardous materials. Packing Group I indicates great danger; Packing Group II, medium danger; Packing Group III, minor danger.
Packing list - List showing the number and kinds of items being shipped, as well as other information needed for transportation purposes as well as types of packaging.
Packing list: Document listing the contents of a consignment of goods. May be called for on a letter of credit.
Packing List:A list showing the number and kinds of items being shipped, as well as other information needed for transportation
Packing List:A list which shows number and kinds of packages being shipped, totals of gross, legal, and net weights of the packages, and marks and numbers on the packages. The list may be requested by an importer or may be required by an importing country to facilitate the clearance of goods through customs.
Pallet - Flat support of wood or steel on which goods can be stacked and which can be easily moved by forklift trucks.
Paramount clause - Clause in a bill of lading or charter party invoking coverage by the Hague Rules, Hague-Visby Rules, or by the particular enactment of these rules in the country with jurisdiction over the counteract.
Parcel post receipt - Postal authorities’ signed acknowledgment of delivery to receiver of a shipment made by parcel post.
Parties to transaction - Check “related” if transaction is between a USPPI and foreign buyer when, at any time during a fiscal year, one of the parties owns 10 percent or more of the other party's voting securities if incorporated or equivalent if unincorporated. Otherwise, check “Non-related.”
Passenger-carrying aircraft - Aircraft that carries any person other than a crewmember, company employee, an authorized representative of the United States, or a person accompanying the shipment.
Patent:A license that secures the holder the exclusive right to make, use or sell and invention.
Payee: Party to whom payment is due.
Paying bank: In a letter of credit, bank that is nominated to make payment to the beneficiary upon presentation of complying documents.
Payment in advance: an exporter may be able to negotiate these terms for all or part of its shipment. The exporter bears no risks or financing costs. Payment or part-payment in advance is typically used for low-value sales to individuals or new customers.
Pre-shipment inspection (PSI): a few countries require goods and documents to be examined before export by an independent agency. In some countries it's optional but can be requested by the customer. Usually, countries where PSI applies have appointed one dedicated agency to perform the pre-shipment inspection. Normally, your freight forwarder or customer will be able to advise on the necessary arrangements.
PBA: Port of Bristol Authority
PD - Port dues.
Pd:Paid or Passed
PD:Port Dues
PE:Period Entry
PEFCO - Private Export Funding Corporation. A corporation that lends to foreign buyers to finance exports from the United States.
PEFCO - See Private export funding corporation.
Per diem - Costs per day. Charge on containers held by customers for an extended time; charges levied upon a trucker due to late return of equipment.
PERFORMANCE BOND GUARANTEE: If a company is undertaking a contract, it may be asked to give a performance bond for part of the value of the contract. If the customer considers the company’s performance under the terms of the contract has been unsatisfactory, payment of the bond can be demanded from the banker guaranteeing the bond. The bond is issued by the bank on behalf of the company, and therefore increases the banks potential exposure to the company.
Perils of the sea - A marine insurance term used to designate heavy weather, stranding, lightning, collision, and sea water damage.
Person - Individual, corporation, company, association, firm, partnership, society, joint stock company; or a government, Indian tribe, or authority of a government or tribe offering a hazardous material for transportation in commerce or transporting a hazardous material to support a commercial enterprise.
PHMSA - See Pipeline and Hazardous Materials Safety Administration of the U.S. Department of Transportation.
Phytosanitary inspection certificate - A certificate, issued by the U.S. Department of Agriculture to satisfy import regulations for foreign countries, indicating that a U.S. shipment has been inspected and is free from harmful pests and plant diseases.
Phytosanitary inspection certificate - Certificate, issued by the U.S. Department of Agriculture to satisfy import regulations for foreign countries, indicating that a U.S. shipment has been inspected and is free from harmful pests and plant diseases.
Pick up and delivery (PU&D) - Freight quote includes service of picking cargo up at shipper’s premises and delivering it at consignee’s premises.
Pier-topier (quay to quay) - Freight quote which only covers from export pier to import pier(excludes handling charges to bring cargo to and from piers).
PIGGYBACK ARRANGEMENT:An arrangement whereby one company sometimes a smaller one uses the already established distribution channels of another company, which is effective when the two companies wish to sell complementary products.
Piggybacking:The assigning of export marketing and distribution functions by one manufacturer to another.
Pilferage - The act of stealing cargo.
Pipeline and Hazardous Materials Safety Administration of the U.S. Department of Transportation. (PHMSA) - PHMSA is responsible for writing and enforcing the hazardous materials regulations in the United States.
PKD:Partially Knocked Down
Pkge:Package
PLA:Port of London Authority
The above details describes about terms called in international trade business such as Packaging ,Packing List,Passenger-carrying aircraft,Paying bank,Per diem,Pick up and delivery,Piggybacking,Perils of the sea 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 Open account trading,Open-end Lease,Option,Origin receiving charges , Originator,Overland common point
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