A/B | Aktiebolaget (Swedish registered company) | |
A/C | Account | |
A/E | Abbreviated Entry | |
A/S | After Sight | |
A/V | Ad Valorem (according to value) | |
AA | Always Afloat | |
AAA | Association of Average Adjusters | |
AAD | Administrative Accompanying Document | |
A-BCC | Arab-British Chamber of Commerce | |
ABI | Association of British Insurers | |
ABP | Associated British Ports | |
ABS | American Bureau of Shipping | |
Acceptance | This term has several related meanings: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. | |
ACEP | Approved Continuous Examination Programme | |
ACMET | Advisory Council on Middle East Trade | |
ACP | African Caribbean and Pacific States | |
Ad | Valorem According to value. See Duty | |
ADB | Asian Development Bank | |
Additional Repayment | An extra or lump sum repayment made in addition to regular periodic repayments. Some types of loan products do not allow you to make additional repayments, or place limits on the repayment amount. | |
ADP | Automatic Data Processing | |
ADR | The European Agreement on the ‘International Carriage of Dangerous Goods by Road’ | |
Advance Against Documents | A loan that is secured against the documents covering a shipment | |
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 | 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. | |
AF | Advanced Freight | |
AFNOR | The French Standards Institute | |
AG | Aktiengesellschaft (German Company) | |
Agent | See Foreign Sales Agent | |
AGVS | Automated Guided Vehicle System | |
AICS | Associate of the Institute of Chartered Shipbrokers | |
AID | Agency for International Development | |
AIM | Automatic Identification Manufacturers | |
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 | Spanish abbreviation for Latin American Integration Association | |
Allonge | An attachment to a Bill of Exchange containing endorsements. This is used when the back of the bill has been completed | |
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. | |
Amortization | A schedule of payments over the life of your loan to get the loan from the original dollar amount to zero. An Amortization Schedule will show the scheduled repayments of a loan through regular installments over a period of time. | |
AN | Advice Note | |
ANCOM | Andean Common Market | |
ANF | Arrival Notification Form | |
AP | Additional Premium | |
Application Fee | Fee charged by the lender to process your loan application. Can sometimes be included in the loan amount thereby reducing the up front cost of establishing a loan. Also known as an establishment fee or approval fee. | |
Approval in Principle | Finance approved by a lender before you have found a property that you wish to purchase. This allows you to make an offer on a property, e.g. bidding at an auction, safe in the knowledge that you can get finance for the pre-approved amount, providing your circumstances have not changed & the property meets the lenders requirements. | |
APR | Annual Percentage Rate | |
APT | Advanced Passenger Train/After Peak Tank | |
AQL | Acceptable Quality Level | |
ARA | Antwerp, Rotterdam and Amsterdam range of ports | |
Arbitrage | Buying foreign exchange, stocks, bonds, and other commodities in one market, then immediately selling them in another market at higher prices | |
ARPS | Automatic Radar Plotting System | |
Arr | Arrival | |
Arrears | When you are overdue for a loan payment. A lender will want to know if you have ever been in arrears on your other loans. | |
ASA | American Standards Association | |
ASB | Alternative Side-Band | |
ASBA | Association of Shipbrokers and Agents | |
ASEAN | Association of South-East Asian Nations | |
Assets | Your assets are what you own. A lender will want to know about your assets such as real estate, bank accounts, shares, motor vehicles etc. | |
AST | Average Spring Tides | |
At Sight | See Sight Draft | |
ATA | Actual Time of Arrival | |
ATA | Carnet See Carnet | |
ATP | European Agreement on the International Carriage of Perishable Goods | |
ATR | Temporary Admission on Wheels (Admission Temporaire Roulette) | |
ATSBE (atsbe) | All Time Saved at Both Ends | |
ATSDO (atsdo) | All Time Saved Discharging Only | |
ATSLO (atslo) | All Time Saved Loading Only | |
ATT | Admiralty Tide Tables | |
Av or Avg | Average | |
AWB | Air Waybill | |
AWES | Association of Western Shipbuilders | |
B/D | Bar Draft | |
B/d | Brought Down | |
B/E | Bill of Entry (customs) | |
B/G | Bonded Goods | |
B/L or b.l. | Bill of Lading | |
B/P | Bills Payable | |
B/R | Bills Receivable | |
B/S | Bill of Sale | |
BAF | Bunker Adjustment Factor | |
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 | 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 | British Approvals Service for Electrical Equipment in Flammable Atmospheres | |
BBB | Before Breaking Bulk | |
BCC | British Chambers of Commerce | |
BCN | Banker’s Cover Note | |
Bd | Bond | |
Bdi | Both dates inclusive | |
BEA | British Exporters Association | |
BEMAS | Buoy Monitor and Alarm System | |
Beneficiary | The person in whose favour a letter of credit is issued or a draft is drawn | |
Benelux | A Customs Union between Belgium, the Netherlands and Luxembourg | |
Bf or B/fwd | Brought Forward | |
BIFA | British International Freight Association | |
Bill of Entry | A written description of the nature and value of goods for customs purposes | |
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 | 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 | Baltic and International Maritime Conference | |
Bkg | Banking | |
Bkge | Brokerage | |
Bkrpt | Bankrupt | |
BLEU | Belgium-Luxembourg Economic Union | |
BM | Board Measure | |
BO | Buyer’s Option | |
Bonded Warehouse | A warehouse that has been authorised by Customs authorities to store goods which haven’t paid any duty. | |
Bonds/Guarantees | An irrevocable commitment by a bank to make payment provided the terms of the bond or guarantee are met | |
BPB | Bank Post Bill | |
Break Costs | Fees or penalties charged by a lender when a customer decides to end or “break” from a fixed interest rate before the end of the agreed fixed term. | |
Bridging Loan | A short term loan, typically less than 12 months, designed to allow you to finance the purchase of a new property before you have sold your existing property. | |
Broadly speaking, any agreement to purchase goods under specified terms. An agreement to purchase goods at a stated price and under stated terms. | ||
BSC | British Shippers Council | |
BSI | British Standards Institution | |
BSS | British Standard Specification | |
BST | British Summer Time | |
BTC | British Transport Commission | |
BTG | British Transport Group | |
Building Inspection | An inspection carried out prior to purchasing a property, generally by a qualified builder, to check for any defects or problems in the structure. The sale contract can be made subject to a building inspection, allowing the purchaser to pull out of the contract if problems are found, or negotiate a new price. | |
Bunker Adjustment | Factor Fuel surcharge on standard or quoted rates, usually based on consignment weight | |
Buying Agent | See Purchasing Agent | |
BV | Bureau Veritas | |
By collection | Drafts or cheques paid by collection are returned to the bank on which they were drawn to be paid | |
By negotiation | Drafts or cheques paid by negotiation are paid immediately | |
C DK | Containers Carried on Deck | |
C of C | Chamber of Commerce | |
C&D | Collected and Delivered | |
C&E | Customs and Excise | |
C&F | Cost and Freight (now obsolete – superseded by CFR – see also Incoterms 2010) | |
C/D | Commercial Dock | |
C/I | Consular Invoice, Channel Islands, Certificate of Insurance | |
C/L | Craft Loss | |
C/N | Consignment Note | |
C/nee | Consignee | |
C/P | Charter Party | |
C/S | Currency Surcharge | |
C/V | Certificate of Value | |
C/VO | Certificate of Value and Origin | |
