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Glossary of Terms

International trade has its own distinct vocabulary

We've compiled a glossary of the individual words
and turns of phrase you need to know

If you're thinking about expanding your business internationally, there is a lot to consider before you get started. Whether you want to sell (export) goods, or buy (import), you need to think about the markets you want to target, the rules and regulations that govern overseas trade - and how to balance the risks with the potential rewards. The opportunities are there for the taking and we can help you make the most of them.

International trade has its own distinct vocabulary. We've compiled a glossary of the individual words and turns of phrase you need to know.

@

@ At (referring to price). From (referring to the sailing of a ship)

AA

AA Always Afloat

AAA

AAA Association of Average Adjusters

AAD

AAD Administrative Accompanying Document

A/B

A/B Aktiebolaget (Swedish registered company)

A-BCC

A-BCC Arab-British Chamber of Commerce

ABI

ABI Association of British Insurers

ABP

ABP Associated British Ports

ABS

ABS American Bureau of Shipping

A/C

A/C Account

Acceptance

Acceptance This term has several related meanings:

  1. A time draft (or bill of exchange) that the drawee has accepted and has to pay when it matures. Once the draft is presented for acceptance, the drawee then becomes the "acceptor" for payment. The word "accepted" and the date and place of payment must be written on the face of the draft.
  2. The drawee's act in receiving a draft, which commits them to pay its value when it matures.
  3. Broadly speaking, any agreement to purchase goods under specified terms. An agreement to purchase goods at a stated price and under stated terms.
ACEP

ACEP Approved Continuous Examination Programme

ACMET

ACMET Advisory Council on Middle East Trade

ACP

ACP African Caribbean and Pacific States

Ad Valorem

Ad Valorem According to value. See Duty

ADB

ADB Asian Development Bank

ADP

ADP Automatic Data Processing

ADR

ADR The European Agreement on the 'International Carriage of Dangerous Goods by Road'

Advance Against Documents

Advance Against Documents A loan that is secured against the documents covering a shipment

Advising Bank

Advising Bank A bank, operating in the exporter's country, that handles letters of credit for a foreign bank. This bank will notify the exporter that the credit has been opened in its favour. Although the advising bank must inform the exporter of the conditions of the letter of credit, they are not necessarily responsible for payment.

Advisory Capacity

Advisory Capacity A term indicating that a shipper's agent or representative doesn't have the power to make a decision or adjustment without a shipper's approval. Compare Without Reserve.

A/E

A/E Abbreviated Entry

AF

AF Advanced Freight

AFNOR

AFNOR The French Standards Institute

AG

AG Aktiengesellschaft (German Company)

Agent

Agent See Foreign Sales Agent

AGVS

AGVS Automated Guided Vehicle System

AICS

AICS Associate of the Institute of Chartered Shipbrokers

AID

AID Agency for International Development

AIM

AIM Automatic Identification Manufacturers

Air Waybill

Air Waybill This is a bill of lading that covers both domestic and international flights which transport goods to a named destination. In effect, the bill represents a receipt for the shipper, indicating that the carrier has accepted the goods listed and has committed to deliver them to a named airport within certain pre-arranged conditions. It is a non-negotiable document. Compare Inland Bill of Lading, Ocean Bill of Lading, and Through Bill of Lading.

ALADI

ALADI Spanish abbreviation for Latin American Integration Association

Allonge

Allonge An attachment to a Bill of Exchange containing endorsements. This is used when the back of the bill has been completed

Alongside

Alongside Beside a ship. Goods that are delivered 'alongside' are placed on the dock or barge within reach of the transport ship's tackle. This means they can be loaded aboard the ship more easily.

AN

AN Advice Note

ANCOM

ANCOM Andean Common Market

ANF

ANF Arrival Notification Form

AP

AP Additional Premium

APR

APR Annual Percentage Rate

APT

APT Advanced Passenger Train/After Peak Tank

AQL

AQL Acceptable Quality Level

ARA

ARA Antwerp, Rotterdam and Amsterdam range of ports

Arbitrage

Arbitrage Buying foreign exchange, stocks, bonds, and other commodities in one market, then immediately selling them in another market at higher prices

ARPS

ARPS Automatic Radar Plotting System

ARR

Arr Arrival

A/S

A/S

  1. After Sight
  2. Alongside
ASA

ASA American Standards Association

ASBA

ASBA Association of Shipbrokers and Agents

ASB

ASB Alternative Side-Band

ASEAN

ASEAN Association of South-East Asian Nations

AST

AST Average Spring Tides

At Sight

At Sight See Sight Draft

ATA

ATA Actual Time of Arrival

ATA Carnet

ATA Carnet See Carnet

ATP

ATP European Agreement on the International Carriage of Perishable Goods

ATR

ATR Temporary Admission on Wheels (Admission Temporaire Roulette)

ATSBE

ATSBE (atsbe) All Time Saved at Both Ends

ATSDO

ATSDO (atsdo) All Time Saved Discharging Only

ATSLO

ATSLO (atslo) All Time Saved Loading Only

ATT

ATT Admiralty Tide Tables

AVG

Av or Avg Average

A/V

A/V Ad Valorem (according to value)

AWB

AWB Air Waybill

AWES

AWES Association of Western Shipbuilders

Az

Az Azimuth

BA

BA British Airways

BAA

BAA British Airports Authority

BACA

BACA Baltic Air Charter Association

BACS

BACS Banker's Automated Clearing System

BAF

BAF Bunker Adjustment Factor

Balance of Trade

Balance of Trade The difference between a country's total imports and exports. If exports exceed imports, there's a positive balance of trade or trade surplus; if not, there's trade deficit.

Barter

Barter Trade without money in which goods are exchanged directly for other goods. Barter is an important means of trade between countries that have currencies which are not easily convertible.

BASEEFA

BASEEFA British Approvals Service for Electrical Equipment in Flammable Atmospheres

BBB

BBB Before Breaking Bulk

BCC

BCC British Chambers of Commerce

BCN

BCN Banker's Cover Note

Bd

Bd Bond

B/d

B/d Brought Down

B/D

B/D

  1. Bar Draft
  2. Banker's Draft.
Bdi

Bdi Both dates inclusive

B/E

B/E

  1. Bill of Entry (customs)
  2. Bill of Exchange
BEA

BEA British Exporters Association

BEMAS

BEMAS Buoy Monitor and Alarm System

Beneficiary

Beneficiary The person in whose favour a letter of credit is issued or a draft is drawn

Benelux

Benelux A Customs Union between Belgium, the Netherlands and Luxembourg

Bf or B/fwd

Bf or B/fwd Brought Forward

B/G

B/G Bonded Goods

BIFA

BIFA British International Freight Association

Bill of Entry

Bill of Entry A written description of the nature and value of goods for customs purposes

Bill of Exchange

Bill of Exchange A written unconditional order from one person (the drawer) to another (the drawee). The bill directs the drawee to pay a specified amount to a named drawer at a fixed or yet to be agreed future date.

