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TERMS AND ABBREVIATIONS
TERMS AND ABBREVIATIONS
ASWP - Any Port World Insurance.
TBD - to be determined.
T / T - Telegraphic Transfer.
C / O - Certificate of Origin.
BCL - Bank Comfort Letter.
Also known as a Charter Capability Bank or Bank Confirmation Letter, this is a letter from the buyer's bank confirming its ability to meet certain payment requirements. This letter says that the buyer has sufficient funds to cover the cost of the order. It should however be understood that this does not imply any guarantee of payment.
BOL or B / L - Bill of Lading.
This is the receipt given by the shipping company when the goods are loaded on board the ship. This is an important document and gives the ownership of the goods. It is necessary for the buyer to obtain the goods from the port.
DC - draft contract.
The draft contract is an initial contract which is drawn up and sent from the seller to the buyer. The buyer has the opportunity to make changes and send it back to the seller for consideration. This process continues until both parties are satisfied with the terms of the contract.
SCO - Soft Corporate Offer
Issued by the seller or the seller's principal preliminary stages of negotiation.
FCO - Full Corporate Offer.
Issued by the seller after the preliminary stages of negotiation be complete, as a letter of intent has been issued by the buyer, and a soft probe having been conducted on their accounts by the seller. An FCO is a document that defines the conditions of the sale.
ICPO - Irrevocable Corporate Purchase Order.
This is a document drawn up by commercial buyers, and contains the quantities and type of required goods, and other conditions that the buyer would like the sale to proceed under. Once submitted to the seller, this is considered mandatory and the corporation is required to complete the sale.
L / C or LOC - Letter of Credit.
The letter of credit is a document issued by the buyer's bank to the seller which guarantees payment to the beneficiary of the letter of credit (the seller), provided that the terms and conditions are met established in the letter of credit. L / C are often irrevocable may be transferable to regular shipments L / C Rotary is often used.
TLC - transferable letter of credit.
This is the favorite tool for traders and brokers to provide safe conditions for payments to third parties, as their suppliers (second beneficiaries in the letter of credit). When the buyer pays the letter of credit, part of the product is transferred to second beneficiary.
LOI - Letter of Intent.
letter of intent is a document issued by the buyer to the seller, which indicates that the buyer would like to enter into negotiations with the seller, hoping to purchase merchandise. The letter of intent is not legally binding but provides a starting point for negotiations.
PB - Performance Bond.
This is a type of bank guarantee which is issued from the seller to the buyer. It ensures that the seller will meet the terms of the contract. Usually issued in the amount of 2% of the total contract value, a performance guarantee may be used by the buyer, if the seller to break the contract and not provide the product which was stipulated in the contract.
POP - Proof Products. The proof of the product ( 'POP')
It is often requested by customers or agents who believe that will give them some assurance of the existence of the product and the supplier's ability to deliver the product. The POP is realistically provided only when the buyer's bank issues a Letter of Confirmation Bank (BCL) to the Seller and or bank the seller via SWIFT. Then the seller's bank can verify the availability of funds in the buyer's bank and issue a POP to the buyer's bank within an agreed period of time (eg, 5 days). A seller will not issue a POP to the buyer without a non-operative letter of credit opened. See our procedures. The (PB), 2% will render the operative DLS. The bank will then send the POP five days later.
POF - Proof of Funds.
Proof of funds for the transaction.
RWA - ready willing and able.
This is a document that is issued by the buyer's bank. The bank confirms that their client has sufficient funds in his possession and is ready, willing and able to engage in the contract.
SGS INSPECTION https://www.sgs.com
It inspection leader, verification, testing and certification companies in the world. SGS is recognized as the global benchmark in quality and integrity. The main services offered by SGS can be divided into three categories:
certification services.
SGS certifies that products, systems or services meet the requirements of standards set by governments (eg GOST R), standardization bodies (eg ISO 9000) or by SGS customers. SGS also develops and certifies its own standards.
Inspection Services.
