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Commercial Terms

This document defines various abbreviations and acronyms used in international trade and transportation. Some of the more common ones include: - INCOTERMS - International commercial terms that define responsibilities of buyers and sellers for delivery, insurance, and other costs. - FOB - Free on Board, meaning the seller pays for transportation of goods to the named port of shipment. - CIF - Cost, Insurance, Freight, meaning the seller pays for transportation and insurance to the named port of destination. - IATA - International Air Transport Association, the trade association for the world's airlines. - ISO - International Organization for Standardization, sets standards for business, government and society.

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Ashraful Mithu
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0% found this document useful (0 votes)
22 views

Commercial Terms

This document defines various abbreviations and acronyms used in international trade and transportation. Some of the more common ones include: - INCOTERMS - International commercial terms that define responsibilities of buyers and sellers for delivery, insurance, and other costs. - FOB - Free on Board, meaning the seller pays for transportation of goods to the named port of shipment. - CIF - Cost, Insurance, Freight, meaning the seller pays for transportation and insurance to the named port of destination. - IATA - International Air Transport Association, the trade association for the world's airlines. - ISO - International Organization for Standardization, sets standards for business, government and society.

Uploaded by

Ashraful Mithu
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
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Download as DOCX, PDF, TXT or read online on Scribd
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AAA Association of Average Adjusters