Bill of Lading

Bill of Lading A contract between a shipper and a transport company setting out the charges and conditions for moving freight. The bill is usually prepared by the shipper on forms issued by the carrier. It represents a document of title, a contract of carriage, and a receipt for goods. Also see Air Waybill, Inland Bill of Lading, Ocean Bill of Lading, and Through Bill of Lading.

BIMC

BIMC Baltic and International Maritime Conference

Bkg

Bkg

  1. Banking
  2. Breakage
Bkge

Bkge Brokerage

Bkrpt

Bkrpt Bankrupt

B/L or b.l

B/L or b.l. Bill of Lading

BLEU

BLEU Belgium-Luxembourg Economic Union

BM

BM Board Measure

BMF

BMF British Marine Federation

BMEC

BMEC British Marine Equipment Council

BMLA

BMLA British Maritime Law Association

BO

BO

  1. Buyer's Option
  2. Branch Office
Bonds/Guarantees

Bonds/Guarantees An irrevocable commitment by a bank to make payment provided the terms of the bond or guarantee are met

Bonded Warehouse

Bonded Warehouse A warehouse that has been authorised by Customs authorities to store goods which haven't paid any duty.

B/P

B/P Bills Payable

BPB

BPB Bank Post Bill

B/R

B/R Bills Receivable

B/S

B/S Bill of Sale

BSC

BSC British Shippers Council

BSI

BSI British Standards Institution

BSS

BSS British Standard Specification

BST

BST British Summer Time

BTC

BTC British Transport Commission

BTG

BTG British Transport Group

Bunker Adjustment Factor

Bunker Adjustment Factor Fuel surcharge on standard or quoted rates, usually based on consignment weight

Buying Agent

Buying Agent See Purchasing Agent

By collection

By collection Drafts or cheques paid by collection are returned to the bank on which they were drawn to be paid

By negotiation

By negotiation Drafts or cheques paid by negotiation are paid immediately

BV

BV Bureau Veritas

C CL

C CL Continuation Clause

C Dk

C Dk Containers Carried on Deck

C/nee

C/nee Consignee

C of C

C of C Chamber of Commerce

C&D

C&D Collected and Delivered

C&E

C&E Customs and Excise

C&F

C&F Cost and Freight (now obsolete - superseded by CFR - see also Incoterms 2010)

CA

CA Compensatory Agreement

CAA

CAA Civil Aviation Authority

CAAC

CAAC Customs and Excise

CAB

CAB Civil Aeronautics Board (USA)

CACM

CACM Central American Common Market

CAD

CAD

  1. Cash Against Documents
  2. Commercial Agents Directive
CAF

CAF Currency Adjustment Factor

CAN

CAN Customs Assigned Number

CANDF

CANDF Cost and Freight to Foreign Port

CAP

CAP Common Agricultural Policy

CARICOM

CARICOM Caribbean Community and Common Market

CARIFTA

CARIFTA Caribbean Free Trade Association

Carnet

Carnet A customs document that permits the holder to temporarily carry or send goods into certain foreign countries without paying duties or posting bonds. Carnets help businesses display and demonstrate their services.

Cash Against Documents (CAD)

Cash Against Documents (CAD) A particular sort of payment for goods. A commission house or another intermediary transfers title documents to the buyer when they receive a cash payment.

Cash In Advance (CIA)

Cash In Advance (CIA) In this type of payment for goods, the buyer pays the full price before shipment is made. This method is usually only used for small purchases or when the goods are built to order.

Cash With Order (CWO)

Cash With Order (CWO) A payment method for goods in which the buyer pays when ordering. The transaction is binding on both parties.

CASS

CASS Cargo Accounts Settlement System

CBD

CBD Cash Before Delivery

CBI

CBI Confederation of British Industry

Cbm

Cbm Cubic Metre

CC

CC Continuation Clause, Civil Commotion

CC/O

CC/O Certificate of Consignment/Origin

CCC

CCC Customs Co-operation Council

CCCN

CCCN Customs Co-operation Council Nomenclature

CCE

CCE Collector of Customs and Excise

CCLN

CCLN Consignment Note Control Label Numbers

CCT

CCT Common Customs Tariff

CD

CD Customs Declaration

C/D

C/D

  1. Commercial Dock
  2. Customs declaration
  3. Consular declaration
CDV

CDV Current Domestic Value

CENSA

CENSA Council of European and Japanese National Shipowners' Association

Cert

Cert. Certificate

Certificate of Inspection

Certificate of Inspection A document certifying that merchandise was in good condition just before it was shipped. This is often used with perishable goods.

Certificate of Manufacture

Certificate of Manufacture A statement (often notarised) in which a manufacturer certifies that the goods are made and available to the buyer.

Certificate of Origin

Certificate of Origin A document certifying the country of origin of specified goods. It is used by certain foreign countries for tariff purposes.

CET

CET

  1. Central European Time
  2. Common External Tariff (customs)
cf

cf (cu ft) Cubic Feet

Cf

Cf or C/fwd Carried Forward

CFR

CFR Cost and freight. A pricing term indicating that the cost of the goods and freight charges are included in the quoted price. The buyer arranges and pays insurance. But see Incoterms 2010.

CFS

CFS Container Freight Station

CFTC

CFTC Commodity Futures Trading Commission (USA)

Cge Pd

Cge Pd Carriage Paid

CGSA

CGSA Carriage of Goods by Sea Act

CH

CH Customs House

Ch Fwd

Ch Fwd Charges Forward

Ch Pd

Ch Pd Charges Paid

CHAPS

CHAPS Clearing House Automated Payment System

Charges Forward

Charges Forward Charges payable by the consignee on arrival

Charter Party

Charter Party A written contract, usually on a special form, between the owner of a vessel and a "charterer" who rents use of the vessel or a part of its freight space. The contract generally includes the freight rates and the ports involved in the transportation.

CHIEF

CHIEF Customs Handling of Import/Export Freight

CHINPAC

CHINPAC China Sea, Indian and Pacific Oceans

CHIPS

CHIPS Clearing House Inter-bank Payments System

CHO

CHO Containers Carried in Holds

Chq

Chq. Cheque

C/I

C/I Consular Invoice, Channel Islands, Certificate of Insurance

Cia

Cia Spanish word for company

CIA

CIA Cash In Advance

CIF

CIF Cost, insurance, freight. A pricing term indicating that the cost of the goods, insurance, and freight are included in the quoted price. See Incoterms 2010.