SGS inspects and verifies the quantity, weight and quality of traded goods. Inspection usually takes place on the premises of the manufacturer / supplier's or at the time of shipment or at destination during discharge / off -loading.
Testing Services.
SGS tests product quality and performance in health, safety and regulatory standards. SGS operating state of the art laboratory at or near customer premises. certification services. SGS certifies that products, systems or services meet the requirements of standards set by governments, standardization bodies (eg ISO 9000) or by SGS customers. SGS also develops and certifies its own standards.
What is the bank PROBE SOFT?
Soft Probe is a verification method used by banks to verify funding for seller a buyer, conducted by the seller's bank to the buyer's bank. This probe is not recorded in bank data of the purchaser and usually nothing but confirmation or lack of confirmation is registered by the seller. Seller sends a soft document to the buyer's bank to make sure the buyer has sufficient funds or financial facility to complete the transaction between them.
SWIFT - Society for Worldwide Interbank Financial Telecommunication.
A global service, which is responsible for facilitating communication between banks. The majority of payments are made via SWIFT.
PAYMENT
The offered payment method can significantly affect the price offered by the seller; safer the cheapest price payment. Sellers are looking for more security in payment and because of the high percentage of abandonment paying for common DLC. Very few vendors will offer this payment option more. Our minimum payment option is rotatable IRDLC to the value of the shipment a month. For larger contracts the seller is looking for value expedition a month held by the seller as collateral against the buyer to give up.
Our payment options
Please note all payments must be confirmed by Top 50 Prime World Bank; see our website for the latest Top 50 list https://www.accuity.com/useful-links/bank-rankings/.
Confirmed, irrevocable letters of credit give the seller the greatest protection, since sellers can count on the commitment of the two banks to make payment. The bank confirms will pay, even if the issuing bank is unwilling or unable to honor the proposal, for any reason whatsoever. According to the additional risk taken by banks, however, confirmed irrevocable letters of credit are more expensive than the letters unconfirmed credit.
Here are several preferred payment option by SELLERS
IRDLC - Payment by irrevocable, transferable, Auto - Rotating to the value of one month of shipment, documentary letter of credit, confirmed by Top 50 bank First World, 100% port to view shipment.
FFDLC - (guaranteed by contract value 6 months) Payment by fully funded, irrevocable, transferable, Auto - Rotating to the value of one month expedition, Documentary Letter of Credit, confirmed by Top 50 Prime World Bank, 100% at sight shipping port.
Basically, with this payment, there is an open LC to six months the value that is guaranteed by the buyer's bank for that amount. In the fifth month, for over 6 months LC open for the last batch of shipments. However, the payments are still paid for one month at a time, but the LC is secured by 6 months value.
FFDLC - (guaranteed for the total value of the contract 12 months) Payment by fully funded, irrevocable, transferable, Auto - Rotating to the value of one month expedition, Documentary Letter of Credit, confirmed by Top 50 Prime World Bank, 100% the view port of shipment. This LC is guaranteed by the buyer's bank to the total value of the contract.
IRDLC + BG - Unconditional Bank Guarantee for the value of the shipment a month held as security for the payment and then monthly payments by irrevocable, transferable, Auto - Rotating to the value of one month expedition, Documentary Letter of Credit , confirmed by Top 50 Prime World Bank, with 100% at sight of the load.
IRDLC + BG (3 months) - Payment by irrevocable transferable warranty, Bank to the value three months to be held by the seller as payment guarantee. This bank guarantee will be returned to the purchaser at the end of the free contract period. Each consignment must be paid by telegraphic transfer within 24 hours of receipt of shipping documents. This irrevocable, transferable three months bank guarantee shall be issued, confirmed and guaranteed by Top 50 Prime World Bank acceptable to the seller.
FFSBLC - Payment by irrevocable, fully funded, Rotary Stand-by Letter of Credit for the total value of goods with a face value of one month. The stand-by revolving irrevocable letter of credit must be issued, confirmed and guaranteed by a Top 50 Prime Bank acceptable to the seller.
BG or FFBG - Payment by bank guarantee confirmed by Top 50 Prime World Bank.
