Plain-language definitions for the terminology used across Gloseg agreements, quotations, shipping documents and compliance checks.
20 terms
A
AfCFTA
trade
African Continental Free Trade Area - a free trade agreement among 54 African Union nations to create a single market for goods and services.
RelatedRules of OriginTariff EliminationTrade Facilitation
B
Bill of Lading
shipping
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.
RelatedFreight ForwarderConsignmentCarrier
C
Certificate of Origin
trade
A document declaring in which country a commodity or good was manufactured, used to determine tariff rates and eligibility for preferential treatment.
RelatedAfCFTARules of OriginCustoms Clearance
CIF (Cost, Insurance, and Freight)
incoterms
An Incoterm where the seller delivers goods on board the vessel and pays costs and freight to bring goods to the port of destination.
RelatedFOBEXWDDP
Customs Clearance
trade
The process of getting goods through customs so they can enter or leave a country, including documentation, duties, and inspections.
RelatedTariffHS CodeImport Duty
D
DDP (Delivered Duty Paid)
incoterms
An Incoterm where the seller bears all costs and risks to deliver goods to the buyer's premises, including import duties.
RelatedCIFFOBEXW
E
Escrow
payments
A financial arrangement where a third party holds and regulates payment between two parties until the transaction is completed.
RelatedTrade AssurancePayment ProtectionLetter of Credit
EXW (Ex Works)
incoterms
An Incoterm where the seller makes goods available at their premises. The buyer bears all costs and risks from that point.
RelatedFOBCIFDDP
F
FOB (Free On Board)
incoterms
An Incoterm where the seller delivers goods on board the vessel nominated by the buyer at the named port of shipment.
RelatedCIFEXWDDP
Freight Forwarder
shipping
A company that organizes shipments for individuals or corporations, arranging transport from manufacturer to market.
RelatedBill of LadingCarrierLogistics
H
HS Code
trade
Harmonized System Code - an international numerical method of classifying traded products used by customs authorities.
RelatedTariffCustoms ClearanceClassification
I
Incoterms
incoterms
International Commercial Terms - standard trade terms published by ICC that define seller/buyer responsibilities in international trade.
RelatedFOBCIFDDPEXW
L
Letter of Credit
payments
A bank guarantee that a buyer's payment to a seller will be received on time and for the correct amount.
RelatedEscrowTrade FinanceBank Guarantee
N
NDPR
compliance
Nigeria Data Protection Regulation - Nigeria's data protection law regulating collection and processing of personal data.
RelatedGDPRData ProtectionPrivacy Policy
P
Proforma Invoice
documents
A preliminary bill of sale sent to buyers before goods are delivered, detailing items and costs as an estimate.
RelatedCommercial InvoicePurchase OrderQuotation
R
RFQ (Request for Quotation)
procurement
A document used by buyers to request pricing and terms from potential suppliers for specific products or services.
RelatedQuotationTenderBid
Rules of Origin
trade
Criteria to determine the national source of a product, important for applying preferential tariff rates under trade agreements.
RelatedAfCFTACertificate of OriginPreferential Tariff
T
Tariff
trade
A tax imposed on imported goods and services. Tariffs are used to restrict trade and generate revenue.
RelatedHS CodeCustoms DutyImport Tax
Trade Assurance
protection
A protection service that safeguards buyers' orders from payment to delivery, ensuring quality and on-time shipment.
RelatedEscrowBuyer ProtectionQuality Inspection
V
Verified Supplier
trust
A seller who has undergone verification of their business credentials, legal status, and trade capacity.