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8/12/2019 Glossary of Foriegn Trade Terms
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1. Commercial invoice
2. Bill of lading
3. Consular invoice
4. Certificate of origin
5. Inspection certification
6. Dock receipt and warehouse receipt
7. Destination control statement
8. Insurance certificate
9. Export license
10. Export packing list
The starting point for any Export Transaction is an enquiry.
An enquiry for product should, inter alia, specify the following details or provide the following data
Size details - Std. or oversize or undersize
Drawing, if available
Sample, if possible
Quantity required
Delivery schedule
Is the price required on FOB or C& F or CIF basis
Mode of Dispatch - Sea, air or Sea/air
Mode of Packing
Terms of Payment that would be acceptable to the Buyer - If the buyer proposes to open any Letter of Credit,
any specific requirement to be complied with by the Exporter
Is there any requirement of Pre-shipment inspection and if so, by which agency Any Certificate of Origin required - If so, from what agency.
Once the goods are ready duly packed in Export worthy cases/cartons (depending upon the mode of despatch),
the Invoice is prepared by the Exporter.
If the number of packages is more than one, a packing list is a must.
Even If the goods to be exported are excisable, no excise duty need be charged at the time of Export, as export
goods are exempt from Central Excise, but the AR4 procedure is to be followed for claiming such an
Similarly, no Sales Tax also is payable for export of goods.
EXPORT DOCUMENTATION AND PROC
Exporters should seriously consider having the freight forwarder handle the formidable amount of documentation t
freight forwarders are specialists in this process. The following documents are commonly used in exporting; whiused in each case depends on the requirements of both our government and the government of the importing cou
STEP1: Enquiry :
STEP 2: - Proforma generation :
It is advisable that the Exporter immediately acknowledges receipt of the order, giving a schedule for the
delivery committed.
STEP 5: Goods readiness & documentation :
STEP 6: Goods removal from works :
After studying the enquiry in detail, the exporter - be it Manufacturer Exporter or Merchant Exporter - will provide
a Proforma Invoice to the Buyer.
STEP 3: Order placement :
If the offer is acceptable to the Buyer in terms of price, delivery and payment terms, the Buyer will then place an
order on the Exporter, giving as much data as possible in terms of specifications, Part No. Quantity etc. (No
STEP 4: Order acceptance :
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There are different procedures for removing Export consignments to the Port, following the AR4 procedure, but
it would be advisable to get the consignment sealed by the Central Excise authorities at the factory premises
itself, so that open inspection by Customs authorities at the Port can be avoided.
If export consignments are removed from the factory of manufacture, following the AR4 procedure, claiming
exemption of excise duty, there is an obligation cast on the exporter to provide proof of export to the Central
The Exporter is expected to provide the following documents to the Clearing & Forwarding Agents, who are
entrusted with the task of shipping the consignments, either by air or by sea.
Invoice
Packing List
Declaration in Form SDF (to meet the requirements as per FERA) in duplicate.
AR4 - first and the second copy
Any other declarations, as required by Customs
On account of the introduction of Electronic Data Interchange (EDI) system for processing shipping bills
electronically at most of the locations - both for air or sea consignments - the C&F Agents are required to file
with Customs the shipping documents, through a particular format, which will vary depending on the nature of
Under claim of Drawback of duty
Without claim of DrawbackExport by a 100% EOU
Under DEPB Scheme
After completing the shipment formalities, the C & F Agents are expected to forward to the Exporter the
Customs signed Export Invoice & Packing List
Duplicate of Form SDF
Exchange control copy of the Shipping Bill, processed electronically
AR4 (original duplicate) duly endorsed by Customs for having effected the Export
Bill of Lading or Airway bill, as the case may be.
With these authenticated shipping documents, the Exporter will have to negotiate the relevant export bill
through authorized dealers of Reserve Bank, viz., Banks.
Under the Generalized System of Preference, imports from developing countries enjoy certain duty
concessions, for which the exporters in the developing countries are expected to furnish the GSP Certificate of
Origin to the Bankers, along with other shipping documents.
Broadly, payment terms can be:
DP Terms
DA Terms
Letter of Credit, payable at sight or payable at... days.
The negotiating Bank will scrutinize the shipping documents and forward them to the Banker of the importer, to
enable him clear the consignment.
It is expected of such authorized dealers of Reserve Bank to ensure receipt of export proceeds, which factor
has to be intimated to the Reserve Bank by means of periodical Returns.
