Terms used in shipping such as Exclusive Economic Zone,Explosimeter,Export Administration Regulations ,Export Assistance Center

Posted on 08 April 2023 Category : Shipping Terms

or detention become payable.

explosimeter - Instrument used to detect the presence of flammable gases in tanker tanks.

Export Administration Act - The EAA of 1979, as amended, authorizes the President to control exports of U.S. goods and technology to all foreign destinations, as necessary for the purpose of national security, foreign policy, and short supply. As the basic export administration statute, the EAA is the first big revision of export control law since enactment of the Export Control Act of 1949. The EAA is not a permanent legislation; it must be reauthorized -- usually every three years. There have been reauthorizations of the EAA in 1982, 1985 (the Export Administration Amendments Act), and 1988 (Omnibus Amendments of 1988) which have changed provisions of the basic Act. The Act was extended in 1993 until June 30, 1994.

Export Administration Regulations - The Export Administration Regulations provide specific instructions on the use and types of licenses required and the types of commodities and technical data under control.

Export Administration Review Board - The EARB is a cabinet-level export licensing dispute resolution group. The EARB was originally established in June 1970 under Executive Order 11533. Under Executive Order 12755 of March 1991, EARB membership includes Commerce (as chair), State, Defense, and Energy, and Arms Control and Disarmament Agency and, as non-voting members, the Joint Chiefs of Staff and the Central Intelligence Agency. The EARB is final review body to resolve differences among agency views on the granting of an export license. [Preceding EARB review are: (a) an interagency committee and (b) the Advisory Committee on Export Policy.] National Security Directive 53 requires escalation of disputes regarding an export license to the Advisory Committee on Export Policy (ACEP) not later than 100 days from the filing date of the applicant's application. Any cases not resolved at the ACEP level must be escalated to the EARB within a specified number of days of the date of the ACEP meeting. Cases not resolved by the EARB must be escalated to the President for resolution.

Export Assistance Center - An Export Assistance Center (EAC) system was established by the state of Texas to link agencies, associations, and local governments in efforts to increase exports by assisting current and prospective exporters. The US&FCS has been considering using the Texas model to develop similar export assistance networks.

Export Broker - An individual or firm that brings together buyers and sellers for a fee but does not take part in actual sales transaction provides mailing lists of prospective overseas customers from ITA's file of foreign firms (the Foreign Traders Index). The ECLS identifies manufacturers, distributors, retailers, service firms, and government agencies. A summary of the information on the company includes contact informatiostem currently provides: - electronic submission of application forms directly with the use of value-added network vendors; - optical character recognition of applications submitted on paper; - paperless workstations for all licensing officers to review the application, route it to other officers, branches, or exte workloads, average processing times, counts and times by license type, destination country, commodity code, and other data.

Export Broker:An individual or firm who does not take part in actual sales transactions, but brings together buyers and sellers for a fee.

EXPORT BROKER:The individual who brings together buyer and seller for a fee, eventually withdrawing from any transaction.

Export Control Classification Number - Every product has an export control classification number (formerly: Export Control Commodity Number) within the Commerce Control List. Each ECCN ication Number.

Export Control Classification Number (ECCN):Most products have an export control classification number (formerly export commodity classification number) within the Commerce Control List (CCL). The ECCN consists of a five-character number that identifies categories, product groups, strategic level of control, and country groups.

Export Credit Enhanced Leverage - The export credit enhanced leverage, EXCEL, program was developed in 1990 by the World Bank in conjunction with a working group of the International Union of Credit and Investment Insurers (the Berne Union). The objective of EXCEL is to provide export credits at consensus rates for private sector borrowers in highly indebted countries, which would previously have been too great a risk for most agencies to cover.