CIF&C

CIF&C Cost, Insurance, Freight and Commission

CIF&E

CIF&E Cost, Insurance, Freight and Exchange

CIF&I

CIF&I Cost, Insurance, Freight and Insurance

CIFC & 5

CIFC & 5 Cost, Insurance, Freight, including 5% Commission

CIFC & I

CIFC & I Cost, Insurance, Freight, Commission and Interest

CIFLt

CIFLt Cost Insurance and Freight, London terms

CIM

CIM International convention governing international rail carriage

CIP

CIP Carriage and Insurance Paid To. But see Incoterms 2010

CIPA

CIPA Chartered Institute of Patent Agents

CIRM

CIRM International Maritime Radio Association

CIT

CIT Chartered Institute of Transport

CITHA

CITHA Confederation of International Trading Houses Associations

C/L

C/L Craft Loss

CLA

CLA Cargo Loading Adaptability

CLASS

CLASS Cargo Loading and Scheduling System

Clean Bill of Lading

Clean Bill of Lading A receipt for goods issued by a carrier. The bill indicates that the goods were received in "apparent good order and condition", without damages or other irregularities. Compare Foul Bill of Lading

Clean Draft

Clean Draft A draft to which no documents have been attached

CLECAT

CLECAT European Liaison Committee of Common Market Forwarders

CMR

CMR Convention on the contract for the International Carriage of Goods by Road

C/N

C/N

  1. Consignment Note
  2. Cover Note
CO or C/O

CO or C/O

  1. Certificate of Origin
  2. Cash Order
COCOM

COCOM Co-ordinating Committee on Export Controls (NATO)

COD

COD Cash on Delivery

Cof

Cof Cost of Funds

COFACE

COFACE Compagnie Francaise pour l'Assurance du Commerce Exterieur (credit insurance company)

Collection Papers

Collection Papers All documents (commercial invoices, bills of lading, etc.) given to a buyer to receive payment for a shipment

Collections

Collections A secure, universally recognised method for routing trade documentation through the banking system

Com/I

Com/I Commercial Invoice

COMECOM

COMECOM Council for Mutual Economic Aid

COMET

COMET Committee of Middle East Trade

COMEX

COMEX Commodity Exchange (New York)

COMITEXTIL

COMITEXTIL Co-ordinating Committee for the Textile Industry in the UK

Commercial Invoice

Commercial Invoice Co-ordinating Committee for the Textile Industry in the UK

Commission Agent

Commission Agent See Purchasing Agent

Common Carrier

Common Carrier An individual, partnership, or corporation that transports persons or goods for compensation

Community Transit

Community Transit Regime for shipping goods from one European Union country to another when not in free circulation. It also includes transit by road to one of the EFTA countries: Poland, Hungary or the Czech or Slovak Republics. It involves the use of transit form C88 (the SAD form). The requirements also apply to certain shipments to and from Andorra, San Marino and the Channel Islands (but not for shipments between the UK and the Channel Islands). The term also covers goods that are subject to EU control, for example under CAP regulations for agricultural produce

Confirmed Letter of Credit

Confirmed Letter of Credit A letter of credit, issued by a foreign bank, which has been validated by a UK bank. An exporter with a confirmed letter of credit will be paid by the UK bank even if the foreign buyer or the foreign bank defaults, provided the CLC's terms and conditions are fully met

Consignee

Consignee The party receiving the goods

Consignment

Consignment A shipment or delivery of goods sent at one time. Compare also (goods sold) on consignment

Consignment Account

Consignment Account See on consignment

Consignor

Consignor The sender of the goods

Consular Declaration

Consular Declaration A formal statement made to the consul of a foreign country describing goods to be shipped

Consular Invoice

Consular Invoice A document required by some foreign countries describing a shipment of goods and showing information such as the consignor, consignee and value of the shipment. Certified by a consular official of the foreign country, it is used by the country's Customs officials to verify the value, quantity, and nature of the shipment

Convertible Currency

Convertible Currency A currency that can be bought and sold for other currencies

Correspondent Bank

Correspondent Bank A bank that, in its own country, handles the business of a foreign bank

COT

COT Customer's Own Transport

COU

COU Clip-On Unit

Countertrade

Countertrade Goods or services that are paid for or part paid for by transferring goods or services from a foreign country. (See Barter)

Countervailing Duty

Countervailing Duty A duty imposed to counter unfairly subsidised products

CP

CP

  1. Commonwealth Preference
  2. Commercial Paper
C/P

C/P Charter Party

CPC

CPC Customs Procedure Code

Cpd

Cpd Charterer pays dues

CPT

CPT (Carriage Paid To) and CIP (Carriage and Insurance Paid to) Pricing terms indicating that carriage, or carriage and insurance, are paid to the named place of destination. For shipment by other methods than sea, they apply in place of CFR and CIF, respectively. But see Incoterms 2010

CR

CR

  1. Current Rate
  2. Carrier's Risk
  3. Compound Riskli>
Credit Risk Insurance

Credit Risk Insurance Insurance designed to cover risks of non-payment for delivered goods. Compare Marine Insurance

CRF

CRF Clean Report of Findings

CRN

CRN Customs Registered Number

C/S

C/S Currency Surcharge

CSC

CSC Convention for Safe Containers

CT

CT Counter Trade

CTD

CTD Combined Transport Document

Ctge

Ctge Cartage

CTO

CTO Combined Transport Operator

Customhouse Broker

Customhouse Broker An individual or firm licensed to enter and clear goods through Customs

Customs

Customs The authorities that collect duties levied by a country on imports and exports. The term also applies to the procedures involved in this sort of collection

C/V

C/V Certificate of Value

C/VO

C/VO Certificate of Value and Origin

CWE

CWE Cleared Without Examination

CWO

CWO Cash With Order

Cy

Cy Currency

D/A

D/A Documents against Acceptance

DAA

DAA Discharge Always Afloat

DAD

DAD Documents Against Discretion of Collecting Bank

DAP

DAP Delivered at Place - pricing terms indicating that the goods are at the disposal of the buyer ready for unloading at a named place of destination. But see Incoterms 2010.

Date Draft

Date Draft A draft that matures in a specified number of days after the date it is issued, whatever date it is accepted. See also Sight Draft, and Time Draft

DAT

DAT Delivered at Terminal - pricing terms indicating that the goods are at the disposal of the buyer once unloaded at a named terminal at port or place of destination. But see Incoterms 2010.

DB

DB Deutsche Bundesbahn (German Railways)

DBE

DBE Dispatch Payable Both Ends

DBEATS

DBEATS Dispatch Payable Both Ends on All Time Saved

DBEWTS

DBEWTS Dispatch Payable Both Ends on Working Time Saved

Dbk

Dbk Drawback

DC or D.CI

DC or D.CI Detention Clause

DC/ or D/CI

DC/ or D/CI

  1. Deviation Clause
  2. Documentation Collection
DCCD

DCCD Delivered at Container Collection Depot

DD

DD Damage Done

Dd

Dd Delivered

DD

DD

  1. Dry Dock
  2. Direct Debit
DD & Shpg

DD & Shpg Dock Dues and Shipping

D/D

D/D Days after Date

DDA

DDA Duty Deferment Account

DDO

DDO Dispatch Discharging Only

DDP

DDP Dispatch Discharging Only

Deb

Deb Debenture

Def.

