INTERNATIONAL TERMS OF TRADE RULES
- INCOTERMS 2010 – Incoterms are standard trade definitions most commonly used in international sales contracts.
- NON-SANCTIONED US PORT – Ports and countries in respect of which the US government has not imposed trade restrictions for US citizens and companies. A list of countries for which the US Government has imposed trade restrictions can be found on the relevant website.
- PERFORMANCE OBLIGATION – This type of Special Credit will not charge a payment if the buyer confirms that the seller has not fulfilled its obligations under the terms of the Commercial Contract or has not fulfilled its obligations to the satisfaction of the buyer. Payment is usually made on the basis of a certificate from the buyer that the seller has not fulfilled its obligations.
- SOCIÉTÉ GÉNÉRALE DE SURVEILLANCE (SGS) – Inspection services that check and verify the quantity, weight or quality of goods sold. Inspection is usually carried out at the loading site.
“WEATHER WORKING DAY (WWD) OR “WEATHER WORKING DAY LASTING 24 HOURS” or “WEATHER
- WORKING DAY LASTING 24 CONSECUTIVE HOURS” – means a working day lasting 24 hours in a row, except for any time when weather conditions prevent loading or unloading of the vessel or would prevent it if the work was carried out.
- UCP 600 – ICC UNIFORM PRACTICE for Documentary Letters of Credit, Publication No. 600 (or the last publication) . UCP are rules that apply to any documentary letter of credit (to the extent that they may be applicable, including any standby letter of credit) when the text of the letter of credit explicitly states that it falls under these rules. They are binding on all parties, unless they are explicitly modified or excluded by the letter of credit.