CA | Compensatory Agreement | |
CAA | Civil Aviation Authority | |
CAAC | Customs and Excise | |
CAB | Civil Aeronautics Board (USA) | |
CACM | Central American Common Market | |
CAD | Cash Against Documents | |
CAF | Currency Adjustment Factor | |
CAN | Customs Assigned Number | |
CANDF | Cost and Freight to Foreign Port | |
CAP | Common Agricultural Policy | |
Capital Gains Tax | This is a federal tax payable on profits made from the sale of a variety of assets, including investment properties. Assets purchased prior to 1985 are exempt. Your principal place of residence where you live, providing it has never been rented out or used for business purposes, is also exempt. | |
Capped Rate Loan | A loan where the interest rate is guaranteed not to rise above a certain percent i.e. the interest rate is “capped”, but may fall in the event of a rate drop. The capped rate period is normally 3 or 12 months. | |
CARICOM | Caribbean Community and Common Market | |
CARIFTA | Caribbean Free Trade Association | |
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) | 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) | 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) | A payment method for goods in which the buyer pays when ordering. The transaction is binding on both parties. | |
CASS | Cargo Accounts Settlement System | |
CBD | Cash Before Delivery | |
CBI | Confederation of British Industry | |
Cbm | Cubic Metre | |
CC | Continuation Clause, Civil Commotion | |
CC CL | Continuation Clause | |
CC/O | Certificate of Consignment/Origin | |
CCC | Customs Co-operation Council | |
CCCN | Customs Co-operation Council Nomenclature | |
CCE | Collector of Customs and Excise | |
CCLN | Consignment Note Control Label Numbers | |
CD | Customs Declaration | |
CDV | Current Domestic Value | |
CENSA | Council of European and Japanese National Shipowners’ Association | |
Cert. | Certificate | |
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 | A statement (often notarised) in which a manufacturer certifies that the goods are made and available to the buyer. | |
Certificate of Origin | A document certifying the country of origin of specified goods. It is used by certain foreign countries for tariff purposes. | |
Certificate of Title | A document showing amongst other things the ownership of a property, whether there are any mortgages on it. | |
CET | Central European Time | |
cf (cu ft) | Cubic Feet | |
Cf or C/fwd | Carried Forward | |
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 | Container Freight Station | |
CFTC | Commodity Futures Trading Commission (USA) | |
Cge Pd | Carriage Paid | |
CGSA | Carriage of Goods by Sea Act | |
CH | Customs House | |
Ch | Fwd Charges Forward | |
Ch Pd | Charges Paid | |
CHAPS | Clearing House Automated Payment System | |
Charges Forward | Charges payable by the consignee on arrival | |
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 | Customs Handling of Import/Export Freight | |
CHINPAC | China Sea, Indian and Pacific Oceans | |
CHIPS | Clearing House Inter-bank Payments System | |
CHO | Containers Carried in Holds | |
Chq. | Cheque | |
CIA | Cash In Advance | |
Cia | Spanish word for company | |
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 | Cost, Insurance, Freight and Commission | |
CIF&E | Cost, Insurance, Freight and Exchange | |
CIF&I | Cost, Insurance, Freight and Insurance | |
CIFC & 5 | Cost, Insurance, Freight, including 5% Commission | |
CIFC & I | Cost, Insurance, Freight, Commission and Interest | |
CIFLt | Cost Insurance and Freight, London terms | |
CIM | International convention governing international rail carriage | |
CIP | Carriage and Insurance Paid To. But see Incoterms 2010 | |
CIPA | Chartered Institute of Patent Agents | |
CIRM | International Maritime Radio Association | |
CIT | Chartered Institute of Transport | |
CITHA | Confederation of International Trading Houses Associations | |
CLA | Cargo Loading Adaptability | |
CLASS | Cargo Loading and Scheduling System | |
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 | A draft to which no documents have been attached | |
CLECAT | European Liaison Committee of Common Market Forwarders | |
CMR | Convention on the contract for the International Carriage of Goods by Road | |
CO or C/O | Certificate of Origin | |
COCOM | Co-ordinating Committee on Export Controls (NATO) | |
COD | Cash on Delivery | |
Cof | Cost of Funds | |
COFACE | Compagnie Francaise pour l’Assurance du Commerce Exterieur (credit insurance company) | |
Collection Papers | All documents (commercial invoices, bills of lading, etc.) given to a buyer to receive payment for a shipment | |
Collections | A secure, universally recognised method for routing trade documentation through the banking system | |
Com/I | Commercial Invoice | |
COMECOM | Council for Mutual Economic Aid | |
COMET | Committee of Middle East Trade | |
COMEX | Commodity Exchange (New York) | |
COMITEXTIL | Co-ordinating Committee for the Textile Industry in the UK | |
Commercial Invoice | Co-ordinating Committee for the Textile Industry in the UK | |
Commission | Real Estate agents receive a commission from the vendor when they sell a property, while Mortgage Brokers receive a commission from a lender when they sell a home loan product. | |
Commission Agent | See Purchasing Agent | |
Common Carrier | An individual, partnership, or corporation that transports persons or goods for compensation | |
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 | |
Comparison Rate | Comparison rates are a good “yardstick” or “rule of thumb” which gives consumers a better indication of the true cost of a loan than simply comparing advertised interest rates. Comparison rates take into account the actual interest rate for the loan, & other typical lenders’ fees & charges incurred during the life of the loan, such as ongoing monthly account fees & application fees, etc. E.g. a loan may have an advertised interest rate of 7.1% and a comparison rate of 7.5%. Not all fees & charges are included in comparison rates i.e. fees that are only incurred in certain circumstances such as redraw fees are not included. | |
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 | The party receiving the goods | |
Consignment | A shipment or delivery of goods sent at one time. Compare also (goods sold) on consignment | |
Consignment | Account See on consignment | |
Consignor | The sender of the goods | |
Construction Loan | A loan that caters for people building or renovating. The loan amount is generally drawn down progressively as various stages of construction are completed & invoices are received. An evaluation of the work done may be required at each draw down stage. | |
Consular Declaration | A formal statement made to the consul of a foreign country describing goods to be shipped | |
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 | |
Contract of Sale | An agreement outlining the terms & conditions of a sale. The contract will include the purchase price & any conditions such as “subject to building inspection” and “subject to finance”, etc. | |
Convertible Currency | A currency that can be bought and sold for other currencies | |
Conveyancing | The process generally undertaken by a solicitor or Conveyancing specialist of transferring property ownership. Conveyancing costs including legal fees, title transfer fees & stamp duty all need to be considered when you are applying for a home loan. | |
Correspondent Bank | A bank that, in its own country, handles the business of a foreign bank | |
COT | Customer’s Own Transport | |
COU | Clip-On Unit | |
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 | A duty imposed to counter unfairly subsidised products | |
CP | Commonwealth Preference | |
CPC | Customs Procedure Code | |
Cpd | Charterer pays dues | |
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 | Current Rate | |
