Terms used in shipping such as Ex Mill,Excepted Period,Exceptions Clause,Exchange Controls,Exchange Rate etc.
This post explains about terms used in shipping such as Evidence Account,Evidence of Origin , Ex Mill,Excepted Period,Exceptions Clause,Exchange Controls,Exchange Rate,Exchange Rate Classifications 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
EUROSTAT - Statistical Office of the European Community
EUROTOM - European Atomic Energy Community
EVEN KEEL:When the draft of a ship fore and aft are the same.
Evidence Account - An evidence account is an umbrella agreement contracted between a Western supplier and a government agency in a developing country (e.g., an industrial ministry, or a provincial or state authority), which is designed to facilitate reciprocal trade flows. The agreement stipulates trade conditions between the Western firm, other independent firms designated by it, and commercial organizations under the jurisdiction of the developing country signatory. It also requires that the cumulative payment turnovers for the trade goods, not payments of individual transactions, be balanced in an agreed-upon proportion within a specified period of time (typically 1 to 3 years). Trade flows are monitored and financial settlements occur through banks designated by the agreement's signatories.
Evidence of Origin - Information presented in the Exporter's Certificate of Origin (or Customs Form 353) that certifies that the goods described are eligible for a preferential rate of duty under a trade program.
Ex - "From":When used in pricing terms such as "Ex Factory" or "Ex Dock," it signifies that the price quoted applies only at the point of origin indicated.
Ex - When used in pricing terms such as "Ex Factory" or "Ex Dock," it signifies that the price quoted applies only at the point of origin indicated.
Ex Dec:Contraction for "Shipper's Export Declaration."
Ex Dock (Import Usage Only) - The seller is obligated to place the specified goods at the specified price on the import dock clear of all customs and duty requirements. The buyer must do nothing further than pick up the goods within a prescribed time limit.
Ex Mill (Ex Warehouse, Ex Mine, Ex Factory) - The seller is obligated to place the specified quantity of goods at the specified price at his mill loaded on trucks, railroad cars or any other specified means of transport. The buyer must accept the goods in this manner and make all arrangements for transportation.
Ex Quay - "Ex Quay" means that the seller makes the goods available to the buyer on the quay (wharf) at the destination named in the sales contract. The seller has to bear the full cost and risk involved in bringing the goods there. There are two "Ex Quay" contracts in use: (a) Ex Quay "duty paid" and (b) Ex Quay "duties on buyer's account" in which the liability to clear goods for import is to be met by the buyer instead of by the seller.
Ex Ship - "Ex Ship" means that the seller will make the goods available to the buyer on board the ship at the destination named in the sales contract. The seller bears all costs and risks involved in bringing the goods to the destination.
Ex Works - Ex Works (EXW) at a named point of origin (examples are: ex factory, ex mill, ex warehouse). Under this term, the price quoted applies only at the point of origin and the seller agrees to place the goods at the disposal of the buyer at a specified place on the date or within the period fixed. All other charges are for the account of the buyer.
Ex Works (...named place) ( EXW ):A term of sale in which for the quoted price, the seller merely makes the goods avaliable to the buyer at the seller's "named place" of business. This trade term places the greatest responsibility on the buyer and minimum obligations on the seller. The Ex Works term is often used when making an initial quotation for the sale of goods without any costs included.
Ex Works:A term of sale in which the buyer is responsible for collecting the goods at the premises of the seller and accepts all costs and liabilities from that point onwards.
Ex Works:An INCOTERMS term of sale in which the buyer is responsible for taking delivery of the goods at the premises of the factory. Also known as “F.C.A.”
Ex-"From" - When used in pricing terms such as "Ex Factory" or "Ex Dock," it signifies that the price quoted applies only at the point of origin (in the two examples, at the seller's factory or a dock at the import point). In practice, this kind of quotation indicates that the seller agrees to place the goods at the disposal of the buyer at the specified place within a fixed period of time.
