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A Banker’s Directory

Our team of financial experts would like to help, advise & educate on any of these finance, trade and business issues which we have summarized with these finance-, banking and general trading terms and abbreviations. We can help you structure your transaction through the resources of the Financial Strategies Team of SFS. Contact your Relationship Manager relationshipmanager.sfs@gmail.com

   
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
POL/POD Contractual Port of Loading
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)

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

Disclaimer & Terms of Service

© 2013 SELECTIVE FINANCIAL SERVICES

   

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END

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