Credit History | Your credit history, including any previous loans & credit cards you have applied for, any history of bad debt or bankruptcy etc. They may also ask other questions such as whether you have been in arrears on other loans or whether you have ever exceeded your credit card limit. | |
Credit Risk Insurance | Insurance designed to cover risks of nonpayment for delivered goods. Compare Marine Insurance | |
CRF | Clean Report of Findings | |
CRN | Customs Registered Number | |
CSC | Convention for Safe Containers | |
CT | Counter Trade | |
CTD | Combined Transport Document | |
Ctge | Cartage | |
CTO | Combined Transport Operator | |
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 | |
CWE | Cleared Without Examination | |
CWO | Cash With Order | |
Cy | Currency | |
D/D | Days after Date | |
D/N | Debit Note | |
D/O | Delivery Order | |
D/P | Documents Against Payment | |
D/R | Deposit Receipt | |
D/S | Days after Sight | |
DAA | Discharge Always Afloat | |
DAD | Documents Against Discretion of Collecting Bank | |
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. | |
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. | |
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 | |
DB | Deutsche Bundesbahn (German Railways) | |
DBE | Dispatch Payable Both Ends | |
DBEATS | Dispatch Payable Both Ends on All Time Saved | |
DBEWTS | Dispatch Payable Both Ends on Working Time Saved | |
Dbk | Drawback | |
DC or D.CI | Detention Clause | |
DC/ or D/CI | Deviation Clause | |
DCCD | Delivered at Container Collection Depot | |
DD | Damage Done | |
Dd | Delivered | |
DD | Dry Dock | |
DD & Shpg | Dock Dues and Shipping | |
DD/A | Documents against Acceptance | |
DDA | Duty Deferment Account | |
DDO | Dispatch Discharging Only | |
DDP | Dispatch Discharging Only | |
Deb | Debenture | |
Debt to Service Ratio | DSR is a figure that lenders use to determine your ability to repay your loan. It is basically the percentage of your income that will be used to service your loan plus any other debts, e.g. credit cards. As a general rule most lenders will allow a DSR of between 29% & 36%. | |
Def. | Deferred | |
Default | This is the failure of a borrower to meet the conditions of a mortgage agreement. If the borrower defaults on their loan, the lender may take possession of the property & sell it to cover the outstanding loan amount. | |
Deferred Establishment Fee | This is an establishment fee that is only payable when a loan is repaid within the first few years typically 3 to 5 years of the loan period. | |
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 | See Sight Draft | |
Dem-des | Demurrage and Dispatch | |
Demurrage | 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. | |
Deposit | A deposit is usually required when you are taking out a home loan. Generally a minimum deposit of 20% is required, or if mortgage insurance is taken out you may only need a 5% deposit. Some lenders offer no deposit home loans if you have proven cash flow, although these products may come at a higher interest rate. | |
DEPS | Departmental Entry Processing System | |
Descrepancy (Letter of Credit) | When documents presented do not conform to the letter of credit, it is referred to as a discrepancy | |
Dest. | Destination | |
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 | Dead Freight | |
Dft | Draft | |
DGN | Dangerous Goods Note | |
DHD | Dispatch Half Demurrage | |
DIN | German Standards Institute | |
DISC | Domestic International Sales Corporation | |
Discharge | When a mortgage is repaid in full, it has been discharged. | |
Discharge Fee | A fee charged by the lender to cover the administration costs of finalizing & discharging a mortgage | |
Dischg | Discharging | |
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 | |
Distibutor | A foreign agent who sells directly for a supplier and maintains an inventory of the supplier’s products | |
DKR | Danish Kroner | |
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 | A draft to which documents are attached | |
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 | |
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 | The individual or firm on whom a draft is drawn and who owes the stated amount. Compare Drawer | |
Drawer | The individual or firm that issues or signs a draft, so standing to receive the stated amount from the drawee | |
DSB | Danske Staatsbahn (Danish Railways) | |
DTI | Department of Trade and Industry | |
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 | Materials used for the stowage and protection of cargo | |
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 | Dead-weight Capacity (of vessel to carry cargo) | |
EAPE | Exchange as per Endorsement | |
EAR | Export After Repair | |
EC | European Community | |
ECA | Economic Co-operation Administration | |
ECC | Exchange Control Copy | |
ECCP | East Coast Coal Port | |
ECGD | Export Credits Guarantee Department (UK) | |
ECI | Export Consignment Identifier | |
ECOFIN | Economic and Financial Affairs Council (EU) | |
ECPD | Export Cargo Packing Declaration | |
ECS | Echantillons Commerciaux (Commercial Samples) | |
ECSI | Export Cargo Shipping Instruction | |
ECT | Europe Combined Terminals- Rotterdam | |
EDCS | Electronic Data Capture Service | |
EDI | Electronic Data Interchange | |
EDIA | Electronic Data Interchange Association | |
EE&oe | Errors and omissions excepted | |
EEA | European Economic Area | |
EFTA | European Free Trade Area | |
EFTPOS | Electronic Funds Transfer at Point of Sale | |
EHA | Equipment Handover Agreement | |
EHC | Export Health Certificate | |
EIB | European Investment Bank | |
EIC | EuroInfo Centr | |
EIMT | Express International Money Transfer | |
EIR | Equipment Interchange Receipt | |
EMA | European Monetary Agreement | |
EMS | Express Money Service | |
Encl. | Enclosures | |
Eohp | Except as otherwise herein provided | |
EOP | End of Passage | |
EPS | Entry Processing Station | |
EPU | European Payments Union | |
Equity | Equity is the difference between the market value of a property less any amount still owing on the mortgage. As the borrower pays off the loan principal, equity in the property will increase. Rising house values will also increase equity. | |
Equity Loan | A loan where you borrow against the value of your house, potentially up to 90% of the value of your house, less any outstanding loan amounts on the property. The funds are then available for any personal use, similar to a personal loan but at a lower interest rate. | |
ERLOAD | Expected Ready To Load | |
ESC | European Shippers Council | |
ESCAP | Economic and Social Commission for Asia & the Pacific | |
ESCS | European Coal and Steel Community | |
ESL | EC Sales Listing | |
EST | Eastern Standard Time (USA) | |
ETA | Estimated Time of Arrival | |
ETD | Estimated Time of Departure | |
ETS | Estimated Time of Sailing | |
EU | European Union | |
EURATOM | European Atomic Energy Community | |
Eurodollars | US dollars deposited in Europe (or outside the USA and Asia). Compare Asian dollars. | |
Ex 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. | |
EXBO | Export Buying Office | |
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 | 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 | |
Ex-Im Bank Eximbank | US Export-Import Bank | |
Expenses | What you spend, including loan repayments, credit card repayments, rent, insurance etc. Lenders will need to know your monthly expenditure when you are applying for a loan. | |
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 | An organisation that, for a commission, acts as a purchasing agent for a foreign buyer | |
Export Declaration | See Shipper’s Export Declaration | |
Export Licence | A government document that permits the licensee to export designated goods to certain destinations. See Open General Export Licence | |
