BANKER & TRADER GLOSSARY

 

  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.
Read more: http://www.investopedia.com/terms/q/qib.asp#ixzz3fnFx4K2o
  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