Export Credit Guarantee Department - The ECGD of the Department of Industry and Trade is the primary source of official British export credit. The ECGD helps exporters by providing: (a) insurance against the risk of not being paid for exports and (b) guarantees to banks for exporters of capital goods, under which finance can be obtained for export business, often at a favorable rate of interest. Subject to Parliamentary approval, ECDG's short-term underwriting division, the Insurance Service Group, is to be privatized. The medium and long-term underwriting group is introducing a new system for assessing premiums which will more realistically reflect the risk involved. The Department was originally established in 1919; headquarters are in London, England.

The above details describes about terms called in shipping such as Exchange Rate Mechanism, Exchange Rate,Exclusive Economic Zone,Explosimeter,Export Administration Regulations ,Export Assistance Center,Export Broker,Export Control Classification Number,Export Credit Enhanced Leverage 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.

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Terms used in shipping such as Exclusive Economic Zone,Explosimeter,Export Administration Regulations ,Export Assistance Center etc.

This post explains about terms used in shipping such as Exchange Rate Mechanism, Exchange Rate,Exclusive Economic Zone,Explosimeter,Export Administration Regulations ,Export Assistance Center,Export Broker,Export Control Classification Number,Export Credit Enhanced Leverage 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

Exchange Rate Mechanism - The ERM is a program through which member countries of the European Economic Community agree to maintain parity in exchange rates among their currencies. Limits are set on the amounts by which exchange rates may vary between any two currencies. If an exchange rate reaches the limit, the central banks of the two countries intervene in the market to ensure that the limit is not exceeded. The ERM was established in 1979 with agreement by Belgium, France, West Germany, Luxembourg, the Netherlands, and Denmark to limit fluctuation in the bilateral exchange rates between their currencies to ñ2.25%. Italy, which was also a member, did not limit fluctuation to ñ25% until 1990. Spain joined in 1989, the UK in 1990, and Portugal in 1992, each agreeing to a wider band of 6% fluctuation in the bilateral exchange rates in the value of their currencies against other ERM members. Disruptions in September 1992 led to the withdrawal of Italy and the UK and to some parity realignments. The ERM has since resumed, with provisions allowing currency fluctuations of 15 percent.

Exchange Rate:The price of one currency in the terms of another.

Exchange Rate:The ratio of prices at which the currencies of nations are exchanged at a particular time.

Exclusive Economic Zone - The EEZ refers to the rights of coastal states to control the living and nonliving resources of the sea for 200 miles off their coasts while allowing freedom of navigation to other states beyond 12 miles, as agreed at the sixth session of the Third U. N. Conference on the Law of the Sea (UNCLOS). The EEZ also gives the coastal states the responsibility for managing the conservation of all natural resources within the 200-mile limit.

Exd. – Examined

EX-IM Bank:Abbreviation for Export-Import Bank of the United States. An independent U.S. Government Agency which facilitates exports of U.S. goods by providing loan guarantees and insurance for repayment of bank-provided export credit.

EXIMBANK - Export-Import Bank of the United States

EXIMBANK:Export-Import Bank: A Federal agency that aids in financing exports of U.S. goods and services through direct loans, loan guarantees, and insurance.

Exon-Florio - The "Exon-Florio" provision (section 721 of the Defense Production Act) provides the President with authority to investigate proposed or pending mergers, acquisitions, and takeovers by or with foreign persons to determine their effects on national security. The provision also grants the President authority to suspend or block those transactions that lead to control of a domestic firm by a foreign person if the President determines that the foreign purchaser might take actions that would threaten the national security. See: Committee on Foreign Investment in the United States Foreign Direct Investment in the United States.

Expedited shipment:when the normal transit time of a shipment will not get the merchandise to the destination when needed, and a faster form of transportation is used. Examples of expedited shipments: hot shots, team drivers, and airfreight.

Expiry Date:Issued in connection with documents such as letters of credit, tariffs, etc. to advise that stated provisions will expire at a certain time.

Expiry of Laytime - Moment when the time allowed in the Charter-Party for loading and / or discharging, as the case may be, has been used up. If loading or discharging, as the case may be, has been used up. If loading or discharging has not been completed, demurrage or damages for detention become payable.