List Of Trade Abbreviations, Terms And Their Definitions
AF: Advance Freight - Before merchandise is shipped
.BB: Bill Book - A book containing all notes, bills of exchange, contracts, etc., outlining all transactions made.
B/E: Bill Of Exchange - A written order specifying payment; a promissory note.
BKGE: Brokerage - A company that buys or sells goods on behalf of clients.
CFS: Container Freight Station - Gathering place for a large amount of merchandise before shipment.
CRN: Customs Registered Number - A number identifying an importer or exporter to customs.
CWO: Cash With Order - This is a payment made in advance. CWO payments are usually reserved for smaller orders or new buyers.
DD: Dock Dues - Any payments required for transporting merchandise to a dock.
DFZ: Duty Free Zone - An area such as a dock, warehouse or airport that is considered to be outside of its customs territory.
FOB: Free On Board - The total cost of merchandise on a ship or truck. The merchandise's destination is outlined in the commercial contract.
KD: Knocked Down - Merchandise that is shipped with all of its parts but is unassembled to make shipment easier.
L/C: Letter of Credit - A bank-issued document guaranteeing to pay a customer's drafts for a specific length of time and amount.
MFN or MFNS: Most Favored Nation (Status) - A country receiving preferential treatment in terms of taxes, quotas, etc.
NCV: No Commercial Value - General term to describe samples.
NV Normal Value - The price that an item would sell for if sold in the country from which it was exported.
O/R: Owner's Risk - Moving merchandise from one place to another with the owner assuming liability while the items are in transit.
PL: Partial Loss - An insurance covering a loss when the merchandise isn't completely destroyed or worthless.
PSI: Preshipment Inspection - Inspecting merchandise quality and quantity to ensure it conforms to sales contract terms.
QR: Quantitative Restrictions - Limits on the amount of merchandise that can be imported or exported within a specific amount of time.
RWA: Ready, Willing and Able - When a supplier and seller have come to agreement on all terms of a contract and the merchandise is ready to be shipped.
SITC: Standard International Trade Classification - An international foreign data plan allowing the comparison of foreign trade data.
TBT: Technical Barriers to Trade - Standard regulations that government entities impose to restrict trade.
TL: Total Loss - Destruction of merchandise to the point where it is rendered completely worthless.
ULD: Unit Load Device - A container used in air freight.
U/W: Underwriter - An individual or entity that signs for and accepts liability in case of merchandise being lost or damaged. The underwriter will pay for the merchandise in the event of loss or destruction.
VAT: Value Added Tax - A consumption tax levied at various points throughout the production and distribution process. Each manufacturer or merchant pays a tax relating to the amount of value he has added to the merchandise after purchase.
List Of Trade Abbreviations, Terms And Their Definitions
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