Glossary of Foriegn Trade Terms

8/12/2019 Glossary of Foriegn Trade Terms

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1. Commercial invoice

2. Bill of lading

3. Consular invoice

4. Certificate of origin

5. Inspection certification

6. Dock receipt and warehouse receipt

7. Destination control statement

8. Insurance certificate

9. Export license

10. Export packing list

The starting point for any Export Transaction is an enquiry.

An enquiry for product should, inter alia, specify the following details or provide the following data

Size details - Std. or oversize or undersize

Drawing, if available

Sample, if possible

Quantity required

Delivery schedule

Is the price required on FOB or C& F or CIF basis

Mode of Dispatch - Sea, air or Sea/air

Mode of Packing

Terms of Payment that would be acceptable to the Buyer - If the buyer proposes to open any Letter of Credit,

any specific requirement to be complied with by the Exporter

Is there any requirement of Pre-shipment inspection and if so, by which agency Any Certificate of Origin required - If so, from what agency.

Once the goods are ready duly packed in Export worthy cases/cartons (depending upon the mode of despatch),

the Invoice is prepared by the Exporter.

If the number of packages is more than one, a packing list is a must.

Even If the goods to be exported are excisable, no excise duty need be charged at the time of Export, as export

goods are exempt from Central Excise, but the AR4 procedure is to be followed for claiming such an

Similarly, no Sales Tax also is payable for export of goods.

EXPORT DOCUMENTATION AND PROC

Exporters should seriously consider having the freight forwarder handle the formidable amount of documentation t

freight forwarders are specialists in this process. The following documents are commonly used in exporting; whiused in each case depends on the requirements of both our government and the government of the importing cou

STEP1: Enquiry :

STEP 2: - Proforma generation :

It is advisable that the Exporter immediately acknowledges receipt of the order, giving a schedule for the

delivery committed.

STEP 5: Goods readiness & documentation :

STEP 6: Goods removal from works :

After studying the enquiry in detail, the exporter - be it Manufacturer Exporter or Merchant Exporter - will provide

a Proforma Invoice to the Buyer.

STEP 3: Order placement :

If the offer is acceptable to the Buyer in terms of price, delivery and payment terms, the Buyer will then place an

order on the Exporter, giving as much data as possible in terms of specifications, Part No. Quantity etc. (No

STEP 4: Order acceptance :



There are different procedures for removing Export consignments to the Port, following the AR4 procedure, but

it would be advisable to get the consignment sealed by the Central Excise authorities at the factory premises

itself, so that open inspection by Customs authorities at the Port can be avoided.

If export consignments are removed from the factory of manufacture, following the AR4 procedure, claiming

exemption of excise duty, there is an obligation cast on the exporter to provide proof of export to the Central

The Exporter is expected to provide the following documents to the Clearing & Forwarding Agents, who are

entrusted with the task of shipping the consignments, either by air or by sea.

Invoice

Packing List

Declaration in Form SDF (to meet the requirements as per FERA) in duplicate.

AR4 - first and the second copy

Any other declarations, as required by Customs

On account of the introduction of Electronic Data Interchange (EDI) system for processing shipping bills

electronically at most of the locations - both for air or sea consignments - the C&F Agents are required to file

with Customs the shipping documents, through a particular format, which will vary depending on the nature of

Under claim of Drawback of duty

Without claim of DrawbackExport by a 100% EOU

Under DEPB Scheme

After completing the shipment formalities, the C & F Agents are expected to forward to the Exporter the

Customs signed Export Invoice & Packing List

Duplicate of Form SDF

Exchange control copy of the Shipping Bill, processed electronically

AR4 (original duplicate) duly endorsed by Customs for having effected the Export

Bill of Lading or Airway bill, as the case may be.

With these authenticated shipping documents, the Exporter will have to negotiate the relevant export bill

through authorized dealers of Reserve Bank, viz., Banks.

Under the Generalized System of Preference, imports from developing countries enjoy certain duty

concessions, for which the exporters in the developing countries are expected to furnish the GSP Certificate of

Origin to the Bankers, along with other shipping documents.

Broadly, payment terms can be:

DP Terms

DA Terms

Letter of Credit, payable at sight or payable at... days.

The negotiating Bank will scrutinize the shipping documents and forward them to the Banker of the importer, to

enable him clear the consignment.

