Terms used in international trade business such as Alternative dispute resolution,AMCHAMS,Amendment,Anti-Dumping,Antidumping duty,Applied Tariffs etc.
This post explains about terms used in international trade business such as All-risk clause,Alternative dispute resolution,AMCHAMS,Amendment,Anti-Dumping,Antidumping duty,Applied Tariffs,Arbitage,Arbitrary,Arrival notice 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 international trade business
All-risk clause - Insurance condition stating that all loss or damage to goods is insured. It is the broadest kind of standard coverage, but it excludes damage caused by war, strikes, riots or inherent vice.
ALL-RISK CLAUSE: An insurance clause providing that all loss or damage to goods is insured except that caused by shipper.
Alongside - Side of a ship. Goods to be delivered “alongside” are to be placed on the dock or barge within reach of the transport ship’s tackle so that they can be loaded aboard the ship.
Alternative dispute resolution (ADR) - General term for a variety of dispute-resolution mechanisms which may be used as alternatives to traditional litigation before governmental courts or tribunals. May be said to include such techniques as conciliation, mediation, arbitration, re-negotiation, and mini-trial.
AMCHAMS: American Chambers of Commerce in foreign countries. As affiliates of the U.S. Chamber of Commerce, 84 AmChams, located in 59 countries, collect and disseminate extensive information on foreign markets. While membership fees are usually required, the small investment can be worth it for the information received.
Amendment - Proposed change to a letter of credit.
Amendment: Variation in the terms or conditions of any document. In the case of Letters of credit, an amendment to a letter of credit is issued by the Issuing bank under the direction of the applicant, and is advised to the Advising bank, following the same route as the original LC.
American Arbitration Association (A.A.A.) - Perhaps the world’s largest arbitration forum and institution; the great bulk of cases handled under its rules and procedures are domestic US cases, although the A.A.A. does have specific rules for international cases.
American option:An option that can be exercised at any time up to and including the expiry time on the expiration date. Also see European option.
AN - Arrival notice.
An ocean shipment requires two documents: an Inland Bill of Lading to cover the domestic movement of the cargo, and an Ocean Bill of Lading to cover the international carriage; an Air Way Bill is essentially a through Bill of Lading for an air cargo shipment, domestic and/or international.
AN:Advice Note
ANCOM:Andean Common Market
ANF:Arrival Notification Form
Antidiversion clause - See Destination control statement.
Anti-Dumping (AD): Additional duties imposed by an importing country in instances where imports are priced at less than the "normal" price charged in the exporter's domestic market and are causing material injury to domestic industry in the importing country.
Antidumping duty - Duty assessed on imported merchandise that is subject to an antidumping duty order; assessed on an entry-by-entry basis in an amount equal to the difference between the United States price of that entry and the foreign market value of such or similar merchandise at the time the merchandise was sold to the United States .
Antidumping duty order - Notice issued announcing the determination of dumping and providing for the imposition of antidumping duty to be collected by CBP.
ANTI-DUMPING DUTY: A tariff imposed to discourage the under-priced below foreign countrys domestic market) sale of foreign goods in the U.S. market, which might hurt U.S. manufacturers.
Anti-dumping: if a company exports a product at a price lower than the price it normally charges in its home market, it's said to be dumping the product. Member countries of the World Trade Organisation may be able to impose certain measures on other members that dump products on their markets.
AP:Additional Premium
APEC: Asia Pacific Economic Cooperation forum. APEC comprises 21 countries around the Pacific Rim that seek further Asia Pacific economic co-operation. Members are Australia; Brunei; Canada; Chile; China; Hong Kong, China; Indonesia; Japan; Republic of Korea; Malaysia; Mexico; New Zealand; Papua New Guinea; Peru; the Philippines; Russia; Singapore; Chinese Taipei (Taiwan); Thailand; United States; Vietnam.
APEC: Asia Pacific Economic Cooperation, an organization of countries in Asia and elsewhere dedicated to increasing international trade.
Applicant - In the documentary credit process, normally the buyer or importer, who applies (thus, the applicant) for a letter of credit in favor of the beneficiary, the seller.
Applied Tariffs: An applied tariff is the rate of duty actually in effect at the border.
Approval - Written authorization, including a competent authority approval, from the Associate Administrator or other designated DOT official.
APR:Annual Percentage Rate
APT:Advanced Passenger Train/After Peak Tank
AQ - Any quantity.
AQL:Acceptable Quality Level
ARA:Antwerp, Rotterdam and Amsterdam range of ports
Arbitage: The process of buying foreign exchange, stocks, bonds, and other commoditiies in one market and immediately selling them in another market at hopefully higher prices.
ARBITRAGE:The practice of buying foreign currency, stocks and bonds and other commodities in one country or a number of countries and selling them in another market at a higher price to gain an advantage from the differences in exchange rates.
Arbitrary - Fixed rate according to port to port.
Arbitrary - Stated amount over a fixed rate to one point to make a rate to another point.
Arbitration - Process of dispute resolution in which a neutral third party (arbitrator) renders a decision after a hearing at which both parties have an opportunity to be heard. Arbitration may be voluntary or contractually required.
ARBITRATION CLAUSE:A clause in a sales contract detailing how any contract disputes will be settled.
ARPS:Automatic Radar Plotting System
Arr:Arrival
Arrival notice (AN) - Notice sent by the carrier informing the consignee, notify party, and also notify party of the arrival date of the cargo. Other pertinent information for shipment may be included, such as bill of lading number, weight, charges due and location of cargo.
ASA:American Standards Association
ASB:Alternative Side-Band
ASBA:Association of Shipbrokers and Agents
The above details describes about terms called in international trade business such as All-risk clause,Alternative dispute resolution,AMCHAMS,Amendment,Anti-Dumping,Antidumping duty,Applied Tariffs,Arbitage,Arbitrary,Arrival notice etc. These phrases may help importers and exporters on their day to day export import business activities. The readers can also add more information about terms used in international business trade below this post. continue reading:Terms used in international trade business such as Adviory Capacity,Advisory capacity,after date,after sight, Agent/agency agreement
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