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 | A firm similar or identical to an export management company | |
EXW Ex Works. | But see Incoterms 2010 | |
F/L | Freight Liner | |
FAC | Forwarding Agents Commission | |
FAO | Food and Agriculture Organisation (UN) | |
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 | Forwarder’s Bill of Lading | |
FC & S | Free Capture and Seizure | |
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 | Foreign Credit Insurance Association | |
FCL | Full Container Load | |
FCR | Forwarder’s Certificate of Receipt | |
FCT | Forwarder’s Certificate of Transport | |
FD | Free Discharge | |
FEU | 40-foot Equivalent Unit | |
FF & D | Freight and Demurrage | |
FFA | Free From Alongside | |
FFI | For Further Instructions | |
FGA | Free of General Average | |
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 | Full Interest Admitted | |
FIATA | International Federation of Freight Forwarders Association | |
FIB | Free into Barge | |
FICA | Foreign Credit Insurance Association | |
FICS | Fellow of the Institution of Chartered Shipbrokers | |
FIEx | Fellow of the Institute of Export | |
FIFO | First In First Out | |
FILTD | Free in Liner Terms Discharge | |
FIO | Free In and Out | |
FIOS | Free In and Out plus Stowing | |
FIOT | Free In and Out plus Trimming | |
First Home Owners Grant | A Federal Government subsidy which first home owners may be eligible to receive. The funds received from the FHOG can be included in the settlement of your loan. | |
First of Exchange | First copy of a Bill of Exchange to be presented which automatically cancels all other copies | |
FIT | Federation of International Traders | |
FIW | Free In Wagon | |
Fixed Rate Loan | A loan where the interest rate is fixed for a set period, ranging from 1 to 20 years. This means your loan interest rate won’t fluctuate as it does with a variable loan. Generally, the longer you want to fix your loan, the higher the interest rate will be, i.e. you may be able to fix your loan for 1 year at 6.0%, or for 6 years at 7.8%. | |
FLIC | Forwarders Local Import Control | |
Floating Policy | See Open Insurance Policy | |
FMB | Federal Maritime Board (USA) | |
FMC | Federal Maritime Commission (USA) | |
FO | Free Over-side | |
FOA | Free on Airport | |
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 | Free on Board Aircraft | |
FOBS | Free on Board and Stowed | |
FOBT | Free on Board and Trimmed | |
FOC | Free Of Charge | |
FOD | Free of Damage | |
FODA | Free of Damage Absolutely | |
FONASBA | The Federation of National Shipbrokers and Agents | |
FOQ | Free on Quay | |
FOR | Forwards | |
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 | The currency or credit instruments of a foreign country. Also, transactions involving the purchase or sale of currencies | |
Foreign Sales Agent | An individual or firm that serves as the foreign representative of a domestic supplier and seeks sales abroad for the supplier | |
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 | Floating Policy | |
FPA | Free From Particular Average | |
FPAA | Free From Particular Average Absolutely | |
FP-C | Flash Point Celsius | |
Fpil | Full Premium if Lost | |
FR | Free Circulation (EU) | |
FR | Freight Release | |
FRA | Forward Rate Agreement | |
Free | Delivery | |
Free | Foreign Agency | |
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 | |
Free Port | An area such as a port city into which goods can be legally moved without paying duties | |
Free Trade Zone | A port designated by the government of a country for duty-free entry of any non-prohibited goods. Goods can 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 | An independent business that handles export shipments for compensation | |
Frof | Fire risk On Freight | |
Frt | Freight | |
FS | Italian railways | |
FTA | Freight Transport Association | |
FTC | Federal Trade Commission (USA) | |
FTL | Full Trailer Load | |
FTZ | Free Trade Zone | |
Fwd | Forward | |
G/A | General Average | |
GAC | General Average Certificate | |
GBP | Pound Sterling | |
GCBS | General Council of British Shipping | |
GCC | Gulf Co-operation Council | |
GCR | ||
GDP | Gross Domestic Product | |
GG/A con | General Average Contribution | |
GmbH | Registered Company (Germany) | |
GMT | Greenwich Mean Time | |
GNP | Gross National Product | |
Gr Wt | Gross Weight | |
Gross Weight | The full weight of a shipment, including goods and packaging. Compare Tare Weight | |
GRT | Gross Registered Tonnage | |
GSM | Good Sound Merchantable | |
GSP | Generalised System of Preferences | |
Guarantor | A person who guarantees to pay out a loan for you in the event you are not able to make the repayments yourself. A lender may require someone, e.g. a family member to guarantee your loan if you would not be eligible for the loan in normal circumstances. | |
GUV | General Utility Van | |
GV | Grand Vitesse (Express Train) | |
H/C | Held Covered | |
H/H | Half Height (Container) | |
HBL | House Bill of Lading | |
HCS | Harmonised Commodity System | |
HHAW | House Air Waybill | |
HL | Heavy Lift | |
HMC | Her Majesty’s Customs | |
HMRC | Her Majesty’s Revenue and Customs | |
HMSO | Her Majesty’s Stationery Office | |
HS | Harmonised System | |
HVR | Hague-Visby Rules | |
HWM | High Water Mark | |
IB | In Bond | |
IBAN | International Bank Account Number. A standard way of uniquely identifying an account, which improved the speed and efficiency of cross border payments | |
IBAP | Intervention Board for Agricultural Produce | |
IBRD | International Bank for Reconstruction and Development | |
IC&C | Invoice Cost and Charges | |
ICAB | International Cargo Advisory Bureau | |
ICAO | International Civil Aviation Organisation | |
ICB | International Container Bureau | |
IIATA | International Air Transport Association | |
Installment | A regular repayment that the borrower makes to pay off a home loan. These repayments will typically be made at monthly, fortnightly or weekly intervals. | |
Interest in Advance Payments | Payments made to cover upcoming interest charges, usually on an investment home loan with interest only repayments. | |
Interest Only Payments | Payments made on a loan which only cover interest charges. These payments do not reduce the principal loan amount. This is generally only used for investment loans, the period of interest only payments is typically set from 1 to 6 years. | |
Interest Rate | This is the rate, as a percentage, at which interest will be charged on your home loan. Advertised interest rates vary between lenders & between various types of loans due mainly to competition between lenders. Ongoing interest rates, hence repayments, fluctuate periodically in line with official interest rates set by the Reserve Bank. Loans established with a fixed interest do not follow these fluctuations. | |
Investment Loan | A loan taken out for the purpose of buying an investment property. Investment loans have features suitable for non owner occupied home loans, such as making interest only payments or paying interest in advance. | |
IOE | Institute of Export | |
IPA | Including Particular Average | |
IPR | Inward Processing Relief | |
IRD | Inland Rail Depot | |
IRN | Import Release Note | |
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 | Union Internationale des Transports Routiers | |
ISC | Institute Strike Clauses (insurance). See Institute Cargo Clauses | |
ISF | International Shipping Federation | |
ISFA | Institute of Shipping and Forwarding Agents | |
ISO | International Standards Organisation | |
ISP ISP98 | International Standby Practices published by the International Chamber of Commerce. | |
ITI | Customs Convention on the International Transit of Goods | |
ITMA | Institute of Trade Mark Agents | |
ITO | International Trade Organisation | |
IUPIP | International Union for the Protection of Intellectual Property | |
IWA | International Waterways Association | |