It is expected of such authorized dealers of Reserve Bank to ensure receipt of export proceeds, which factor

has to be intimated to the Reserve Bank by means of periodical Returns.

STEP 7: Documents for C & F agent :

Step11: Bank to bank documents forwarding :

STEP 12: Customs obligation discharge :

As indicated above, Exporters are also expected to provide proof of export to the Central Excise authorities, on

STEP 8: Customs Clearance :

After assessment of the shipping bill and examination of the cargo by Customs (where required), the export

consignments are permitted by Customs for ultimate Export. This is what the concerned Customs officials call

STEP 9: Document Forwarding :

STEP 10: Bills negotiation :



Authorized dealers will issue Bank Certificates to the exporter, once the payment is received and only with the

issuance of the Bank Certificate, the export transaction becomes complete.

It is mandatory on the part of the Exporters to negotiate the shipping documents only through authorized

dealers of Reserve Bank, as only through such a system Reserve Bank can ensure receipt of export proceeds

the basis of the Customs endorsements made on the reverse of AR4s and get their obligation, on this score,

STEP 13: Receipt of Bank certificate :



DURES

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ContainerContainer Ship

Container Number

Container Pool / Depot

Container Yard

Banding

Bolster

Chains and Binders

Consolidation

Cooper

Lift-on / Lift-off -

Roll-on / Roll-off -

Barges(noun)

Commodity DescriptionAMS -

Bay -

Bolster -

Cell -

Cell Guides -

Commodity Description -

Air Cargo

Bagged Cargo

dock

Berth

Breakbulk Cargo

Bulk Cargo or Breakbulk Cargo

Breakbulk



Carrier -

Bulk Carrier -

Bulk Containers -



A truck trailer body that can be detached from the chassis for loading into a vessel, a rail car or

stacked in a container depot. Containers may be ventilated, insulated, refrigerated, flat rack,

vehicle rack, open top, bulk liquid or equipped with interior devices. A container may be 20 feet, 40

feet, 45 feet, 48 feet or 53 feet in length, 8'0" or 8'6" in width, and 8'6" or 9'6" in height.

Ocean going vessel designed to carry containers.

Identification number assigned to each container.

Where containers are stored usually inland for container availability to shippers or consignees.

Carrier location to hold empty containers, various points for shipper's utilization; an area

designated for storage of empty .

Facility where full and empty containers are stored.

Securing of cargo on a pallet generally by a steel/metal stripping.

Bracing of a commodity in a container

Used to secure (brace & chock) oversize cargo to equipment.

Effort extended to put same destination cargo together in same container for ease of delivery.

Warehouse worker assigned to reconstruct or repair cartons, crates, boxes, etc.

The method by which cargo is loaded and discharged by the use of a crane.

The method by which wheeled vehicles can be directly driven on and off a vessel.

Conveyance used to carry loose cargo or containers in smaller volumes than mother vessels.

Commodity Description - Description of goods being shipped.

Automated Manifest Systems.

Section of a vessel where containers or cargo is stored.

Bracing of a commodity in a container.

Container slot where container fits into place on vessel.

A guide for each container slot.

Description of goods being shipped.

Property of any kind that is transported by aircraft (excluding passenger baggage and mail).

Goods shipped in sacks.

an enclosed area of water in a port for the loading, unloading, and repair of ships.

a ship's allotted place at a wharf or dock.

Cargo that is shipped in packing units such as cartons, cases, crates, bales, or drums, but notcontainerized.

1. A breakbulk ship is one which transports cargo which is packed in cases, bales, cartons,

drums, carboys etc., and this cargo is carried in the ship's cargo holds rather than in containers

(although some loaded containers may be carried).

2. 'to breakbulk' is to unload packaged cargo from a 'breakbulk ship' or from a container and to

distribute it.

Cargo that is made up of an unpacked commodity; examples include grain, oil, and ore. Bulk

Carrier - A vessel designed for the shipment of bulk cargo. Bulk Freight - Cargo not in packages

or containers.



One who owns, operates or charters vehicles of transportation for movement of cargo.

Vessel specifically built to carry raw materials.

Containers used specifically for raw materials.



Berth

Bonded Warehouse

Breakbulk

Breakbulk Vessel

Carrier

Bulk Carrier

Cell

Cell Guides

Chassis

COFC

Connecting Carrier

Container Ship

Cross Docking

Port of Discharge -

Port of Loading -

Ship's Manifest -

Short-Shipped -



Container Pool / Depot -

CFS

ICD

CFS/ICD



Where the vessel docks.

