D
DAF (Delivered At Frontier
...named place)
...named place)
The seller fulfils his obligation to deliver when the goods have been
made available, cleared for export, at the named point and place at
the frontier, but before the customs border of the adjoining country.
made available, cleared for export, at the named point and place at
the frontier, but before the customs border of the adjoining country.
Damages
1. A loss or harm to a person or their property.
2. The pecuniary compensation or indemnity which may be
recovered by any person who has suffered loss, detriment or injury
to his person, property or rights through the unlawful act, omission,
or negligence of another.
2. The pecuniary compensation or indemnity which may be
recovered by any person who has suffered loss, detriment or injury
to his person, property or rights through the unlawful act, omission,
or negligence of another.
Dangerous Goods
Goods which are capable of posing a health or safety risk.
Date Draft
A draft which matures a specified number of days after the date it is
issued.
issued.
Date of Issue
The arbitrary date on a contract or on a financial instrument fixed as
the date from which the term runs. (Neither the actual date on the
instrument, nor the date the instrument was actually signed, nor the
date the instrument was executed, nor the date the instrument was
delivered, are considered to be the Date of issue or the issuance
date.)
the date from which the term runs. (Neither the actual date on the
instrument, nor the date the instrument was actually signed, nor the
date the instrument was executed, nor the date the instrument was
delivered, are considered to be the Date of issue or the issuance
date.)
DDP (Delivered Duty
Paid...named place of
destination)
Paid...named place of
destination)
The seller fulfils his obligation to deliver when the goods have been
made available at the named place in the country of importation.
The seller has to bear the risks and costs, including duties, taxes
and other charges of delivering the goods thereto, cleared for
importation.
made available at the named place in the country of importation.
The seller has to bear the risks and costs, including duties, taxes
and other charges of delivering the goods thereto, cleared for
importation.
DDU (Delivered Duty
Unpaid... named place of
destination)
Unpaid... named place of
destination)
The seller fulfils his obligation to deliver when the goods have been
made available at the named place in the country of importation.
The seller has to bear the costs and risks involved in bringing the
goods thereto (excluding duties, taxes and other official charges
payable upon importation as well as the costs and risks of carrying
out customs formalities). The buyer has to pay any additional costs
and bear any risks caused by his failure to clear the goods for
import in time.
made available at the named place in the country of importation.
The seller has to bear the costs and risks involved in bringing the
goods thereto (excluding duties, taxes and other official charges
payable upon importation as well as the costs and risks of carrying
out customs formalities). The buyer has to pay any additional costs
and bear any risks caused by his failure to clear the goods for
import in time.
Deadweight
1. In maritime terms, the deadweight of a vessel is the maximum
weight of the cargo, crew, stores and bunkers that it can carry when
loaded so that it settles in the water to the Plimsoll line. This is also
measurable by the weight of the water the vessel displaces when
fully loaded less the displacement when it was unloaded.
2. Deadweight cargo is cargo of such high density that a long ton
(2240 lbs.) of such cargo can be stowed in less than 70 cubic feet.
weight of the cargo, crew, stores and bunkers that it can carry when
loaded so that it settles in the water to the Plimsoll line. This is also
measurable by the weight of the water the vessel displaces when
fully loaded less the displacement when it was unloaded.
2. Deadweight cargo is cargo of such high density that a long ton
(2240 lbs.) of such cargo can be stowed in less than 70 cubic feet.
Dealer
An individual or firm who purchases goods for resale.
Debtor Nation
A nation that is owed less foreign currency obligations than it owes
other nations.
other nations.
Deck Cargo
Cargo that is shipped on the deck of a vessel rather than in holds
below.
below.
Declared Value For
Carriage
Carriage
The value of goods declared to the carrier by the shipper for the
purposes of determining charges and establishing the liability of
the carrier.
purposes of determining charges and establishing the liability of
the carrier.
Declared Value for
Customs
Customs
The value of a shipment according to the customs laws of the
destination country required to be declared by the shipper on the
shipping documents or by the importer when he presents the
goods for customs clearance.
destination country required to be declared by the shipper on the
shipping documents or by the importer when he presents the
goods for customs clearance.
