Terms used in international trade business such as U.S. Standard Master,UNCITRAL,UNCTAD,Uniform Commercial Code etc.
This post explains about terms used in international trade business such as Trustee, turkney project,U.S. Standard Master,UNCITRAL,UNCTAD,Uniform Commercial Code,UNIFORM RULES,Uniform Customs & Practices 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
True Lease: A type of transaction that qualifies as a lease under the Internal Revenue Code. It allows the lessor to claim ownership and the lessee to claim rental payments as tax deductions.
Trust receipt - 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.
Trustee: A bank or trust company that holds title to or a security interest in leased property for the benefit of the lessee, lessor, and/or creditors of the lessor. A leveraged lease often has two trustees: an owner trustee and an indenture trustee.
TSPP:Tanker Safety and Pollution Prevention
TSR:Transit Shed Register
TT;Telegraphic Transfer
TTC:Tariff Trade Code
TUCC:Transport Users Consultative Committee
turkney project:A project in which a firm agrees to set up an operating plant for a foreign client and hand over the “key” when the plant is fully operational.
TURN:Trader Unique Reference Number
TVA:Tax on Value Added
U.S. Standard Master:A single business form with combined stencil which includes space for information required on many different export forms. Use of this form eliminates multiple typing.
U/A:Underwriting Account
U/C:Undercharge
U/D:Under Deck
U/w:Underwriter
UA:Unit of Account
UCC - See Uniform Commercial Code.
UCE:Unforeseen Circumstances Excepted
UCP 500 - Uniform Customs and Practice for Documentary Credits, ICC Publication No. 500 the set of rules which govern international documentary credit practice. UCP 500 is generally considered contractually incorporated into the documentary credit transaction by virtue of a mention in the credit application form ; the UCP 500 may also have additional force as a trade custom, and in some countries UCP is even recognized as having legal effect generally. In other countries, the UCP 500 is complementary to national law and jurisprudence on documentary credits.
UCP:Uniform Customs & Practice
UCP600:The new version of the Uniform Customs and Practice for Documentary Credits published by the International Chamber of Commerce. It came into effect on 1 July 2007
UIC:International Union of Railways
UKL:Pound Sterling (alternative to GBP)
ULD:Unit Load Device
Ultimate Consignee - Person located abroad who is the true party in interest, receiving the export for the designated end-use.
UN:United Nations
UNCITRAL - United Nations Commission on International Trade Law. UN Agency based in Vienna , specializing in the development of model legal instruments and conventions in the area of international trade law. Most notable success is perhaps the so-called 1980 Vienna Convention, the Convention on the International Sale of Goods (CISG). Also, UNCITRAL Rules for Arbitration, which provides a procedural framework for international commercial arbitration but which, unlike, the ICC Rules, do not provide direct administrative supervision of the arbitral process.
UNCLOS:United Nations Conference on the Law of the Sea
Unconfirmed letter of credit: Letter of credit bearing the payment undertaking of a single bank, the Issuing bank.
UNCTAD - United Nations Commission for Trade and Development UN Agency based in Geneva , which has developed numerous international instruments as regards trade with developing or transition economies. Notably, UNCTAD house the ITC ( International Trade Center ), a developer of useful guides and manuals for small to medium-sized exporters.
undeclared :undeclared goods are goods that you bring illegally into a country without telling the customs authorities
UNDG:United Nations Dangerous Goods number
UNECE - United Nations Economic Commission for Europe .
Unfair calling insurance - Insurance coverage to protect principals who have issued demand guarantees or bonds against an unfair or abusive call of the bond/guarantee (i.e. one which is not truly based on non-performance by the principal).
Unidroit - Institute for the Unification of Private Law. International governmental organization headquartered in Rome . Administrative organization of treaties, conventions, model instruments, and legal guides and research.
Uniform Commercial Code (UCC) - The codification of American commercial law, followed in more or less uniform fashion by the US states. Article 5 of the UCC deals with letters of credit.
Uniform Commercial Code (UCC): Rules that have been adopted by many states and countries in respect to commercial transactions.
Uniform Customs & Practices (UCP): ICC rules governing the administration of letters of credit Current revision is UCP 500. Most letters of credit state that they are to be governed by this.
UNIFORM CUSTOMS AND PRACTICE: Standardized code of practice issued by the International Chamber of Commerce in Paris covering Documentary Credits. (See International Chamber of Commerce.)
Uniform Rules for Collections (URC): ICC rules governing the administration of collections. Current revision is URC 522, which replaces URC 322.
UNIFORM RULES:Standardized rules issued by the International Chamber of Commerce in Paris covering collections, Combined Transport Documents, and Contract Guarantees. (See International Chamber of Commerce.)
United States Department of Agriculture (USDA) - Government agency which regulates functions of specific imported merchandise, e.g., plants and plant products, domestic animals, serums and by products, etc.
United States principal party in interest (USPPI) - Party in the United States who gains the primary benefit, monetary or otherwise, from the international transaction. Typically, but not necessarily, this is the party who has sold the goods to a foreign buyer and will be compenstated in some manner by that foreign buyer even though the US seller may not be directing the export of the goods.
The above details describes about terms called in international trade business such as Trustee, turkney project,U.S. Standard Master,UNCITRAL,UNCTAD,Uniform Commercial Code,UNIFORM RULES,Uniform Customs & Practices 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.Terms used in international trade business such To Transhipment,transnational corporation,Transportation and Exportation Entry
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