A secured Customs approved facility where cargo and containers are

stored under close surveillance.

Loose cargo containers and non-containerized cargo; vessel whose hatch

is built to accommodate various bulk commodities.

Carries containers and non-containerized cargo; vessel whose hatch is

Vessel built to accommodate various bulk commodities.

One who owns, operates or charters vehicles of transportation formovement of cargo.

Vessel specifically built to carry raw materials.

Container slot where container fits into place on vessel.

A guide for each container slot.

Trailer or wheeled unit on which a container is placed in order to move

container over the road.

Container on a Flat Car. Containers moving on articulated flat rail cars

without chassis.

An intermediary carrier utilized to connect cargo to/from mother vessel

Vessel built to accommodate ocean containers.

The process of moving merchandise directly from the receiving dock to the

shipping dock, eliminating the need to place the merchandise in storage.

Port where vessel is off loaded and cargo discharged.

Port where vessel is loaded and cargo stowed

Contains a list of the shipments comprising the cargo of the vessel.

Cargo manifested but not loaded.



Where containers are stored . Carrier location to hold empty containers,

various points for shipper's utilization; an area designated for storage of

empty .

Container Freight Station.

Inland Container Depot . ICD complex



EPC

RCMC

DGFT

FTP

IEC

AEPC



Export Promotion Councils.

Registration -Cum -Membership Certificate. Is issued by Export

Promotion Councils/Commodity board/Development authority or other

competent authority as prescribed in FTP.

Director General of Foreign Trade

Foreign Trade Policy

Importer Exporter Code. issued by DGFT office.

Apparel export promotion council. the official body of apparel exporters

in India



Modes of transportFCL

LCLCY

CFS

CY/CY service

CFS/CFS - service

CY/CFS service

CFS/CY - service

C&F

CIF

FOB

Airfreight Consolidator

Cargo Receipt -

Air waybill

House Air Waybill (HAWB)

Arrival Notice -

lading



Bill of Lading (B/L)

Clean Bill-of-Lading

On Board Bill-of-Lading

Bill of Lading Number

Carrier’s Certificate

dock receipt

Booking

Claim

Combined Transport Bill of

Lading

Credit Agreement

Booking -Collect -

shipment advice

certificate of origin



Advice of shipment

contract of carriage

Certificate of Shipment

Shipping Order



full container load. full payload

less than container load, loose container loadforwarder’s/shipper’s/consignee’s container yard or premises

carrier’s container freight station -(shipper has to deliver the cargo to the carrier’s

container freight station for loading)

door-to-door service, full container from the shipper’s place to the consignee’s place

port-to-port service, loose cargo from the origin's CFS packed into the whole

container and deliver the destination's CFS, consignee arranges the collection of

loose cargo

door-to-port service, full container from the shipper's place to the carrier's CFS at

destination, consignee arranges the collection of loose cargo

Containar Freight Station/Containar yard. port-to-door service, loose cargo from the

origin's CFS packed into the whole container and deliver to the consignee's place

Cost(of material at the agreed price) & Freight

Simply, it is C&F with insurance. CIF means Cost Insurance and Freight.

from the seller's godown to the buyer's godown. That means the shipper/trader

has to pay the cost of shipment up to the ship, insurance cost of cargo and

FOB stands for Free On Board which means the shipper pays only costs up to

loading on ship in port and insurance cost , but freight charges are payed by the

Actually a third-party company having no flight facility between shipper and actual

air carrier. Air carrier would give the HAWB no.

A receipt of cargo for shipment by a consolidator.

The shipping document used for the transportation of air freight: includes

conditions, limitations of liability, shipping instructions, description of commodity,

and applicable transportation charges. It is generally similar to a straight non-

negotiable bill of lading and is used for similar purposes.

An air waybill issued by an airfreight consolidator. (See also Air Waybill)

Documentation that notifies consignee of arrival information and freight charges

due. Form produced by carrier for advanced notification to consignee of cargo

arrival.1. Placement of cargo in its transporting vessel.