IWC | Institute War Clauses (insurance). See Institute Cargo Clauses | |
JJIT | Just In Time | |
JLCD | Joint Liaison Committee on Documents | |
JPY | Japanese Yen | |
L/C | Letter of Credit | |
L/L | Long Length | |
L/T | Long Ton (240 lbs) | |
LAB | Lloyds Average Bond | |
LAFTA | Latin American Free Trade Association | |
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 | |
LCL | Less than Full Container Load | |
LDC | Less Developed Country | |
Ldg | Loading | |
Ldg & Dly | Landing and Delivery | |
Lds | Loads | |
LEC | Local Export Control | |
Lenders Mortgage Insurance | LMI protects the lender against potential losses should you default on your home loan - the proceeds from the sale of the property not cover the remaining loan amount. A lender will often require you to take out Mortgage Insurance if you wish to borrow more than 80% of the value of the property. A one off fee payable when the loan settles. | |
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 | Letter of Indemnity | |
Liabilities | Your liabilities are your debts, or what you owe. When applying for a loan, lenders will want to know about your liabilities such as existing home loans, personal loans, hire purchases, credit card limits etc. | |
LIC | Local Import Control | |
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 | London International Financial Futures Exchange | |
LIFO | Last in First out | |
Line of Credit Loan | Repayments are usually very flexible, meaning you can make repayments whenever you like and for any amount, providing you stay within your credit limit. The loan is usually ongoing, with no fixed term. Also see Equity Loan. | |
Liner | In Free Out | |
Lkg & Bkg | Leakage and Breakage | |
Lkge | Leakage | |
LL/A | Lloyds’ Agent | |
LO/LO | Lift on Lift off | |
Loan Administration Fee or Loan Maintenance Fee | Is an ongoing monthly fee charged by the lender for maintaining & administering your loan. Most lenders have a variety of loan products, some with monthly fees, some without. | |
Loan Approval Fee | Fee charged by the lender to process your loan application. Some lenders may waive or reduce this fee for certain products. Also known as an application fee or establishment fee. | |
Loan to Value Ratio or LTV | LVR is calculated by comparing the loan amount to the property value, e.g. for a loan application of $800,000 on a property worth $1,000,000, the LVR would be 80%. As a guide, most lenders will lend amounts up to 80% LVR, or higher with mortgage insurance. These figures will vary between lenders & between loan products. | |
Low Doc Loan | Low Doc Loans are offered by some lenders to people who lack the normal income statements or tax records to prove their income. Suitable for people who are self employed or who have irregular cash flow. The lender will still require proof that the loan can be serviced. | |
LT-EUR1 | Long-Term Movement Certificate (EU) | |
LTL | Less than Truck Load | |
LVP | Low Value Procedure | |
LWM | Low Water Mark | |
M/R | Mate’s Receipt | |
Manifest | See ‘Ship’s Manifest’ | |
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) | Letters, numbers, and other symbols placed on cargo packages to identify them | |
MAT | Marine, Aviation and Transport (insurance) | |
MAWB | Master Air Waybill | |
MDHB | Mersey Docks and Harbour Board | |
MEC | Marine Extension Clause | |
Medit | Mediterranean | |
MFN | Most Favoured Nation | |
Mgr | Manager | |
MIA | Marine Insurers Act | |
MIEx | Member of the Institute of Export | |
Min | Minimum | |
Min Wt | Minimum Weight | |
Min. B/L | Minimum Bill of Lading | |
MIP | Marine Insurance Policy | |
MLO | Main Line Operator | |
MM | Made Merchantable | |
MMA | Merchandise Marks Act | |
MManifest | See ‘Ship’s Manifest’ | |
MN | Merchant Navy | |
MNC | Multinational corporation | |
MO | Money Order | |
MOLOO | More or Less at Owners Option | |
Mortgage | An agreement between a borrower and a lender, with the borrower providing security i.e. the subject property for the loan. | |
Mortgage Offset Account | An account which allows you to offset the funds you have in a transaction / savings account against your home loan, thereby reducing the interest you will pay on the loan, e.g. if your loan amount is $400,000 and you currently have $40,000 in your savings account, you will only pay interest on $360,000. | |
Mortgage Protection Insurance | Protects the borrower against loss of income due to sickness or redundancy. If considering Mortgage Protection Insurance you should seek professional financial advice from an accountant or a financial planner. | |
Mortgage Registration Fee | A State Government charge to register you mortgage. Fees vary from state to state. The Mortgage Registration Fee will be part of the establishment costs of your loan along with stamp duty, transfer fees etc. | |
Mortgagee | A lender of money, with the loan secured by the borrowers / mortgagors property as agreed to in a mortgage document. | |
Mortgagor | Someone who borrows money from a lending institution, the mortgagee, and provides property as security for the loan, as agreed to in a mortgage document. | |
MPC | Multi Purpose Vessel | |
Mst or msm | Measurement | |
MT | Metric Tonne | |
MTN | Multilateral Trade Negotiations | |
MTO | Multimodal Transport Operator | |
MV or mv | Motor Vessel | |
N/T | Nett Terms | |
NATS | National Air Traffic Services | |
NCV | No Commercial Value | |
NDPS | National Data Processing Service | |
NE | Not Exceeding | |
NEC | Not Elsewhere Classified | |
Negative Gearing | Negative Gearing occurs when you borrow for investment purposes, i.e. to purchase an investment property, and the costs of the investment exceed the returns from the investment, i.e. rental income. You should seek professional financial advice from an accountant | |
NEI | Not Elsewhere Indicated | |
NES | Not Elsewhere Specified | |
Net | Weight Weight of the goods alone, excluding packaging or container | |
Nett Register | - | |
NIR | Northern Ireland Railways | |
NMB | National Maritime Board | |
NN/A | Not Applicable | |
No Deposit Home Loan | Allows you to borrow 100% or sometimes more of the property value. You will usually require a very clean credit history & proof of regular, stable income and the ability to service the loan. More stringent Debt to Service Ratio limits and a higher interest rate could apply. | |
No Doc Loan | Similar to a Low Doc Loan, in place of proof of income you will be required to sign an agreement certifying that you will be able to service the loan. With this type of loan, a lower Loan to Value Ratio will typically apply. | |
NOK | Norwegian Kroner | |
Non-conforming Loans | Loans where the standard loan criteria proof of employment, proof of income etc, are not met. Low Doc Loans & No Doc Loans can be described as non conforming loans. | |
NPC | National Ports Council | |
NR | No Risk Until Confirmed | |
NRAD | No Risk After Discharge | |
NRT | Nett Registered Tonnage | |
NS | Nerdlandse Spoorwegen (Dutch Railways) | |
NSPF | Not Specially Provided For | |
NTBs | Non-Tariff Barriers | |
NV | Dutch Term for Incorporated | |
NVOCC | Non Vessel Operating Common Carrier | |
NYPLR | New York Prime Lending Rate | |
O/C | Open Cover | |
O/c | Overcharge | |
O/d | On Demand | |
O/o | Order of | |
O/R | Owner’s Risk | |
OAS | Organisation for American States | |
OAU | Organisation of African Unity | |
OBOs | Oil/Bulk/Ore Carriers | |
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 | Out-of-Charge Notice | |
OECD | Organisation for Economic Co-operation & Development | |
OFT | Office of Fair Trading | |
OGL | Open General Licence | |
OJEC | Official Journal of the European Communities | |
ON | Official Number | |
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 | 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 | |