Def. Deferred

Deferred Payment Credit

Deferred Payment Credit A type of letter of credit that defers payment until an agreed point after the shipping documents have been presented by the exporter

Demand Draft

Demand Draft See Sight Draft

Dem-des

Dem-des Demurrage and Dispatch

Demurrage

Demurrage

  1. Liquidated damages which are payable under a charter party. These are paid at a specified daily rate for the days it takes to complete the loading or discharging of cargo after the lay days have expired. These are known as demurrage days.
  2. Unliquidated damages to which a ship-owner is entitled if no lay days are specified and the ship is detained for loading or unloading beyond a reasonable time
DEPS

DEPS Departmental Entry Processing System

Dest

Dest. Destination

Devaluation

Devaluation The official lowering of the value of one country's currency in terms of one or more foreign currencies. For example, if the UK pound is devalued in relation to the US dollar, one pound will "buy" fewer dollars than before

DF

DF Dead Freight

Dft

Dft Draft

DGN

DGN Dangerous Goods Note

DHD

DHD Dispatch Half Demurrage

DIN

DIN German Standards Institute

DISC

DISC Domestic International Sales Corporation

Dischg

Dischg Discharging

Discrepancy (Letter of Credit)

Discrepancy (Letter of Credit) When documents presented do not conform to the letter of credit, it is referred to as a discrepancy

Dispatch

Dispatch An amount paid by a vessel's operator to a charterer if loading or unloading is completed in less time than set out in the charter party

Distributor

Distributor A foreign agent who sells directly for a supplier and maintains an inventory of the supplier's products

DKR

DKR Danish Kroner

D/N

D/N Debit Note

D/O

D/O Delivery Order

Dock Receipt

Dock Receipt A receipt issued by an ocean carrier to acknowledge receipt of a shipment at the carrier's dock or warehouse. See also Warehouse Receipt

Documentary Draft

Documentary Draft A draft to which documents are attached

Documents Against Acceptance (D/A)

Documents Against Acceptance (D/A) Instructions given by a shipper to a bank, indicating that documents transferring title to goods should be delivered to the buyer (or drawee) only upon the buyer's acceptance of the attached draft

D/P

D/P Documents Against Payment

D/R

D/R Deposit Receipt

Draft

Draft A written order by one party for a second party to make payment to a third party. They are paper-based payments which are normally ordered in advance and posted overseas

Drawee

Drawee The individual or firm on whom a draft is drawn and who owes the stated amount. Compare Drawer

Drawer

Drawer The individual or firm that issues or signs a draft, so standing to receive the stated amount from the drawee

D/S

D/S Days after Sight

DSB

DSB Danske Staatsbahn (Danish Railways)

DTI

DTI Department of Trade and Industry

Dumping

Dumping Selling goods in another country at a price below the price at which they could be sold in the home market. Or selling goods at a price below the costs incurred in production and shipment

Dunnage

Dunnage Materials used for the stowage and protection of cargo

Duty

Duty A tax imposed on imports by the Customs authority of a country. Duties are generally based on the value of the goods (ad valorem duties); some other factor such as weight or quantity (specific duties); or a combination of value and other factors (compound duties)

DWC

DWC Dead-weight Capacity (of vessel to carry cargo)

E&oe

E&oe Errors and omissions excepted

EAPE

EAPE Exchange as per Endorsement

EAR

EAR Export After Repair

EC

EC European Community

ECA

ECA Economic Co-operation Administration

ECC

ECC

  1. Exchange Control Copy
  2. Extended Cover Clause (insurance)
ECCP

ECCP East Coast Coal Port

ECGD

ECGD Export Credits Guarantee Department (UK)

ECI

ECI Export Consignment Identifier

ECOFIN

ECOFIN Economic and Financial Affairs Council (EU)

ECPD

ECPD Export Cargo Packing Declaration

ECS

ECS Echantillons Commerciaux (Commercial Samples)

ESCS

ESCS European Coal and Steel Community

ECSI

ECSI Export Cargo Shipping Instruction

ECT

ECT Europe Combined Terminals- Rotterdam

EDCS

EDCS Electronic Data Capture Service

EDI

EDI Electronic Data Interchange

EDIA

EDIA Electronic Data Interchange Association

EEA

EEA European Economic Area

EFTA

EFTA European Free Trade Area

EFTPOS

EFTPOS Electronic Funds Transfer at Point of Sale

EHA

EHA Equipment Handover Agreement

EHC

EHC Export Health Certificate

EIB

EIB European Investment Bank

EIC

EIC EuroInfo Centre

EIMT

EIMT Express International Money Transfer

EIR

EIR Equipment Interchange Receipt

EMA

EMA European Monetary Agreement

EMS

EMS Express Money Service

Encl.

Encl. Enclosures

Eohp

Eohp Except as otherwise herein provided

EOP

EOP End of Passage

EPS

EPS Entry Processing Station

EPU

EPU European Payments Union

ERLOAD

ERLOAD Expected Ready To Load

ESC

ESC European Shippers Council

ESCAP

ESCAP Economic and Social Commission for Asia & the Pacific

ESL

ESL EC Sales Listing

EST

EST Eastern Standard Time (USA)

ETA

ETA Estimated Time of Arrival

ETD

ETD Estimated Time of Departure

ETS

ETS Estimated Time of Sailing

EU

EU European Union

EURATOM

EURATOM European Atomic Energy Community

Eurodollars

Eurodollars US dollars deposited in Europe (or outside the USA and Asia). Compare Asian dollars.

Ex

Ex

  1. From. It is used in pricing terms in the phrase "ex [location]" (e.g. "ex factory", "ex dock") to signify that the quoted price applies only at the location named (in the two examples, at the seller's factory or a dock at the import point). In practice, this kind of quotation indicates that the seller agrees to place the goods at the disposal of the buyer at the location named within a fixed period of time.
  2. Examined
  3. Excluding
EXBO

EXBO Export Buying Office

Exchange Permit

Exchange Permit A government permit sometimes required by the importer's government. It enables the import firm to convert its own country's currency into foreign currency with which to pay a seller in another country

Exchange Rate

Exchange Rate The price of one currency in terms of another. More specifically, the number of units of one currency that may be exchanged for one unit of another currency

Exd

Exd Examined

Ex-Im Bank, Eximbank

Ex-Im Bank, Eximbank US Export-Import Bank

Export Broker

Export Broker An individual or firm that brings together buyers and sellers for a fee, but does not take part in actual sales transactions

Export Commission House

Export Commission House An organisation that, for a commission, acts as a purchasing agent for a foreign buyer

Export Declaration

Export Declaration See Shipper's Export Declaration

Export Licence

Export Licence A government document that permits the licensee to export designated goods to certain destinations. See Open General Export Licence

