|C/S = Case
P/D = Peeled and deveined
IQF = Individually quick frozen
W/R = Whole round
M/T = Metric tonn
B/F = Block frozen
DWT = Dressed whithout tail
GGS = Gilled, gutted scaled
H+G = Headed and guted
HGT = Headed, gutted, tail off
HLSO = Headless, shell on
H/O = Head on
H/L = Headless
INTL = Interleaved
PUD = Peeled and undeveined
PBO = Pin bone out
PBI = Pin bone in
IWP = Individually poly-wrapped
Abbreviation for "Cost and Insurance." A price that includes the cost
of the goods, the marine insurance and all transportation charges except the
ocean freight to the named point of destination.
Abbreviation for "Cost, Insurance, Freight." (Named Port) Same as
C&F or CFR except seller also provides insurance to named destination.
Abbreviation for "Cost, Insurance, Freight And Exchange."
Abbreviation for "Cost, Insurance, Freight, Collection And Interest."
Cost, Insurance, Freight, Interest and Exchange
FOB Free on Board (FOB - U.S. Domestic Use)
Shipped under a rate that includes costs of delivery to and the loading onto
a carrier at a specified point.
FOB Freight Allowed: The same as FOB named inland carrier, except
the buyer pays the transportation charge and the seller reduces the invoice
by a like amount.
FOB Freight Prepaid: The same as FOB named inland carrier, except
the seller pays the freight charges of the inland carrier.
FOB Named Point of Exportation: Seller is responsible for the cost
of placing the goods at a named point of exportation. Some European buyers
use this form when they actually mean FOB vessel.
FOB Vessel: Seller is responsible for goods and preparation of export
documentation until actually placed aboard the vessel.
(CIA) Cash in Advance
A method of payment for goods in which the buyer pays the seller in advance
of the shipment of goods. Usually employed when the goods, such as specialized
machinery, are built to order.
Letter of Credit (LC)
A document, issued by a bank per instructions by a buyer of goods, authorizing
the seller to draw a specified sum of money under specified terms, usually
the receipt by the bank of certain documents within a given time. Some of
the specific descriptions are:
Back-to-Back: A new letter of credit issued to another beneficiary
on the strength of a primary credit. The second L/C uses the first L/C as
collateral for the bank. Used in a three-party transaction.
Clean: A letter of credit that requires the beneficiary to present
only a draft or a receipt for specified funds before receiving payment.
Confirmed: An L/C guaranteed by both the issuing and advising banks
of payment so long as seller's documents are in order, and the L/C terms are
met. Only applied to irrevocable L/C's. The confirming bank assumes the credit
risk of the issuing bank.
Deferred Payment: A letter of credit issued for the purchase and financing
of merchandise, similar to acceptance-type letter of credit, except that it
requires presentation of sight drafts payable on an installment basis.
Irrevocable: An instrument that, once established, cannot be modified
or cancelled without the agreement of all parties concerned.
Non cumulative: A revolving letter of credit that prohibits the amount
not used during the specific period from being available afterwards.
Restricted: A condition within the letter of credit which restricts
its negotiation to a named bank.
Revocable: An instrument that can be modified or cancelled at any
moment without notice to and agreement of the beneficiary, but customarily
includes a clause in the credit to the effect that any draft negotiated by
a bank prior to the receipt of a notice of revocation or amendment will be
honored by the issuing bank. Rarely used since there is no protection for
Revolving: An irrevocable letter issued for a specific amount; renews
itself for the same amount over a given period.
Straight: A letter of credit that contains a limited engagement clause
which states that the issuing bank promises to pay the beneficiary upon presentation
of the required documents at its counters or the counters of the named bank.
Transferable: A letter of credit that allows the beneficiary to transfer
in whole or in part to another beneficiary any amount which, in aggregate,
of such transfers does not exceed the amount of the credit. Used by middlemen.
Unconfirmed: A letter of credit forwarded to the beneficiary by the
advising bank without engagement on the part of the advising bank.