Tariffs and Customs Terms C.1.35 Flashcards
Terms and meaning from Dictionary of Tariff and Customs Terms with organization and functions of the various Offices of the Bureau of Customs.
an irrevocable letter of credit (L/C) wherein a second guarantee, undertaking, or commitment to pay is added to the L/C by another bank, which may be the advising, branch, or correspondent bank.
confirmed letter of credit
the system by which a firm confirms an order in the exporter’s country and pays the goods in the currency of that country. Among the items subject of confirmation are the goods, transportation costs, forwarding fees, Customs brokerage fees, and duties.
confirming
a separate financial institution requested by tt. opening bank to add guarantee of payment or acceptance to the credit instrument. In a letter of credit transaction, it is the bank that gives notice to the beneficiary or exporter.
confirming bank
an expert house that confirms orders so that the exporter may receive payment from the confirming house upon shipment of the goods. Any credit period required by the buyer is arranged by the house.
confirming house
seizure or apprehension of smuggled articles.
confiscation
confederation of Garments Exporters of the Philippines
Congep
also known as waiting time, it is the increased in volume of imported cargoes causing excessive storage, stacking, or movement of containers within Customs premises.
congestion
a bill of lading published by the Baltic and International Maritime Conference, and used by ships under a liner service.
Conlinebill
a carrier to which cargo is transferred for onward movement.
connecting carrier
remuneration, fee, or subject of a contract: consign to entrust goods to another for care or sale.
Consideration payment
a person or firm, agent, to whom cargo is shipped or consigned. He is usually the importer or buyer.
consignee
the consignee officially designated or recorded in the import documents
consignee on record
one or more packages from a shipper or exporter, addressed to a consignee as a single lot, and shipped under one bill of lading or air way bill
consignment
delivery of merchandise from an exporter (consignor) to a consignee under the agreement that the latter will sell the merchandise for the account of the former. The consignor retains the title to the goods until they are sold. The consignee sells the goods for commission and remits the net proceeds to the consignor,
consignment
delivery of property to the care or disposition of another
consignment
a clause in a charter contract that allows a ship to be consigned to the owner’s agent or charterer for domestic or foreign voyage.
consignment clause
a list of goods supplied to an agent on consignment.
consignment note
the exporter, shipper, supplier, seller, vendor, consignor, or his agent.
consignor
a condition whereby goods have been combined with orders to form a larger consignment, and/or have been incorporated into one or more containers
consolidated
combination of small cargoes from different owners to save on transportation cost.
Consolidation
a firm which undertakes groupage of the small (LCL) shipments of/for single or various consignors/consignees by procuring vessel/container space from carriers and issuing its own bills of lading or equivalent using its own name and address.
Consolidator
a formal version of group sales wherein companies join forces to market their products or service overseas.
consortium
shall refer to articles or materials that shall form part of the factory buildings whether built by the ECOZONE enterprise or leased
construction materials
an insurance policy that covers risk incidental to the construction of a vessel.
construction policy
the sale and delivery of products from one bonded manufacturing warehouse to another, or to an enterprise in an export processing zone or Special Economic Zone.
constructive exportation/importation