Export Management Company

Export Management Company A private firm that serves as the export department for several producers of goods or services. They do this by taking title or by soliciting and transacting export business for clients. This is in return for a commission, salary, or a retainer plus commission

Export Trading Company

Export Trading Company A firm similar or identical to an export management company

EXW

EXW Ex Works. But see Incoterms 2010

F & D

F & D Freight and Demurrage

FAC

FAC Forwarding Agents Commission

FAO

FAO Food and Agriculture Organisation (UN)

FAS

FAS Free Alongside Ship. A pricing term indicating that the quoted price includes the cost of delivering the goods alongside a designated vessel. But see Incoterms 2010

FBL

FBL Forwarder's Bill of Lading

FC & S

FC & S Free Capture and Seizure

FCA

FCA "Free Carrier" to named place. This is an alternative to the term "FOB named port". It designates the seller's responsibility for the cost of loading goods at the named shipping point. It covers multimodal transport, container stations, and every method of transport, including air. But see Incoterms 2010

FCIA

FCIA Foreign Credit Insurance Association

FCL

FCL Full Container Load

FCR

FCR Forwarder's Certificate of Receipt

FCT

FCT Forwarder's Certificate of Transport

FD

FD

  1. Free Discharge
  2. Free Delivery
FEU

FEU

FFA

FFA

  1. Free From Alongside
  2. Free Foreign Agency
FFI

FFI For Further Instructions

FGA

FGA Free of General Average

FI

FI Free In. A pricing term indicating that the charterer of a vessel is responsible for the cost of loading and unloading goods from the vessel

FIA

FIA Full Interest Admitted

FIATA

FIATA International Federation of Freight Forwarders Association

FIB

FIB Free into Barge

FICA

FICA Foreign Credit Insurance Association

FICS

FICS Fellow of the Institution of Chartered Shipbrokers

FIEx

FIEx Fellow of the Institute of Export

FIFO

FIFO First In First Out

FILTD

FILTD Free in Liner Terms Discharge

FIO

FIO Free In and Out

FIOS

FIOS Free In and Out plus Stowing

FIOT

FIOT Free In and Out plus Trimming

First of Exchange

First of Exchange First copy of a Bill of Exchange to be presented which automatically cancels all other copies

FIT

FIT Federation of International Traders

FIW

FIW Free In Wagon

F/L

F/L Freight Liner

FLIC

FLIC Forwarders Local Import Control

Floating Policy

Floating Policy See Open Insurance Policy

FMB

FMB Federal Maritime Board (USA)

FMC

FMC Federal Maritime Commission (USA)

FO

FO

  1. Free Over-side
  2. Firm Offer
  3. For Orders
  4. Free Out Terms
FAO

FOA Free on Airport

FOB

FOB "Free On Board" at named port of export. A pricing term indicating that the quoted price covers all expenses up to and including delivery of goods on an overseas vessel provided by or for the buyer. But see Incoterms 2010

FOBA

FOBA Free on Board Aircraft

FOBS

FOBS Free on Board and Stowed

FOBT

FOBT Free on Board and Trimmed

FOC

FOC Free Of Charge

FOD

FOD Free of Damage

FODA

FODA Free of Damage Absolutely

FONASBA

FONASBA The Federation of National Shipbrokers and Agents

FOQ

FOQ Free on Quay

FOR

FOR Forwards

Free on Rail

Free on Rail A foreign exchange instrument that enables your business to fix the exchange rate for the payment or receipt of foreign currency in the future

Force Majeure

Force Majeure The title of a standard clause in marine contracts exempting the parties for not meeting their commitments because of events beyond their control. The events include conditions such as earthquakes, floods, or war

Foreign Exchange

Foreign Exchange The currency or credit instruments of a foreign country. Also, transactions involving the purchase or sale of currencies

Foreign Sales Agent

Foreign Sales Agent An individual or firm that serves as the foreign representative of a domestic supplier and seeks sales abroad for the supplier

Forex

Forex Foreign Exchange

Foul Bill of Lading

Foul Bill of Lading A receipt for goods issued by a carrier which indicates that the goods were damaged when received. Compare Clean Bill of Lading

FP

FP

  1. Floating Policy
  2. Fully Paid
FP-C

FP-C Flash Point Celsius

FPA

FPA Free From Particular Average

FPAA

FPAA Free From Particular Average Absolutely

Fpil

Fpil Full Premium if Lost

FR

FR Freight Release

FR

FR Free Circulation (EU)

FRA

FRA Forward Rate Agreement

Free Port

Free Port An area such as a port city into which goods can be legally moved without paying duties

Free Trade Zone

Free Trade Zone A port designated by the government of a country for duty-free entry of any non-prohibited goods. Goods can be stored, displayed, used for manufacturing and so on, within the zone and re-exported without duties being paid. Duties are imposed on the goods - or the items they manufacture - only when the goods pass into an area of the country that is covered by the Customs authority

Freight Forwarder

Freight Forwarder An independent business that handles export shipments for compensation

Frof

Frof Fire risk On Freight

Frt

Frt Freight

FS

FS Italian railways

FTA

FTA

  1. Freight Transport Association
  2. Free Trade Agreement
FTC

FTC Federal Trade Commission (USA)

FTL

FTL Full Trailer Load

FTZ

FTZ Free Trade Zone

Fwd

Fwd Forward

G/A con

G/A con General Average Contribution

G/A

G/A

  1. General Average
  2. General Authorisation
GAC

GAC General Average Certificate

GBP

GBP Pound Sterling

GCBS

GCBS General Council of British Shipping

GCC

GCC Gulf Co-operation Council

GCR

GCR General Cargo Rate/General Commodity Rate

GDP

GDP Gross Domestic Product

GmbH

GmbH Registered Company (Germany)

GMT

GMT Greenwich Mean Time

GNP

GNP Gross National Product

Gr Wt

Gr Wt Gross Weight

Gross Weight

Gross Weight The full weight of a shipment, including goods and packaging. Compare Tare Weight

GRT

GRT Gross Registered Tonnage

GSM

GSM Good Sound Merchantable

GSP

GSP Generalised System of Preferences

GUV

GUV General Utility Van

GV

GV Grand Vitesse (Express Train)

HAWB

HAWB House Air Waybill

HBL

HBL House Bill of Lading

H/C

H/C Held Covered

HCS

HCS Harmonised Commodity System

H/H

H/H Half Height (Container)

HL

HL Heavy Lift

HMC

HMC Her Majesty's Customs

HMRC

HMRC Her Majesty's Revenue and Customs

HMSO

HMSO Her Majesty's Stationery Office

HS

HS Harmonised System

HVR

HVR Hague-Visby Rules

HWM

HWM High Water Mark

IATA

IATA International Air Transport Association

IB

IB

  1. In Bond
  2. Invoice Book
IBAP

IBAP Intervention Board for Agricultural Produce

IBAN

IBAN International Bank Account Number. A standard way of uniquely identifying an account, which improved the speed and efficiency of cross border payments

