1.

Packing List: A list showing the number & kinds of items binges shipped as well as other information needed for
transport purpose
2. Force Majeure: condition in a contract relating to acts that are outside the control of both parties, and with prevent
performing such as earthquake floods, or war.
3. Type of L/C: Revocable LC, Irrevocable LC, Irrevocable Confirmed LC, Transferable LC, Revolving LC, Back-to Back LC,
Standby LC, Cash advance against LC.
4. Banned Items: arms and ammunition, high explosives, radioactive substances, security printing, hazardous
chemicals, currency and mint, alcoholic beverages.
5. Bill of Landing: A document prepared by carrier or freight forwarder that acts a receipt for the goods, as evidence of
a contract between the carrier and the exporter and as a document of title. A foreign buyer need this document to
take possession of the goods.
6. Barter: Trade in with merchandise is exchanged directly for other merchandise without use of money. Barter is an
important meaning of trade with countries using currency that is not readily convertible.
7. Quotation: An offer to sell goods at a started price under specified conditions.
8. Balance of Trade: The difference b/w a country’s total imports & exports. If exports exceed imports, favorable
because of trade exits; if not, a trade deficit is said to exist.
9. Demurrage: A charge made by shipping company or a port authority for failure to load or remove goods within the
time allowed.
10.Promissory Note: A signed statement containing a written permit to be imported without restriction
11.How Letter of Credit is opened & operated: Applicant account in the Bank with sufficient transaction. Contract.
Request letter for L/C opening. L/C opening application. Under tacking (IB-8 Form). Form ‘I’. Insurance cover valuing
110% of invoice value covering all risks. L/C opened in favor of beneficiary and copy to opener. Confirmation added
by the bank. 1.Mutual Agreement 2.Performa invoice 3. Application of Letter of Credit 4. Processing Application
5.UCP 600 6.Opening of the L/C 7.L/C Margin 8.Copies of L/C 9.Exporter’s Role 10.Duties of Exporter’s Bank
11.Payment to Exporter 12. Role of importer’s Bank13.Refusal to Accept Documents 14.Payment by importer
15.Receiving the Consignment
12.Duties of Exporter Bank or Negotiating Bank
13.L/C benefits for exporter
14.Point kept in mind during packing