Sourcing & Product Marketing
Procurement & Logistics
Glossary
This glossary contains terms commonly used in shipping and international trade. The definition briefly explains the meaning and its use and should not be considered as complete.
The correct use of each term is important because of its specific meaning and characteristics.
B
Bank Guarantee:
An assurance, obtained from a bank by a foreign purchaser; that the bank will pay an exporter up to a given amount for goods shipped if the foreign purchaser defaults. (See: Letter of Credit)
Bank Release:
Negotiable time draft, drawn on, and accepted by a bank, which adds its credit to that of an importer of merchandise.
Banker's Acceptance:
A banker's acceptance is a draft drawn on and accepted by a bank. Depending on the bank's creditworthiness, the acceptance becomes a financial instrument, which can be discounted.
Banker's Draft:
Draft, payable on demand and drawn by, or on behalf of, the bank itself. It is regarded as cash and cannot be returned unpaid.
Barter Trade:
Trade in which merchandise is exchanged directly for other merchandise or services, without use of money. It is a simple swap of one good/service for another.
Bill of Lading:
A contract, between the shipper and the carrier, for the transportation of goods. This document also specifies the carrier's duties and responsibilities for the property.
Bill of Lading Number:
A unique number appearing on a bill of lading, used to identify the bill of lading and the shipment it represents.
Bonded Shipment:
A shipment on which duty is payable, but which is permitted to travel to inland destinations before customs inspection is made and duty is actually paid. Until the duty is paid, such goods must be kept in a bonded warehouse.
Bonded Warehouse:
A warehouse where bonded shipments are stored, pending customs inspection. Such warehouses must be secure, with dutiable goods segregated from nondutiable, and their operators must usually provide a customs bond.
Break Bulk Cargo:
Loose cargo, such as cartons, stowed directly in a vessel's hold as opposed to containerized or bulk cargo.
Bulk Cargo:
Unpackaged, loose cargo loaded directly into a vessel's hold (such as grain).
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