IBRD

IBRD International Bank for Reconstruction and Development

IC&C

IC&C Invoice Cost and Charges

ICAB

ICAB International Cargo Advisory Bureau

ICAO

ICAO International Civil Aviation Organisation

ICB

ICB International Container Bureau

IOE

IOE Institute of Export

IPA

IPA Including Particular Average

IPR

IPR Inward Processing Relief

IRD

IRD Inland Rail Depot

IRN

IRN Import Release Note

Irrevocable Letter of Credit

Irrevocable Letter of Credit A letter of credit in which the specified payment is guaranteed by the bank if all terms and conditions are met by the seller. Compare 'Revocable Letter of Credit' and 'Confirmed Letter of Credit'

IRU

IRU Union Internationale des Transports Routiers

ISC

ISC Institute Strike Clauses (insurance). See Institute Cargo Clauses

ISF

ISF International Shipping Federation

ISFA

ISFA Institute of Shipping and Forwarding Agents

ISO

ISO International Standards Organisation

ISP

ISP ISP98 International Standby Practices published by the International Chamber of Commerce.

ITI

ITI Customs Convention on the International Transit of Goods

ITMA

ITMA Institute of Trade Mark Agents

ITO

ITO International Trade Organisation

IUPIP

IUPIP International Union for the Protection of Intellectual Property

IWA

IWA International Waterways Association

IWC

IWC Institute War Clauses (insurance). See Institute Cargo Clauses

JIT

JIT Just In Time

JLCD

JLCD Joint Liaison Committee on Documents

JPY

JPY Japanese Yen

L/A

L/A

  1. Lloyds' Agent
  2. Letter of Authority
LAB

LAB Lloyds Average Bond

LAFTA

LAFTA Latin American Free Trade Association

Lay Days

Lay Days The number of days specified in a charter party to enable the charterer to load or unload cargo. They start to run as soon as the ship reaches the berth or mooring specified in the charter party. If just a port is specified, the ship must have reached a position within the port where the charterer can immediately dispose of its cargo. (This is known as the "Reid test"). The charter party can include a dispatch payment to reward the charterer for saving days when loading or unloading the cargo. Unless the charter party provides otherwise - for example by limiting them to good-weather working days - lay days run consecutively without a break. See also Demurrage

L/C

L/C Letter of Credit

LCL

LCL Less than Full Container Load

LDC

LDC Less Developed Country

Ldg

Ldg Loading

Ldg & Dly

Ldg & Dly Landing and Delivery

Lds

Lds Loads

LEC

LEC Local Export Control

Letter of Credit (L/C)

Letter of Credit (L/C) A Letter of Credit (or Documentary Credit) is an arrangement under which the bank that issues the Credit undertakes to the beneficiary of the Credit (the exporter) that, provided the exporter presents the documents stipulated in the Credit and complies with all the terms and conditions of the Credit, the payment or any other obligation of the bank to the exporter will be fulfilled. By using a Letter of Credit, compared with other methods of payment, both the exporter and the buyer gain the additional independent assurance of the bank that issues the Credit (the Issuing Bank).

LI

LI Letter of Indemnity

LIC

LIC Local Import Control

Licensing

Licensing A business arrangement in which a manufacturer grants manufacturing rights for a product in return for a payment or specified royalties. Alternatively, a firm may have proprietary rights over certain technology and trademarks, which again they release in exchange for some form of payment

LIFFE

LIFFE London International Financial Futures Exchange

LIFO

LIFO

  1. Last in First out
  2. Liner In Free Out
Lkg & Bkg

Lkg & Bkg Leakage and Breakage

Lkge

Lkge Leakage

L/L

L/L Long Length

LO/LO

LO/LO Lift on Lift off

L/T

L/T Long Ton (240 lbs)

LT-EUR1

LT-EUR1 Long-Term Movement Certificate (EU)

LTL

LTL Less than Truck Load

LVP

LVP Low Value Procedure

LWM

LWM Low Water Mark

Manifest

Manifest See 'Ship's Manifest'

Marine Insurance

Marine Insurance Insurance that compensates the owners of goods transported overseas for a loss that cannot legally be recovered from the carrier. Also covers air shipments. Compare Credit Risk insurance

Marking (or Marks)

Marking (or Marks) Letters, numbers, and other symbols placed on cargo packages to identify them

MAT

MAT Marine, Aviation and Transport (insurance)

MAWB

MAWB Master Air Waybill

MDHB

MDHB Mersey Docks and Harbour Board

MEC

MEC Marine Extension Clause

Medit

Medit Mediterranean

MFN

MFN Most Favoured Nation

Manifest

Manifest See 'Ship's Manifest'

Mgr

Mgr Manager

MIA

MIA Marine Insurers Act

MIex

MIEx Member of the Institute of Export

Min

Min Minimum

Min Wt

Min Wt Minimum Weight

Min. B/L

Min. B/L Minimum Bill of Lading

MIP

MIP Marine Insurance Policy

MLO

MLO Main Line Operator

MM

MM Made Merchantable

MMA

MMA Merchandise Marks Act

MN

MN Merchant Navy

MNC

MNC Multinational corporation

MO

MO Money Order

MOLOO

MOLOO More or Less at Owners Option

MPC

MPC Multi Purpose Vessel

M/R

M/R Mate's Receipt

Mst or msm

Mst or msm Measurement

MT

MT Metric Tonne

MTN

MTN Multilateral Trade Negotiations

MTO

MTO Multimodal Transport Operator

MV or mv

MV or mv Motor Vessel

N/A

N/A

  1. Not Applicable
  2. No Advice
  3. No Account (banking)
NATS

NATS National Air Traffic Services

NCV

NCV No Commercial Value

ND

ND No Discount

NDPS

NDPS National Data Processing Service

NE

NE Not Exceeding

NEC

NEC Not Elsewhere Classified

NEI

NEI Not Elsewhere Indicated

NES

NES Not Elsewhere Specified

Net Weight

Net Weight Weight of the goods alone, excluding packaging or container

NIR

NIR Northern Ireland Railways

NMB

NMB National Maritime Board

NOK

NOK Norwegian Kroner

NPC

NPC National Ports Council

NR

NR

  1. No Risk Until Confirmed
  2. Nett Register
NRAD

NRAD No Risk After Discharge

NRT

NRT Nett Registered Tonnage

NS

NS Nerdlandse Spoorwegen (Dutch Railways)