Deferred Air Freight
Arrangements can be made according to the tariffs of some air
carriers to have less urgent freight delivered at a lower cost on later
flights which are more convenient for the airline.
carriers to have less urgent freight delivered at a lower cost on later
flights which are more convenient for the airline.
Deferred Payment Letter of
Credit
Credit
A letter of credit that allows the buyer to take possession of goods
by agreeing to pay the issuing bank or the confirming bank at a fixed
future date.
by agreeing to pay the issuing bank or the confirming bank at a fixed
future date.
DelCredere
Risk
Risk
A situation where a sales agent sells on credit and for an additional
commission guarantees to his principal the credit of the purchaser
and the performance of the contract.
commission guarantees to his principal the credit of the purchaser
and the performance of the contract.
Delivery
1. In the case of transportation, the act of transferring physical
possession.
2. The act of actually or of constructively placing goods or property
within the possession or control of another.
possession.
2. The act of actually or of constructively placing goods or property
within the possession or control of another.
Delivery Carrier
The transport carrier whose responsibility it is to place a shipment
at the disposal of the consignee at the named destination.
at the disposal of the consignee at the named destination.
Delivery Instructions
Specific delivery instructions for the freight forwarder or carrier
stating exactly to whom, where and when goods are to be delivered.
stating exactly to whom, where and when goods are to be delivered.
Delivery Order
A document from the consignee, shipper, or owner of freight
ordering the release of freight to another party.
ordering the release of freight to another party.
Demise
1. A lease of property.
2. Death. (Isn't English an interesting language?)
2. Death. (Isn't English an interesting language?)
Demise charter
A lease of a vessel in which all control is relinquished by the owner
to the charterer, and the charterer bears all the expenses of
operation. Similar to bareboat charter.
to the charterer, and the charterer bears all the expenses of
operation. Similar to bareboat charter.
Demurrage
1. In international transportation, a charge for the failure to remove
cargo from a terminal within the allowed free time. Also, a charge
for failure to load or unload a ship within the allowed period.
2. (USA) In domestic transportation, a penalty charge against users
for use of carriers' equipment beyond the allowed free time.
cargo from a terminal within the allowed free time. Also, a charge
for failure to load or unload a ship within the allowed period.
2. (USA) In domestic transportation, a penalty charge against users
for use of carriers' equipment beyond the allowed free time.
DEQ (Delivered Ex Quay -
Duty Paid - ...named port of
destination)
Duty Paid - ...named port of
destination)
The seller fulfils his obligation to deliver when he has made the
goods available to the buyer on the quay (wharf) at the named port
of destination, cleared for importation. The seller has to bear all
risks and costs including duties, taxes and other charges of
delivering the goods thereto. (Note: If the parties wish the buyer to
clear the goods for importation and pay the duty, the words duty
unpaid should be used instead of duty paid, and other costs of
importation can also be excluded from the seller's obligations if this
is made clear by adding words to this effect.)
goods available to the buyer on the quay (wharf) at the named port
of destination, cleared for importation. The seller has to bear all
risks and costs including duties, taxes and other charges of
delivering the goods thereto. (Note: If the parties wish the buyer to
clear the goods for importation and pay the duty, the words duty
unpaid should be used instead of duty paid, and other costs of
importation can also be excluded from the seller's obligations if this
is made clear by adding words to this effect.)
DES (Delivered Ex
Ship...named port of
destination)
Ship...named port of
destination)
The seller fulfils his obligation to deliver when the goods have been
made available to the buyer on board the ship uncleared for import
at the named port of destination. The seller must bear all the costs
and risks involved in bringing the goods to the named port of
destination.
made available to the buyer on board the ship uncleared for import
at the named port of destination. The seller must bear all the costs
and risks involved in bringing the goods to the named port of
destination.
Destination
The place to which a shipment or person is going..
Detention
The act of keeping back or withholding either accidentally or by
design a person or thing.
design a person or thing.
Devanning
The unloading of cargo from a shipping container.
Developed Countries
A term used to describe the industrialized nations.
Developing Countries
A term used to describe countries that lack strong amounts of
industrialization, infrastructure, and sophisticated technology, but
are beginning to build these capabilities.
industrialization, infrastructure, and sophisticated technology, but
are beginning to build these capabilities.
