Terms used in international trade business such as SIGHT DRAFT,Sight letter of credit,Small-ticket Leasing,Soft Currency, Sovereign risk etc.
This post explains about terms used in international trade business such Short-form bill of lading,SIGHT DRAFT,Sight letter of credit,Small-ticket Leasing,Soft Currency, Sovereign risk,Special permit,Specific Delivery Point 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
Short Supply Controls - Commodities in short supply may be subject to export controls to protect the domestic economy from the excessive drain of scarce materials and to reduce the serious inflationary impact of satisfying foreign demand. Items that the U.S. controls for short supply purposes include petroleum and petroleum products, unprocessed western red cedar, and shipment of horses by sea. The controls are included in the Export Administration Regulations.
Short-form bill of lading (B/L) - Simplified B/L which contain s a reference to or an abbreviation of the carrier’s full B/L or carriage conditions.
Shpg.:Shipping
SIC - See Standard Industrial Classification.
SIECA:General Treaty of Economic Integration, Central American States
Sight bill: Bill of exchange payable immediately upon presentation.
Sight Draft (S/D):A draft so drawn as to be payable upon presentation to the drawee or at a fixed or determinable date thereafter. See "Documents Against Acceptance," "Documents Against Payment."
SIGHT DRAFT: A draft payable upon presentation to the drawee. A sight draft is used when the seller wishes to retain control of the shipment, either for credit reasons or for the purpose of title retention. Money will be payable at sight of the completed documents.
Sight letter of credit - Beneficiary is entitled to present a sight draft or sight bill of exchange which is a call for immediate payment upon acceptance of shipping documents.
Single Administrative Document (SAD): also known as the C88, this document must be completed for all exports, imports and goods crossing the EU. See the Customs and Excise website for more information.
Single Investor Lease: (See Full Payout or Finance Lease) A tax-oriented lease whereby the lessor achieves its desired rate of return via a combination of the rental payments, depreciation, and the fair market value of the equipment at the end of the original lease term. This method is utilized because the value of the tax benefit allows the rental payments to be lower than for a finance lease which can be an incentive to the company leasing the property.
SIS:Shipping Information Service
SIT:Spontaneous Ignition Temperature
SITC -See Standard International Trade Classification.
SITPRO (formerly The Simpler Trade Procedures Board): public body which aims to help businesses trade more effectively across national borders and cut the red tape associated with international trade. See the SITPRO website for more information.
SITPRO:Simpler International Trade Procedures Board
SL&C (Shippers Load and Count) - Shipments loaded and sealed by shippers and not checked or verified by the carriers.
SLI:Shipper's Letter of Instruction
SM:Shipping Master
Small-ticket Leasing: Transactions under $100,000. In leasing, this is usually accomplished through conditional sale leases or single investor true leases.
SME: Small and Medium sized business enterprises. Generally SMEs create the most jobs and have the highest rates of entrepreneurship.
Smoot-Hawley Tariff:Enacted in 1930 by the U.S. Congress, this tariff erected a wall of barriers against imports into the United States.
SNCB:Belgian Railway
SNCF:French Railway
SO:Seller's Option
SOB:Shipped On Board
Society for Worldwide Interbank Financial Telecommunications (SWIFT) - Cooperative organized under Belgian law, with headquarters in La Hulpe, near Brussels . SWIFT provides communications services to the international banking industry, including payments and administrative messages and, more recently, securities settlements. Traffic in 1991 was about 362 million messages. SWIFT is owned by the member banks -- approximately 1,600 -- including the central banks of most countries. The U.S. Federal Reserve is not a member, but participates in certain types of payments. Securities brokers and dealers, clearing and depository institutions, exchanges for securities, and travelers’ checks issuers also participate in SWIFT. SWIFT was organized in 1973 and started operations in 1977.
SOEC:Statistical Office European Community
Soft Currency - Currency of a nation in which exchange may be made only with difficulty. Soft currency countries typically have minimal exchange reserves and deficits in their balance of payments. See: Hard Currency.
SOL:Shipowners' Liability
Sourcing Smarts – Keeping It SIMPLE and SAFE with China Sourcing and Manufacturing - Sourcing Smarts is a no frills, do-it-yourself guide to China sourcing and manufacturing, geared towards inventors, first-time importers and entrepreneurs. It’s a “China Sourcing 101” manual in easy, no-nonsense language, covering everything you’ll need to know to get your products sourced, made, and imported from China.
Sovereign risk: Risk that a government or sovereign power will default on its payment obligations.
SPA:Subject to Particular Average
Special Customs Invoice - Official form usually required by U.S. Customs if the rate of duty is based upon the value and the value of the shipment exceeds $500. This document is usually prepared by the foreign exporter or his forwarder and is used by Customs in determining the value of the shipment. The exporter or his agent must attest to the authenticity of the data furnished.
Special permit: Document issued by the Associate Administrator of PHMSA permitting a person to perform a function that is not otherwise permitted under 49 CFR.
Specially Designated Nationals (SDN) - Office of Foreign Assets Control (OFAC), Department of the Treasury, implements and enforces financial and trade sanctions. FAC has the authority to include within the definition of the sanctioned government those individuals and entities that FAC has determined are owned by, controlled by, or acting directly or indirectly on behalf of the target government. Parties so identified are known as Specially Designated Nationals or SDNs. In practice, an SDN is a target government body, representative, intermediary, or front (whether overt or covert) that usually is located in a third country and functions as an extension of the sanctioned government. An SDN may also be a third-party company that otherwise becomes owned or controlled by the target government or that operates on its behalf. No criminal linkage is necessary. Ownership by, control by, acting on behalf of, or profiting from trade with the target government or country would suffice to qualify a person for designation.
Specific Delivery Point:A point in sales quotations which designates specifically where and within what geographical locale the goods will be delivered at the expense and responsibility of the seller; e.g., F.A.S. named vessel at named port of export.
The above details describes about terms called in international trade business such as Short-form bill of lading,SIGHT DRAFT,Sight letter of credit,Small-ticket Leasing,Soft Currency, Sovereign risk,Special permit,Specific Delivery Point 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 Sanitary Certificate,Sale-leaseback,Service contract,Shipper’s Export Declaration
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