NSPF

NSPF Not Specially Provided For

N/T

N/T Nett Terms

NTBs

NTBs Non-Tariff Barriers

NV

NV Dutch Term for Incorporated

NVOCC

NVOCC Non Vessel Operating Common Carrier

NYPLR

NYPLR New York Prime Lending Rate

O/A

O/A On Account Of

OAS

OAS Organisation for American States

OAU

OAU Organisation of African Unity

OBOs

OBOs Oil/Bulk/Ore Carriers

O/C

O/C

  1. Open Cover
  2. Open Charter
O/c

O/c Overcharge

Ocean Bill of Lading

Ocean Bill of Lading A bill of lading (B/L) indicating that the exporter places a shipment with an international carrier to transport to a specified foreign market. Unlike an inland bill of lading, the ocean B/L also serves as a collection document. If it is a "straight" B/L, the foreign buyer can get the shipment from the carrier by simply showing proof of identity. If a "negotiable" B/L is used, the buyer must first pay for the goods, post a bond, or meet some other condition agreed with the seller. Compare Air Waybill and Through Bill of Lading

OCN

OCN Out-of-Charge Notice

O/d

O/d

  1. On Demand
  2. Overdrawn
OECD

OECD Organisation for Economic Co-operation & Development

OGL

OGL Open General Licence

OJEC

OJEC Official Journal of the European Communities

ON

ON Official Number

On Board Bill of Lading

On Board Bill of Lading A bill of lading in which a carrier certifies that goods have been placed on board a certain vessel

On Consignment

On Consignment Delivery of goods from an exporter (the consignor) to an agent (the consignee) with the agreement that the agent sells the good for the exporter at an agreed price or at the best possible price. The consignor retains ownership of the goods until the consignee has sold them. The consignee sells the goods for commission and remits the net proceeds to the consignor in a final settlement. This is often known as a consignment account

O/o

O/o Order of

OP

OP Open or Floating Cargo Policy

OPEC

OPEC Organisation Of Petroleum Exporting Countries

Open Account

Open Account A trade arrangement in which goods are shipped to a foreign buyer without payment being guaranteed. The obvious risk this method poses to the supplier means it is essential there is a strong degree of trust in the trading relationship

Open General Export Licence

Open General Export Licence A class of export licence covering export commodities for which individually validated export licences are not required. No formal application or additional written authorisation is needed to ship exports under an Open General Export Licence, although the licence may specify that shipments are notified

Open Insurance Policy

Open Insurance Policy A marine insurance policy that applies to all shipments made by an exporter over a period of time rather than to a particular shipment

OPR

OPR Outward Processing Relief

O/R

O/R Owner's Risk

Order Bll of Lading

Order Bll of Lading A negotiable bill of lading made out to the order of the shipper

ORL

ORL Owner's Risk of Leakage

OY

OY Finnish term for Incorporated

P/A

P/A Private Account

Packing List

Packing List A list showing the number and kinds of items being shipped, as well as other information needed for transportation

Parcel Post Receipt

Parcel Post Receipt The postal authorities' signed proof of delivery to the receiver of a shipment made by parcel post

PBA

PBA Port of Bristol Authority

Pd

Pd Paid or Passed

PD

PD Port Dues

PE

PE Period Entry

Perils of the Sea

Perils of the Sea A marine insurance term used to designate heavy weather, stranding, lightning, collision and sea water damage

Phytosanitary Inspection Certificate

Phytosanitary Inspection Certificate A certificate, issued by the UK Department for Environment, Food and Rural Affairs, to satisfy import regulations for foreign countries. It indicates that a shipment has been inspected and is free from harmful pests and plant diseases

P&I

P&I Protection and Indemnity

PKD

PKD Partially Knocked Down

Pkge

Pkge Package

P/L

P/L Partial Loss

PLA

PLA Port of London Authority

PM

PM Premium

PMS

PMS Permanent Manual System

P/N

P/N Promissory Note

PO

PO

  1. Post Office
  2. Purchase Order
POA

POA Place Of Acceptance

POD

POD

  1. Paid On Delivery
  2. Proof of Delivery
POL/POD

POL/POD Contractual Port of Loading

Political Risk

Political Risk In export financing, the risk of loss through causes such as currency inconvertibility, government action preventing entry of goods, expropriation or confiscation, and war

Ppd

Ppd Prepaid

Pro Forma Invoice

Pro Forma Invoice An invoice provided by a supplier before goods are shipped. It informs the buyer of the kinds and quantities of goods being sent, their value, and important specifications such as weight and size

PSD

PSD Pre-shipment Document

PSI

PSI Pre-shipment Inspection

PT

PT Preferential Treatment

PTL

PTL Partial Total Loss

Purchasing Agent

Purchasing Agent An agent who purchases goods in their own country on behalf of foreign importers, such as government agencies and large private companies

PV

PV Petite Vitesse (slow goods train)

Qn

Qn Quotation

Qty

Qty Quantity

Quota

Quota The quantity of goods of a specific kind that a country permits to be imported without adding restrictions or imposing extra duties

Quotation

Quotation An offer to sell goods at a stated price and under specified conditions

RAFT

RAFT Revolving Acceptance Facility by Tender

REDS

REDS Registered Excise Shippers and Dealers

Reefer

Reefer Refrigerated Box or Vessel

Remitting Bank

Remitting Bank The bank that sends the draft to the overseas bank for collection

RENFE

RENFE Spanish Railways

Representative

Representative See 'Foreign Sales Agent'

RES

RES Retail Export Scheme

Revocable Letter of Credit

Revocable Letter of Credit A letter of credit that can be cancelled or altered by the drawee (buyer) after it has been issued by the drawee's bank. Compare 'Irrevocable Letter of Credit'

RHA

RHA Road Haulage Association

RN

RN Removal Note

R/O

R/O Routing Order

Ro/Ro

Ro/Ro Roll On Roll Off

ROD

ROD Rusting, Oxidation, Denting

RP

RP Return Premium

RTK

RTK Revenue Tonne Kilometres

RTP

RTP Restrictive Trade Practices

S/A

S/A Safe Arrival

SAD

SAD Single Administrative Document (also known as C88)

SANR

SANR Subject To Approval No Risk

SB

SB Short Bill, payable on demand or sight

SCP

SCP Simplified Clearance Procedure

SCR

SCR Specific Commodity Rate

SD

SD Sight Draft

SD

SD Sailed

SDBL

SDBL Sight Draft, Bill Of Lading attached

SDR

SDR Special Drawing Rights

SEA

SEA Single European Act

SED

SED Shipper's Export Declaration

See-Bee

See-Bee Sea Barge Carrier

SEM

SEM Single European Market

SEPA

SEPA Single European Payment Area. SEPA is a banking industry initiative to standardise the way of making payments across the EU

Shipper's Export Declaration

Shipper's Export Declaration A form that gives details of individual shipments and is used to control exports. It also acts as a source document for official export statistics. SEDs are prepared by the exporter and the exporter's agent and delivered to the exporting carrier. The carrier then presents the correct number of copies to customs at the port of export

Ship's Manifest

Ship's Manifest A written record, signed by the captain of a ship, that lists the individual shipments that make up the ship's cargo

Shipt.

Shipt. Shipment

Shpg.

Shpg. Shipping

SIECA

SIECA General Treaty of Economic Integration, Central American States

Sight Draft

Sight Draft A draft that is payable when it is presented to the drawee. Compare 'Date Draft' and 'Time Draft'.

