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Confirming bank

In a letter of credit transaction, the bank that assumes responsibility to the seller (usually the exporter) for payment from the issuing bank (buyer´s bank) so long as the terms and conditions of the letter of credit have been met…

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Confirming house

A trading company that represents the interests of foreign buyers. Confirming houses typically negotiate purchases on behalf of their overseas principals, place their domestic orders in the suppliers´countries, arrange for export handling and transportation to the buyer, and locally pay…

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Conflict of laws

Differences between the laws of different countries or other jurisdictions that become significant in determining which law will apply when individuals o legal entities have acquired rights, included obligations, suffered damages, or made contracts in two or more jurisdictions. The…

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Congestion surcharge

An additional charge added to the base rate ocean freight cost, reflecting the additional expenses that the ship lines incur when calling at congested ports.

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Consignee

In export transactions, the intended receiver of a cargo shipment. The named person or legal entity having the right to claim the merchandise from the carrier at destination, and is generally recognized as the legal owner for customs purposes. In…

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