Time draft: A promise to pay by the accepting party at some future date.

Sight draft: A draft payable on presentation to the drawee.

Letter of Credit: Issued by a bank, indicating that the bank will make payment under special circumstances.

Export-Import Bank (EXIM Bank): Agency of the Central government whose mission is to provide aid in financing and facilitate exports and imports.

Bill of lading (or draft): A document issued to an exporter by a common carrier transporting merchandise. It serves as a receipt, a contract, and a document of title.

Bill of Exchange: An order written by an exporter instructing an importer, or an importer's agent, to pay a specified amount of money at a specified time.

Free trade: The absence of barriers to the free flow of goods and services.

Exporting: Sale of products produced in one country residents of another country.

Counter trade: The trade of goods and services for other goods and services.

Counter purchase: A reciprocal buying agreement.

Multi-point Strategy: Emphasizing the need to be responsive to the unique conditions prevailing in different national markets.

Trans-national strategy: Plan to exploit experience-based cost and local economies, transfer core competencies with the firm, and pay attention to local responsiveness.

Multi-domestic strategy: Emphasizing the need to be responsive to the unique conditions prevailing in different national markets.

International strategy: Trying to create value by transferring core competencies to foreign markets where indigenous competitors lack those competencies.

Economies of scale: Cost advantages associated with large scale production.