Ongoing Monthly Fee | Charged by the lender for administering your loan. Most lenders have a variety of loan products, some with monthly fees also some without. Also known as a loan maintenance fee or a loan administration fee. | |
OO/A | On Account Of | |
OP | Open or Floating Cargo Policy | |
OPEC | Organisation Of Petroleum Exporting Countries | |
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 Charter | - | |
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 | 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 | Outward Processing Relief | |
Order Bll of Lading | A negotiable bill of lading made out to the order of the shipper | |
ORL | Owner’s Risk of Leakage | |
OY | innish term for Incorporated | |
P&I | Protection and Indemnity | |
P/L | Partial Loss | |
P/N | Promissory Note | |
Packing List | A list showing the number and kinds of items being shipped, as well as other information needed for transportation | |
Parcel Post Receipt | The postal authorities’ signed proof of delivery to the receiver of a shipment made by parcel post | |
PBA | Port of Bristol Authority | |
Pd | Paid or Passed | |
PD | Port Dues | |
PE | Period Entry | |
Perils of the Sea | A marine insurance term used to designate heavy weather, stranding, lightning, collision and sea water damage | |
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 | |
PKD | Partially Knocked Down | |
Pkge | Package | |
PLA | Port of London Authority | |
PM | Premium | |
PMS | Permanent Manual System | |
PO | Post Office | |
POA | Place Of Acceptance | |
POD | Paid On Delivery | |
POF | Proof Of Funds | |
POL/POD | Contractual Port of Loading | |
POP | Proof Of Product | |
PPOP | Partial Proof Of Product | |
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 | |
Portable Loan | A loan that allows you to transfer a mortgage from one property to another without having to go through the full approval process. | |
PP/A | Private Account | |
Ppd | Prepaid | |
Principal | The amount borrowed from a lender, upon which interest is charged. As loan repayments are made the principal decreases. | |
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 | |
Progress Draws | Amounts withdrawn from a construction loan made when progress payments to your builder are due. As construction proceeds, your builder will require payment when certain stages are met, at which time you draw down a portion of your loan, until construction is finished and the final draw down occurs. | |
Proof of Delivery | - | |
PSD | pre-export Document | |
PSI | pre-export Inspection | |
PT | Preferential Treatment | |
PTL | Partial Total Loss | |
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 | Petite Vitesse (slow goods train) | |
QIB |
Qualified Institutional Buyer - A corporate entity that falls within the "accredited investor" category, defined in SEC Rule 501 of Regulation D. A Qualified Institutional Buyer (QIB) is one that owns and invests, on a discretionary basis, at least $100 million in securities; for a broker-dealer the threshold is $10 million. |
|
QQn | Quotation | |
Qty | Quantity | |
Quota | The quantity of goods of a specific kind that a country permits to be imported without adding restrictions or imposing extra duties | |
Quotation | An offer to sell goods at a stated price and under specified conditions | |
R/O | Routing Order | |
Redraw Facility | Allows you to redraw funds from your loan that you have paid in advance. Restrictions usually apply e.g. a minimum amount you are allowed to redraw, you may be charged a fee for redrawing. | |
REDS | Registered Excise Shippers and Dealers | |
Reefer | Refrigerated Box or Vessel | |
Refinancing | When a mortgage is taken out and some or all of the funds are used to pay off another existing mortgage. The new mortgage may or may not be with the same lender. Refinancing is often used to access built up equity in a property, or simply to move to a cheaper home loan. | |
Remitting Bank | The bank that sends the draft to the overseas bank for collection | |
RENFE | Spanish Railways | |
Repayment Period | This is the frequency with which you make your loan repayments i.e. weekly, fortnightly or monthly, depending on the lender or the loan product. | |
Representative | See 'Foreign Sales Agent' | |
RES | Retail Export Scheme | |
Reverse Mortgage | These loans are aimed specifically at seniors. A Reverse Mortgage allows the borrower/s to take out a loan against their property, usually only up to a comparatively small LVR, such as 25% or less, repayments are not required until the property is sold, the borrower/s move from the home or the borrower/s are deceased. Often referred to as an equity release loan. | |
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 | Road Haulage Association | |
RN | Removal Note | |
Ro/Ro | Roll On Roll Off | |
ROD | Rusting, Oxidation, Denting | |
RP | Return Premium | |
RRAFT | Revolving Acceptance Facility by Tender | |
RTK | Revenue Tonne Kilometres | |
RTP | Restrictive Trade Practices | |
S/o | Shipowner | |
SAD | Single Administrative Document (also known as C88) | |
SANR | Subject To Approval No Risk | |
SB | Short Bill, payable on demand or sight | |
SCP | Simplified Clearance Procedure | |
SCR | Specific Commodity Rate | |
SD | Sailed | |
SD | Sight Draft | |
SDBL | Sight Draft, Bill Of Lading attached | |
SDR | Special Drawing Rights | |
SEA | Single European Act | |
Security | When applying for a home loan, assets will be required to secure the loan. On most standard home loans the security will be the property being purchased. In some circumstances more than one property may be required to secure the loan. | |
SED | Shipper’s Export Declaration | |
See-Bee | Sea Barge Carrier | |
SEM | Single European Market | |
SEPA | Single European Payment Area. SEPA is a banking industry initiative to standardise the way of making payments across the EU | |
Settlement Date | This is the date on which you receive the funds from your loan, pay the vendor or/and take possession of the property. Payment of establishment fees such as stamp duty and mortgage registration is also required on the settlement date. | |
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 | A written record, signed by the captain of a ship, that lists the individual shipments that make up the ship’s cargo | |
Shipt. | Shipment | |
Shpg. | Shipping | |
SIECA | General Treaty of Economic Integration, Central American States | |
Sight Draft | A draft that is payable when it is presented to the drawee. Compare ‘Date Draft’ and ‘Time Draft’. | |
SIS | Shipping Information Service | |
SIT | Spontaneous Ignition Temperature | |
SITC | Standard International Trade Classification | |
SITPRO | Simpler International Trade Procedures Board | |
SLI | Shipper’s Letter of Instruction | |
SM | Shipping Master | |
SNCB | Belgian Railway | |
SNCF | French Railway | |
SO | Seller’s Option | |
SOB | Shipped On Board | |
SOEC | Statistical Office European Community | |
SOL | Shipowners’ Liability | |
SPA | Subject to Particular Average | |
Split Loan | A loan which is split into a fixed interest rate component, a variable interest rate component, combining the security of a fixed loan as well as the flexibility of a variable loan. | |
Spot Exchange | The purchase or sale of foreign exchange for immediate delivery | |
Spot FX | A contract for exchanging one currency for another at a fixed rate of exchange in two working days’ time | |
SRCC | Strikes, Riots and Civil Commotion | |
SS | Steamship | |
SS/A | Safe Arrival | |
SSD | Supplementary Statistical Declaration | |
SSN | Standard Shipping Note | |
Stamp Duty | State Government tax paid on both the loan amount as well as the value of the property. Varies state to state, and may be discounted in certain circumstances for first home buyers. | |
Stamp Duty Concessions | Stamp duty concessions, waivers or discounts, are available for first home buyers. The amount of the concession will vary from country to country. | |