STEP 7: Documents for C & F agent :
Step11: Bank to bank documents forwarding :
STEP 12: Customs obligation discharge :
As indicated above, Exporters are also expected to provide proof of export to the Central Excise authorities, on
STEP 8: Customs Clearance :
After assessment of the shipping bill and examination of the cargo by Customs (where required), the export
consignments are permitted by Customs for ultimate Export. This is what the concerned Customs officials call
STEP 9: Document Forwarding :
STEP 10: Bills negotiation :
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Authorized dealers will issue Bank Certificates to the exporter, once the payment is received and only with the
issuance of the Bank Certificate, the export transaction becomes complete.
It is mandatory on the part of the Exporters to negotiate the shipping documents only through authorized
dealers of Reserve Bank, as only through such a system Reserve Bank can ensure receipt of export proceeds
the basis of the Customs endorsements made on the reverse of AR4s and get their obligation, on this score,
STEP 13: Receipt of Bank certificate :
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DURES
hat exporting requires;
h of them are actually try.
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ContainerContainer Ship
Container Number
Container Pool / Depot
Container Yard
Banding
Bolster
Chains and Binders
Consolidation
Cooper
Lift-on / Lift-off -
Roll-on / Roll-off -
Barges(noun)
Commodity DescriptionAMS -
Bay -
Bolster -
Cell -
Cell Guides -
Commodity Description -
Air Cargo
Bagged Cargo
dock
Berth
Breakbulk Cargo
Bulk Cargo or Breakbulk Cargo
Breakbulk
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Carrier -
Bulk Carrier -
Bulk Containers -
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A truck trailer body that can be detached from the chassis for loading into a vessel, a rail car or
stacked in a container depot. Containers may be ventilated, insulated, refrigerated, flat rack,
vehicle rack, open top, bulk liquid or equipped with interior devices. A container may be 20 feet, 40
feet, 45 feet, 48 feet or 53 feet in length, 8'0" or 8'6" in width, and 8'6" or 9'6" in height.
Ocean going vessel designed to carry containers.
Identification number assigned to each container.
Where containers are stored usually inland for container availability to shippers or consignees.
Carrier location to hold empty containers, various points for shipper's utilization; an area
designated for storage of empty .
Facility where full and empty containers are stored.
Securing of cargo on a pallet generally by a steel/metal stripping.
Bracing of a commodity in a container
Used to secure (brace & chock) oversize cargo to equipment.
Effort extended to put same destination cargo together in same container for ease of delivery.
Warehouse worker assigned to reconstruct or repair cartons, crates, boxes, etc.
The method by which cargo is loaded and discharged by the use of a crane.
The method by which wheeled vehicles can be directly driven on and off a vessel.
Conveyance used to carry loose cargo or containers in smaller volumes than mother vessels.
Commodity Description - Description of goods being shipped.
Automated Manifest Systems.
Section of a vessel where containers or cargo is stored.
Bracing of a commodity in a container.
Container slot where container fits into place on vessel.
A guide for each container slot.
Description of goods being shipped.
Property of any kind that is transported by aircraft (excluding passenger baggage and mail).
Goods shipped in sacks.
an enclosed area of water in a port for the loading, unloading, and repair of ships.
a ship's allotted place at a wharf or dock.
Cargo that is shipped in packing units such as cartons, cases, crates, bales, or drums, but notcontainerized.
1. A breakbulk ship is one which transports cargo which is packed in cases, bales, cartons,
drums, carboys etc., and this cargo is carried in the ship's cargo holds rather than in containers
(although some loaded containers may be carried).
2. 'to breakbulk' is to unload packaged cargo from a 'breakbulk ship' or from a container and to
distribute it.
Cargo that is made up of an unpacked commodity; examples include grain, oil, and ore. Bulk
Carrier - A vessel designed for the shipment of bulk cargo. Bulk Freight - Cargo not in packages
or containers.
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One who owns, operates or charters vehicles of transportation for movement of cargo.
Vessel specifically built to carry raw materials.
Containers used specifically for raw materials.
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Berth
Bonded Warehouse
Breakbulk
Breakbulk Vessel
Carrier
Bulk Carrier
Cell
Cell Guides
Chassis
COFC
Connecting Carrier
Container Ship
Cross Docking
Port of Discharge -
Port of Loading -
Ship's Manifest -
Short-Shipped -
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Container Pool / Depot -
CFS
ICD
CFS/ICD
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Where the vessel docks.
