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Word Book

Hard words from the lessons, in plain English. Each one links to the paragraph where it is used.

64 words

AD (Authorised Dealer)

Used in A-2

A bank branch licensed by Bangladesh Bank to deal in foreign exchange.

Airway Bill (AWB)

Used in A-14

Air cargo receipt; it is not a title document like a B/L, so the rule sends it to a bank abroad.

AML/CFT

Used in A-2

Anti-Money Laundering / Combating the Financing of Terrorism rules.

ARV

Used in A-22

Advance Receipt Voucher: the declaration for money received before export.

Assignment

Used in A-31

Transferring your right to receive money to someone else.

Back-to-back LC

Used in A-30

An import LC opened on the strength of an export LC, common in garments.

Bill of Export

Used in A-12

Customs document that permits the goods to be shipped.

Bill of Lading (B/L)

Used in A-14

Shipping document for sea cargo; it is the title to the goods.

Blank endorsement

Used in A-16

Signing without naming who receives the rights. The holder becomes the owner.

Bona fide

Used in A-7

Genuine; made in good faith.

CAD

Used in A-13

Cash Against Documents: the buyer pays to get the shipping documents.

CCI&E

Used in A-1

Office of the Chief Controller of Imports and Exports. Issues trade registrations (ERC, IRC) and public notices.

CIF

Used in A-21

Cost, Insurance and Freight: the seller pays freight and insurance to the destination port.

Commission

Used in A-20

Fee paid to an agent or the buyer's representative for arranging a sale.

Correspondent bank

Used in A-13

A foreign bank that works with your bank abroad.

Counter-trade

Used in A-9

Paying for goods with other goods under an approved arrangement, settled through an escrow account.

DA

Used in A-13

Documents against Acceptance: the buyer accepts a bill to pay later and gets the documents now.

DEDO

Used in A-29

Duty Exemption and Drawback Office, which handles duty refunds for exporters.

Deemed export

Used in A-29

A local supply that counts as export, for example fabric sold to a garment exporter against a back-to-back LC.

Delivery Order

Used in A-14

Instruction from the shipping company to release goods to a named party.

Discount claim

Used in A-27

A buyer's request to pay less than the invoice, usually citing quality or delay.

Discounting

Used in A-30

Paying the exporter now, minus a cost, for a bill that the buyer will pay later.

EGM

Used in A-19

Export General Manifest: Customs' online list of goods actually loaded.

Endorsement

Used in A-16

Signing on the back of a document to transfer rights to someone else.

ERC

Used in A-4

Export Registration Certificate, issued by CCI&E. Must be valid for an exporter to export.

ERQ

Used in A-10

Exporters' Retention Quota: a foreign currency account where exporters may keep part of their proceeds.

EXP form

Used in A-6

The export declaration form. Every export, unless exempt, must have one.

Export Policy

Used in A-1

The government's rule book on what may be exported and on what terms. Renewed every few years.

Export Register

Used in A-11

The branch's record of all EXP forms issued (Appendix-2).

EXW

Used in A-21

Ex Works: the buyer collects from the seller's premises.

FCR

Used in A-18

Forwarder's Cargo Receipt.

FER Act 1947

Used in A-2

Foreign Exchange Regulation Act. The law behind all of Bangladesh Bank's FX circulars.

FOB

Used in A-21

Free On Board: the seller loads the goods on the ship; the buyer pays the sea freight.

Freely convertible currency

Used in A-9

A currency that can be exchanged freely, such as USD, EUR, GBP or JPY.

Freight

Used in A-25

The charge for carrying goods by ship, air or road.

HBL / HAWB

Used in A-18

House Bill of Lading / House Airway Bill, issued by a freight forwarder.

In transit

Used in A-24

On the way, between the seller and the buyer.

Incoterms

Used in A-3

ICC trade terms such as FOB or CIF that say who pays which costs and where risk passes.

KYC

Used in A-17

Know Your Customer: checking who the customer really is.

Litigation

Used in A-26

A court case.

Mis-invoicing

Used in A-19

Showing a wrong price on the invoice to move money illegally.

Negotiation

Used in A-18

The bank pays or gives value to the exporter against documents before the foreign bank pays.

OBU

Used in A-19

Offshore Banking Unit of a bank.

OEMS

Used in A-11

Online Export Monitoring System of Bangladesh Bank.

OIMS

Used in A-29

Online Import Monitoring System.

OPGSP

Used in A-9

Online Payment Gateway Service Provider, for example a platform that pays freelancers.

Overdue

Used in A-8

Export proceeds not received within the allowed period.

Overdue proceeds

Used in A-15

Export money not received within the allowed time.

Post-facto

Used in A-12

Done afterwards, after the event.

PRC

Used in A-29

Proceeds Realisation Certificate: proof that export money has been received.

Pre-shipment finance

Used in A-32

Loans to an exporter before the goods are shipped, for example to buy raw materials.

Repatriation

Used in A-5

Bringing export money back into Bangladesh through a bank.

Ship's stores

Used in A-7

Food, fuel and supplies for the ship itself, not cargo for sale.

Short shipment

Used in A-23

Shipping less than the quantity planned or declared.

Shut out

Used in A-23

Cargo that was planned but not loaded at all.

SOFR

Used in A-30

Secured Overnight Financing Rate: a US dollar benchmark interest rate.

Standby LC

Used in A-22

A guarantee-like LC that pays if the applicant fails to perform.

Standing authority

Used in A-20

A permission from Bangladesh Bank that covers repeated cases, not just one.

UCP

Used in A-3

Uniform Customs and Practice for Documentary Credits. The ICC rule book for LCs (current version: UCP 600).

URC

Used in A-3

Uniform Rules for Collections (URC 522). Rules for sending documents through banks for payment without an LC.

Usance

Used in A-8

A credit period: the buyer pays some days after receiving the documents (for example, 90 days).

With recourse

Used in A-32

The financier can claim the money back from the exporter if the buyer doesn't pay.

Without recourse

Used in A-31

The financier can't claim the money back from the exporter if the buyer fails to pay.

Working hours

Used in A-28

Office hours on bank working days. Weekends and holidays don't count.