Commercial Terms
  • EXW - Ex Works — Title and risk pass to buyer including payment of all transportation and insurance cost from the seller's door.
  • FCA - Free Carrier — Title and risk pass to buyer including transportation and insurance cost when the seller delivers goods cleared for export to the carrier. Seller is obligated to load the goods on the Buyer's collecting vehicle; it is the Buyer's obligation to receive the Seller's arriving vehicle unloaded.
  • FAS - Free Alongside Ship — Title and risk pass to buyer including payment of all transportation and insurance cost once delivered alongside ship by the seller. Used for sea or inland waterway transportation. The export clearance obligation rests with the seller.
  • FOB - Free On Board and risk pass to buyer including payment of all transportation and insurance cost once delivered on board the ship by the seller. Used for sea or inland waterway transportation.
  • CFR - Cost and Freight — Title, risk and insurance cost pass to buyer when delivered on board the ship by seller who pays the transportation cost to the destination port. Used for sea or inland waterway transportation.
  • CIF - Cost, Insurance and Freight — Title and risk pass to buyer when delivered on board the ship by seller who pays transportation and insurance cost to destination port. Used for sea or inland waterway transportation.
  • CPT - Carriage Paid To — Title, risk and insurance cost pass to buyer when delivered to carrier by seller who pays transportation cost to destination. Used for any mode of transportation.
  • CIP - Carriage and Insurance Paid To — Title and risk pass to buyer when delivered to carrier by seller who pays transportation and insurance cost to destination. Used for any mode of transportation.
  • DAF - Delivered at Frontier — Title, risk and responsibility for import clearance pass to buyer when delivered to named border point by seller. Used for any mode of transportation.
  • DES - Delivered Ex Ship — Title, risk, responsibility for vessel discharge and import clearance pass to buyer when seller delivers goods on board the ship to destination port. Used for sea or inland waterway transportation.
  • DEQ - Delivered Ex Quay (Duty Paid) — Title and risk pass to buyer when delivered on board the ship at the destination point by the seller who delivers goods on dock at destination point cleared for import. Used for sea or inland waterway transportation. DDU - Delivered Duty Unpaid — Title, risk and responsibility of import clearance pass to buyer when seller delivers goods to named destination point. Used for any mode of transportation. Buyer is obligated for import clearance.
  • DDU - Delivered Duty Unpaid — Seller fulfills his obligation when goods have been made available at teh named place in the country of importation.
  • DDP - Delivered Duty Paid — Title and risk pass to buyer when seller delivers goods to named destination point cleared for import. Used for any mode of transportation.
  • Note: EXW, CPT, CIP, DAF, DDU and DDP are commonly used for any mode of transportation. FAS, FOB, CFR, CIF, DES, and DEQ are used for sea and inland waterway.
(for more information see ICC Publishing, Inc., 156 Fifth Avenue, New York, NY 10010)

 

Location
  • ARA – Amsterdam, Rotterdam, or Antwerp
  • CIS – Commonwealth of Independent States
  • CMP – China Main Port
  • E. CAN – Eastern Canada
  • FSU – Former Soviet Union
  • Med – Mediterranean
  • N.E. Asia – North East Asia
  • NYH – New York Harbor
  • NWE – Northwest Europe
  • Rdam – Rotterdam
  • S.E. Asia – Southeast Asia
  • S. LA – South Louisiana
  • Spore – Singapore
  • USEC – U.S. East Coast
  • USG – U.S. Gulf
  • USWC – U.S. West Coast
  • W. CAN – Western Canada>

 

Units of Measurements

  • Bbl – Barrel
  • Gal – Gallon
  • Kg – Kilogram
  • Lb – Pounds
  • MMBtu – Millions of British Thermal Units
  • MT – Metric Tonne (1,000 kg)
  • MT/Year – Metric Tonne per year

Other Abbreviations

  • 1H – First Half (of a month)
  • 2H – Second Half (of a month)
  • Cat Change – Catalyst Change
  • CP – Contract Price
  • DEG – Di-ethyelene Glycol
  • EGAF – Ethylene Glycol Antifreeze Grade
  • EGF – Ethylene Glycol Fiber Grade
  • EGI – Ethylene Glycol Industrial Grade
  • MTBE – Methyl Tertiary Butyl Ether
  • NYMEX – New York Mercantile Exchange
  • T1 – Products made outside the EU, often subject to duty
  • T2 – Products made within the EU not subject to duty
  • TEG – Tri-ethylene Glycol
  • T/R – Turnaround
  • TVA – Temporary Voluntary Allowance
  • USP – U.S. Pharmaceutical Grade