Balance of trade

l ' ' ' ' ATA Carnet - See Carnet.

Balance of trade - The difference between a country's total impods and exports. If exports exceed imports, a favourable balance of trade exists', if not, a trade deficit is said to exist.

Barter - Trade in which merchandise is exchanged directly for other merchandise without use of money. Barter is an important means of trade with countries using currency that is not readily convertible.

Beneficiary - The person in whose favour a letter of credit is issued or a draft is drawn.

Bill of exchange - See Draft.

Bill of lading - A document that establishes the terms of a contract between a shipper and a transportation company under which freight is to be moved between specified points for a specified charge. Usually prepared by the shipper on forms issued by the carrier, it serves as a document of title, a contract of carriage, and a receipt for goods. Also see Air waybill, Inland bill of lading, Ocean bill of lading, and Through bill of lading.

Bonded warehouse - A warehouse authorized by customs authorities for storage of goods on which payment of duties is deferred until the goods are removed.

Booking - An arrangement with a steamship company for the acceptance and carriage of freight.

Buying agent - See Purchasing agent.

Carnet - A customs document permitting the holder to carry or send merchandise temporarily into certain foreign countries (for display, demonstration, or similar purposes) without paying duties or posting bonds.

Cash against documents (CAD) - Payment.for goods in which a commission house or other intermediary transfers title documents to the buyer upon payment in cash Cash in advance (ClA) - Payment for goods in which the price is paid in full before shipment is made. This method is usually used only for small purchases or when the goods are built to order.

Cash with order (CWO) - Payment for goods in which the buyer pays when ordering and in which the transaction is binding on both parties.

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