| Back-to-Back |
Consecutive, following immediately one
after the other. A back-to-back escrow is one set up
to handle the concurrent sale of one property and the
purchase of another. A back-to-back lease is an agreement
made by a lessor as a concession to a prospective lessee,
in which the lessor agrees to take over an existing
lease and, in return, secure a commitment from the lessee
that he wants. |
| Back-To-Back Credit |
A credit issued against the security back of another
credit (master credit) on the understanding that reimbursement
will stem from documents eventually presented under
the first credit (master credit) issued - see Special
DCs. It follows therefore that each side of a B/B transaction
covers the shipment of the same goods. |
| Balance Of Trade |
The difference between a country's total imports and
exports. If exports exceed imports, a favourable balance
of trade exists; if not, a trade deficit is said to
exist. |
| Bankers Acceptance |
A draft drawn on and accepted by the importer's bank.
Depending on the banks creditworthiness, the acceptance
becomes a financial instrument which can be discounted. |
| Barter Trade |
Refers to a form of trade where goods are exchanged
directly for other goods without the use of money to
faciliate the transaction.. |
| B/B |
See Break-bulk. |
| Belly Cargo |
This term refers to cargo that is stored below the
main deck of a ship.. |
| Beneficiary |
A payee or recipient, usually of money. A party in
whose favour a documentary credit is established, usually
the exporter. |
| Berth |
The place beside a pier, quay or wharf where a vessel
can be loaded or discharged. |
| Berth Liner Service |
Refers to a regular scheduled shipping line operating
according to published schedules (ports of call) from
and to defined trade areas. |
| Berth Terms |
An expression covering assessment of ocean freight
rates generally implying that loading and discharging
expenses will be for ship owner's account, and usually
apply from the end of ship's tackle in port of loading
to the end of ship's tackle in port of discharge. See
also Liner Terms |
| Bilateral Trade Agreement |
A trade agreement between a small group of countries
- this term should indicate a trade agreement between
just two countries, but it gets loosely used in trade
agreements with five or more countries. |
| Bill For Collection (BC) |
Document(s) or cheque submitted through a bank for
collection of payment from the drawee. |
| Bill Of Exchange |
A written unconditional order for payment from a drawer
to a drawee, directing the drawee to pay a specified
amount of money in a given currency to the drawer or
a named payee at a fixed or determinable future date. |
| Bill Of Lading, Inland |
A bill of lading used in transporting goods overland
to the exporter's international carrier. |
| Bill Of Lading, Ocean |
Bill of lading indicating that the exporter consigns
a shipment to an international carrier for transport
to a specified foreign market. |
| Bill Of Lading, On Board |
A bill of lading acknowledging that the relative goods
have been received on board for shipment on a specified
vessel. |
| Bill Of Lading, Received for Shipment |
A bill of lading acknowledging the receipt of goods
by a carrier for shipment on a specified vessel. This
type of bill of lading is not acceptable under a letter
of credit unless it is specially authorised. English
law does not regard these bills as a valid tender under
CIF contracts because the CIF seller is obligated to
ship the goods, and a Received for Shipment Bill of
Lading is not considered proof of shipment. |
| Bill Of Lading, Straight |
A non-negotiable bill of lading whereby the consignee
named in the bill is the owner of the relative goods. |
| Bill Of Lading, Through |
bill of lading that covers transportation by more
than one carrier from the point of issue to the final
destination. Example, a bill from Cape Town, via Istanbul
to Baku in Azerbaijan. |
| Bill Of Sight |
A written description of goods given by an importer
to a customs officer in the event shipping documents
have not arrived in time and the importer wishes to
avoid delayed entry charges. When an importer enters
goods on a bill of sight, he usually must make a cash
deposit covering the estimated amount of duty. When
the shipping documents are received and a correct entry
is made, the exact amount of duty is levied. |
| Bill Receivable (BR) |
Bills which are financed by the receiving branch,
whether drawn under a DC or not, are treated as BRs
by both the remitting branch and the receiving branches |
| B/L |
See Bill of Lading |
| Blank Endorsed |
When a bill of lading is made out to order or shipper
order and the shipper has signed on the back of it,
it is said to be blank endorsed. The bill of lading
then becomes a bearer instrument and the holder can
present it to the shipping company to take delivery
of the goods. |
| Bonded Warehouse |
A warehouse authorised by Customs authorities for
storage of goods on which payment of duties is deferred
until the goods are removed from the warehouse. |
| Booking |
An arrangement with a transporting company such as
a shipping line or airline for the acceptance and carriage
of freight. |
| Break-Bulk (B/B or BB) |
Cargo which is shipped as individual units and not
in containers (i.e. palletised cargo, boxed cargo, large
machinery, trucks and pre-slung cargo).. |
| Break-Bulk Vessel/Ship |
This is a ship designed to handle palletised, pre-slung,
boxed, and unitised cargo. The holds can be of the open
bay or between deck type. Between deck means the hold
can be converted from multi-levels to open bay. This
type of vessel is usually self-sustaining and has its
own cranes for on- and off-loading. |
| Bridge Loan |
In lending terms, a bridge is a short-term loan, generally
used to cover the period between the termination of
one loan, such as a construction loan, and the take-out
of another, such as a permanent loan. |
| Broker |
An intermediary in a sale or transaction who receives
a fee; an arranger of a deal for a fee or percentage
real estate brokers act as representatives of owners
while real estate consultants represent clients engaged
in site selection (a site selection or real estate consulting
agency should not also broker property). A data broker
engaged by a site selector is generally an information
assimilator who organizes what is collected into a form
that that can be used for comparative analysis. Email
address brokers who knowingly support spammers are partners
in crime as a specialized contact data resource of the
Internet, The Network is a target for cyberthugs and
works with an email strategy to constantly fight spam |
| B/T |
See Berth Terms or Liner Terms |
| B/s |
An acronym that is used to refer to bags or bales.. |
| Bulk Solids |
Dry cargo shipped in containers, loose, in bulk, without
mark or count. |
| Buyer Credit |
Term to provide the exporter with prompt payment by
the overseas importer, who borrows the necessary funds
from the bank. The payment is usually made directly
by the importers bank to the exporter. |
| Buying Agent |
See Purchasing agent. |
