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Trade Glossary

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TERM

DEFINITION

 

Advertising

The paid promotion of companies, goods, services and ideas by an identified sponsor within the exhibit space rented. Advertising is a part of an overall promotional strategy. Any political advertising is prohibited

Affiliate

A condition of being united, allied, associated, or attached. An affiliate company is one effectively controlled by another.

Antidumping Duties

Additional duties which are assessed on imported goods when these goods are sold to the importing country at a price that is less than »fair value, and when those imported goods are found to cause or threaten material injury to industry of the importing country.

Agent

Company or representative who acts on behalf on other persons or organisations (the principal), by selling or buying in exchange for a commission. The actions of the agent can be binding on the principal

Arbitrage

A method of taking advantage of the fact that there may be different prices in different markets for identical goods such as gold, foreign exchange or commodities. Simultaneously, one buys in the lower price market and sells in the higher price market.

Balance of Trade

The difference in value between a country’s total imports and exports over a specific time period.

Barter

Trade of goods or services without the use of money.

Bot

Bot is an abbreviation for robot. Spider is one example. These bots are sending out by Search Engines to scan through web pages and pick up new or revised content to display in the Search Engine Results Pages (SERP's). Browser ~ A software application that Web surfers use to view, manage and access web pages. Most know web browser is Internet Explorer with other Web browsers quickly gaining popularity as in Firefox and Netscape.

Broker

One that acts as an agent for others, as in negotiating contracts, purchases, or sales in return for fee or commission.

Business Type

Your company’s role within its trading sector: Agent, Consultant, Distributor, Manufacturer, Trader, Wholesaler

Browser 

Software that lets you view Web sites. Most browsers display text, images, graphics, animation and other online content. Popular browsers include Mozilla Firefox and Thunderbird Explorer.

Bug

A programming error that causes computer software to malfunction or generate errors.

Certification

1. Official proof of authenticity

2. The formal assertion of some fact in writing

CIF

Cost, Insurance and Freight  (... named port of destination)

A common term in a sales contract that may be encountered in international trading when ocean transport is used. A price quoted CIF, means that the selling price includes the cost of the goods, the freight or transport costs and also the cost of marine insurance. CIF is an INCOTERM (international commerce term).

CFR

Cost and Freight (...named port of destination)

CIF is identical in most particulars with Cost and Freight (CFR), and the same comments apply, incl. its applicability only to conventional maritime transport. In addition to the CFR responsibilities, the seller under CIF must obtain in transferable form a marine insurance policy to cover the risks of transit with insurers of repute. The policy must cover the CIF price plus 10 per cent and where possible be in the currency of the contract. Note that only very basic cover is required equivalent to the Institute "C" clauses, and buyers should normally insist on an "all-risk" type of policy such as that under the Institute "A" clauses. The seller's responsibility for the goods ends when the goods have been delivered on board the shipping vessel. In the guidelines for CIF published in Incoterms 2000 the term "carrier" does not appear and it clearly states "the seller must deliver the goods on board the vessel at the port of shipment" which makes CIF the incorrect term to use where the seller wishes their responsibility to end when they deliver the goods into the hands of a carrier prior to the goods passing the ship's rail at the port of loading. Note that in the great majority of transactions the more correct term is CIP. If the parties do not intend to deliver goods across the ship’s rail, then CIP term should be used.

CIP

Carriage and Insurance Paid to (...named place of destination)

CIP – Carriage and Insurance Paid to (... named place of destination). The seller has the same obligation as under CPT, but with the addition that the seller has a procure cargo insurance against the buyer’s risk of loss or damage to the goods during the carriage. The seller pays the insurance premium and is only required to obtain minimum coverage.

CPT

Carriage Paid to (...named port of destination)

The seller pays the freight for the carriage of goods to the named destination. The risk of loss or damage to the goods, as well as any additional costs due to events occurring after the time the goods have been delivered to the carrier, is transferred from the seller to the buyer when the goods have been delivered into the custody of the carrier.

Commission

  1. A board or a committee officially appointed to perform certain functions or exercise certain jurisdiction of a public nature
  2. The amount paid by a principal to an agent for their role in the completion of a transaction involving the sale of goods or services

Commodity Code

The system of identifying a commodity by an assigned number

Company Directory

Dragonicum.com`s company directory:

Industry > Sub sectors > Sub-sub-sectors > Country > Companies > Company Profiles

Each level holds an unlimited number of elements sorted alphabetically.