2. Cargo carried in a transportation vessel



A receipt for the cargo and a contract for transportation between a

shipper and the ocean carrier. It may also be used as an instrument of

ownership which can be bought, sold, or traded while the goods are in

transit. To be used in this manner, it must be a negotiable "Order" Bill-of

Lading. This is sometimes abbreviated as "Blading, or B/L"

A clean Bill-of-lading is issued when the shipment is received in good

order. If damage or a shortage is noted, a clean bill-of-lading will not be

issued.

An On Board Bill-of-Lading certifies that the cargo has been placed

aboard the named vessel and is signed by the master of the vessel or his

representative. On letter of credit transactions, an On Board Bill-of-

Lading is usually necessary for the shipper to obtain payment from the

bank.

Carrier’s reference number assigned to bill of lading.

U.S. Customs form used in lieu of bill of lading.

Is a document issued by a direct ocean freight carrier to acknowledge receipt of

ocean freight shipment at the carrier's shipping terminal.

Cargo commitment made to carrier (i.e. a reservation).

A request for payment by a customer due to a shortage or damage to cargo.

Provides a combined transport by at least two different modes of transportation

from a place at which the goods are taken to a place designated for delivery.

Agreement between carrier and shipper for release of cargo with promise to pay

ocean freight within specified time. Document signed by the shipper which binds

shipper to credit terms of the conference or agreement body.

Cargo commitment made to carrier (i.e. a reservation). Money to be paid at destination prior to release of bills of lading.

Letter or form sent by an exporter to a foreign buyer informing that the shipment of

the ordered goods is on its way. A copy of the invoice and the packing slip (and

sometimes a copy of bill of lading) may also be attached. Also called advice note.

Document that certifies a shipment's country of origin. It is used between members

of a trading block or where special privileges are granted to goods produced in

certain countries. Certificate of origin is commonly issued by a trade promotion

office, or a chamber of commerce in the exporting country. Also called declaration

of origin.



Letter or form sent by an exporter to a foreign buyer informing that the shipment of

the ordered goods is on its way. A copy of the invoice and the packing slip (and

sometimes a copy of bill of lading) may also be attached. Also called advice note.

Binding agreement (evidenced usually by an air waybill, bill of lading, or passenger

ticket) which contains conditions of carriage that spell out the obligations and rights

of a carrier and a shipper/passenger. The carrier undertakes to deliver

goods/passengers from a named place of departure to a named destination, in

consideration for freight/fare. This contract addresses issues associated specificallywith what is being carried, and how the liability and compensation for damage or

injury to (or loss of) the goods/passengers is assessed, apportioned, and paid.it

contains also the carrier's policy regarding baggage, bumping, cancellation and

delays, claims.



Customs Clearance

Customs Duty

Customs Station

Customs Warehouse

Certificate of Origin

Customs Declaration Form

Black List Certificate

EDI -system



Shipment cleared by Customs for movement.

Monies paid to U.S. Customs for goods entered into U.S. from foreign

countries.

Area where containers are brought for Customs inspection.

Where cargo is temporarily stored awaiting inspection or where cargo

is stored when seized by Customs due to lack of permit/entry.

Formal document (required at destinations) stating origin of cargo and

relevant cargo details. It is govt regulatories docs.

Electronic Data Interchange (EDI) -used in customs house to create a

few or even a single message/document for the entire process of

transactions in the course of foreign trade.



Forwarder, Freight

Forwarder, Foreign

Freight Forwarder

Consignee/Importer

Consignor

Claim -

Company Guarantee -

Shipping Advice



An independent business that arranges the transport of

shipments for exporters. The firm may ship by land, air, or sea,

or it may specialize in one of these. Usually it handles all the

services connected with an export shipment, including

preparation of documents, booking of space, warehousing, pier

delivery, and export clearance. The firm may also handle

banking and insurance services on behalf of the exporter.

Ultimate receiver of cargo designated on the original bill of

lading.

Person or firm by whom articles are shipped (i.e. shipper).

A request for payment by a customer due to a shortage or

damage to cargo.

A letter of guarantee from a company identifying the carrier of

responsibility associated in the release of goods in lieu of bill oflading. Protection in writing to carrier by private company.





A document on shipper’s letterhead that contains an accurate description of the merchandise

and show country or origin. All items must be itemized.

Document required by some foreign countries showing exact information as to consignor,

consignee, value description, etc. for a shipment.

Cost and Freight. Terms of sale. Seller quotes price including the cost of goods and all

transportation charges to the named point of destination.

Document required by some foreign countries showing exact information as to consignor,

consignee, value description, etc. for a shipment.