SIS

SIS Shipping Information Service

SIT

SIT Spontaneous Ignition Temperature

SITC

SITC Standard International Trade Classification

SITPRO

SITPRO Simpler International Trade Procedures Board

SLI

SLI Shipper's Letter of Instruction

SM

SM Shipping Master

SNCB

SNCB Belgian Railway

SNCF

SNCF French Railway

SO

SO Seller's Option

S/o

S/o Shipowner

SOB

SOB Shipped On Board

SOEC

SOEC Statistical Office European Community

SOL

SOL Shipowners' Liability

SPA

SPA Subject to Particular Average

Spot Exchange

Spot Exchange The purchase or sale of foreign exchange for immediate delivery

Spot FX

Spot FX A contract for exchanging one currency for another at a fixed rate of exchange in two working days' time

SRCC

SRCC Strikes, Riots and Civil Commotion

SS

SS

  1. Steamship
  2. Short Shrift
SSD

SSD Supplementary Statistical Declaration

SSN

SSN Standard Shipping Note

Standard Industrial Classification

Standard Industrial Classification A standard numerical code system used by the British government to classify products and services

Standard International Trade Classification (SITC)

Standard International Trade Classification (SITC) A standard numerical code system developed by the United Nations to classify commodities used in international trade



Standard Shipping Note

Standard Shipping Note A form used by the exporter to provide shipping instructions to the receiving authority

Standby letter of credit

Standby letter of credit Issued by a bank to guarantee the performance of a customer or strengthen their credit worthiness. The parties involved in the trade don't expect that the letter of credit will ever be drawn upon

STC

STC Said To Contain

Steamship Conference

Steamship Conference A group of steamship operators that work to mutually agreed freight rates

Straight Bill of Lading

Straight Bill of Lading A non-negotiable bill of lading in which goods are consigned directly to a named consignee.

Swaps

Swaps A foreign exchange instrument that enables you and your trading partners to lend to each other on different terms

SWIFT

SWIFT Society for World-wide Interbank Financial Telecommunications. An electronic messaging system between banks that carries payment instructions

SWL

SWL Safe Working Load

Tare Weight

Tare Weight The weight of a container and packing materials without the weight of the goods it contains. Compare 'Gross Weight'

TDC

TDC Total Distribution Costs

TDW

TDW Tons Deadweight

Tenor (of a Draft)

Tenor (of a Draft) Confirmation that a payment is due at sight, or a given number of days after sight, or a given number of days after date

TEU

TEU 20-foot Equivalent Unit

Through Bill of Lading

Through Bill of Lading A single bill of lading covering both the domestic and international carriage of an export shipment. An air waybill, for example, is essentially a through bill of lading used for air shipments. Ocean shipments, on the other hand, usually require two separate documents: an inland bill of lading for domestic carriage and an ocean bill of lading for international carriage. A through bill of lading isn't enough cover for ocean shipments

Time Draft

Time Draft A draft that matures either a certain number of days after it's been accepted or a certain number of days after the date of the draft. Compare 'Date Draft' and 'Sight Draft

TIR

TIR Transport Internationale Routier

T/L

T/L Total Loss

TLA

TLA Tanker Loading Authority

TLO

TLO Total Loss Only

TMO

TMO Telegraphic Money Order

TMR

TMR Trade Marks Registry

TP&ND

TP&ND Theft, Pilferage and Non-delivery

Tramp Steamer

Tramp Steamer A ship not operating on regular routes or schedules

Transaction Statement

Transaction Statement A document that lays out the terms and conditions that the importer and exporter have agreed

Trust Receipt

Trust Receipt Release of goods by a bank to a buyer where the bank retains title to the goods. Whether the buyer has obtained the goods for manufacturing or sales purposes, they must keep them - or the proceeds from their sale - distinct from the rest of their assets. This way they are ready to be reclaimed by the bank

TSPP

TSPP Tanker Safety and Pollution Prevention

TSR

TSR Transit Shed Register

TT

TT Telegraphic Transfer

TTC

TTC Tariff Trade Code

TUCC

TUCC Transport Users Consultative Committee

TURN

TURN Trader Unique Reference Number

TVA

TVA Tax on Value Added

UA

UA Unit of Account

U/A

U/A Underwriting Account

U/C

U/C Undercharge

UCE

UCE Unforeseen Circumstances Excepted

UCP

UCP Uniform Customs & Practice

U/D

U/D Under Deck

UIC

UIC International Union of Railways

UKL

UKL Pound Sterling (alternative to GBP)

ULD

ULD Unit Load Device

UN

UN United Nations

UNCITRAL

UNCITRAL The United Nations Commission on International Trade Law

UNCLOS

UNCLOS United Nations Conference on the Law of the Sea

UNCTAD

UNCTAD The United Nations Conference on Trade & Development

UNDG

UNDG United Nations Dangerous Goods number

UNECE

UNECE United Nations Economic Commission for Europe

UNSM

UNSM United Nations Standard Message

UPU

UPU Universal Postal Union

UCP600

UCP600 The new version of the Uniform Customs and Practice for Documentary Credits published by the International Chamber of Commerce. It came into effect on 1 July 2007

URC

URC Uniform Rules for Collections

URCG

URCG Uniform Rules Contract Guarantees

URDG758

URDG758 Uniform Rules for Demand Guarantees published by the International Chamber of Commerce publication number 758. Came into effect in July 2010

USD

USD United States Dollar

U/w

U/w Underwriter

VAT

VAT Value Added Tax

Voluming Out

Voluming Out A term applying to shipped goods with a high volume to weight ratio. Such goods are charged higher shipping rates than smaller consignments of the same weight

WA

WA With Average

Warehouse Receipt

Warehouse Receipt A receipt issued by a warehouse, listing goods received for storage

WB

WB Waybill

Weight or Measurement W/M

Weight or Measurement W/M Freight rates quoted 'W/M' mean that volume and weight rates are calculated and whichever is the greater will apply. The exporter needs to calculate both rates to be certain which charges apply. See Voluming Out

WG

WG Weight Guaranteed

Wgt

Wgt Weight

Wharfage

Wharfage A charge made by a pier or dock owner for handling incoming or outgoing cargo

WIPO

WIPO World Intellectual Property Organisation

Without Reserve

Without Reserve A term indicating that a shipper's agent or representative has the power to make a decision or adjustment without a shipper's approval. Compare Advisory Capacity

W/M

W/M Weight and Measurement

W&M

W&M War and Marine

WP

WP Without Prejudice

WPA

WPA With Particular Average

WR

WR War Risk

WR

WR Warehouse Receipt

Wt

Wt Weight

W/T

W/T Warranted

WTE

WTE Wartime Extension Clause

WTO

WTO World Trade Organisation

WW

WW Warehouse Warrant

ZAR

ZAR South African Rand

ZIP

ZIP Zone Improvement Plan