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Fourth-Party Logistics (4PL) refers to a logistics service provider that manages and integrates the entire supply chain on behalf of a client. A fourth-party logistics provider (4PL) offers a more comprehensive service by overseeing the entire supply chain, which encompasses not just fulfillment and shipping, but also transportation and technological solutions.
A Green Clause Letter of Credit is a type of letter of credit that allows the beneficiary to receive an advance payment before shipping the goods. This arrangement provides the exporter with working capital while ensuring the buyer's interests are protected. From the buyer's perspective, a
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The Harmonized System (HS) Code is an internationally standardized system of names and numbers for classifying traded products. Developed by the World Customs Organization (WCO), the HS Code is used by customs authorities worldwide to identify goods, apply tariffs, and gather trade statistics. It ensures consistency and efficiency in international
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The Import of Capital Goods refers to bringing in machinery, equipment, and tools necessary for production processes. These imports are often encouraged by governments to boost industrial and economic growth. In India, schemes like the Export Promotion Capital Goods (EPCG) scheme provide duty concessions for importing capital goods, thus helping
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An Indemnity Policy is an insurance agreement where the insurer agrees to compensate the insured for any losses or damages incurred, up to a specified limit. This policy provides financial protection against specified risks, ensuring that the insured is restored to their financial position prior to the loss.
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The International Bank Account Number (IBAN) is a standardized format for identifying bank accounts across international borders. It includes the country code, bank code, and account number, making it easier to process international transactions accurately and efficiently. For example, an IBAN for a bank account in Germany might look like
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An International Wire Transfer is an electronic transfer of funds from one bank account to another across international borders. This method of payment is commonly used for sending money quickly and securely. International wire transfers involve intermediary banks (correspondent banking) and may incur fees and exchange rate charges, providing a
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