| IATA |
International Air Transportation Association |
| ICC |
International Chamber of Commerce |
| ICC 322 |
Uniform Rules for Collections |
| ICC 323 |
Standard Forms for Issuing Documentary Credits |
| ICC 420 |
Guide to the Prevention of International Trade
Fraud. |
| ICC 460 |
Incoterms 1990. Explains the 13 standard Incoterms. |
| ICC 500 |
Uniform Customs and Practice for Documentary Credits
(1993 revision) replaced the previous ICC 400 as from
1 January 1994. |
| ICC 522 |
Uniform Customs and Practice for Documentary Credits
(1995 revision) replaced the previous ICC 322 as from
1 January 1996. |
| ILO |
The International Labor Organization, founded in
1919, is a Specialized Agency that forms part of the
United Nations system. Each country's delegation to
the ILO includes two government, one labor, and one
business representative. The ILO has developed international
conventions on labor practices and called upon states
to ratify and adopt these labor standards. |
| IMF |
The International Monetary Fund is an organization
of governments set up at the Bretton Woods Conference
in 1944 to stabilize currency exchange rates among
trading countries. In 1971 the IMF began providing
emergency loans to countries in debt to foreign creditors
if they satisfied conditions, called Structural Adjustment
Policies, for restructuring their economies The IMF
voting system is weighted in proportion to the amount
invested which means it is controlled by the major
industrial powers. |
| Import License |
A permit issued by the importing country's authorities
in respect of goods subject to import licensing restrictions. |
| Import Quota |
A restricted amount of certain types of goods entering
a country, usually maintained through licensing importers
assigning to each a quota, after determining the amount
of goods or commodities allowed for that period. The
license may also state the country from which the
importer is allowed to buy, thus restricting free
trade, but many times adopted by governments because
of internal pressures from certain industries worried
about competition. |
| Import Subsitition |
Import subsitition refers to a trade policy adopted
by some countries to encourage their local industries
to produce goods domestically that are normally imported
(thus - supposedly - helping grow new industries and
reduce forex expenditures. They strive to enforce
this policy by imposing high import duties on the
imported goods in question and may even provide certain
incentives to encourgae local companies to launch
such import substitution operations. These local industries
often prove inefficient and struggle to compete against
their international competitors and governments are
often forced to continue supporting such inefficient
idnustries or see them go under when they eventually
do away with such policies.. |
| Importer's indent |
See indent.. |
| Incoterms |
Incoterms are a uniform set of international rules,
promulgated by the International Chamber of Commerce
in Paris, for the interpretation of the terms most
commonly used in international contracts for the sale
of goods. Incoterms define the obligations of buyer
and seller at every stage of an international sale
of goods transaction. The Incoterms were first issued
in 1953; they were last revised effective January
1, 2000. |
| Indemnity |
Also known as Letter of Guarantee (L/G), it is
an undertaking given in respect of discrepancies in
documents presented under a credit. The beneficiary
who issues the indemnity is primarily liable to repay
funds received from the negotiating bank in settlement
under the credit, if the negotiating bank cannot obtain
reimbursement from the issuing bank as a result of
documents being rejected by the applicant. |
| Indent |
The term indent is merely another word for an order
or requistion stating conditions of the sale. Thus,
an importer's indent is an importer's order and an
indent number refers to the order number. Acceptance
of an importer's indent by an exporter means his agreement
of terms specified in the importer's order and will
thus lead to a contract of sale.. |
| Indirect Exporting |
Sale by the exporter to the buyer through an intermediary
in the domestic market. |
| Individually Validated Export License |
A required document issued by the U.S. Government
authorizing the export of specific commodities. This
license is for a specific transaction or time period
in which the exporting is to take place. Compare General
export license. |
| Inherent Vice |
The propensity of a commodity to self-destruction
which gives rise to a high insurance risk, therefore
cover is given only after payment of an additional
premium (e.g. fruit rots, coal-dust spontaneously
ignites). |
| Inland Bill Of Lading |
Inland Bill Of Lading A bill of lading used in transporting
goods overland to the exporters international carrier,
where the ocean bill of lading becomes applicable.
Although a through bill of lading can sometimes be
used, it is usually necessary to prepare both an inland
bill of lading and an ocean bill of lading for export
shipment. |
| Inland Carrier |
A transportation line which hauls export or import
freight between ports of entry and inland destinations. |
| Insurance |
An agreement or contract (commonly called a policy)
between the insured, who pays a premium, and the insurer,
who in return promises to compensate the insured if
he suffers specified losses. It is important to have
insurance cover against loss or damage which may occur
during shipment. The contract with the supplier should
clearly state who is responsible for arranging the
insurance at all stages from the time the merchandise
leaves the supplier’s premises until the buyer
takes possession of the goods. The stages to be covered
include:
Transportation of the goods to the docks or the
airport
Time during which they are stored awaiting shipment
or loading
Periods whilst on board the ship, aircraft or
conveyance
Off-loading and storage on arrival in destination.
Transportation to the buyer’s premises.
It is advisable for an importer to buy goods
on FCA, FAS or FOB terms in order that he can
arrange the insurance in his own country. Insurance,
particularly marine insurance, is a complicated
subject, and it is advisable to get a professional
insurance broker to arrange cover for your shipment. |
| Insurance certificate |
A document prepared by the exporter or the freight
forwarder to provide evidence that insurance against
loss or damage has been obtained for the goods to
be exported. |
| Integrated Carriers |
Carriers that have both air and ground fleets.
Since they usually handle thousands of small parcels
an hour, they have more competitive prices and offer
more diverse services than regular carriers. |
| Integrated Tariff of the European Communities - TARIC |
TARIC is designed to show the various rules applying to specific products when imported into the EU. This includes the provisions of the harmonized system and the combined nomenclature but also additional provisions specified in Community legislation such as tariff suspensions, tariff quotas and tariff preferences, which exist for the majority of the Community's trading partners. In trade with third countries, the 10-digit Taric code must be used in customs and statistical declarations. |
| Intellectual Property |
The patents, trademarks, service marks, copyrights
and trade secrets of a business. |
| Intellectual Property Rights |
The right to control and derive the benefits from
writing (copyright), inventions (patents), processes
(trade secrets) and identifiers (trademarks). |
| International Chamber Of Commerce (ICC) |
The international body which promotes and facilitates
world trade, and which codifies world trade practices
in various publications |
| International Finance Corporation (Ifc) |
A separately organized member of the World Bank
Group, receiving its funds through stock subscriptions
from member countries, revolving loans and earnings.
The IFC encourages the flow of capital into private
investment in developing countries. It makes loans
at commercial interest rates, usually as a lender
of last resort when sufficient capital cannot be obtained
from other sources on reasonable terms. |
| International Freight Forwarder |
See Freight forwarder. |
| Invisible trade |
Invisible trade generally refers to those trade-related
services such as freight, insurance, and financial
services that enable physical exports and imports
to take place. These items are included in the current
account of a nation's balance-of-payments, even though
they are not physical exports in themselves.. |
| IRD |
Stands for Inland Rail Depot which is used for customs
clearance. |
IRD
| Irrevocable Letter Of Credit |
A letter of credit in which the specified payment is guaranteed by
the bank if all terms and conditions are met by the drawee.
Issuing Bank The bank that opens a documentary credit at the request of
its customer, the applicant. |