A secured Customs approved facility where cargo and containers are
stored under close surveillance.
Loose cargo containers and non-containerized cargo; vessel whose hatch
is built to accommodate various bulk commodities.
Carries containers and non-containerized cargo; vessel whose hatch is
Vessel built to accommodate various bulk commodities.
One who owns, operates or charters vehicles of transportation formovement of cargo.
Vessel specifically built to carry raw materials.
Container slot where container fits into place on vessel.
A guide for each container slot.
Trailer or wheeled unit on which a container is placed in order to move
container over the road.
Container on a Flat Car. Containers moving on articulated flat rail cars
without chassis.
An intermediary carrier utilized to connect cargo to/from mother vessel
Vessel built to accommodate ocean containers.
The process of moving merchandise directly from the receiving dock to the
shipping dock, eliminating the need to place the merchandise in storage.
Port where vessel is off loaded and cargo discharged.
Port where vessel is loaded and cargo stowed
Contains a list of the shipments comprising the cargo of the vessel.
Cargo manifested but not loaded.
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Where containers are stored . Carrier location to hold empty containers,
various points for shipper's utilization; an area designated for storage of
empty .
Container Freight Station.
Inland Container Depot . ICD complex
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EPC
RCMC
DGFT
FTP
IEC
AEPC
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Export Promotion Councils.
Registration -Cum -Membership Certificate. Is issued by Export
Promotion Councils/Commodity board/Development authority or other
competent authority as prescribed in FTP.
Director General of Foreign Trade
Foreign Trade Policy
Importer Exporter Code. issued by DGFT office.
Apparel export promotion council. the official body of apparel exporters
in India
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Modes of transportFCL
LCLCY
CFS
CY/CY service
CFS/CFS - service
CY/CFS service
CFS/CY - service
C&F
CIF
FOB
Airfreight Consolidator
Cargo Receipt -
Air waybill
House Air Waybill (HAWB)
Arrival Notice -
lading
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Bill of Lading (B/L)
Clean Bill-of-Lading
On Board Bill-of-Lading
Bill of Lading Number
Carrier’s Certificate
dock receipt
Booking
Claim
Combined Transport Bill of
Lading
Credit Agreement
Booking -Collect -
shipment advice
certificate of origin
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Advice of shipment
contract of carriage
Certificate of Shipment
Shipping Order
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full container load. full payload
less than container load, loose container loadforwarder’s/shipper’s/consignee’s container yard or premises
carrier’s container freight station -(shipper has to deliver the cargo to the carrier’s
container freight station for loading)
door-to-door service, full container from the shipper’s place to the consignee’s place
port-to-port service, loose cargo from the origin's CFS packed into the whole
container and deliver the destination's CFS, consignee arranges the collection of
loose cargo
door-to-port service, full container from the shipper's place to the carrier's CFS at
destination, consignee arranges the collection of loose cargo
Containar Freight Station/Containar yard. port-to-door service, loose cargo from the
origin's CFS packed into the whole container and deliver to the consignee's place
Cost(of material at the agreed price) & Freight
Simply, it is C&F with insurance. CIF means Cost Insurance and Freight.
from the seller's godown to the buyer's godown. That means the shipper/trader
has to pay the cost of shipment up to the ship, insurance cost of cargo and
FOB stands for Free On Board which means the shipper pays only costs up to
loading on ship in port and insurance cost , but freight charges are payed by the
Actually a third-party company having no flight facility between shipper and actual
air carrier. Air carrier would give the HAWB no.
A receipt of cargo for shipment by a consolidator.
The shipping document used for the transportation of air freight: includes
conditions, limitations of liability, shipping instructions, description of commodity,
and applicable transportation charges. It is generally similar to a straight non-
negotiable bill of lading and is used for similar purposes.
An air waybill issued by an airfreight consolidator. (See also Air Waybill)
Documentation that notifies consignee of arrival information and freight charges
due. Form produced by carrier for advanced notification to consignee of cargo
arrival.1. Placement of cargo in its transporting vessel.
2. Cargo carried in a transportation vessel
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A receipt for the cargo and a contract for transportation between a
shipper and the ocean carrier. It may also be used as an instrument of
ownership which can be bought, sold, or traded while the goods are in
transit. To be used in this manner, it must be a negotiable "Order" Bill-of
Lading. This is sometimes abbreviated as "Blading, or B/L"
A clean Bill-of-lading is issued when the shipment is received in good
order. If damage or a shortage is noted, a clean bill-of-lading will not be
issued.
