Bill of ladingB/L / Freight
A transport document tied to the contract of carriage and receipt of the goods. Its form and terms affect cargo release. Do not assume all bills of lading transfer title in the same way.
Customs valueVALUE / Customs
The value established under the customs valuation rules that apply to an import. For US imports, required additions and exclusions can make it different from both the invoice total and landed cost.
DemurrageDEM / Freight
In container shipping, a charge for cargo or containers that remain at a marine terminal after the applicable free time runs out. Check the governing tariff, contract, and billing rules.
DetentionDET / Freight
Charges for extended use of intermodal equipment, commonly for keeping a container past its applicable free time. Check how the carrier defines the charged period and calculates the fee.
Documents against acceptanceD/A / Payments
A documentary collection in which the buyer receives the documents after accepting a draft due at a later date. Acceptance commits the buyer to pay later; it does not mean payment has been received.
Documents against paymentD/P / Payments
A documentary collection in which the buyer pays before the documents are released. The banks handle the collection but do not give the payment undertaking that comes with a letter of credit.
FX spreadSPREAD / FX
The gap between two exchange rates, often a provider’s offered rate and a reference rate. To compare spreads, identify the reference, the quote time, and which currency is expressed in terms of the other.
Harmonized Tariff ScheduleHTS / Customs
The US schedule for classifying goods and finding the relevant duty provisions. Use the product descriptions together with the legal notes and classification rules.
Importer of recordIOR / Customs
The party responsible for the import entry and the related compliance, duties, and taxes under the applicable rules. A warehouse or marketplace delivery address does not, by itself, identify the importer of record.
IncotermsINCOTERMS / Trade terms
ICC rules used in a sales contract to set out delivery responsibilities, costs, and risk. They do not set the payment method or determine when ownership changes.
Landed costLANDED / Costing
The total cost of getting goods to a specified destination, usually including the purchase, transport, import, and handling costs. State the destination and exactly which charges are included.
Letter of creditLC / Payments
A bank’s undertaking to honor a presentation of documents that meets the credit’s terms. The document requirements and applicable rules govern the process; an LC is not an inspection of the goods.
Nostro accountNOSTRO / Payments
An account one bank holds at another bank to support payments and settlement, often abroad and in a foreign currency. To the bank that owns it, this is a due-from account.
Open accountOA / Payments
A sale in which the goods are shipped before payment is due. The agreed terms give the buyer credit, while the seller carries the risk of nonpayment.
Spot exchange rateSPOT / FX
A rate quoted for exchanging currencies in the near term. A provider’s executable quote may differ from a published reference rate and may expire quickly.
Swift GPIGPI / Payments
Swift’s service for tracking eligible cross-border payments, including their status, deductions, and credit to the beneficiary. The information a business can see depends on the service its bank provides.
No matches. Try part of the term, an abbreviation, or a category.
Use these definitions as a starting point. For a specific transaction, the contract, applicable rules, and official guidance take precedence.