Ex. - Excluding. Examined. Exchange. Executed. Out of. Without
EXCEL - Export Credit Enhanced Leverage
Excepted Period - Period during which any time used to load or discharge does not count for the purpose of calculating demurrage or despatch, other than by prior agreement (see Unless used). Such periods must be expressly stated in the Charter-Party and may include weekends; public holidays and time used shifting from anchorage to berth. It should be noted that, once laytime has expired, time counts during excepted periods in the calculation of demurrage.
Exception:Notations made when the cargo is received at the carrier's terminal or loaded aboard a vessel. They show any irregularities in packaging or actual or suspected damage to the cargo. Exceptions are then noted on the bill of lading.
Exceptions - When a problem such as shortage or damage is noted at the time of delivery, an exception is noted on the delivery sheet before it is signed to designate there was a problem with the shipment.
Exceptions Clause - Clause in a Charter-Party or Bill of Lading that exonerates the carrying ship from responsibility for damage to cargo from certain named causes such as an act of God or negligence of the master.
Excess-Currency Country - A country where the local currency supply available to the U.S. Government for conducting official business exceeds U.S. requirements for the 2 years following the year for which the designation is made.
Exchange Controls - The internal rationing of foreign currencies, bank drafts and other financial paper to stabilize balance of payments problems. When this occurs, an importer must obtain permission from the government to expend foreign exchange. These measures can distort trade and are often viewed as a non-tariff barrier.
Exchange License:Similar to import licenses, exchange licenses protect a country's foreign exchange reserves or utilize these reserves advantageously. They also authorize the conversion of currency.
Exchange Permit:A government permit sometimes required by the importer's government to enable the import firm to convert its own country's currency into foreign currency with which to pay a seller in another country.
Exchange Rate - The price of one currency expressed in terms of another, i.e., the number of units of one currency that may be exchanged for one unit of another currency. Influences on exchange rates include differences between interest rates and other asset yields between countries; investor expectations about future changes in a currency's value; investors' views on the overall quantity of dollar-denominated assets in circulation; arbitrage; and central bank exchange rate support. See: Exchange Rate Classifications.
Exchange Rate - The rate of currency conversion between countries. For example, one American dollar can be hypothetically exchanged for six French francs.
Exchange Rate Classifications - Following are the different types of possible exchange rate regimes and how they work: - Single Currency Peg: the country pegs to a major currency -- usually the U.S. dollar or the French franc -- with infrequent adjustment of the parity; - Composite Currency Peg: the country pegs to a basket of currencies of major trading partners to make the pegged currency more stable than if a single currency peg were used. The weights assigned to the currencies in the basket may reflect the geographical distribution of trade, services, or capital flows. They may also be standardized, as in the Special Drawing Right (SDR) and the European Currency Unit (ECU); - Limited Flexibility vis-a-vis a Single Currency: the value of the currency is maintained within certain margins of the peg; - Limited Flexibility Through Cooperative Agreements: this applies to countries in the exchange rate mechanism of the European Monetary System and is a cross between a peg of individual EMS currencies to each other and a float of all these currencies jointly vis-a-vis non-EMS currencies; - Greater Flexibility Through Adjustment to an Indicator: the currency is adjusted more or less automatically to changes in selected indicators. A common indicator is the real effective exchange rate, which reflects inflation-adjusted changes in the currency vis-a-vis major trading partners; - Greater Flexibility Through Managed Float: the central bank sets the rate but varies it frequently. Indicators for adjusting the rate include, for example, the balance of payments position, reserves, and parallel market developments. Adjustments are not automatic; - Full Flexibility Through an Independent Float: rates are determined by market forces. Some industrial countries have floats -- except for the EMS countries -- but the number of developing countries in this category has been increasing. See: Crawling Peg System Exchange Rate.
The above details describes about terms called in shipping such Evidence Account,Evidence of Origin , Ex Mill,Excepted Period,Exceptions Clause,Exchange Controls,Exchange Rate,Exchange Rate Classifications 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 European Patent Office,European Space Agency,European Union
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OBL not released OBL not surrendered no telex release