This is an inter-bank communication system and stands for Society For Worldwide Interbank Financial Telecommunications. It runs in much the same way as telex, except every message is sent in a standard way. This allows the banks' computers to read the mes ...

(Cost, Insurance and Freight) (...Named Place of Destination):A Term of Sale where the seller has the same obligations as under the CFR but also has to procure marine insurance against the buyer's risk of loss or damage to the goods during the carriage. T ...

(Carriage Paid To) (...Named Place of Destination):A Term of Sale which means the seller pays the freight for the carriage of the goods to the named destination. The risk of loss of or damage to the goods, as well as any additional costs due to events occ ...

A Transferable Letter of Credit allows the beneficiary to pass on the benfit of a Letter of Credit to one or more third parties. Normally used by companies that source rather than produce goods.

This is when a consignment is unloaded from one form of transport (lorry or ship) to another during the course of its journey from place of origin to place of destination. In a letter of credit, the buyer can say whether this is allowed or not allowed.

See Expiry Dates.