Standard Industrial Classification | A standard numerical code system used by the British government to classify products and services | |
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 | A form used by the exporter to provide shipping instructions to the receiving authority | |
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 | Said To Contain | |
Steamship Conference | A group of steamship operators that work to mutually agreed freight rates | |
Straight Bill of Lading | A non-negotiable bill of lading in which goods are consigned directly to a named consignee. | |
Survey | A plan of a property, showing the precise dimensions & positioning of the property boundaries, any buildings on the land and, if applicable, any easements. A surveyor can use the plan to check the boundaries of a property prior to purchase. | |
Swaps | A foreign exchange instrument that enables you and your trading partners to lend to each other on different terms | |
SWIFT | Society for World-wide Interbank Financial Telecommunications. An electronic messaging system between banks that carries payment instructions | |
SWL | Safe Working Load | |
T/L | Total Loss | |
TDC | Total Distribution Costs | |
TDW | Tons Deadweight | |
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 | |
Term | The duration of a loan, for a typical home loan mortgage, a term of 20 to 30 years is fairly standard. Loan terms are sometimes specified as a number of months. A 30 year loan can be expressed as 360 months. | |
TEU | 20-foot Equivalent Unit | |
The drawee’s act in receiving a draft, which commits them to pay its value when it matures. | ||
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 | 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 | Transport Internationale Routier | |
Title Search | Part of the Conveyancing procedure, this is a search of the State Government’s Titles database that is undertaken by the legal representative of a borrower. The search will provide details of who owns the property, as well as who has an interest in the property, e.g. any lender who holds a mortgage over the property. | |
Title Transfer Fee | This is a State Government fee charged when you purchase a property. It covers the transfer of the title deed for that property; concessions waivers or discounts are available for first home buyers. | |
TLA | Tanker Loading Authority | |
TLO | Total Loss Only | |
TMO | Telegraphic Money Order | |
TMR | Trade Marks Registry | |
TP&ND | Theft, Pilferage and Non-delivery | |
Tramp Steamer | A ship not operating on regular routes or schedules | |
Transaction Statement | A document that lays out the terms and conditions that the importer and exporter have agreed | |
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 | Tanker Safety and Pollution Prevention | |
TSR | Transit Shed Register | |
TT | Telegraphic Transfer | |
TTare Weight | The weight of a container and packing materials without the weight of the goods it contains. Compare 'Gross Weight' | |
TTC | Tariff Trade Code | |
TUCC | Transport Users Consultative Committee | |
TURN | Trader Unique Reference Number | |
TVA | Tax on Value Added | |
U/A | Underwriting Account | |
U/C | Undercharge | |
U/D | Under Deck | |
U/w | Underwriter | |
UCE | Unforeseen Circumstances Excepted | |
UCP | Uniform Customs & Practice | |
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 | |
UIC | International Union of Railways | |
UKL | Pound Sterling (alternative to GBP) | |
ULD | Unit Load Device | |
UN | United Nations | |
UNCITRAL | The United Nations Commission on International Trade Law | |
UNCLOS | United Nations Conference on the Law of the Sea | |
Uncommitted Monthly Income | The net income that is available once all monthly expenses are deducted. Monthly expenses may include home loan repayments, personal loan repayments, credit card repayments & any other payments or general living expenses. Most lenders will require that you have a certain level of uncommitted monthly income before they offer you a loan. See also Debt to Service Ratio | |
UNCTAD | The United Nations Conference on Trade & Development | |
UNDG | United Nations Dangerous Goods number | |
UNECE | United Nations Economic Commission for Europe | |
UNSM | United Nations Standard Message | |
UPU | Universal Postal Union | |
URC | Uniform Rules for Collections | |
URCG | Uniform Rules Contract Guarantees | |
URDG758 | Uniform Rules for Demand Guarantees published by the International Chamber of Commerce publication number 758. Came into effect in July 2010 | |
USD | United States Dollar | |
UUA | Unit of Account | |
Valuation | A report that outlines the value of a property showing how the figure was reached. The lender will require a valuation from a certified valuer, of their choosing, before approving a loan. The borrower is responsible for paying the valuation fee, even if the loan does not proceed, note: valuation fees run into 1000's of dollars. | |
Variable Rate Loan | A loan where the interest rate varies with fluctuations in the mortgage market, changes in official interest rates by the Reserve Bank. As the official interest rate changes, so do your minimum repayment obligations. | |
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 | |
W&M | War and Marine | |
W/M | Weight and Measurement | |
W/T | Warranted | |
Warehouse Receipt | A receipt issued by a warehouse, listing goods received for storage | |
WB | Waybill | |
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 | Weight Guaranteed | |
Wgt | Weight | |
Wharfage | A charge made by a pier or dock owner for handling incoming or outgoing cargo | |
WIPO | World Intellectual Property Organisation | |
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 | |
WP | Without Prejudice | |
WPA | With Particular Average | |
WR | War Risk | |
WR | Warehouse Receipt | |
Wt | Weight | |
WTE | Wartime Extension Clause | |
WTO | World Trade Organisation | |
WW | Warehouse Warrant | |
WWA | With Average | |
ZIP | Zone Improvement Plan | |
ZZAR | South African Rand |
Magister Operis™ regularly receives communications offering to allow Magister Operis to invest funds on the behalf of others. While Magister Operis is certainly capable of evaluating investment opportunities and managing funds in a highly honest manner... the vast majority of these requests/offers/opportunities can be intelligently classified as scams.
Magister Operis takes the subject of investing the funds of others very seriously. Accountability between all parties is of the utmost importance. Contracts often only mean so much. It is very important that the investor and Magister Operis are highly synchronized in regards to clear facts, goals, timelines, and what makes deals real as well as predictable.
A common pattern with the scam artist is their typical inability to provide intelligent accountability to the investor's investment funds. Magister Operis has been involved in numerous financial transactions over the years and is self-trained to quickly pick-up and/or identify various element that typically contribute to financial fraud.
If you wish Magister Operis to accelerate your financial proposals for investment... in order to save us all valuable time... please be prepared to offer the following:
BLM
Bureau of Land Management
What is the BLM? http://www.blm.gov/wo/st/en/info/About_BLM.html
From BLM's website: "The BLM’s multiple-use mission, set forth in the Federal Land Policy and Management Act of 1976, mandates that we manage public land resources for a variety of uses, such as energy development, livestock grazing, recreation, and timber harvesting, while protecting a wide array of natural, cultural, and historical resources, many of which are found in the BLM's 27 million-acre National Landscape Conservation System. The conservation system includes 221 Wilderness Areas totaling 8.7 million acres, as well as 16 National Monuments comprising 4.8 million acres."
