English Vocabulary for International Trade

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International Bussines
karol niño
Mind Map by karol niño , updated more than 1 year ago
karol niño
Created by karol niño almost 7 years ago
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English Vocabulary for International Trade
  1. Letter of Credit
    1. In large trades, a buyer will finance the transaction using a letter of credit.
      1. This document guarantees that payment will be made when the seller meets the conditions of sale.
      2. Merchandise
        1. Buy and sale in trade
        2. Certificate of Manufacture
          1. Certifies that the goods have been made according to the buyer's specifications
          2. Certificate of inspection
            1. Shows that the goods meet therequired standards prior to shipment.
            2. Pro Forma Invoice
              1. Before a supplier sends merchandise to a buyer, the supplier provides a pro forma invoice.
              2. Bill of Lading
                1. Is a contract between an exporter and a transportation company.
                  1. The bill of lading lists the goods being carried and must remain with the merchandise at all times
                  2. INCOTERMS
                    1. COST & FREIGHT (CFR)
                      1. Quoted price includes the cost of goods and transport charges to the destination port
                      2. Free On Board Free on Board (FOB)
                        1. The seller is responsible for the goods until they are loaded.
                        2. Cost Insurance Freight (CIF)
                          1. The quoted price includes the cost of goods, insurance, and transportation to the destination port.
                        3. A Bonded Warehouse
                          1. Is a place where goods are stored after shipping but before the payment of duties on those goods.
                          2. Customs / Duty
                            1. Customs is the authority or organizationthat controlsthe flow of goods in and out of a country.
                              1. Customs authorities collect the duties – or taxes - applied to imports and exports.
                              2. Customs Broker
                                1. Helps importers and exporters move their goods through Customs.
                                2. MADE BY : KAROL STEFANY NIÑO CAMARGO

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