ABCC Arab British Chamber of Commerce


A/C Account
Act of God Any act which could not have been prevented by human care and forethought
ADR EU agreement for international carriage of dangerous goods by road
AF Advance Freight (such as prior to shipment)
AMT Air Mail Transfer
AN Advice Note
ANF Arrival Notification Form
A/O Account Of
AP Additional Premium
ASEAN Association of South East Asia Nations
ASWP Any Safe World Port
ASSP Any Safe Suitable Port
ATA Admission Temporaries - Temporary Admission
ATP Accord Transports Perishable
ATR Admission Temporaries Roulette - Temporary Admission on Wheels
AV Freight rate based on value of goods shipped
AWB Air Waybill
BAF Bunkerage Adjustment Factor on shipping rates
BB Bill Book
BD Bond
B/D Bankers Draft
BDI Both Days Included
B/E Bill of exchange
BF Back Freight for goods being returned to point of origin
BIFA British International Freight Association
BKG Breakage
BKGE Brokerage
BL Bulk License to cover a trading period, or value
B/L Bill of Lading
BOND guarantee to Customs for payment of duty or tax
BOTB British Overseas Trade Board
BP Bills Payable
BR Bills Received
BS Bill of Sight
B/S Bill of Sale
BSEC Black Sea Economic Co-operation
BSI British Standards Institution
BST British Summer Time
CAA Civil Aviation Authority
CAD Cash against Documents
CAF Currency Adjustment Factor for sea freight rates
CAP Common Agricultural Policy
CARICOM Caribbean Community
Carr Fwd Carriage Forward
CB Container Base
CBD Cash before Delivery
Cbm Cubic Meter
CCC Customs Clearance Certificate
CCCN Customs Co-Operation Council Nomenclature
CCM Caribbean Common Market
CC/O Certificate of Consignment/Origin
C&D Collected & Delivered
CD Customs Declaration
CDV Current Domestic Value
C&E Customs & Excise
CE Community European - quality mark on goods
CET Central European Time
CEN European Standards Office
C&F Cost & Freight (not in INCOTERMS 1990)
Cf Cubic Feet
CFR Cost & Freight (named port of destination)
CHIEFS The UK Customs electronic system for both export and import transactions
ch pd Carriage Paid
ch ppd Carriage Pre-paid
C/I Consular Invoice/Certificate of Insurance
CIF Cost Insurance & Freight (named port of destination)
CIF&C Cost Insurance & Freight & Commission
CIFC&I Cost Insurance, Freight, Commission & Interest
CIM Contract of movement by International Rail
CKD Completely Knocked Down
CMR Convention Merchandises Par Routes (conditions for the
C/N Consignment Note, Cover Note
C/NEE Consignee
C/NOR Consignor
CO or C/O Certificate of Origin, Cash Order
COD Cash On Delivery
COM/I Commercial Invoice
COMET Committee of Middle East Trade
COMITEXTIL Co-Ordination Committee for the Textile Industry in the EU
C of O Certificate of Origin, note there are several different types
COI Central Office of Information
COP Certificate of Posting
COTECHNA A London based company engaged in pre inspection
CPA Claims Payable Abroad
CPD Charter Pays Due
CPT Carriage Paid To (named destination)
CR Current Rate, Carriers Risk, Compound Risk
CRN Customs Registered Number
C/S Currency Surcharge
CT Community Transit
CTC Customs Tariff Code, now harmonized virtually world-wide
CTL Constructive Total Loss
C/V Certificate of Value
C/VO Certificate of Value & Origin
CWO Cash with Order
CY Currency
D/A Documents against Acceptance, Days after Acceptance
DAF Delivered At Frontier
DAN Deferment Account Number
DDP Delivered Duty Paid
DDU Delivered Duty Unpaid
DEPS Departmental Entry Processing System
DEQ Delivered Ex Quay (named port of destination)
DES Delivered Ex Ship (named port of destination)
DFT Draft
DGN Dangerous Goods Note, they vary according to transport mode
DK Dock
D/N Debit Note/Despatch Note
D/O Delivery Order
D/P Documents against Payment, Direct Port
DS Days after Sight
DWT Dead Weight Tonnage
DY or DELY Delivery
E&OE Errors & Omissions Excepted
ECA Economic Co-Operation Administration
ECE Economic Commission for Europe
ECGD Export Credits Guarantee Department
ECI Export Consignment Identifier
EDI Electronic Data Exchange
EDP Electronic Date Processing
EEU European Economic Union
EFTA European Free Trade Area
EIA European Information Association
EIS Export Intelligence Service
EOHP Except as Otherwise Herein Provided
EOM End of Month
EOTA European Organization for Technical Approvals
EOTC European Organization for Testing & Certification
ETA Estimated Time of Arrival/European Technical Approvals
ETD Estimated Time of Departure
ETS Estimated Time of Sailing
EU European Union
EX Examined, Exchanged, Executed, Excluding
EXD Examined
EXW Ex Works (named place)
FAA Free of All Average
FAC Forwarding Agents Commission
FAK Freight of All Kinds
FAS Free Alongside Ship
FCA Free Carrier (named place)
FCL Full Container Load
FCR Freight Forwarders Certificate of Receipt
F&D Freight & Demurrage
FIATA International Federation of Freight Forwarders Association
FIB Free In Bunker
FIO Free In and Free Out
FIW Free In Wagon
FO Firm Order
FOB Free On Board
FOC Free Of Charge
FOD Free Of Damage
FOR free on Rail (no longer INCOTERMS 90)
FOT Free On Truck (no longer INCOTERMS 90)
FOV Free On Vehicle
FP Floating open cover marine insurance Policy
FP-C Flash Point Celsius
FR Freight Release
FTA Freight Transport Association or Free Trade Agreements
GA General Average
GA CON General Average Contribution
GATT General Agreement on Tariffs and Trade
GRS WT Gross Weight
GRT Gross Registered Tonnage
GSP Generalized System of Preferences
GV Grand Vitesse
HAWB House Airway Bill
HL Heavy Lift
IATA International Air Transport Association
IB Invoice Book
ICAO International Civil Aviation Organization
ICB International Container Depot
ICC International Chamber of Commerce
ICD Inland Clearing Depot
ICPO Irrevocable Corporate Purchasing Order
ICS International Chamber of Shipping or Institute of Chartered Shipbrokers
ID Import Duty
IFF Institute of Freight Forwarders
I/L Import License
IMF International Monetary Fund
IMO International Marine Organization
IPR Inward Processing Relief
IRC International reply Coupon
IRD Inland Rail Depot
ISO International Standards Organization
LAFTA Latin American Free Trade Organization
LASH Lighter Aboard Ship
L/C Letter of Credit
LCL Less than full Container Load
LDG Loading
LEC Local Export Clearance
LO/LO Lift On / Lift Off
MAWB Master Air Waybill
MCD Miscellaneous Cash Payment
MD Malicious Damage
MIP Marine Insurance Policy
MR Mates Receipt
MT Mail Transfer
NAFTA North American Free Trade Area
NCV No Commercial Value
NEI Not Elsewhere Included
NES Not Elsewhere Specified
NET WT Net Weight
NSSN National Standard Shipping Note
N/T Net Terms
O/A On Account of
OAU Organization of African Unity
O/C Open Cover, Open Charter, Over Charge
OCTs The Overseas Countries & Territories of member states associated with the EU
O/D On Demand or Overdrawn
OECD Organization for European Co-Operation & Development
OGL Open General License
O/O Order Of
OP Open or floating cargo insurance Policy
OPR Outward Processing Relief
O/R Owner's Risk
ORD Order
OSI Open Systems Interconnection (Computer Standards)
OTAR Overseas Tariffs and Regulations
P/A Private Account, Particular Average, Power of Attorney
P/C Private Current, Percent
PIRA Packing Industry Research Association
PKD Partially Knocked Down
PL Partial Loss
PLA Port of London Authority
POA Place of Acceptance
PO Post Office
POD Proof of Delivery
Post Entry UK Customs export declaration up to 14 days after shipment
PR Parcel Receipt
Pre Entry UK Customs export declaration prior to delivering to the carrier
RHA Road Haulage Association
RN Removal Note
RO / RO Roll-On / Roll-Off
SAD Single Administrative Document
SAE Stamped Addressed Envelope
SB Short Bill, payable on demand or sight
SCP Simplified Customs Procedure
SD Sight Draft, Short Delivery
SDBL Sight Draft, with Bill of Lading attached
SDR Special Drawing Rights
SGS Pre-Shipment Inspection Company Based in Switzerland
SITC Standard International Trade Classification
SITPRO Simplification of International Trade Procedures Board
S/N Shipping Note
SOB Shipped On Board
SR&CC Strike Risk & Civil Commotion
SWL Safe Working Load
TARE Weight of a container without goods
THE Technical Help to Exporters (dept BSI)
TIR Transport International Routers
TL Total Loss
TMO Telegraphic Money Order
TQ Tariff Quota
TT Telegraphic Transfer
TURN Trader Unique Reference Number (renamed DAN number)
U/D Under Deck
ULD Unit Load Device
UNCTAD United Nations Conference on Trade and Development
U/W Underwriter
VAT Value Added Tax
WA With Average
WB Waybill, Warehouse Book
W/M Weight or Measure, basis for sea freight rates
WPA With Particular Average
WR Warehouse Receipt
WRO War Risks Only
WTO World Trade Organization (formally GATT)
YAR York Antwerp Rules (used in marine insurance)

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