Differential
An amount added to or deducted from a base shipping freight rate
between two given locations to determine a new rate to or from
some other point or via another route.
between two given locations to determine a new rate to or from
some other point or via another route.
Direct Mail Collection
(DMC)
(DMC)
A seller may forward his documents and instructions for collecting
payment directly to a collecting bank in a foreign country, without
going through the intermediary of the seller's own domestic bank.
payment directly to a collecting bank in a foreign country, without
going through the intermediary of the seller's own domestic bank.
Discharge
1. To release; liberate; annul; unburden; disencounter; dismiss.
To extinguish an obligation; terminate all employment of a person;
release, as from prison or military services.
2. The unloading of passengers or cargo from a vessel, vehicle, or
aircraft.
To extinguish an obligation; terminate all employment of a person;
release, as from prison or military services.
2. The unloading of passengers or cargo from a vessel, vehicle, or
aircraft.
Discharging
The unloading of cargo from a carrier, or of the contents from a
container.
container.
Discounted Bill
An accepted draft against which a loan is made and the interest is
deducted immediately.
deducted immediately.
Discounting
1. The sale at less than original price of a commodity or monetary
instrument, often for immediate payment.
2. A loan by a bank with a deduction of the interest in advance.
instrument, often for immediate payment.
2. A loan by a bank with a deduction of the interest in advance.
Discrimination
A failure to treat all persons or parties equally where no reasonable
distinction can be found between those favored and those not
favored. It mat be reflected in treatment, service or rates.
distinction can be found between those favored and those not
favored. It mat be reflected in treatment, service or rates.
Dishonor
1. The refusal by a drawee to accept a draft or to pay it when due.
2. The act of disrespect or insult.
2. The act of disrespect or insult.
Dispatch
1.An amount paid by a vessel's operator to a charterer if loading or
unloading is completed in less time than stipulated in the charter
agreement.
2. a message or report to a newspaper from a correspondent, or
between government services such as state or military.
3. to send to a destination.
unloading is completed in less time than stipulated in the charter
agreement.
2. a message or report to a newspaper from a correspondent, or
between government services such as state or military.
3. to send to a destination.
Distribution Service
A transportation service that accepts a shipment from a shipper and
at destination separates and sorts the packages and distributes
them to many receivers.
at destination separates and sorts the packages and distributes
them to many receivers.
Distributor
An agent who sells for a supplier at wholesale and usually
maintains an inventory of the supplier's products.
maintains an inventory of the supplier's products.
Diversion
Any change in the routing of a shipment once it has been received
by the carrier at point of origin and prior to delivery at destination.
by the carrier at point of origin and prior to delivery at destination.
Dock
1. A loading or unloading platform at an industrial location or carrier
terminal.
2. A ship's berth or wharf.
terminal.
2. A ship's berth or wharf.
Dock Examination
(USA) Examination of imported merchandise by Customs at the
terminal where it is discharged from the import carrier.
terminal where it is discharged from the import carrier.
Dock Receipt
A receipt issued by a vessel agent that certifies that goods have
been received.
been received.
Documents Against
Acceptance (D/A)
Acceptance (D/A)
As a procedure to collect payment on an exported shipment.
instructions are given that documents necessary to obtain the
merchandise from customs and the carrier are to be released to a
buyer only against the buyer's acceptance of a time draft drawn
upon him.
instructions are given that documents necessary to obtain the
merchandise from customs and the carrier are to be released to a
buyer only against the buyer's acceptance of a time draft drawn
upon him.
Documents Upon Payment
(D/P)
(D/P)
As a procedure to collect payment for an export shipment,
instructions are given that the documents necessary for the buyer to
obtain the shipment from customs and the carrier are to be
released to him only upon payment of the draft. (Same as CAD)
instructions are given that the documents necessary for the buyer to
obtain the shipment from customs and the carrier are to be
released to him only upon payment of the draft. (Same as CAD)
Dolly
A piece of equipment with wheels used to move freight with or
without a tractor.
without a tractor.
Domestic Exports
Exports of goods which were grown, produced, mined, or
manufactured in the country from which exported.
manufactured in the country from which exported.
