Trade & Legal Terms Dictionary
Comprehensive glossary of trade terminology, Incoterms, AfCFTA concepts, and legal definitions used in African B2B commerce.
20 terms found
AfCFTA
African Continental Free Trade Area - a free trade agreement among 54 African Union nations to create a single market for goods and services.
Bill of Lading
A legal document issued by a carrier to acknowledge receipt of cargo for shipment. It serves as a receipt, contract of carriage, and document of title.
Certificate of Origin
A document declaring in which country a commodity or good was manufactured, used to determine tariff rates and eligibility for preferential treatment.
CIF (Cost, Insurance, and Freight)
An Incoterm where the seller delivers goods on board the vessel and pays costs and freight to bring goods to the port of destination.
Customs Clearance
The process of getting goods through customs so they can enter or leave a country, including documentation, duties, and inspections.
DDP (Delivered Duty Paid)
An Incoterm where the seller bears all costs and risks to deliver goods to the buyer's premises, including import duties.
Escrow
A financial arrangement where a third party holds and regulates payment between two parties until the transaction is completed.
EXW (Ex Works)
An Incoterm where the seller makes goods available at their premises. The buyer bears all costs and risks from that point.
FOB (Free On Board)
An Incoterm where the seller delivers goods on board the vessel nominated by the buyer at the named port of shipment.
Freight Forwarder
A company that organizes shipments for individuals or corporations, arranging transport from manufacturer to market.
HS Code
Harmonized System Code - an international numerical method of classifying traded products used by customs authorities.
Incoterms
International Commercial Terms - standard trade terms published by ICC that define seller/buyer responsibilities in international trade.
Letter of Credit
A bank guarantee that a buyer's payment to a seller will be received on time and for the correct amount.
NDPR
Nigeria Data Protection Regulation - Nigeria's data protection law regulating collection and processing of personal data.
Proforma Invoice
A preliminary bill of sale sent to buyers before goods are delivered, detailing items and costs as an estimate.
RFQ (Request for Quotation)
A document used by buyers to request pricing and terms from potential suppliers for specific products or services.
Rules of Origin
Criteria to determine the national source of a product, important for applying preferential tariff rates under trade agreements.
Tariff
A tax imposed on imported goods and services. Tariffs are used to restrict trade and generate revenue.
Trade Assurance
A protection service that safeguards buyers' orders from payment to delivery, ensuring quality and on-time shipment.
Verified Supplier
A seller who has undergone verification of their business credentials, legal status, and trade capacity.