Company Profile

The last level in Dragonocum's Company Directory leads to Company Profiles, and holds information about the company and their products, with direct links to the company’s website and email address.

Compadore

An agent in a foreign country employed by a domestic businessman to facilitate transactions with local businessmen within the foreign country

Consulting Services

Performing advisory services

Distributor

A business person or company which markets or sells merchandise. Also, an agent or agency who sells for a supplier and usually maintains an inventory of the supplier’s products.

Cookie

A string of text sent by a web server that a browser stores in a small text file on the user’s hard drive. Cookies store information supplied by the user and read it back later to keep track of user behaviour.

Copyright

An exclusive ownership interest in an artistic or literary work. The term "literary work" includes computer software and other information stored in electronic form. Copyright is often noted by the following example: "Copyright© 2003 by AllBusiness.com."

Database

A computer program that helps users organizes information. Databases range from simple collections of rows and columns (similar to a spreadsheet) to complex systems that process and manipulate millions of records in a variety of ways.

DDoS

A denial-of-service attack is an attack on a computer system or network that causes a loss of service to users, typically the loss of network connectivity and services by consuming the bandwidth of the victim network or overloading the computational resources of the victim system.

DHTML (Dynamic Hypertext Mark-up Language)

Dynamic HTML is an umbrella term used to include HTML and related technologies such as Cascading Style Sheets (CSS) and JavaScript that bring animation and other interactivity to Web pages.

Domain Name


The text-based URL or address of a Web site. Domain names usually consist of several different segments. The name www.dragonicum.com, for example, includes the generic “www” and “.com” identifiers, along with the unique name “dragonicum.”

EDI (Electronic Data Interchange)

The exchange of standardized document forms between computers for business use. EDI has traditionally been a very complex and expensive undertaking. As more companies build inexpensive, standards-based networks around the Internet, however, EDI systems are becoming cheaper and easier to use.

EFTA

European Free Trade Association

The EFTA Convention established a free trade area among its member states in 1960. In addition, the EFTA states have jointly concluded free trade agreements with a number of countries worldwide. Iceland, Liechtenstein and Norway entered into the Agreement on European Economic Area (EEA) in 1992, which entered into force in 1994. The current contracting parties are, in addition to the three EFTA states, the European Community and the 25 EU member states.

Encryption  

The translation of plain-text data, such as an email message, into an unreadable code in order to ensure its safe transmission over the Internet. To read encrypted data, you must have software that allows you to decrypt it.

ETA

The expected date and time of arrival of a carrier

ETD

The expected date and time of departure of a carrier

EU European Union

The EU – European Union is an intergovernmental and supranational union of 27 democratic member states. EU is the world’s largest confederation of independent states, established under that name in 1992 by the Treaty on European Union (the Maastricht Treaty). Many aspects of the union existed before that date through a series of predecessor relationships, dating back to 1951.

EXW

EX WORKS

(also widely used as EX FACTORY)

A sale term where the title to goods passes to the buyer when the goods leave the vendor’s dock and consequently at that point the liability for loss and damage and the expenses of shipment also pass from vendor to buyer.

FAS

Free Alongside Ship (...named port of destination)

Seller fulfils his obligation to deliver when the goods have been placed alongside the vessel on the quay or in the lighters at the named loading port. Buyer has to bear all costs and risks and loss or damage to the goods from that moment.

FAQs

Frequently Asked Questions (FAQs)

FEU

Forty Foot Equivalent Units of shipping containers.

Two 20 ft containers = 1 FEU

FCA

Free Carrier (...named place)

Seller delivers the goods, cleared for export, into the custody of the first carrier at the named place or point, and this is when the risk passes from seller to buyer.

The buyer must pay for the transportation.

FOB

Free on Board (...named port of shipment)

FOB requires the seller to clear the goods for export, and can only be used for sea or inland waterway transport. The buyer has to bear all costs, risks of loss or damage to the goods at the point the goods have passed over the ship’s rail. Note that the term FCA should be used if the parties do not intend to deliver the goods across the ship’s rail.

