The terms used in import business such as Freight all Kinds,Free Alongside Ship,Feeder Ship etc.
This post explains about terms used in import trade such as Container Terminal, Convertible Currency,Currency Adjustment Factor,Dead-weight Tonnage, Distributor,Drawback,Excess Value Insurance,Freight all Kinds,Free Alongside Ship,Feeder Ship 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.
The terms used in import business
Container Terminal (CT) :An area where large-scale container handling and parking facilities are available. Used for storage and transfer of containers between at least two different transport media (road, sea, rail, barge, air.)
Continuation Clause :A clause providing for the continuation of a hull policy beyond the natural expiry date.
Contributory Value :The value of property at voyage end where there has been a general average loss on which the contribution by each interest to the loss is calculated.
Convertible Currency :A currency, which may be freely exchanged in foreign currencies, so designated by the central bank of the country of the currency.
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Counter Guarantee :An undertaking given by a cargo assured to an underwriter agreeing to reimburse the underwriter in the event that the issue of the underwriters guarantee to pay a general average contribution results in payment in excess of the amount properly due under the policy.
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Cube Out :When the volumetric capacity of the container has been reached in advance of the permitted weight limit.
Currency Adjustment Factor (CAF) :A surcharge levied by the 'Ocean Carrier' and liner conferences over and above the ocean freight rate to cater for fluctuations over a period of actual currency exchange rates.
Customary Deductions :New for old deductions made by an average adjuster from the cost of repairs for general average damage to a ship.
Dead Freight :Freight rate, which is paid on empty space in the vessel when the charterer is responsible for the freight rate of a full cargo. It should be paid before sailing.
Dead-weight Tonnage :This is the actual number of tons of cargo bunkers stores, etc. That can be put on board a ship to bring her down to her marks.
Deck Cargo :Non-containerised cargo carried on deck.
Deck Log :Ship's log recording general details concerning the running of the ship including accidents concerned with ship or cargo.
Deposit:The successful high bidder will submit a $1,000 non-refundable deposit within 2 business days of the close of the auction to secure the vehicle.
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Distributor: The foreign distributor is a merchant who purchases goods from a US exporter (takes title of the goods and often at a substantial discount) and resells it for a profit. The foreign distributor generally provides support and service for the product, thus relieving the exporter of these responsibilities. The distributor usually carries an inventory of products and a sufficient supply of spare parts and also maintains adequate facilities and personnel for normal servicing operations. Distributors typically handle a range of non-conflicting but complementary products. End users do not usually buy from a distributor; they buy from retailers or dealers.
Documentary Collection: This payment term is known by a number of names including documentary collections, cash against documents and payment against documents. When the product is shipped, the
seller forwards the documents to the foreign buyer’s bank which holds the documents until the payment term is met. The payment term may be at sight, which means the buyer must pay prior to taking possession. The payment term also may be against acceptance of a time draft payable a predetermined number of days from the date of shipment. Unlike letters of credits (L/Cs), there is no commitment from the buyer’s bank to make payment upon presentation of the documents.P. 3
Door-to-Door :Through transport of containers from consignor to consignee without any discharging or reloading of goods, except possibly at Customs control.
Drawback :A repayment of duty on the exportation of goods previously imported.
Drill Ship :A type of drilling rig used in oil exploration at sea.
Dumb Barge :A barge that has no means of propulsion.
Ejusdem Generis :Similar in kind to others stated previously. Relates to the peril insured against in a marine policy.
Entering Inwards :The reporting of the vessel's arrival in port by the master at the Custom House. Permission to commence discharging is obtained.
Entreport :A place of transhipment.
Entry Outwards :Report of the intention to commence a new voyage by the master at the Custom House. Permission to commence loading is obtained.
Excess :Amount specified in an insurance policy that must be exceeded before a claim is payable. The claim is then only payable in excess of this amount.
Excess Value Insurance :A policy effected to cover the shipowner's liabilities attaching to the difference between the insured value and the contributory value where the latter is higher than the former. Without this such excess liabilities would be uninsured.
Ex-Im Bank: The Export-Import Bank of the United States (Ex-Im Bank) is the official export credit agency of the United States. Ex-Im Bank’s mission is to assist in financing the export of US goods and services to international markets. Ex-Im Bank enables US companies — large and small — to turn export opportunities into real sales that helps to maintain and create US jobs and contribute to a stronger national economy.Ex-Im Bank does not compete with private sector lenders but provides export financing products that fill gaps in trade financing. We assume credit and country risks that the private sector is unable or unwilling to accept. We also help to level the playing field for US exporters by matching the financing that other governments provide to their exporters. Ex-Im Bank provides working capital guarantees (pre-export financing); export credit insurance; and loan guarantees and direct loans (buyer financing). No transaction is too large or too small. On average, 85% of Ex-Im Banks transactions directly benefit US small businesses.
Extra Charges :Charges incurred in proving a claim and only recoverable if a claim is payable.
Ex-Works :Shipping term meaning goods are shipped ex-Works (from named place).
Factor :An agent employed to sell in his own name (at an agreed commission) goods or merchandise belonging to his principal his acts being binding on the principal at the instance of third parties. Compare with Broker.
FAK (Freight all Kinds) :A uniform rate or tariff applicable irrespective of commodity. (FAK rates are the opposite of commodity rates or class rates).
FAS :Shipping term meaning goods are delivered Free Alongside Ship (at a named port of shipment)
FCL :Where the load carried in a container equals one of the two operating maxima - in a weight or volume. The load in a container if the shipper was assured of a separate container exclusively for his cargo. A shipper packed container.
Feeder Ship :Vessel used in short sea trade to serve ports at which deep-sea container ships do not call.
The above details describes about terms called in import trade such as Container Terminal, Convertible Currency,Currency Adjustment Factor,Dead-weight Tonnage, Distributor,Drawback,Excess Value Insurance,Freight all Kinds,Free Alongside Ship,Feeder Ship 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 overseas trade below this post The terms used in import business such as Certificate of Origin,Classification Clause,Clip-on-Unit,Consolidator
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