Exim Terms                                  

The bank that sends the draft to the overseas bank for collection.

See Foreign sales agent.

A letter of credit that can be canceled or altered by the drawee (buyer) after it has been issued by the drawee's bank. Compare Irrevocable letter of credit.

Exim Terms                                  

A form required for all shipments by the U.S. Treasury Department and prepared by a shipper, indicating the value, weight, destination, and other basic information about an export shipment. 

An instrument in writing, signed by the captain of a ship, that lists the individual shipments constituting the ship's cargo.

A draft that is payable upon presentation to the drawee. Compare Date draft and Time draft.

The purchase or sale of foreign exchange for immediate delivery.

A standard numerical code system used to classify products and services.

A standard numerical code system developed by the United Nations to classify commodities used in international trade.

A group of steamship operators that operate under mutually agreed-upon freight rates.

A nonnegotiable bill of lading in which the goods are consigned directly to a named consignee.

Exim Terms                                 

The weight of a container and packing materials without the weight of the goods it contains. Compare Gross weight.

Designation of a payment as being due at sight, a given number of days after sight, or a given number of days after date.

A single bill of lading converting both the domestic and international carriage of an export shipment. An air waybill, for instance, is essentially a through bill of lading used for air shipments. Ocean shipments, on the other hand, usually require two separate documents - an inland bill of lading for domestic carriage and an ocean bill of lading for international carriage. Through bills of lading are insufficient for ocean shipments. Compare Air waybill, Inland bill of lading, and Ocean bill of lading.

A draft that matures either a certain number of days after acceptance or a certain number of days after the date of the draft. Compare Date draft and Sight draft (see chapter 13).

A ship not operating on regular routes or schedules.

A document that delineates the terms and conditions agreed upon between the importer and exporter.

Release of merchandise by a bank to a buyer in which the bank retains title to the merchandise. The buyer, who obtains the goods for manufacturing or sales purposes, is obligated to maintain the goods (or the proceeds from their sale) distinct from the remainder of his or her assets and to hold them ready for repossession by the bank.

Exim Terms                                  

A receipt issued by a warehouse listing goods received for storage.

A charge assessed by a pier or dock owner for handling incoming or outgoing cargo.

A term indicating that a shipper's agent or representative is empowered to make definitive decisions and adjustments abroad without approval of the group or individual represented. Compare Advisory capacity