A confirming house is an organization that acts as an intermediary between local exporters and overseas buyers. It pays for goods in the exporters' currency, negotiates prices, arranges shipment and insurance, and provides vital information for the overseas buyers.
A port of entry is a location, such as a seaport, airport, or land border entry point, where authorities may inspect incoming shipments and assess customs duties as applicable.
Discover comprehensive accounting definitions and practical insights. Empowering students and professionals with clear and concise explanations for a better understanding of financial terms.