Domicile
That place where a person or organization has their principal
residence with intent to make it their permanent home.
residence with intent to make it their permanent home.
Door-To-Door
Shipping service from shipper's door to consignee's door.
Double-Column Tariff
A customs tariff schedule with two columns of rates, one for
preferred trading partners and one for imports from others.
preferred trading partners and one for imports from others.
Downstream Dumping
The sale of products below cost or below fair value by a producer to
a another producer in its own domestic market by whom the
product is then further processed and exported to another country at
a price lower than would otherwise be charged and thus causing
injury in that country.
a another producer in its own domestic market by whom the
product is then further processed and exported to another country at
a price lower than would otherwise be charged and thus causing
injury in that country.
Drawback
(USA) A refund of duty and taxes which may be obtained upon the
exportation or destruction of certain articles under certain conditions.
exportation or destruction of certain articles under certain conditions.
Drawback System
(USA) An Automated Customs System module that provides the
means for processing and controlling all types of drawback entries.
means for processing and controlling all types of drawback entries.
Dray
A vehicle used to haul cargo or goods, usually drawn by a horse.
Drayage
The charge made for hauling freight via carts, drays or trucks.
Drop Shipment
At the request of a wholesaler, a shipment of goods from a
manufacturer directly to a dealer or consumer, avoiding delivery to
the wholesaler.
manufacturer directly to a dealer or consumer, avoiding delivery to
the wholesaler.
Drop-off
The delivery of a shipment by a shipper to a carrier for
transportation.
transportation.
Dry Cargo
Cargo which is of solid, dry material. It is not liquid or gas, and
generally the term excludes cargo requiring special temperature
controls.
generally the term excludes cargo requiring special temperature
controls.
Dry-Bulk Container
A shipping container designed to carry unpackaged free-flowing dry
solids such as grain or sand.
solids such as grain or sand.
Dry-Cargo Container
Any shipping container designed to transport goods other than
liquids or gasses.
liquids or gasses.
Dual Exchange Rate
The existence of two exchange rates for a single currency for use in
different circumstances as mandated by the government.
different circumstances as mandated by the government.
Dual Pricing
The selling of identical products in different markets for different
prices.
prices.
Dumping
The sale of goods in a foreign country at less than fair value (a price
lower than that at which it is sold within the exporting country or to
third countries), and which thereby materially injures, or threatens to
materially injure, that industry in the foreign country.
lower than that at which it is sold within the exporting country or to
third countries), and which thereby materially injures, or threatens to
materially injure, that industry in the foreign country.
Dunnage
Materials placed around cargo to prevent shifting or damage while
in transit.
in transit.
Durable Goods
Any product which is not consumed through use.
Dutiable List
The list of Items in a country's tariff schedule on which it charges
import duty.
import duty.
Duty
A tax levied by a government on the import or export of goods.
(Note: The U.S. Constitution forbids the levying of taxes by the U.S.
on exports. However, most foreign governments do not have this
restriction,)
(Note: The U.S. Constitution forbids the levying of taxes by the U.S.
on exports. However, most foreign governments do not have this
restriction,)
E
Easement
A right to use another person's property.
Edge Act Corporations
Banks that are subsidiaries either to bank holding companies or
other banks established to engage in foreign business
transactions.
other banks established to engage in foreign business
transactions.
Electronic Commerce
A system of integrated communications, data management, and
security services that allow business applications within different
organizations to automatically interchange information.
security services that allow business applications within different
organizations to automatically interchange information.
Electronic Data
Interchange (EDI)
Interchange (EDI)
Electronic transmission of data and information according to
particular protocols .
particular protocols .
Electronic Funds Transfer
System of transferring funds from one account to another by
electronic means.
electronic means.
Electronic Meat Health
Certificate
Certificate
(USA) A demonstration project that illustrates the electronic
transmission of fresh meat health certificates.
transmission of fresh meat health certificates.
Electronic Visa Information
System (ELVIS)
System (ELVIS)
(USA) An electronic data system via which participating foreign
governments transmit electronically to the U. S. Government details
of shipments of quota controlled textile goods they have made to
the U.S.
governments transmit electronically to the U. S. Government details
of shipments of quota controlled textile goods they have made to
the U.S.
