Glossary of Terms

ASWP

Any Safe World Port, a term that is seen on trade portals, but in reality, not widely accepted or executed, mostly because every port of delivery has a different price associated with shipping products to it.

AQSIQ

Administration for Quality Supervision, Inspection and Quarantine – Certification required for shipping products into China

 

POP

Performance of Product. Again, a term that is rarely used, and usually something that will alert a company to be wary of the inquirer if they are asking for “POP”.

 

SGS

Societe General de Surveillance – An international accredited inspection organization used by buyers and sellers to provide safe, non bias and internationally acceptable inspection services.

 

EA & S

Export Acceptance and Shipping

 

CRF

Clean report of finding

 

IDF

Import declaration form

 

PSI

Pre shipment Inspection

 

LOI

Letter of Intent

 

OBOL/BOL

On Board/ Bill of Lading – Original shipping documents provided by shipping lines once goods are loaded onto the vessel. Buyers will need this document to collect their shipment at port of unloading.

 

ISRI

Institute of Scrap and Recycling Industries

 

VLCC

Very Large Crude Carrier

 

ULCC

Ultra Large Crude Carrier

 

FPA

Fee Protection Agreement

 

NCNDA

Non Competitive Non-Disclosure Agreement

 

NTDB

National Trade Databank

 

L/C

Letter of Credit – a financial instrument used in international trade set up between buyer and sellers banks. The buyers bank guarantees payment to the sellers bank upon fulfillment of the requirements of the LC.