Glossary Of Trade Terms
Trade Terms
There are currently 8 glossary terms in this directory beginning with the letter C.
Carriage and Insurance Paid To (CIP)
Carriage and Insurance Paid To (CIP) means that the seller delivers the goods to the carrier or to another person specified by the seller at an agreed location (if that location is agreed between the parties) and that the seller is obliged to conclude the carriage contract and pay the freight costs incurred for the delivery of the goods.
Carriage Paid To (CPT)
Carriage Paid To (CPT) is an international trade term that means the seller delivers the goods at their expense to a carrier or another person nominated by the seller. The seller assumes all risks, including loss, until the goods are in the care of the nominated party.
Certificate of Conformity
A Certificate of Conformity (CoC) is issued by an authorized party (sometimes the manufacturer, sometimes an independent laboratory) and states that the product meets the required standards or specification
Certificate of Origin (CO)
A certificate of origin (often abbreviated to C/O or CoO) is a document used in international trade. In a printed form or as an electronic document, it is completed by the exporter and certified by a recognized issuing body, attesting that the goods in a particular export shipment have been produced, manufactured or processed in a particular country.
Commercial Invoice
The commercial invoice is a legal document between the supplier and the customer that clearly describes’ the sold goods, and the amount due on the customer. The commercial invoice is one of the main documents used by customs in determining customs duties.
Cost and Freight (CFR)
Cost and freight is a legal term used in contracts for international trade that specifies that the seller of the goods is required to arrange for the carriage of goods by sea to a port of destination and provide the buyer with the documents necessary to obtain the items from the carrier. Risk transfers to buyer when the goods have been loaded on board the vessel in the country of export.
Cost Insurance Freight (CIF)
This refers to an Incoterm meaning the buyer assumes all risk once the goods are onboard the vessel for the main carriage but does not assume costs until the freight arrives at the named port of destination. CIF applies to ocean or inland waterway transport only. It is commonly used for bulk cargo, oversized or overweight shipments.
Customs Declaration
A Customs Declaration is a form that lists and gives the details of goods that are being imported or exported when a citizen or visitor enters a customs territory. In legal terms, a customs declaration is the act whereby a person indicates the wish to place goods under a given customs procedure
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Whilst every effort has been made to ensure that the information provided is accurate, eTrade Hubs cannot warrant the accuracy and/or the completeness of the information which is subject to statutory changes from time to time. eTrade Hubs does not take any responsibility or incur any liability for any loss or damages suffered, either directly or indirectly, by any person or entity as a result of the reliance on the information contained herein.
Whilst every effort has been made to ensure that the information provided is accurate, eTrade Hubs cannot warrant the accuracy and/or the completeness of the information which is subject to statutory changes from time to time. eTrade Hubs does not take any responsibility or incur any liability for any loss or damages suffered, either directly or indirectly, by any person or entity as a result of the reliance on the information contained herein.