An On Board Bill-of-Lading certifies that the cargo has been placed
aboard the named vessel and is signed by the master of the vessel or his
representative. On letter of credit transactions, an On Board Bill-of-
Lading is usually necessary for the shipper to obtain payment from the
bank.
Carrier’s reference number assigned to bill of lading.
U.S. Customs form used in lieu of bill of lading.
Is a document issued by a direct ocean freight carrier to acknowledge receipt of
ocean freight shipment at the carrier's shipping terminal.
Cargo commitment made to carrier (i.e. a reservation).
A request for payment by a customer due to a shortage or damage to cargo.
Provides a combined transport by at least two different modes of transportation
from a place at which the goods are taken to a place designated for delivery.
Agreement between carrier and shipper for release of cargo with promise to pay
ocean freight within specified time. Document signed by the shipper which binds
shipper to credit terms of the conference or agreement body.
Cargo commitment made to carrier (i.e. a reservation). Money to be paid at destination prior to release of bills of lading.
Letter or form sent by an exporter to a foreign buyer informing that the shipment of
the ordered goods is on its way. A copy of the invoice and the packing slip (and
sometimes a copy of bill of lading) may also be attached. Also called advice note.
Document that certifies a shipment's country of origin. It is used between members
of a trading block or where special privileges are granted to goods produced in
certain countries. Certificate of origin is commonly issued by a trade promotion
office, or a chamber of commerce in the exporting country. Also called declaration
of origin.
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Letter or form sent by an exporter to a foreign buyer informing that the shipment of
the ordered goods is on its way. A copy of the invoice and the packing slip (and
sometimes a copy of bill of lading) may also be attached. Also called advice note.
Binding agreement (evidenced usually by an air waybill, bill of lading, or passenger
ticket) which contains conditions of carriage that spell out the obligations and rights
of a carrier and a shipper/passenger. The carrier undertakes to deliver
goods/passengers from a named place of departure to a named destination, in
consideration for freight/fare. This contract addresses issues associated specificallywith what is being carried, and how the liability and compensation for damage or
injury to (or loss of) the goods/passengers is assessed, apportioned, and paid.it
contains also the carrier's policy regarding baggage, bumping, cancellation and
delays, claims.
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Customs Clearance
Customs Duty
Customs Station
Customs Warehouse
Certificate of Origin
Customs Declaration Form
Black List Certificate
EDI -system
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Shipment cleared by Customs for movement.
Monies paid to U.S. Customs for goods entered into U.S. from foreign
countries.
Area where containers are brought for Customs inspection.
Where cargo is temporarily stored awaiting inspection or where cargo
is stored when seized by Customs due to lack of permit/entry.
Formal document (required at destinations) stating origin of cargo and
relevant cargo details. It is govt regulatories docs.
Electronic Data Interchange (EDI) -used in customs house to create a
few or even a single message/document for the entire process of
transactions in the course of foreign trade.
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Forwarder, Freight
Forwarder, Foreign
Freight Forwarder
Consignee/Importer
Consignor
Claim -
Company Guarantee -
Shipping Advice
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An independent business that arranges the transport of
shipments for exporters. The firm may ship by land, air, or sea,
or it may specialize in one of these. Usually it handles all the
services connected with an export shipment, including
preparation of documents, booking of space, warehousing, pier
delivery, and export clearance. The firm may also handle
banking and insurance services on behalf of the exporter.
Ultimate receiver of cargo designated on the original bill of
lading.
Person or firm by whom articles are shipped (i.e. shipper).
A request for payment by a customer due to a shortage or
damage to cargo.
A letter of guarantee from a company identifying the carrier of
responsibility associated in the release of goods in lieu of bill oflading. Protection in writing to carrier by private company.
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A document on shipper’s letterhead that contains an accurate description of the merchandise
and show country or origin. All items must be itemized.
Document required by some foreign countries showing exact information as to consignor,
consignee, value description, etc. for a shipment.
Cost and Freight. Terms of sale. Seller quotes price including the cost of goods and all
transportation charges to the named point of destination.
Document required by some foreign countries showing exact information as to consignor,
consignee, value description, etc. for a shipment.
Copy of the B/L signed for consulate purpose.
