Tag Archives: Trade

International Commercial Terms 2010 (INCOTERMS 2010) – Part I

Incoterms are a set of three-letter standard trade terms commonly used in international contracts for the sale of merchandise.
Read

Barrier to entry

Barrier to entry refers to various obstacles, both formal and informal that prevent potential participants from entering an economy or marketplace. Formal barriers could be taxes/tariffs and informal barriers could be cultural differences.
Read

Documentary Credit – An introduction

A letter of credit is a document issued by a financial institution, or a similar party, assuring payment to a seller of goods and/or services provided certain documents have been presented to the bank.
Read

Open account

An open account transaction is a sale where the goods are shipped and delivered before payment is due.
Read

Documentation

Documentation is an act of instance of submitting or supplying documents.
Read

Transshipment

Transshipment is considered as a legal term and involves transfer of goods/container from one conveyance to another for reshipment. For example sea transport to road transport. Shipments involving more than one mode of conveyance issue multi-modal shipment document which is a single document covering the entire shipment.
Read