A B C D E F G H I J K L M N O P Q R S T U V W X Y Z

B

Back Freight
The freight costs involved on returning the shipment to the Sender, when the Importer refuses to accept the goods.

Bill
A document giving evidence of indebtedness of one party to another, as, for example, a written order for goods that can be used as security for a loan to the supplier of the goods from a bank, or a security such as a Treasury bill.

Bill Of Exchange
A writing binding the signer or signers to pay a certain sum at a future day or on demand, with or without interest, as may be stated in the document.
The Bill of Exchange looks something like a cheque which is drawn on an overseas buyer, or even on a third party as designated in the export contact, for the sum agreed as settlement.

An exporter can send a Bill of Exchange for the value of goods for export through the banking system for payment by an overseas buyer on presentation.

The Bill is called a sight draft if it is made out payable at sight, ie “on demand”.  If it is payable “at a fixed or determinable future time” it is called a term draft, because the buyer is receiving a period of credit, known as the tenor of the Bill.  The buyer signifies and agreement to pay on the due date by writing an acceptance across the face of the Bill.

Bill Of Exchange – Ninety Days
A Bill of Exchange which is payable ninety days after acceptance or ninety days after sight, whichever is marked on the face of the Bill.

Bill Of Lading (B/L)
The Bill of Lading is common when goods are shipped by sea or where goods are packed in a container.  The Bill of Lading serves three main purposes.

1. It acts as evidence that there is a contract between either the exporter or importer and a chipping company to transport the goods by sea.
2. It is a receipt for goods shipped and provides certain details as to their condition when placed on board.
3. It is also a document of title, which means that the company named on the B/L has the right to possess the goods.  A transfer of title on the B/L will transfer the ownership.  This element of the B/L is vital to the payment arrangements for the goods.  Bills of Lading are made out in sets of two or three originals, any one of them gives title to the goods.

Bill of Lading – Trans-Shipment
This Bill is different from a standard Bill of Lading because it names intermediate ports as well as the final port. Some times may give the name of the subsequent vessel that will carry out the next part of the journey.
 
Blacklist Certificates
Blacklist Certificates provide evidence that the goods did not originate in, nor were transported via, blacklisted countries or by blacklisted vessels.

Bond
An interest-bearing certificate issued by a government or a business promising to pay the holder a specified sum on a specified date. A bond is a common means of raising capital.

Bonded Goods
Imported goods stored in a bonded warehouse, usually after the owners of the goods have deposited a bond guaranteeing that the duty will be paid when and if the goods are withdrawn for domestic sale

Bonded Warehouse
A secure storage area in which goods subject to excise taxes or customs duties are stored pending payment of taxes or duties.

Border Tax Adjustments
The remission of indirect taxes on exported goods, including sales taxes and value-added taxes, designed to ensure that national tax systems do not impede exports, and the imposition of domestic taxes on imported goods, to ensure that they do not receive preferential treatment as compared with domestically produced goods.

Break Bulk
Loose, non-containerised cargo imported in bulk, usually because of size or weight considerations (such as raw materials or oversized machinery). These shipments are often separated into individual lots and routed to different destinations and/or importers.

Bridging Credit
Borrowing ahead of receiving payment for a sale, or short-term credit to a customer pending his or her receipt of funds from another source.

Buffer Stocks
Commodity stockpiles managed in such a way as to moderate price fluctuations. Goods may be sold from a stockpile when prices reach or approach predetermined ceiling prices, and they may be purchased for the stockpile when prices reach or approach predetermined floor levels. Rubber and cocoa are among the commodities considered most likely to benefit from buffer stocks, and international commodity agreements exist for both of these products.

Bulk Carrier
A transporter is usually an ocean-going vessel of large, heavy cargoes. "Dry" cargoes are usually mineral ores such as phosphates or manganese.