Copy of the B/L signed for consulate purpose.



open account

deferred payment

D/P – Documents against Payment

D/A – Documents against Acceptance

Clean Collection

Cash Against Documents

Incoterms

acceptance letter of credit (L/C)

Unconfirmed Letter of Credit

sight letter of credit

Standby Letter of Credit

Revocable Letter of Credit



Irrevocable Letter of Credit

Commercial Letter of Credit

Confirmed Letter of Credit

Acceptance of Bill of Exchange

Deed for Sale

T/T payment

credit term.

Accepted Draft

Advance Against Collection

Advised Credit

After Date

At Sight

Bill of Credit

Bill of Sale

Acceptance

Bill

Bond



Bank Note



Credit relationship in which the buyer pays upon the receipt of goods, or on deferred

payment basis.

where a person buys and receives item with a commitment to begin making payments

at a future date.

The export documents and the bill of exchange provided to a collecting bank are only

made available to an importer when payment is made. The collecting bank then

transfers the funds to the seller through the remitting bank.

The export documents and a time/usance bill of exchange are sent to a remitting

bank. The documents are then sent to a collecting bank with instructions to release

the documents against a buyer’s acceptance of the bill of exchange.

The exporter creates a bill of exchange, which is sent without any export documentsto a buyer for collection through the remitting bank to the collecting bank. There is

less security for an exporter since the documents are sent directly to the importer.

This process lacks the security and legal protection of a documentary collection since

the exports documents are sent through a remitting bank to a collection bank without

a bill of exchange. It is, however, still a collection through the banking system.

the International Chamber of Commerce has developed a set of terms

known as Incoterms. This basic terms used in international sales contracts,

and describe the responsibility of seller and buyer (transfer of risk frombuyer to seller).

Unlike a normal L/C, this type of documentary credit does not promise to pay the

beneficiary immediately upon presentation of the customary documents, but has the

additional requirement of a time or term draft drawn on a named bank.

A letter of credit where only the bank issuing it has agreed to

guarantee payment. This differs from a confirmed letter of credit, where at least

two banks guarantee payment. This increases the risk for the bank that honors

the letter of credit, as it only has one, rather than two, ways to seek recourse.

A letter of credit that is payable as soon as the required documents have been

presented.

In the event that the bank's customer defaults on a payment to the beneficiary, and

the beneficiary documents proof of its loss consistent with any terms set forth in the

letter, a standby letter of credit may be used by the beneficiary to secure payment

from the issuing bank.

An revocable letter of credit may be cancelled or modified after its date of issue, by

the issuing bank.



An irrevocable letter of credit includes a guarantee by the issuing bank that if all of the

terms and conditions set forth in the letter are satisfied by the beneficiary, the letter of

credit will be honored.

A commercial letter of credit assures the seller that the bank will provide payment for

any goods or merchandise shipped to the bank's customer, assuming the seller

provides any required documentation of the transaction and its shipment of the

purchased goods. A letter of credit, issued by a foreign bank, which has been verified and guaranteed by

a domestic bank in the event of default by the foreign bank or buyer. Typically, this

form of letter of credit will be sought when a domestic exporter seeks assurance of

payment from a foreign importer.

Acceptance of bill of exchange is an act by which drawee accepts the drawer's bill of

exchange by signing under the words 'accepted' on face of the bill. It is the drawee's

signed engagement to honor the bill as presented.

Telegraphic transfer (TT), as one of the payment method of cash in advance. It is one

of the payment method between sellers & buyers

The time you give the buyer to pay is called the credit term.

1. A draft calling for payment at a future date which the drawee has agreed to pay bysigning "Accepted" on the draft.

2. An unconditional assent to an offer; or an assent to an offer conditioned on only

minor changes that do not affect any material terms of the offer;

3. An agreement to purchase goods on specified terms.

4. Receipt of a shipment by a consignee thus terminating the liability of the carrier for

delivery.

A draft or a bill of exchange accepted by the drawee (acceptor) by putting his

signature and "accepted' on its face. In doing so, he commits himself to pay the bill

upon presentation at maturity.

A short term loan or credit extended to a seller (usually the exporter) by the seller's

bank once a draft has been accepted by the buyer (generally the importer).

A letter of credit whose terms and conditions have been notified to the beneficiary by

an advising bank on behalf of the issuing bank. The advising bank does not thereby

commit itself to pay or guarantee the payment of the letter of credit.