The buyer's bank is to ensure the resources for the total value of the contract, therefore, the payment by BG means that the buyer has the money sitting in account, promised - that is why it is called "Bank Guarantee". There are other acceptable payment methods and also variations of these payment methods above apply to certain basic products we can accept, but this will be reported in our soft offers.
What is a EUR 1 certificate?
EUR 1 is the name of a form which is used in international freight. The application of this form is based on application of various bilateral and multilateral agreements under the Pan preferences - European (the EU Association Agreement). In free trade in goods agreements are defined, that apply to cheaper tax rates or completely free from introduced taxes on the condition that they were completely manufactured in a member country or in such have so far worked on them become on a par, in accordance with the agreements on the origin of products. In order to profit from the preferential rate during customs clearance, the movement certificate EUR 1, EUR 1 in short, must be submitted to the competent authority (usually a customs administration), in which the producer certifies the origin of the goods.
The EUR 1 is also recognized as a certificate of origin in foreign trade, in the legal sense. Instead of a movement certificate also a declaration of origin on the invoice may be provided by the manufacturer or sender of the goods, the amount of items with EU preferential origin of a single shipment does not exceed € 6,000. If it is an exporter, the delimitation of 6,000 Euro does not apply. The creator of such movement certificate or declaration of origin must be able to prove the characteristics of origin of goods with possible confirmation of statements from suppliers.
The exporter fills out the form and then hands it over or send it to the competent authorities, usually customs which stamp it and send it back to the exporter.
What is a T2L certificate?
Certificate T2L is a single administrative document that is used in all countries of the European Community and EFTA countries for the control of imports, exports and goods in transit. This certificate is issued p
They customs authorities of individual member states.
What GMO mean?
If you've ever shopped at a health food store in recent months, you have no doubt have seen products bearing the label "GMO free" or "contains only ingredients non-GMO." The GMO stands for Genetically Modified Organisms which refers to any food product that has been altered at the gene level. "genetically modified foods are also often described as" genetically modified, "" genetically engineered "or" genetically modified "
TBD - to be determined.
T / T - Telegraphic Transfer.
C / O - Certificate of Origin.
BCL - Bank Comfort Letter.
Also known as a Charter Capability Bank or Bank Confirmation Letter, this is a letter from the buyer's bank confirming its ability to meet certain payment requirements. This letter says that the buyer has sufficient funds to cover the cost of the order. It should however be understood that this does not imply any guarantee of payment.
BOL or B / L - Bill of Lading.
This is the receipt given by the shipping company when the goods are loaded on board the ship. This is an important document and gives the ownership of the goods. It is necessary for the buyer to obtain the goods from the port.
DC - draft contract.
The draft contract is an initial contract which is drawn up and sent from the seller to the buyer. The buyer has the opportunity to make changes and send it back to the seller for consideration. This process continues until both parties are satisfied with the terms of the contract.
SCO - Soft Corporate Offer
Issued by the seller or the seller's principal preliminary stages of negotiation.
FCO - Full Corporate Offer.
Issued by the seller after the preliminary stages of negotiation be complete, as a letter of intent has been issued by the buyer, and a soft probe having been conducted on their accounts by the seller. An FCO is a document that defines the conditions of the sale.
ICPO - Irrevocable Corporate Purchase Order.
This is a document drawn up by commercial buyers, and contains the quantities and type of required goods, and other conditions that the buyer would like the sale to proceed under. Once submitted to the seller, this is considered mandatory and the corporation is required to complete the sale.
L / C or LOC - Letter of Credit.
The letter of credit is a document issued by the buyer's bank to the seller which guarantees payment to the beneficiary of the letter of credit (the seller), provided that the terms and conditions are met established in the letter of credit. L / C are often irrevocable may be transferable to regular shipments L / C Rotary is often used.
TLC - transferable letter of credit.
This is the favorite tool for traders and brokers to provide safe conditions for payments to third parties, as their suppliers (second beneficiaries in the letter of credit). When the buyer pays the letter of credit, part of the product is transferred to second beneficiary.
