Useful International Trade & Transport Terms
A C D E F H M O P S
Certificate of origin
It's a document prepared and issued by shipper.
It should be certified and stamped by local chamber of commerce at origin.
It contains information of shipper and consignee and details of cargo.
CFR – Cost and Freight (named port of destination)
Seller must pay the costs and freight to bring the goods to the port of destination. However, risk is transferred to the buyer once the goods are loaded on the vessel. Insurance for the goods is NOT included. This term is formerly known as CNF (C&F). Maritime transport only.
CIF – Cost, Insurance and Freight (named port of destination)
Exactly the same as CFR except that the seller must in addition procure and pay for the insurance. Maritime transport only.
CIP – Carriage and Insurance Paid to (named place of destination)
The containerized transport/multimodal equivalent of CIF. Seller pays for carriage and insurance to the named destination point, but risk passes when the goods are handed over to the first carrier.
COC container
Carrier's own container.
Commercial invoice
It's a documents issued and provided by shipper or supplier at the origin.
It can be used in customs formalities and as a sales proof for the consignee.
It contains number of pieces, price per each piece, total value of cargo and information of supplier and buyer.
CPT – Carriage Paid To (named place of destination)
The seller pays for carriage. Risk transfers to buyer upon handing goods over to the first carrier at place of shipment in the country of export.
This term is used for all kind of shipments
Credit note
Letter/form to advise buyer that an amount has been credited to it's account. This note is issued in different situations to correct a mistake/error.
Customs formalities
The complete procedure to be effected according to county rules and regulation to export or import cargo.