A notation used on financial instruments (such as drafts or bills of exchange) to fix the

maturity date as a fixed number of days past the date of drawing of the draft.

A notation on a draft which indicates that payment is due upon its presentation.

1. A "Bill of Exchange" or "Draft" (same thing).

2. A written statement of contract terms.

3 .The word "Bill" has many other international trade connotations - "Invoice" etc.

A written authority from one person to another, empowering the recipient of the

document to receive money from the correspondents of the issuer abroad . (The

usual issuer is a bank)

A written document by which a party legally transfers ownership of goods to another

party.

1. A written undertaking to perform or refrain from performing specified acts, usually

guaranteed by a third party.



2. A security evidencing debt, specifying the date payment is due and usually

specifying a rate of interest and its dates of periodic payment.

A promissory note having the appearance of currency, issued by a bank or banker

authorized to do so, payable to bearer on demand, and intended to circulate as

money.



Bank Guarantee

Bank Realization certificate

advice of fate

advice of credit

advising bank/seller's bank/paying

bank/negotiating bank/confirming

bank

Issueing Bank

Correspontant Bank

Accepting Bank

advice for advising bank

advice for beneficiary

Advance Against Collection

Bank Release

Bankers Acceptance

Advice

Agent Bank



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.

A Bank Realization certificate is a certificate that is issued by the bank to the exporter through which

export proceeds can be realized in an orderly manner. Bank Certificate of Export & Realization is most

commonly sought by companies who have exported goods under the Duty Entitlement Pass Book

Scheme.

1. A report from one party to another informing them of an occurrence with regard to some business

transaction: a shipment, a collection, a manufacture etc.

2. A notification by an advising bank on behalf of the issuing bank to a beneficiary informing them of the

terms of a letter of credit,

Written confirmation from an accepting or collecting bank to the originating or remitting bank (which sent

one or more collection documents) whether the item was honored or dishonored by the payee.

Communication from a bank informing a party that the same bank or its correspondent bank (the issuing

bank) has opened a letter of credit in that party's favor.

Correspondent bank (usually in the exporter's country) of an issuing bank (usually in the importer's

country) that receives a letter of credit (L/C) from the issuing bank for authenticating it and informing

('advising') the exporter (the beneficiary of L/C) that a L/C has been opened by the importer in the

exporter's favor. The advising bank usually also takes on other roles in the transaction, such as (1)

confirming the letter of credit (playing the role of the 'confirming bank'), (2) accepting a bill of exchange

by endorsing it (becoming the 'accepting bank') and/or, (3) paying the exporter on presentation of

documents (becoming the 'paying bank' or 'negotiating bank'). Also called adviser bank or

nominated bank.

(seller or exporter),

Bank works on behalf of exproter in the exporter's country.

A bank which by signing 'accepted' on a time draft accepts responsibility to pay when the draft becomes

due.

Communication from an issuing bank to the advising bank.

A short term loan or credit extended to a seller (usually the exporter) by the seller's bank once a draft hasbeen accepted by the buyer (generally the importer).

1. A bank acting on behalf of another bank.

2. A bank acting for lenders and bondholders, similar to an indenture trustee.

A document issued by a bank who is the consignee of a shipment authorizing a carrier to deliver a

shipment.

A draft calling for payment at a future date on which the drawee is a bank, and the bank has agreed to

pay by signing "accepted" on the draft.



Certificate of Inspection

certificate of insurance (COI)

GR forms

Certificate of origin

Export license

embargo

'Force Majeure'

DEPB -license



In marine insurance (where cargo is insured against a floating insurancepolicy) COI serves to assure the consignee that insurance is in effect for

the goods in transit and a proper policy will follow. Also called insurance

certificate.

impose an official ban on (trade or a country or commodity)trade or other

commercial activity with a particular country.

Superior or overpowering force. A French term as "greater force", this

clause is included in contracts to remove liability for natural and

unavoidable catastrophes that interrupt the expected course of events

and restrict participants from fulfilling obligations.

Duty Entitlement Pass Book Scheme (DEPB Scheme). Under this

scheme, exporters will be granted duty credit on the basis of notified

entitlement rates. The exporter gets credit when he exports the goods.

The credit is on basis of rates prescribed. This credit can be utilised for

payment of customs duty on imported goods.