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open account
deferred payment
D/P – Documents against Payment
D/A – Documents against Acceptance
Clean Collection
Cash Against Documents
Incoterms
acceptance letter of credit (L/C)
Unconfirmed Letter of Credit
sight letter of credit
Standby Letter of Credit
Revocable Letter of Credit
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Irrevocable Letter of Credit
Commercial Letter of Credit
Confirmed Letter of Credit
Acceptance of Bill of Exchange
Deed for Sale
T/T payment
credit term.
Accepted Draft
Advance Against Collection
Advised Credit
After Date
At Sight
Bill of Credit
Bill of Sale
Acceptance
Bill
Bond
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Bank Note
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Credit relationship in which the buyer pays upon the receipt of goods, or on deferred
payment basis.
where a person buys and receives item with a commitment to begin making payments
at a future date.
The export documents and the bill of exchange provided to a collecting bank are only
made available to an importer when payment is made. The collecting bank then
transfers the funds to the seller through the remitting bank.
The export documents and a time/usance bill of exchange are sent to a remitting
bank. The documents are then sent to a collecting bank with instructions to release
the documents against a buyer’s acceptance of the bill of exchange.
The exporter creates a bill of exchange, which is sent without any export documentsto a buyer for collection through the remitting bank to the collecting bank. There is
less security for an exporter since the documents are sent directly to the importer.
This process lacks the security and legal protection of a documentary collection since
the exports documents are sent through a remitting bank to a collection bank without
a bill of exchange. It is, however, still a collection through the banking system.
the International Chamber of Commerce has developed a set of terms
known as Incoterms. This basic terms used in international sales contracts,
and describe the responsibility of seller and buyer (transfer of risk frombuyer to seller).
Unlike a normal L/C, this type of documentary credit does not promise to pay the
beneficiary immediately upon presentation of the customary documents, but has the
additional requirement of a time or term draft drawn on a named bank.
A letter of credit where only the bank issuing it has agreed to
guarantee payment. This differs from a confirmed letter of credit, where at least
two banks guarantee payment. This increases the risk for the bank that honors
the letter of credit, as it only has one, rather than two, ways to seek recourse.
A letter of credit that is payable as soon as the required documents have been
presented.
In the event that the bank's customer defaults on a payment to the beneficiary, and
the beneficiary documents proof of its loss consistent with any terms set forth in the
letter, a standby letter of credit may be used by the beneficiary to secure payment
from the issuing bank.
An revocable letter of credit may be cancelled or modified after its date of issue, by
the issuing bank.
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An irrevocable letter of credit includes a guarantee by the issuing bank that if all of the
terms and conditions set forth in the letter are satisfied by the beneficiary, the letter of
credit will be honored.
A commercial letter of credit assures the seller that the bank will provide payment for
any goods or merchandise shipped to the bank's customer, assuming the seller
provides any required documentation of the transaction and its shipment of the
purchased goods. A letter of credit, issued by a foreign bank, which has been verified and guaranteed by
a domestic bank in the event of default by the foreign bank or buyer. Typically, this
form of letter of credit will be sought when a domestic exporter seeks assurance of
payment from a foreign importer.
Acceptance of bill of exchange is an act by which drawee accepts the drawer's bill of
exchange by signing under the words 'accepted' on face of the bill. It is the drawee's
signed engagement to honor the bill as presented.
Telegraphic transfer (TT), as one of the payment method of cash in advance. It is one
of the payment method between sellers & buyers
The time you give the buyer to pay is called the credit term.
1. A draft calling for payment at a future date which the drawee has agreed to pay bysigning "Accepted" on the draft.
2. An unconditional assent to an offer; or an assent to an offer conditioned on only
minor changes that do not affect any material terms of the offer;
3. An agreement to purchase goods on specified terms.
4. Receipt of a shipment by a consignee thus terminating the liability of the carrier for
delivery.
A draft or a bill of exchange accepted by the drawee (acceptor) by putting his
signature and "accepted' on its face. In doing so, he commits himself to pay the bill
upon presentation at maturity.
A short term loan or credit extended to a seller (usually the exporter) by the seller's
bank once a draft has been accepted by the buyer (generally the importer).
A letter of credit whose terms and conditions have been notified to the beneficiary by
an advising bank on behalf of the issuing bank. The advising bank does not thereby
commit itself to pay or guarantee the payment of the letter of credit.
A notation used on financial instruments (such as drafts or bills of exchange) to fix the
maturity date as a fixed number of days past the date of drawing of the draft.