Firewall

Software that protects a private network, such as a LAN or an intranet, from intruders or unauthorized traffic. Firewall software usually screens traffic by IP address or other traits, admitting certain types of traffic while blocking others

Five Dragons

Term used to describe the emerging economies of Hong Kong, Singapore, South Korea, Taiwan and Thailand.

Force Majeure

A condition of superior or irresistible force such as Acts of Good, incl. earthquakes and floods, which cannot be avoided by the exercise of due care and is included in contracts to excuse parties from performance when such events occur.

Franchising


A relationship in which the franchisor provides a licensed privilege to the franchise to do business and offers assistance in organizing, training, merchandising, marketing, and managing in return for a consideration.

Fraud

An illegal activity in which one party seeks to unlawful cheating of another party out of money, products or services.

Franco

Free from duties, transportation charges and other levies.

Freeware

Software that is available for anyone to use, free of charge. Most freeware is still copyrighted, however, which means that it can’t be further distributed or licensed.

Forum

Dragonicum.com`s Forum for Exchange of Export and Import Experiences is an interactive and open forum, intended to serve as a resource to assist and support our Users

Free Market

In a Free Market, there is unrestricted trading of goods with prices determined by supply and demand. Internationally, there is an unrestricted movement of goods in and out, and it is unhampered by the existence of tariffs or other trade barriers.

FTP

File Transfer Protocol

The most common way to download and upload files over the Internet, FTP operations require special software that is built into the most popular Web browsers and that is also available in a number of stand-alone applications. Web site builders use FTP to upload files to a Web host computer.

GATT

General Agreement On Tariffs and Trade

GATT was first signed in 1947. The Agreement was designed to provide an international forum that encouraged free trade between member states by regulating and reducing tariffs on traded goods and by providing a common mechanism for resolving trade disputes. GATT membership includes now more than 110 countries. The main goals of GATT are to liberalize world trade and place it on a secure basis, thereby contributing to economic growth and development and the welfare of the world’s people. GATT has been succeeded by WTO (The World Trade Organisation)

Global Quota

A quote set by a nation on the total imports of a product from all countries.

HS - Harmonized System

A multipurpose international classification system designed to be used by manufacturers, transporters, exporters, importers, customs, statisticians, and others in classifying under a single commodity code goods moving in international trade.

HTML

HTML - Hyper Text Mark-up Language is a text file containing small mark-up tags, which tell the Web browser how to display the page. The HTML file can be created by using a simple text editor, and must have an htm or html file extension.

HTTP (Hypertext Transfer Protocol)

The set of standards that lets Web servers and browsers communicate with each other.

Hyperlink

Web developers use HTML to create hyperlinks that a user clicks on to be transported to another Web page. Hyperlinks can appear as graphics or as areas of differently colours or underlined text.

Import Restrictions

Any one of a series of tariff and non-tariff barriers imposed by an importing nation to control the volume of goods into the country from other countries.

Independent Contractor

A person who works on a specific project for a specified period of time. Independent contractors are not subject to tax withholdings and usually don’t receive benefits granted to full-time employees.

Irrevocable Letter of Credit

A letter of credit which cannot be amended or cancelled without prior mutual consent of all parties to the credit.

Import Quota

A protective device establishing limits on the quantity of a particular product that may be imported into a country.

INCOTERMS (International Commercial Terms)

INCOTERMS –– a universally recognized set of definitions of international trade terms, developed by the International Chamber of Commerce (ICC) in Paris. Defines the responsibilities and liabilities of the trade contract between the buyer and seller.

Under INCOTERMS 2000 are the international commercial divided into groups: E, F, C, D, designated by the first letter of the term (acronym).

GROUP E - Departure

EXW               Ex Works

GROUP F - Main Carriage Unpaid

FCA                Free Carrier

FAS                Free Alongside Ship

FOB                Free on Board

GROUP C – Main Carriage Paid

CFR                Cost and Freight         

CIF                 Cost, Insurance and Freight

CPT                Carriage Paid to

CIP                 Carriage and Insurance Paid to 

GROUP D - Arrival

DAF                Delivered at Frontier

DES                Delivered Ex Ship

DEQ                Delivered Ex Quay

DDU               Delivered Duty Unpaid

DDP                Delivered Duty Paid

When operating in international trade, it would be best for the exporters to refrain from dealing in trade terms that would hold the seller responsible for import customs clearance and/or payment of import customs duties and taxes and/or other costs and risks at the buyer’s end, for example the trade terms DDP (delivered duty paid) and DFQ (delivered ex quay), where charges and expenses at the buyer’s may cost more to the seller than anticipated. To overcome losses, hire a reliable customs broker or freight forwarder in the importing country to handle the import routines.

