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Closeout (sale) A closeout or clearance sale (also called a closing down sale in the United Kingdom [1]) is a discount sale of inventory either by retail or wholesale. It may be that a product is not selling well, or that the retailer is closing because of relocation, a fire (a fire sale), over-ordering, or especially because of bankruptcy. [2]
Incoterms 2020 is the ninth set of international contract terms published by the International Chamber of Commerce, with the first set having been published in 1936. Incoterms 2020 defines 11 rules, the same number as defined by Incoterms 2010. [6] One rule of the 2010 version ("Delivered at Terminal"; DAT) [7] was removed, and is replaced by a ...
Outlet store. An outlet store, factory outlet or factory store is a brick and mortar or online store where manufacturers sell their merchandise directly to the public. Products at outlet stores are usually sold at reduced prices compared to regular stores due to being overstock, closeout, returned, factory seconds, or lower-quality versions ...
FOB (shipping) FOB (free on board) is a term in international commercial law specifying at what point respective obligations, costs, and risk involved in the delivery of goods shift from the seller to the buyer under the Incoterms standard published by the International Chamber of Commerce. FOB is only used in non-containerized sea freight or ...
Customs house agent. In India, a customs house agent (CHA) is licensed to act as an agent for transaction of any business relating to the entry or departure of conveyances or the import or export of goods at a customs station. CHAs maintain detailed, itemized and up-to-date accounts. A CHA license may be temporary or permanent.
Bargain bin. A bargain bin refers to an assorted selection of merchandise, particularly software, tools and CDs, which have been discounted in price. Reasons for the discount can range from the closure of a production company to a steep decline in an item's popularity in the aftermath of a fad or scandal. Another reason for the discount can be ...
The market clears when the price reaches a point where demand and supply are in equilibrium, enabling individuals to buy or sell whatever they desire at that cost. When supply and demand are equal, a market clearing takes place. The market must experience a shortage or a surplus to reach this state. A shortage indicates that buyers are ...
Bohni. Bohni (Hindustani: बोहनी or بوہنی) is a social and commercial custom of India and Pakistan that is based on the belief that the first sale of a day (or other selling period) establishes the seller's luck for subsequent choti transactions during the remainder of the day. [1][2] In practical terms this means that sellers try ...