A notation on a draft which indicates that payment is due upon its presentation.
1. A "Bill of Exchange" or "Draft" (same thing).
2. A written statement of contract terms.
3 .The word "Bill" has many other international trade connotations - "Invoice" etc.
A written authority from one person to another, empowering the recipient of the
document to receive money from the correspondents of the issuer abroad . (The
usual issuer is a bank)
A written document by which a party legally transfers ownership of goods to another
party.
1. A written undertaking to perform or refrain from performing specified acts, usually
guaranteed by a third party.
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2. A security evidencing debt, specifying the date payment is due and usually
specifying a rate of interest and its dates of periodic payment.
A promissory note having the appearance of currency, issued by a bank or banker
authorized to do so, payable to bearer on demand, and intended to circulate as
money.
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Bank Guarantee
Bank Realization certificate
advice of fate
advice of credit
advising bank/seller's bank/paying
bank/negotiating bank/confirming
bank
Issueing Bank
Correspontant Bank
Accepting Bank
advice for advising bank
advice for beneficiary
Advance Against Collection
Bank Release
Bankers Acceptance
Advice
Agent Bank
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An indemnity letter in which the bank commits itself to pay a certain sum if a third party fails to perform or
if any other form of default occurs. One use is when a bank wants a carrier to release a shipment which it
has financed but the original bills of lading are not yet available for surrender to the carrier.
A Bank Realization certificate is a certificate that is issued by the bank to the exporter through which
export proceeds can be realized in an orderly manner. Bank Certificate of Export & Realization is most
commonly sought by companies who have exported goods under the Duty Entitlement Pass Book
Scheme.
1. A report from one party to another informing them of an occurrence with regard to some business
transaction: a shipment, a collection, a manufacture etc.
2. A notification by an advising bank on behalf of the issuing bank to a beneficiary informing them of the
terms of a letter of credit,
Written confirmation from an accepting or collecting bank to the originating or remitting bank (which sent
one or more collection documents) whether the item was honored or dishonored by the payee.
Communication from a bank informing a party that the same bank or its correspondent bank (the issuing
bank) has opened a letter of credit in that party's favor.
Correspondent bank (usually in the exporter's country) of an issuing bank (usually in the importer's
country) that receives a letter of credit (L/C) from the issuing bank for authenticating it and informing
('advising') the exporter (the beneficiary of L/C) that a L/C has been opened by the importer in the
exporter's favor. The advising bank usually also takes on other roles in the transaction, such as (1)
confirming the letter of credit (playing the role of the 'confirming bank'), (2) accepting a bill of exchange
by endorsing it (becoming the 'accepting bank') and/or, (3) paying the exporter on presentation of
documents (becoming the 'paying bank' or 'negotiating bank'). Also called adviser bank or
nominated bank.
(seller or exporter),
Bank works on behalf of exproter in the exporter's country.
A bank which by signing 'accepted' on a time draft accepts responsibility to pay when the draft becomes
due.
Communication from an issuing bank to the advising bank.
A short term loan or credit extended to a seller (usually the exporter) by the seller's bank once a draft hasbeen accepted by the buyer (generally the importer).
1. A bank acting on behalf of another bank.
2. A bank acting for lenders and bondholders, similar to an indenture trustee.
A document issued by a bank who is the consignee of a shipment authorizing a carrier to deliver a
shipment.
A draft calling for payment at a future date on which the drawee is a bank, and the bank has agreed to
pay by signing "accepted" on the draft.
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Certificate of Inspection
certificate of insurance (COI)
GR forms
Certificate of origin
Export license
embargo
'Force Majeure'
DEPB -license
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In marine insurance (where cargo is insured against a floating insurancepolicy) COI serves to assure the consignee that insurance is in effect for
the goods in transit and a proper policy will follow. Also called insurance
certificate.
impose an official ban on (trade or a country or commodity)trade or other
commercial activity with a particular country.
Superior or overpowering force. A French term as "greater force", this
clause is included in contracts to remove liability for natural and
unavoidable catastrophes that interrupt the expected course of events
and restrict participants from fulfilling obligations.
Duty Entitlement Pass Book Scheme (DEPB Scheme). Under this
scheme, exporters will be granted duty credit on the basis of notified
entitlement rates. The exporter gets credit when he exports the goods.
The credit is on basis of rates prescribed. This credit can be utilised for
payment of customs duty on imported goods.