Similarly, what would be best for importers is not to deal in EXW (ex works), which will hold the buyer responsible for export customs clearance, payment of export customs charges and taxes, and other costs and risks at the seller’s end.

Infringement of Copyright

Any unauthorized use of a copyrighted work other than fair use.

Infringement of Patent 

Violation of a patent through production, use or sale of a patented invention or its functional equivalent without the patent holder’s permission.

Infringement of Trademark

Unauthorized use of a protected trademark or service mark or use of a confusingly similar mark.

Internet Fraud

Internet Fraud refers to any type of fraud scheme on Internet, which can occur in chat rooms, emails, message boards and Web Sites – presenting fraudulent solicitations to prospective victims, in order to conduct fraudulent transactions, or to transmit the proceeds of fraud to financial institutions and others connected with the scheme.

ISP

Internet Service Provider. A company that provides an Internet connection.

Joint Venture

A combination of two or more individuals or legal entities who undertake together a transaction for mutual gain or to engage in a commercial enterprise together with mutual sharing or profits and losses.

Letter of Credit

A commitment, usually by a bank on behalf of a client, to pay a beneficiary a stated amount of money under specific conditions.

Liability 

Any debt or obligation due now or potentially in the future. Liability is synonymous with legal responsibility.

Malware

Malicious software

»Malware« is short for »malicious software« and is usually used as a catch-all term to refer to any software: Trojan Horse, Worm, Logic Bomb, or Virus, which causes damage to a single computer, server, or computer network.

Manufacturer

A manufacturer is a producer of products

Member ID

For security reasons, each member of Dragonicum.com has his exclusive member identity.

NAFTA

North America Free Trade Agreement

Nondisclosure Agreement (NDA)

A contract in which a person or business agrees to maintain the confidentiality of proprietary information or trade secrets and not disclose such information without authorization. Employees, consultants, business partners and investors are often asked to sign nondisclosure agreements.

Patent

A grant by law of a privilege, property, or authority, to one or more individuals, - incl. the grant to an inventor of the right to exclude others from making, using or selling the invention for a term of years.

Privacy Policy - Internet

The policy established by a Web site regarding the use of information obtained from users or viewers of the Web site.

Product Alert

Announcement of new products by our members on the Site and in Newsletters to our members.

Prohibited Products and Services

For more information about Prohibited Products and Services, we urge you kindly to read Dragonocum's Terms of Use

Public Domain

A copyright term that means a particular work is free for all to use without permission. Works in the public domain include those that were never copyrighted, those for which the copyright has expired and public documents.

Restricted Letter of Credit

A letter of credit which restricts negotiation to the bank the issuing bank has nominated in the credit.

Revolving Letter of Credit

A letter of credit which when drawn upon is automatically restored to its full amount, periodically, or after a particular event prescribed in the credit.

Sales Agreement

A written document (a contract) by which a seller agrees to convey property to a buyer for a stipulated price under specific conditions.

Scam - Scammer 

Scam is a fraudulent business scheme (email), sent by a scammer (the sender)

Social Engineering

Social engineering is the practice of obtaining confidential information by manipulation of legitimate users. A social engineer will commonly use the telephone or Internet to trick people into revealing sensitive information or getting them to do something that are against typical policies. By this method, social engineers exploit the natural tendency of a person to trust his or her word, rather than exploiting computer security holes

Spam - Junk Mail

A spam is an unsolicited commercial or bulk email, also called junk mail. Spam often contains advertisement for service and products. Remember - very few reputable marketers use spam for advertising their products and services. Do not open these spam mails or the links you often are being encourage to click on - instead you should these delete spam when you receive them. Install a filter against spam, so most of them can be sorted out and placed under »deleted items« automatically.

Standby Letter of Credit

A letter of credit which a bank issues on behalf of its customer to serve as a guarantee to the beneficiary of the letter of credit that the bank’s customer will perform a specified contract with the beneficiary. If the customer defaults, the beneficiary may draw funds against the letter of credit as penalties or as payments, whichever the terms of the credit provide.

