Tariffs and Customs Terms C.1.35

Question 1

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.

Answer 1

confirmed letter of credit

Question 2

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.

Answer 2

confirming

Question 3

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.

Answer 3

confirming bank

Question 4

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.

Answer 4

confirming house

Question 5

seizure or apprehension of smuggled articles.

Answer 5

confiscation

Question 6

confederation of Garments Exporters of the Philippines

Answer 6

Congep

Question 7

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.

Answer 7

congestion

Question 8

a bill of lading published by the Baltic and International Maritime Conference, and used by ships under a liner service.

Answer 8

Conlinebill

Question 9

a carrier to which cargo is transferred for onward movement.

Answer 9

connecting carrier

Question 10

remuneration, fee, or subject of a contract: consign to entrust goods to another for care or sale.

Answer 10

Consideration payment

Question 11

a person or firm, agent, to whom cargo is shipped or consigned. He is usually the importer or buyer.

Answer 11

consignee

Question 12

the consignee officially designated or recorded in the import documents

Answer 12

consignee on record

Question 13

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

Answer 13

consignment

Question 14

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,

Answer 14

consignment

Question 15

delivery of property to the care or disposition of another

Answer 15

consignment

Question 16

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.

Answer 16

consignment clause

Question 17

a list of goods supplied to an agent on consignment.

Answer 17

consignment note

Question 18

the exporter, shipper, supplier, seller, vendor, consignor, or his agent.

Answer 18

consignor

Question 19

a condition whereby goods have been combined with orders to form a larger consignment, and/or have been incorporated into one or more containers

Answer 19

consolidated

Question 20

combination of small cargoes from different owners to save on transportation cost.

Answer 20

Consolidation

Question 21

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.

Answer 21

Consolidator

Question 22

a formal version of group sales wherein companies join forces to market their products or service overseas.

Answer 22

consortium

Question 23

shall refer to articles or materials that shall form part of the factory buildings whether built by the ECOZONE enterprise or leased

Answer 23

construction materials

Question 24

an insurance policy that covers risk incidental to the construction of a vessel.

Answer 24

construction policy

Question 25

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.

Answer 25

constructive exportation/importation