Consignment: Delivery of merchandise from an exporter
(the consignor) to an agent (the consignee) under the
agreement that the agent sell the merchandise for the ac-
count of the exporter. The consignor retains the title to
the goods until the consignee has sold them. The con-
signee sells the goods for commission and remits the net
proceeds to the consignor.
Consolidator: An agent who brings together a number of
shipments for one destination to qualify for preferential
rates.
Cost, insurance, freight (CIF): A system of valuing
imports that includes all costs, insurance, and freight
involved in shipping the goods from the port of embarka-
tion to the destination.
Countertrade: The sale of goods or services that are paid
for in whole or part by the transfer of goods or services
from a foreign country.
Credit risk insurance: Insurance designed to cover risks of
nonpayment for delivered goods.
Currency: National form for payment medium: dollars,
pesos, rubles, naira, pounds, etc.
Distributor: A foreign agent who sells for a supplier di-
rectly and maintains an inventory of the supplier’s
products.
Dock Receipt: A documented receipt the shipment has
been received by the steamship line.
Draft: Negotiable instrument presented by the buyers’
bank for payment.
Drawback: Duties to be refunded by the government
when previously imported goods are exported or used in
the manufacture of exported products.
Domestic International Sales Corporation (DISC):
Established in 1971 by U.S. legislation, DISCs were
designed to help exporters by offering income tax
deferrals on export earnings. DISCs were phased out in
1984.
218 GLOBAL SOURCING LOGISTICS

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