Embargo
A government prohibition of exports or imports with respect to
specific products or specific foreign countries.
specific products or specific foreign countries.
En Route
In transit (referring to goods, passengers, or vessels).
Entrepot
An intermediary storage facility (often in an intermediate country)
where goods are kept temporarily for distribution.
where goods are kept temporarily for distribution.
Entrepot Trade
The import and export of goods which receive no further processing
but are distributed from the entrepot facility which is chosen for its
location and lack of restrictions on trade,
but are distributed from the entrepot facility which is chosen for its
location and lack of restrictions on trade,
Entry
1.That documentation required to be filed with the appropriate
customs officer to secure the release of imported merchandise
from customs custody.
2. The act of filing that documentation.
customs officer to secure the release of imported merchandise
from customs custody.
2. The act of filing that documentation.
Entry Documents
The documents required to complete customs entry to secure the
release of imported merchandise.
release of imported merchandise.
Entry Summary
(USA) Documentation which is necessary to enable US Customs to
collect duties, collect statistics, and determine whether other
requirements of law or regulations are met upon importation. In the
US, the importer must classify the goods, determine their customs
value, and calculate duties, taxes and fees.
collect duties, collect statistics, and determine whether other
requirements of law or regulations are met upon importation. In the
US, the importer must classify the goods, determine their customs
value, and calculate duties, taxes and fees.
Entry Summary System
(USA) An Automated Customs System module that automates the
entry processing cycle.
entry processing cycle.
Environmental Protection
Agency (EPA)
Agency (EPA)
(USA) An independent agency in the executive branch whose
mandate is to control and abate pollution in the areas of air, water,
solid waste, pesticides, radiation, and toxic substances.
mandate is to control and abate pollution in the areas of air, water,
solid waste, pesticides, radiation, and toxic substances.
Equalization
In transportation, a money allowance given the customer if the
transport company picks up the goods at origin points or delivers
them to destination points other than those named on the bill of
lading.
transport company picks up the goods at origin points or delivers
them to destination points other than those named on the bill of
lading.
Escape Clause
1. A provision in a bilateral or multilateral commercial agreement
permitting a signatory nation to change their obligations when
imports threaten serious harm to the producers of competitive
domestic goods.
2. A provision in a contract or other document permitting parties to
avoid liability for nonperformance under certain conditions.
permitting a signatory nation to change their obligations when
imports threaten serious harm to the producers of competitive
domestic goods.
2. A provision in a contract or other document permitting parties to
avoid liability for nonperformance under certain conditions.
ETA
The expected date and time of arrival of a carrier.
ETD
The expected date and time of departure of a carrier.
Eurobond
A bond issued in a Euro-currency, usually Euro-dollars
Ex Factory
This term is still widely used but it is being replaced by the Incoterm
EXW - Ex Works. It is a sale term where the title to goods passes to
the buyer when they leave the vendor's dock and consequently at
that point the liability for loss or damage and the expenses of
shipment also pass from vendor to buyer.
EXW - Ex Works. It is a sale term where the title to goods passes to
the buyer when they leave the vendor's dock and consequently at
that point the liability for loss or damage and the expenses of
shipment also pass from vendor to buyer.
Exchange Rate
The price of one currency expressed in terms of another.
Excise Tax
Taxes on the manufacture, sale, or consumption of goods, or upon
licenses to pursue certain occupations, or upon corporate
privileges. In current usage it covers various license fees imposed
by government and practically every internal revenue tax from any
source except the income tax.
licenses to pursue certain occupations, or upon corporate
privileges. In current usage it covers various license fees imposed
by government and practically every internal revenue tax from any
source except the income tax.
Exculpatory Clause
1. A contractual clause that releases one party from liability in case
of wrong doing by the other party involved.
2. A contractual clause which excuses a trustee from liability where
he executes a power in good faith.
of wrong doing by the other party involved.
2. A contractual clause which excuses a trustee from liability where
he executes a power in good faith.
Expiry Date
The End, specifically: the cessation; termination by lapse of time as
the expiration of a lease, insurance policy, or statute. Coming to a
close or termination. The expiry date is the date on which these
events occur. It is the last date that options or warrants can be
executed.
the expiration of a lease, insurance policy, or statute. Coming to a
close or termination. The expiry date is the date on which these
events occur. It is the last date that options or warrants can be
executed.