LOI - Letter of Intent.
letter of intent is a document issued by the buyer to the seller, which indicates that the buyer would like to enter into negotiations with the seller, hoping to purchase merchandise. The letter of intent is not legally binding but provides a starting point for negotiations.
PB - Performance Bond.
This is a type of bank guarantee which is issued from the seller to the buyer. It ensures that the seller will meet the terms of the contract. Usually issued in the amount of 2% of the total contract value, a performance guarantee may be used by the buyer, if the seller to break the contract and not provide the product which was stipulated in the contract.
POP - Proof Products. The proof of the product ( 'POP')
It is often requested by customers or agents who believe that will give them some assurance of the existence of the product and the supplier's ability to deliver the product. The POP is realistically provided only when the buyer's bank issues a Letter of Confirmation Bank (BCL) to the Seller and or bank the seller via SWIFT. Then the seller's bank can verify the availability of funds in the buyer's bank and issue a POP to the buyer's bank within an agreed period of time (eg, 5 days). A seller will not issue a POP to the buyer without a non-operative letter of credit opened. See our procedures. The (PB), 2% will render the operative DLS. The bank will then send the POP five days later.
POF - Proof of Funds.
Proof of funds for the transaction.
RWA - ready willing and able.
This is a document that is issued by the buyer's bank. The bank confirms that their client has sufficient funds in his possession and is ready, willing and able to engage in the contract.
SGS INSPECTION https://www.sgs.com
It inspection leader, verification, testing and certification companies in the world. SGS is recognized as the global benchmark in quality and integrity. The main services offered by SGS can be divided into three categories:
certification services.
SGS certifies that products, systems or services meet the requirements of standards set by governments (eg GOST R), standardization bodies (eg ISO 9000) or by SGS customers. SGS also develops and certifies its own standards.
Inspection Services.
SGS inspects and verifies the quantity, weight and quality of traded goods. Inspection usually takes place on the premises of the manufacturer / supplier's or at the time of shipment or at destination during discharge / off -loading.
Testing Services.
SGS tests product quality and performance in health, safety and regulatory standards. SGS operating state of the art laboratory at or near customer premises. certification services. SGS certifies that products, systems or services meet the requirements of standards set by governments, standardization bodies (eg ISO 9000) or by SGS customers. SGS also develops and certifies its own standards.
What is the bank PROBE SOFT?
Soft Probe is a verification method used by banks to verify funding for seller a buyer, conducted by the seller's bank to the buyer's bank. This probe is not recorded in bank data of the purchaser and usually nothing but confirmation or lack of confirmation is registered by the seller. Seller sends a soft document to the buyer's bank to make sure the buyer has sufficient funds or financial facility to complete the transaction between them.
SWIFT - Society for Worldwide Interbank Financial Telecommunication.
A global service, which is responsible for facilitating communication between banks. The majority of payments are made via SWIFT.
PAYMENT
The offered payment method can significantly affect the price offered by the seller; safer the cheapest price payment. Sellers are looking for more security in payment and because of the high percentage of abandonment paying for common DLC. Very few vendors will offer this payment option more. Our minimum payment option is rotatable IRDLC to the value of the shipment a month. For larger contracts the seller is looking for value expedition a month held by the seller as collateral against the buyer to give up.
Our payment options
Please note all payments must be confirmed by Top 50 Prime World Bank; see our website for the latest Top 50 list https://www.accuity.com/useful-links/bank-rankings/.
Confirmed, irrevocable letters of credit give the seller the greatest protection, since sellers can count on the commitment of the two banks to make payment. The bank confirms will pay, even if the issuing bank is unwilling or unable to honor the proposal, for any reason whatsoever. According to the additional risk taken by banks, however, confirmed irrevocable letters of credit are more expensive than the letters unconfirmed credit.
Here are several preferred payment option by SELLERS
IRDLC - Payment by irrevocable, transferable, Auto - Rotating to the value of one month of shipment, documentary letter of credit, confirmed by Top 50 bank First World, 100% port to view shipment.
