Terms used in shipping such as Estimated time of arrival of carriers,Estimated Time of Departure,European Union,Eurodollars etc.
This post explains about terms used in shipping such as Equalization,Equipment Interchange Receipt,Escape Clause,Escrow Account,European Technical Approval,Estimated time of arrival of carriers,Estimated Time of Departure,European Union,Eurodollars 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 shipping
Equalization:A monetary allowance to the customer for picking up or delivering at a point other than the destination shown on the bill of lading. This provision is covered by tariff publication.
Equipment Interchange Receipt (EIR):The warrant that the owner or leaseholder of the containers consigns the container terminal, transfer station or inland station to interchange the containers and carrying equipment with container user or his representative. The interchange receipt is signed by the carrier or his attorney to the consigner or consignee, to get the heavy or return the light containers. The interchange items are listed at the back of the first page of the interchange receipt, including the cost of the containers and equipment during the leasing period, the duty in case of the damage or lost of the equipment as well as the contained goods, and the compensation in case of the damage to the third part. The interchange is usually handled at the gate of the container terminal or the station. The equipment include containers, underpan vans, trolleys and electromotors. The interchange receipt can be the “out” or “in” kind.
ERLC - Export Revolving Line of Credit
ERM - Exchange Rate Mechanism
ERS - Economic Research Service
ERTS (Enhanced Remote Transit Shed):An approved warehouse by Customs, where goods can be held as Uncleared (Duty VAT unpaid, Non EEC status), for example groupage containers may be moved to these locations for devanning and then each individual shipment may be cleared at the ERTS warehouse by an Importers Clearance agent / broker.
ESA - European Space Agency
ESAF - Enhanced Structural Adjustment Facility
ESCAP - Economic and Social Commission for Asia and the Pacific
Escape Clause - A provision within the GATT (Article XIX) that allows a country try to suspend tariff or other concessions when certain imports injure or threaten to injure domestic producers of competitive goods or services. Section 201 of The Trade Act of 1974 codifies Article XIX in U.S. law.
Escape Clause - The escape clause, which can be invoked under GATT Article XIX, allows countries to temporarily violate their GATT obligations to the degree and time necessary to protect a domestic industry from serious injury. Countries taking such actions, however, must consult with affected contracting parties to determine appropriate compensation for the violation of GATT rights, or be subject to retaliatory trade actions. Section 201 of the Trade Act of 1974 requires the U.S. International Trade Commission to investigate complaints filed by domestic industries or workers claiming that they are injured or threatened by rapidly rising imports. Section 203 of the Act provides that if the ensuing investigation establishes that the complaint is valid, relief may be granted in the form of adjustment assistance, which may be training, technical, and financial assistance, or temporary import restrictions in the form of tariffs, quotas, tariff rate quotas, and/or orderly marketing agreements. Import restrictions imposed under the escape clause authority are limited in duration. They may last no longer than five years but can be extended by the President for a three-year period.
ESCB - European System of Central Banks
Escrow Account - An escrow account is a special bank account into which earnings from sales (e.g., convertible currency proceeds from exports) are accumulated. These revenues are set aside for subsequent acquisition of goods and services from a foreign supplier. The escrowed money, usually interest-bearing, is disbursed by the bank to the foreign supplier under payment terms and against documents specified in the supplier's sale contract.
ESCWA - Economic and Social Commission for Western Asia
ESF - Economic Stabilization Fund, Economic Support Fund
ESP - Exporter's Sale Price
ESPRIT - European Strategic Program for Research and Development in, Information Technologies
est. – Estimated
ETA - Estimated time of arrival
ETA - European Technical Approval
ETA: Estimated time of arrival/Estimated Time of Availability. That time when a tractor/partner carrier is available for dispatch.
ETA:Estimated time of arrival of carriers.
ETA:Estimated Time of Arrival. Generally used for the date that the ship or plane is due to arrive at its destination port.
ETA:Estimated Time of Arrival. Then, It normally takes 3 hours for carriers to Break Bulk then ready to be picked up by forwarders along with customs release notification.
ETC - Estimated Time of Completion.
ETC - Export Trade Company
ETD - Estimated Time of Departure.
ETD:Estimated time of departure of carriers.
ETD:Estimated Time of Departure. Generally used for the date that the ship or plane is due to leave its port of origin and begin its journey.
ETD:Estimated Time of Departure. The cut-off time for carriers' cargo ramp handling is normally two hours ahead of ETD . However, the freight forwarders' consolidation cut-off time may vary depending on each forwarder's operations respectively.
ETD;Estimated time of departure
Ethylene:A gas produced by many fruits and vegetables that accelerates the ripening and aging processes.
ETR – Estimated Time of Readiness.
E-Track:vertical rails affixed inside the walls of a trailer on both sides, allowing load bars to be secured to build decking.
ETS - Estimated Time of Sailing.
ETSI - European Telecommunications Standards Institute
ETUC - European Trade Union Confederation
EU - European Union
EUCLID - European Cooperation for the Long-term in Defense
EUR1:EUR1 form entitles originating UK or EU goods to lower import duties or even zero duties.
EURAM - European Research in Advanced Materials
EURATOM - European Atomic Energy Community
EUREKA - European Research Coordination Agency
EURL - Entreprise Unipersonnelle e responsabilite limitee
Eurobond - See: Eurodollars.
Eurocurrency - See: Eurodollars.
Eurodollars - Eurodollars are deposits of U.S. dollars in banks or other financial institutions which are located outside the borders of the Un Central Bank - The ECB, as envisioned by the Treaty of Maastricht, would be created to oversee performance of economic policy and exchange rate policy tasks conferred on the European System of Central Banks. The ECB would have the exclusive right to issue bank-notes within the European Community. The national central banks would be the sole subscribers to and holders of the capital of the ECB. The funding formula for the ECB would be based both on a Member State's population and on its gross domestic product. The ECB will form, together with the national central banks, the European System of Central Banks. See: Maastricht Treaty.
The above details describes about terms called in shipping such as Equalization,Equipment Interchange Receipt,Escape Clause,Escrow Account,European Technical Approval,Estimated time of arrival of carriers,Estimated Time of Departure,European Union,Eurodollars etc. These phrases may help importers and exporters on their day to day business activities. The readers can also add more information about terms used in shipping business below this post.Terms used in shipping such as endorse a bill of lading, endorsement, engine department,enrollment, export processing zones
Related posts about free online training on overseas trade:
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
Documentation procedures on high sea sale
How to get non preferential Certificate of Origin, state wise
Types of export containers
SEIS scheme for exporters in India
How does Letter of Credit work?
List of items and their Crime Controlled ECCNs number, US Department
Conversion of EP copy of shipping bill from one Scheme to another
Exchange rate in e BRC as per Foreign Trade Policy of India
Office to contact in Haryana for Certificates of origin non preferential
Is DP terms of payment safe in export business?
Is Letter of Credit LC safe for an Importer?
Is ON BOARD CERTIFICATE required for LC negotiation
Why to insure export goods?
Why, best attention while preparing Export Invoice?