Air Cargo
Property of any kind that is transported by aircraft (excluding passenger baggage and mail).
Allowance
A deduction or discount from the price permitted by a seller.
Amendment
An addition, deletion, or modification of a document. In the case of International trade, an amendment usually applies to changing the terms and/or conditions of the Letter of Credit.
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
An indemnity letter 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. One use is when a bank wants a carrier to release a shipment which it has financed but the original bills of lading are not yet available for surrender to the carrier.
Beneficiary
1. In the case of a letter of credit, the individual or company who is entitled to draw or demand payment under its terms.
2. In the case of insurance, the person entitled to take the proceeds.
3. The person for whose benefit a contract, or trust, or will is executed or enforced.
Bill of Lading
A document issued by a carrier which is evidence of receipt of the goods, and is a contract of carriage. It describes the goods, the details of the intended voyage, and it specifies the conditions of transportation. If issued in negotiable form, i.e. "to order", it becomes documentary evidence of title to the goods.
Binding Ruling
Binding Ruling is a document issued by Customs and Border Protection that assigns a tariff classifiction number for imported merchandise. This binding ruling document is initiated by the trade and sent to Customs Import Specialists.
Cargo
Merchandise hauled by transportation lines.
Cargo Manifest or Receipt
A list of cargo being transported or warehoused. The document issued by the buyer’s consolidator/freight forwarder, to the seller, which proves that the goods have been delivered, and allows the seller to present documentation to the issuing bank in order to get paid.
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