FFDLC - (guaranteed by contract value 6 months) Payment by fully funded, irrevocable, transferable, Auto - Rotating to the value of one month expedition, Documentary Letter of Credit, confirmed by Top 50 Prime World Bank, 100% at sight shipping port.
Basically, with this payment, there is an open LC to six months the value that is guaranteed by the buyer's bank for that amount. In the fifth month, for over 6 months LC open for the last batch of shipments. However, the payments are still paid for one month at a time, but the LC is secured by 6 months value.
FFDLC - (guaranteed for the total value of the contract 12 months) Payment by fully funded, irrevocable, transferable, Auto - Rotating to the value of one month expedition, Documentary Letter of Credit, confirmed by Top 50 Prime World Bank, 100% the view port of shipment. This LC is guaranteed by the buyer's bank to the total value of the contract.
IRDLC + BG - Unconditional Bank Guarantee for the value of the shipment a month held as security for the payment and then monthly payments by irrevocable, transferable, Auto - Rotating to the value of one month expedition, Documentary Letter of Credit , confirmed by Top 50 Prime World Bank, with 100% at sight of the load.
IRDLC + BG (3 months) - Payment by irrevocable transferable warranty, Bank to the value three months to be held by the seller as payment guarantee. This bank guarantee will be returned to the purchaser at the end of the free contract period. Each consignment must be paid by telegraphic transfer within 24 hours of receipt of shipping documents. This irrevocable, transferable three months bank guarantee shall be issued, confirmed and guaranteed by Top 50 Prime World Bank acceptable to the seller.
FFSBLC - Payment by irrevocable, fully funded, Rotary Stand-by Letter of Credit for the total value of goods with a face value of one month. The stand-by revolving irrevocable letter of credit must be issued, confirmed and guaranteed by a Top 50 Prime Bank acceptable to the seller.
BG or FFBG - Payment by bank guarantee confirmed by Top 50 Prime World Bank.
The buyer's bank is to ensure the resources for the total value of the contract, therefore, the payment by BG means that the buyer has the money sitting in account, promised - that is why it is called "Bank Guarantee". There are other acceptable payment methods and also variations of these payment methods above apply to certain basic products we can accept, but this will be reported in our soft offers.
What is a EUR 1 certificate?
EUR 1 is the name of a form which is used in international freight. The application of this form is based on application of various bilateral and multilateral agreements under the Pan preferences - European (the EU Association Agreement). In free trade in goods agreements are defined, that apply to cheaper tax rates or completely free from introduced taxes on the condition that they were completely manufactured in a member country or in such have so far worked on them become on a par, in accordance with the agreements on the origin of products. In order to profit from the preferential rate during customs clearance, the movement certificate EUR 1, EUR 1 in short, must be submitted to the competent authority (usually a customs administration), in which the producer certifies the origin of the goods.
The EUR 1 is also recognized as a certificate of origin in foreign trade, in the legal sense. Instead of a movement certificate also a declaration of origin on the invoice may be provided by the manufacturer or sender of the goods, the amount of items with EU preferential origin of a single shipment does not exceed € 6,000. If it is an exporter, the delimitation of 6,000 Euro does not apply. The creator of such movement certificate or declaration of origin must be able to prove the characteristics of origin of goods with possible confirmation of statements from suppliers.
The exporter fills out the form and then hands it over or send it to the competent authorities, usually customs which stamp it and send it back to the exporter.
What is a T2L certificate?
Certificate T2L is a single administrative document that is used in all countries of the European Community and EFTA countries for the control of imports, exports and goods in transit. This certificate is issued p
They customs authorities of individual member states.
What GMO mean?
If you've ever shopped at a health food store in recent months, you have no doubt have seen products bearing the label "GMO free" or "contains only ingredients non-GMO." The GMO stands for Genetically Modified Organisms which refers to any food product that has been altered at the gene level. "genetically modified foods are also often described as" genetically modified, "" genetically engineered "or" genetically modified "