Vocabulary
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Term |
Description |
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Advance Payment |
Method of payment by cash payment to the exporter in advance |
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Advising Bank |
Parties are requested by the issuing bank to submit L / C directly or through another bank to the beneficiary |
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Applicant |
Parties who filed applications to open L / C to the issuing bank |
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Bill of Exchange |
Unconditional warrant to pay a certain amount of money to designated person on the date of payment; in order that the warrant was valid as a bill of exchange, then it must contain the terms set out in legislation |
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Bill of Lading |
Evidence received from the shipping agent
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Clean collection |
Basic document which billing is only of any financial document |
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Commercial document |
Document such as Bil of Lading, Invoice, packing list, SKA etc |
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Document against payment (D/P) |
Collecting bank submit documents to the importer after the importers make full payment |
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Document against acceptance (D/A) |
Collecting bank are allowed to submit documents after the importer agreed (accept) the bill of exchange or money orders are approved within a specified period (usually 30, 60, 90 or 180 days of acceptance) |
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Document against payment (D/P) |
Collecting bank submit documents to the importer after the importers make full payment |
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Documentary collection |
Billing documents based on any commercial or financial document document document plus commercial |
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EMKL |
Stands for: Ekspedisi muatan kapal laut (cargo ships expedition) |
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Financial document |
Financial documents that have a face value of such notes or bills of exchange |
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Harga Dasar (HD) |
is the highest level of export prices which are not affected by the export tax |
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Harga Ekspor (HE) |
is the price determined by the Minister of Finance at the end of the month based on average prices in the international market 2 (two) weeks to calculate the FOB price of export tax on goods |
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Harga Patokan Ekspor (HPE) |
is the price set by the Minister of Industry and Trade to calculate the export tax on the use of ad valorem tariff on goods |
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Incoterm |
International Commercial Terms are terms (set of three-letter code) used in international trade to adjust to avoid mistakes in the interpretation of the contract |
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Issuing Bank |
Party that issued the L / C applicant upon request |
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Konsinyasi/Consignment |
Method of payment in exports that use importers as an intermediary / seller who will sell the goods exported to the final buyer |
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Delivery of goods to importer in advance as an intermediary between the exporter or producer to the final buyer |
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L/C Advice |
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L/C Usance |
L / C that disbursements made after submission of complete documents to the Negotiating Bank |
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L/C Insight |
L / C that redemption is not immediately done after a handover document, but after a certain period in accordance with the acceptance period of time |
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Letter of Inquiry |
The letter requests a particular commodity from the importer |
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Negotiating Bank |
Banks which are authorized by the issuing bank to negotiate (to take over L / C) |
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Open Account |
Sending goods to importers in advance, payment will be done export goods upon receipt by the importer |
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Offer sheet |
The quotation letter from suppliers |
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Order Sheet |
Letter ordering certain goods shipped by the importers |
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Purchase order |
Documents issued by the buyer or seller that shows the purchase of certain types of goods and explains a number of other |