Export
To send or transport goods abroad out of a customs territory; to
sever them from the mass of things belonging to one country with
the intention of uniting them to the mass of things belonging to a
foreign country.
sever them from the mass of things belonging to one country with
the intention of uniting them to the mass of things belonging to a
foreign country.
Export Broker
A firm that specializes in bringing foreign buyers and domestic
sellers together for a fee but usually does not participate in the
actual business transaction.
sellers together for a fee but usually does not participate in the
actual business transaction.
Export Control
The establishment of procedures for the governmental control of
exports for statistical or strategic purposes.
exports for statistical or strategic purposes.
Export Declaration
(USA) The Shipper's Export Declaration is a required customs
document for exportation of goods from the United States which
provides statistics and facilitates control where applicable.
document for exportation of goods from the United States which
provides statistics and facilitates control where applicable.
Export Draft
A documentary order in the form of a draft drawn on the importing
party to pay the seller for the exported goods.
party to pay the seller for the exported goods.
Export Duty
A tax imposed by some nations on their exports.
Export License
A license issued to exporters by governments to permit them to
export certain goods to certain countries. Such goods may be of
strategic importance, or simply in short supply, or are controlled to
comply with foreign agreements.
export certain goods to certain countries. Such goods may be of
strategic importance, or simply in short supply, or are controlled to
comply with foreign agreements.
Export Management
Company
Company
A private firm that serves as the export department for several
manufacturers and handles the exporting aspect of the business
for a commission or fee.
manufacturers and handles the exporting aspect of the business
for a commission or fee.
Export Merchant
A company that buys domestic and foreign products and sells to
foreign purchasers. Usually an export merchant is able to compete
because of specialized knowledge of the products in which they
deal, detailed knowledge of foreign markets, and expertise in
international trading techniques.
foreign purchasers. Usually an export merchant is able to compete
because of specialized knowledge of the products in which they
deal, detailed knowledge of foreign markets, and expertise in
international trading techniques.
Export Processing Zone
Industrial parks designated by a government to provide tax and
other incentives to export firms.
other incentives to export firms.
Export Quotas
Specified maximums which a nation places on the value or volume
of certain of its exports.
of certain of its exports.
Export Restraints
Restrictions which a nation places upon its exports, often to avoid
more burdensome restrictions being applied by the importing
nations.
more burdensome restrictions being applied by the importing
nations.
Export Statistics
The statistics that cover the exports from one country to other
countries.
countries.
Export Subsidies
Government payments to induce exportation by domestic producers.
Export Trading Company
A corporation organized for the principal purpose of exporting goods
and services.
and services.
Exporter
An individual or company that ships goods from one country to
another in the course of trade.
another in the course of trade.
Exporter Identification
Number
Number
(USA) An identification number assigned to exporters of goods from
the United States which is required to be shown on the Shipper's
Export Declaration for all shipments from the USA..
the United States which is required to be shown on the Shipper's
Export Declaration for all shipments from the USA..
External Value
The purchasing power of a currency abroad, converted using the
exchange rate.
exchange rate.
Extradition
The surrender by one state or country to another of an individual
accused or convicted of an offense within the jurisdiction of the
other.
accused or convicted of an offense within the jurisdiction of the
other.
EXW (Ex Works ...named
place)
place)
The seller fulfils his obligation to deliver when he has made the
goods available at his premises (i.e. works, factory, warehouse,
etc.) to the buyer. In particular, he is not responsible for loading the
goods on the vehicle provided by the buyer or for clearing the goods
for export, unless otherwise agreed. The buyer bears all costs and
risks involved in taking the goods from the seller's premises to the
desired destination.
goods available at his premises (i.e. works, factory, warehouse,
etc.) to the buyer. In particular, he is not responsible for loading the
goods on the vehicle provided by the buyer or for clearing the goods
for export, unless otherwise agreed. The buyer bears all costs and
risks involved in taking the goods from the seller's premises to the
desired destination.
| International Trade Terms |
|
| |||||||||||||||||||||||||||||||||||||||||
|