How does all the above apply to leveraging mining or other operations on BLM land? It all comes down to transferring the credit from whatever can reasonably be leveraged. While it is very good that that an operation has big dollar numbers involved...but it is very important that we stay intensely focused on gather whatever supporting data will allow the financial markets to leverage the title of assets.
Unless authenticated otherwise a mining project/BLM claim owner cannot leverage the underground assets...because he cannot call it his because it is not his. The property is federally-owned ...which means the government unless arranged otherwise would need to be beneficiary of leveraging...right? It is difficult to leverage something you don't own.
A bank most likely will not stand behind the value of a BLM claim on behalf the project owner because the mine/real estate does not actually belong to the owner. The project owner only possesses a lease or permit to mine on the lands but no ownership.
So when researching the possibility of leveraging BLM operations we need to see what collateral there is above the ground in general. It is possible that some mining equipment below ground could be considered.
It is very important to remember in regards to collateral funding that just a description of the asset itself is only 10% or less of what is really immediately important. It all comes down to the mechanisms for the transfer of credit. We have to ask hard questions so that time/expectations are not wasted working cluelessly with incomplete facts.
It is ok if not all a company's assets are 100% owned but we need to have the ownership/mortgage facts clear so we intelligently know what we are working with and how much equity an owner has in the collateral/assets.
INTERNATIONAL CONSIDERATIONS
Outside of the United States...other countries have their own equivalent of the BLM although they may have their differences in regards to the rights of the claim/permit owner. Differences from country to country... may make it easier or harder...to leverage the value the claims. So it is important for a project/claim/permit owner to focus on the mechanisms that will transfer the credit from the title of assets/claims/permits/real estate/etc to the funding source as beneficiary.
Magister Operis™ receives numerous requests for various funding. The requests range from project funding to start-up (seed) capital to venture capital for already established businesses seeking to move to the next level.
It is critcal that you understand the criteria that venture capital firms, intitutional investors, and experienced investors use to decide which companies to fund. If you are unwilling to pay close attention to these criteria then stop reading this page and click here.
Very few business plans present ideas that are truly unique. It is very common for investors to see multiple versions of the same idea over the course of a few months, and then again after a few years. What makes an idea compelling to an investor is something that reflects a deep understanding of a big problem or opportunity, and offers an elegant solution. This is the starting point for getting venture investors interested, but it is not sufficient to have them invest in anything. The idea alone does not make you fundable. You have to possess the rest of the ingredients below.
You may have a great idea, but if you don’t have a strong core team, investors aren’t going to be willing to release funds towards your company. This doesn’t mean you need to have a complete, world-class, all-gaps-filled team. But the founders have to have the credibility to launch the company and attract the world-class talent that is needed to fill the gaps.
Be very careful not to fill the gaps in your management with parties that are not really qualified for the job. A chief executive officer (CEO) is the voice of your company and needs to really have the passion and marketing skills to represent your busines. Your chief financial officer (CFO) really needs to be able to evidence competency with industry targeted financals, spreadsheets, and reasonable and skilled proforma projections for your company's future.
Please understand that winning over investors (and customers and co-workers) depends on your people skills as well as communication skills, not just your technical skills. Also understand that if parties within your managment are not competent and/or experienced within their postition, it is not uncommon for investors to demand that unqualified parties be replaced with parties that are truly competent for the specific critical function.
A powerful book that all key exectutives should read and understand is Michael Gerber's book: The E-Myth
Venture capital is focused on businesses that gain a competitive edge and generate rapid growth through technological and other advantages. If you are focused on technology, you should be targeting a sector that is not already crowded, where there is a significant problem that needs to be solved, or an opportunity that has not been exploited, and where your solution will create substantial value. Contrary to popular belief, it’s not about how big the market is; it’s about how much value you can create. Brilliant new companies create big markets, not the other way around.
What makes your product so great? The correct answer is, there are plenty of customers with plenty of money that desperately need it or want it. Not, there are some people with no money who think it’s cool. Assuming you have a quality, availability, and/or price advantage right now... how are you going to sustain that advantage over the next several years? Patents or just a product source alone won’t do it. You better have the talent or the partners to assure investors that you are going to stay ahead of the curve.
Every interesting business has real competition. Competition is not just about direct competitors. It includes alternatives, “good enough” solutions, and the status quo. You need to convince investors that you have advantages that address all these forms of competition, and that you can sustain these advantages over several years. A few years ago entrepreneurs could get away with saying that “competition validates my solution,” but today that’s not good enough. Moreover, you have to show that you have a good way to reach your target customers and beat out your competitors. As a friend of mine has said, it’s not good enough to build a better mousetrap; you have to really want to kill mice.
If the idea of developing credible financial projections makes you wince or wail, or if you think it’s a meaningless exercise, you are not an entrepreneur and you shouldn’t ask investors for money. Your projections demonstrate that you understand the economics of your business. They should tell your story in numbers—what drives your growth, what drives your profit, and how your company will evolve over the next several years.
Probably the most important factor influencing investors is validation. Is there good evidence that your solution will be purchased by your target customers? Do you have an advisory board of credible industry experts? Do you have a co-development partner within the industry? Do you have beta customers to whom investors can speak? Do you already have paying customers? What other brand name validators can you offer? The more credibility and customer traction you have, the more likely investors are going to be interested.
To secure venture funding today, you need an excellent grade in all seven areas, and an A+ in at least a couple. It’s a tough environment out there, so don’t waste your time with a story that is not compelling and credible.
PROJECT OWNER MINDSET
Magister Operis gets a significant amount of requests every month for funding/financing of various projects and business opportunities. The quality of these requests largely range from absolutely brilliant to absolutely clueless.
One of Magister Operis' direct financing/VC sources says it exactly like this: "I don't want to hear about all your ideas. I only want to hear about the one you are willing to kill yourself for."
As an experienced Wall Street veteran, financier, venture capitalist, and commodities trader...notice the venture capitalist/financier's focus is finely-tuned towards whether your heart and base organization is really in your project/business venture or not. Too many great ideas have brief endurance/patience for their ideas and are not a match for hard-core and/or experienced capitalists that look for and will finance projects intelligently flowcharted to succeed. This powerful businessman will forcefully react towards intellignet opportunity or will completely ignore requests that lack intelligent details.
Please understand that n order for Magister Operis to take your funding/financing request seriously...the principles/founders of the funding request must take it upon themselves to prove that they are authentically serious as well as reasonable in regards to their funding/financing request.
Magister Operis™ evolved from being a metro Atlanta structural framing contractor in 1986... into today being a powerhouse of multi-market knowledge and global reach.
If you are progressive in your thinking and/or willing to be coachable... Magister Operis™ has the relationships and connections to highly accelerate your profits and productivity.
Think Magister Operis™ GREEN!