Tuesday, September 8, 2009

Trade Terms Tuesday

Welcome to Trade Terms Tuesday! Each Tuesday, we will share three trade-related terms. In order to reach out to our diverse readership, we will try to provide one for exports, one for imports and one for logistics/transportation. This week, we continue with the T’s.

A “twenty-foot equivalent unit” (TEU) is a shipping capacity measurement and is equal to a 20-foot container. A 40-foot container would equal two (2) TEUs.

The Temporary Importation Bond (TIB) allows importers to enter merchandise for temporary use without paying duties. Merchandise entered under a TIB cannot be sold but can be repaired, altered or processed. A bond must be posted to guarantee that these goods will be exported within the specific period, which is usually one year from the date of import.

Technology Transfer
This term is used to describe "the transfer of knowledge generated and developed in one place to another.” Technology may be transferred in many forms, such as research and development; conferences, agreements between a U.S. and foreign entity, sale of processes or blueprints and the activities that take place in multinational organization.

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