| Packing Credit |
A loan given to the beneficiary by
the bank to enable him to purchase raw materials.
The beneficiary is usually requested to deposit the
DC with the bank as security. |
| Packing List |
A list showing the number and kinds of items being
shipped, as well as other information needed for transportation
purposes. |
| Panamax |
Panamax ships
are of the maximum dimensions that will fit through
the locks of the Panama Canal. This size is determined
by the dimensions of the lock chambers, and the
depth of the water in the canal. Panamax is a significant
factor in the design of cargo ships, with many ships
being built to exactly the maximum allowable size,
which is length: 294.1 metres (965 ft);
width: 32.3 metres (106 ft); draft (depth):
12.0 metres (39.5 ft) in tropical fresh
water (the salinity and temperature of water affect
its density, and hence how deeply a ship will sit
in the water); and height: 57.91 metres (190 ft)
measured from the waterline to the vessel's highest
point. A Panamax cargo ship would typically have
a displacement of around 65 000 tons..Source |
| Parcel Post Receipt |
The postal authorities' signed acknowledgment of
delivery to receiver of a shipment made by parcel
post. |
| Past Due Bill |
Loan that has not been paid on the maturity date/due
date. |
| Paying Bank |
The bank that makes payment to the beneficiary
of a payment DC after presentation to it of documents
stipulated in the DC. |
| Performance Bond Guarantee |
If a company is undertaking a contract, it may
be asked to give a performance bond for part of the
value of the contract. If the customer considers the
company's performance under the terms of the contract
has been unsatisfactory, payment of the bond can be
demanded from the banker guaranteeing the bond. The
bond is issued by the bank on behalf of the company,
and therefore increases the banks potential exposure
to the company. |
| Perils Of The Sea |
A marine insurance term used to designate heavy
weather, stranding, lightning, collision, and seawater
damage. |
| Phytosanitary Inspection Certificate |
A certificate, issued by the U.S. Department of
Agriculture to satisfy import regulations for foreign
countries, indicating that a U.S. shipment has been
inspected and is free from harmful pests and plant
diseases. |
| Piggyback Arrangement |
An arrangement whereby one company sometimes a
smaller one uses the already established distribution
channels of another company, which is effective when
the two companies wish to sell complementary products. |
| Political Risk |
In export financing the risk of loss due to such
causes as currency, inconvertibility, government action
preventing entry of goods, expropriation or confiscation,
war, etc. |
| Port of Entry |
Where goods are entered and where the Customs Service
accepts entries of merchandise and collects duties. |
| Power Of Attorney |
Authority given to one party to act for another. |
| Presentation |
Act of requesting the importer's payment/acceptance
of an import bill. - See Handling Import Collections. |
| Presenting Bank |
The bank that requests payment of a collection
bill - may be the Collecting Bank or its nominated
branch or local correspondent, which is better placed
to contact the importer. |
| Price Ex Factory |
The price of your goods where the buyer has to
arrange and pay for all other costs of carriage, insurance,
etc. |
| Principal |
The exporter in collection transactions, being
the initiator of the transaction, whose instructions
are followed at all stages (may be used to refer to
any customer who initiates a transaction e.g. the
opener of a DC). |
| Prior disclosure |
Sometimes an importer will find it has violated
a customs law before the Customs Service has discovered
the violation. A prior disclosure is a voluntary report
by an importer of the violation to the Customs Service.
The law provides some benefits (but does not speak
of the risks) to an importer who does a prior disclosure. |
| Privatization |
The process of private, for-profit businesses taking
over the provision of public services. Types of government
contracts that have been privatized include prisons,
water utilities, trash collection, clerical jobs,
food service, information system jobs, and job placement
for welfare recipients. |
| Privileged Foreign (Pf) |
Foreign merchandise or non-tax paid domestic merchandise
upon which the duty and applicable taxes have been
determined at the time this status is approved. |
| Pro Forma Invoice |
An invoice provided by a supplier in advance of
the shipment of merchandise, informing the buyer of
the kinds and quantities of goods to be sent, their
value, and other important specifications. The proforma
invoice is commonly used to enable payment documents
(such as an L/C) to be raised. |
| Promissory Note |
A signed statement containing a written promise
to pay a stated sum to specified person at a specified
date or on demand. |
| Protest |
The formal representation of a dishonoured bill
of exchange: the bill is presented by a notary public
to the drawee - if refused again, it is noted" -
see noting. The notary public then issues a formal
protest, an official certificate that the bill has
been refused: the drawer can use this certificate
to sue the drawee in court. |
| Purchasing Agent |
An agent who purchases goods in his or her own
country on behalf of foreign importers such as government
agencies and large private concerns |
