Glossary
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Glossary

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To help you in the ordering process, we have listed a few commonly used terms in international trade. You may see these terms on our documents and since many countries do things differently, a glossary is sometimes helpful.

Act Of God An act of nature beyond man's control such as lightning, flood, earthquake or hurricane. Many shipping and other performance contracts include a "force majeure" clause which excuses a party who breaches the contract due to acts of God.

Advising Bank The bank which receives a letter of credit or amendment to a letter of credit from the issuing bank and forwards it to the beneficiary.

Amendment An addition, deletion, or change in a document.

Back Order That portion of an order that cannot be delivered at the scheduled time, but will be delivered at a later date when available.

Bank Guarantee Unilateral contract 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.

Bank Release A document issued by a bank, after it has been paid or given an acceptance, giving authority to a person to take delivery of goods.

Bill of Lading A document issued by a carrier to a shipper that provides written evidence regarding receipt of the goods, the conditions on which transportation is made, and the engagement to deliver goods at the prescribed destination to the lawful holder of the bill of lading.

Bill of Sale A written document by which a party legally transfers ownership of goods to another party.

Bonded Goods stored by customs until the import duties are paid or the goods are exported.

Certificate of Inspection A document verifying the good condition of freight at the time of inspection, usually right before shipping.

Clean Bill of Lading A bill of lading received by the carrier for goods delivered in apparent good order and condition."

Commercial Invoice A document which identifies the seller and buyer of a shipment; also includes invoice number, date, shipping date, mode of transport, delivery and payment terms, and description of goods.

Declared Value For Carriage The value of goods declared to the carrier by the shipper for the purposes of determining charges.

Demurrage The detention of a freight car or ship beyond time permitted for loading or unloading.

Drayage The charge made for hauling freight or carts, drays or trucks.

Dropoff Charge A charge made by a transportation company for delivery of a container.

FCL Full Container Load. or Full Cargo Load.

FOB (Free on Board) is a freight term where the buyer pays the freight cost of getting the goods to the place of business. The seller also usually states at what point the buyer picks up the transportation cost.

Irrevocable Letter of Credit A letter of credit which cannot be amended or canceled without prior mutual consent of all parties to the credit.

LCL (Less than Container Load). or Less than Cargo Load.

Less Than Truckload (LTL) A shipment weighing less than the weight required for the application of the truck load rate.

Letter Of Credit A document issued by a bank stating its commitment to pay someone a stated amount of money on behalf of a buyer so long as the seller meets very specific terms and conditions. Letters of credit are more formally called documentary letters of credit.

Liquidation The final review of an U.S. Customs entry, and determination of the rate of duty and amount of duty by Customs officials.

Marking: Country of Origin The physical markings on a product that indicate the country of origin where the article was produced.

Packing List  A document prepared by the shipper listing the kinds and qualities of merchandise in a particular shipment.

Perseroan Terbatas Limited liability company organized under the laws of Indonesia .  

P.T. See Perseroan Terbatas.

Settlement Date The date on which payment for a transaction must be made.

Trans-Ship To transfer goods from one transportation line to another, or from one ship to another of different ownership.

Value Added Tax An indirect tax on consumption that is assessed on the increased value of goods at each discrete point in the chain of production and distribution, from the raw material stage to final consumption. The tax on processors or merchants is levied on the amount by which they increase the value of items they purchase and resell.

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