I received a project in which payment terms is mentioned as 45 days PDC. But I don’t know what is the meaning of PDC. And also please tell me what is the meaning of Duty exempted order and Exworks.
From United Arab Emirates, Dubai
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1From United Arab Emirates, Dubai
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Hello Flasher,
PDC stands for Post-Dated Cheque, which means you receive the payment with a future date than when the payment is due. This is usually adopted by companies when they either have a funds crunch or when they want to postpone their cash outflow to a later date. You can encash the cheque only AFTER the date mentioned on the cheque. A 45-day PDC means 45 days AFTER the delivery or payment becomes due.
Duty-exempted Order is usually given by government-related organizations/departments or government-related orders released by private entities since such orders have exemptions as per law.
Ex-works means the pricing is calculated when the material/order LEAVES the Works/Factory. Therefore, transport costs, transit insurance, and such costs are EXTRA.
Hope this helps.
Rgds,
TS
From India, Hyderabad
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PDC stands for Post-Dated Cheque, which means you receive the payment with a future date than when the payment is due. This is usually adopted by companies when they either have a funds crunch or when they want to postpone their cash outflow to a later date. You can encash the cheque only AFTER the date mentioned on the cheque. A 45-day PDC means 45 days AFTER the delivery or payment becomes due.
Duty-exempted Order is usually given by government-related organizations/departments or government-related orders released by private entities since such orders have exemptions as per law.
Ex-works means the pricing is calculated when the material/order LEAVES the Works/Factory. Therefore, transport costs, transit insurance, and such costs are EXTRA.
Hope this helps.
Rgds,
TS
From India, Hyderabad
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Glossary of Economic Terms and Concepts.doc