Internationally used Phonetic Alphabets
MODE OF TRANSPORT
"Ex works" means that the seller fulfills his obligation to deliver when he has made the goods available at his premises (i.e. works, factory, warehouse, etc) to the buyer. In particular, he is not responsible for loading the goods on the vehicle provided by the buyer or for clearing the goods for export, unless otherwise agreed. The buyer bears all costs and risks involved in taking the goods from the seller's premises to the desired destination. This term thus represents the minimum obligation for the seller
FCA-Free Carrier-(named place)
"Free Carrier" means that the seller fulfills his obligation to deliver when he has handed over the goods, cleared for export, into the charge of the carrier named by the buyer at the named place or point. If no precise point is indicated by the buyer, the seller may choose within the place or range stipulated where the carrier shall take the goods into his charge. This term may be used for any mode of transport, including multi-modal transport.
CPT-Carriage Paid to
"Carriage paid to..." means that the seller pays the freight for the carriage of the goods to the named destination. The risk of loss of or damage to the goods, as well as any additional costs due to events occurring after the time the goods have been delivered to the carrier is transferred from the seller to the buyer when the goods have been delivered into the custody of the carrier.
CIF-Cost, Insurance and Freight
"Cost, Insurance and Freight" means that the seller has the same obligations as under CFR but with the addition that he has to procure marine insurance against the buyer's risk of loss of or damage to the goods during the carriage. The seller contracts for insurance and pays the insurance premium. The CIF term requires the seller to clear the goods for export.
FOB-Free on Board-(named port of shipment)
"Free on Board" means that the seller fulfills his obligation to deliver when the goods have passed over the ship's rail at the named port of shipment. This means that the buyer has to bear all costs and risks of loss of or damage to the goods from that point.
The FOB term requires the seller to clear the goods for export. This term can only be used for sea or inland waterway transport.
DDP-Delivered Duty Paid
"Delivered duty paid" means that the seller fulfills his obligation to deliver when the goods have been made available at the named place in the country of importation. The seller has to bear the risks and costs, including duties, taxes and other charges of delivering the goods thereto, cleared for importation. Whilst the EXW term represents the minimum obligation for the seller, DDP represents the maximum obligation. This term should not be used if the seller is unable directly or indirectly lo obtain the import licence.
AGENT (AGT.): A person authorized to transact business for and in the name of another person or company.
B/L(BILL OF LADING): is a legal document between the shipper of goods and the carrier detailing the type, quantity and destination of the goods being carried. The bill of lading also serves as a receipt of shipment when the goods are delivered at the predetermined destination.Bills of lading may take various forms, such as on-board, and received-for-shipment.
BULK CARGO: is a commodity cargo that is transported unpackaged in large quantities. It refers to material in either liquid or granular, particulate form, as a mass of relatively small solids, such as petroleum/crude oil, grain, coal, or gravel.
CERTIFICATE OF ORIGIN (CO): is an important international trade document attesting that goods in a particular export shipment are wholly obtained, produced, manufactured or processed in a particular country. COs also constitute a declaration by the exporter.
CFS: "CONTAINER FRIEGHT STATION."
CHANGE OF DESTINATION (COD) : Only the holder of the full set of OBL can request for a COD.
FREIGHT COLLECT: Freight charges paid by the consignee prior to the release of the bills of lading by the carrier.
COMMODITY: Article shipped, description. Different commodities can sometimes have different rates. For dangerous and hazardous cargo, the correct commodity identification is critical.
CONSIGNEE: A person or company to whom commodities are shipped to.
CONSOLIDATION: Multiple shipments loaded on a single container.
CONTAINER: Standardized re-sealable transportation box for unitized freight handling with standardized equipment. Two most common sizes used in ground and sea (surface) transportation are (1) Twenty-footer (2) Forty-footer (3) Forty Five-footer.
CUT OFF TIME: The latest time cargo may be delivered to a terminal for loading to a scheduled vessel.
CY: Container Yard
ETA: Estimated Time of Arrival
POD: Port of Discharge
POL: Port of Loading
STC: Said to Contain
TEU: Abbreviation for "TWENTY FOOT EQUIVALENT UNIT."
SHIPPER: Consignor, exporter, or seller (who may be the same or different parties) named in the shipping documents as the party responsible for initiating a shipment, and who may also bear the freight cost.
VERIFIED GROSS MASS (VGM): It is the total weight of a packed container. VGM includes packing and securing materials such as pallets and wires and container tare weight.