1. GLOSARY IMPORT SYSTEM
1. Agreements:Anagreementis
decisionaboutfutureactionwhichismadebytwoor
people, etc.
a
more
countries,
formal
groups,
2. AndeanGroup: A group of Latin American countriesformed in 1969
topromoteeconomicintegration. Itsmemberstatesinclude Bolivia, Colombia,
Ecuador and Perú.
3. Bill
of
Lading:
Is
a
documentsettingouttheterms
of
thecontractbetweentheexporter
of
the
godos
and
thecarrier,
underwhichthefreightisto be transported.
4. BondedWare-house:
warehouseauthorizedbycustomsauthoritiesforthestorage of goods.
A
5. Buyer: Is a personwho Works for a large store decidingwhat godos will be
bought.
6. Carrier: A freight/transportcompanyoperatingby air, ocean, rail, road, canal,
etc.
7. CommercialInvoice: A billbywhichthesellerforthevalue
supplier. A description of themerchandise.
of
the
godos
8. Duty: A taximposedbythecustomsauthority of a country onimportedgoods.
9. Extensión: Anadditionalperidwhichmaybegrantedbythedrawerforpayment of
a draft.
10. Foreign Exchange: A termindicatingforeigncurrencies.
earnsbyexportinggoods and services.
A
11. ForeignTradeZones:
Specialphysical
sities
whrefirms
allowedbythegovernmenttodelayoravoidpayingtariffsonimports.
12. ForeignTrade
Single
Window
(FTSW):
mechanismtofacilitateimport and exportprocedures.
13. ForwardingAgent:
Is
a
fornationalizationprocesses of goods.
Isthe
personauthorizedby
country
are
virtual
DIAN

2. 14. Freight: Isthemovement of goodsby a transport.
15. Franchising:
A
sales
distributionmethodwhereonepartauthorizedtodistributehisproducts
services.
and
and
16. HarmonizedSystem:
A
systemforclassifyinggoods
in
internationaltradeunder a single commoditycode, developedunderthe control
of
theCustoms
Co-operation
Council.
The
full
titleisHarmonizedCommodityDescription and CodingSystem.
17. ImportLicense:
A
documentrequired
and
issuedbysomegovernmentstoallowtheimportation of goodsintotheircountries.
18. Insurance:A
contractwherebytheinsurerundertakestoreimbursethepolicyholder
in
theevent of a specifiedcontingencyorperil, againstthepayment of a premium.
19. Letter of Credit:A financialdocumentissuedbyanissuingbank at therequest
of
a
buyer
(applicant)
to
a
seller
(beneficiary),
whichguaranteespaymenttotheselleriftheterms and conditionsspecified in the
L/C are fulfilled.
20. Lien:A legal termindicatingtherightorclaim of a creditoragainsttheproperty of
a debtor in connectionwithsecureddebtfinancing.
21. Seizure:Isthe total loss of ownership of thegoodsonbehalf of the federal
treasury
22. Ship: Is a oftenusedmeans of transporttocarrygoodsfromone country
toanother.
23. Taxhaven:A
country
withlowlevels
of
(includingonincomefromforeignsources) and/or liberal tax
forundertakingspecificeconomicactivities.
taxation
incentives
24. Ware: Isthegoodthatisbeingexchangedfor marketing orotherfunctions.
25. WorldTradeOrganization (WTO): As the legal and institutionalfoundation of
the multilateral trading system, a forumfor multilateral tradenegotiations.