Trade Events, Trade Shows

A trade fair (or trade show) is an exhibition organised so that companies in a specific industry can showcase and demonstrate their new products and services. Generally trade fairs can not be open to the public and can only be attended by company representatives (members of the trade) and members of the press.

Trade Leads, Trade Requests

Trade Leads/Requests; Buying and Selling, Search for agents, representatives, partners

Trademark


A name, phrase, logo, image or combination of images used to identify and distinguish a business from others in the marketplace. The term is often used to include service marks, which apply to businesses providing services as opposed to selling products. Trademarks can be either registered or unregistered, with different levels of protection.

Translation

Translation is an activity comprising the interpretation of the meaning of a text in one language—the source text—and the production of a new, equivalent text in another language—called the target text, or the translation.

Trojan Horse


A program that appears to serve a legitimate purpose but actually performs a destructive or unauthorized activity. Trojan horses differ from viruses mainly in that they do not replicate themselves. A Trojan is a small computer program, usually installed on a computer without the owner’s knowledge, which allows another person elsewhere on the internet to make use of your computer.

Unconfirmed Letter of Credit

A type of letter of credit bearing the obligation of the issuing bank only, not of any other bank.

Unrestricted Letter of Credit

A letter of credit which may be negotiated through any bank of the beneficiary’s choice.

URL (Uniform Resource Locator)


The text address that allows users to find a particular Web site or Web page. The links on Web pages also consist of URLs, which are embedded in the HTML code on the page. URLs comprise of a domain name followed by the file path to a particular file on that domain’s Web server.

User Agreement

By using Dragonicum.com`s Site, you agree to the terms and conditions outlined in the User Agreement (“Agreement”) with respect to our site (the “Site”). This Agreement constitutes the entire and only agreement between us and you, and supersedes all prior or contemporaneous agreements, representations, warranties and understandings with respect to the Site, the content, products or services provided by or through the Site, and the subject matter of this Agreement. This Agreement may be updated at any time by us without specific notice to you. The latest updated Agreement will be posted on the Site, and you should review this Agreement prior to using the Site. If you do not agree with these terms, you should not use this Site.

Vendor

A company or an individual that sells goods or services. A merchant, a retail dealer, a supplier, one who buys and sells.

Verification Code

Your email address has to be verified once you have registered with Dragonicum.com. The verification ensures us that your email address is valid.

Virus

A self-replicating computer program that infects a PC without the user’s knowledge or permission. Most viruses are harmless, although some are very destructive.

WAN - Wide Area Network

A communications network that covers a large geographic area, a WAN may be a public network such as the Internet or it may be a closed, proprietary network run by a corporation or government agency.

Warranty

A promise by a contracting party that the other party can rely on certain facts or representations as being true.

Web Design & Development

Web development incorporates all areas of creating a web site . This includes Web design (graphic design, XHTML, CSS, usability and semantics), programming, server administration, content management, marketing, testing and deployment. The term can also specifically be used to refer to the "back end", that is, programming and server administration. There is usually more than one member that works on a given Web Development team, each specialising in his or her own field.

Web Server


A computer that publishes a Web site on the Internet. It usually includes the Web server software, the appropriate software protocols such as TCP/IP, the Web site content and occasionally other software such as e-commerce or database applications. When the Web server receives a request from a Web client (or browser), it delivers the appropriate page or performs the requested task.

Wholesaler

Middleman or distributor who sells mainly to retailers, other merchants and industrial commercial and institutional users as distinguished from consumers.

Wi-Fi

Shorthand for “wireless fidelity,” this is a high-frequency wireless local area network. Wi-Fi can be used to connect to the internet wirelessly.

World Wide Web (www)

An Internet service that links collections of documents, or Web sites, both internally and to other sites. In addition to formatted text, Web pages may include graphics, audio, video and other multimedia content.

WYSIWYG

(What You See is What You Get)

Used to describe any computer program that displays content as it will appear in its finished form. Many applications promise WYSIWYG features, but differences in output devices and screen displays make it nearly impossible to meet this goal all of the time.

WTO World Trade Organisation

The international organisation which resulted from the Uruguay Round of GATT-negotiations. It is intended to promote world trade and to settle disputed among member nations.

  Update: March 2015