Exports and Imports – Vocabulary

NOTE: All quotes are from the ICC webpage  – As this is a US website the UK spelling would, in some cases, be different.
responsibility – noun – duty to take care of something – “Incoterms specifies who is responsible for paying for and managing the shipment, insurance, documentation, customs clearance, and other logistical activities”.

clarify – verb – to make something clear or easier to understand by giving more details – “each Incoterms rule clarifies the tasks, costs and risks to be borne by buyers and sellers”.

borne – verb (past particle of bear) – to accept and carry – see quotation above.

transaction – noun – an occasion when someone buys or sells something, or when money is exchanged or the activity of buying or selling something – “Familiarizing yourself with Incoterms will help improve smoother transaction by clearly defining who is responsible for what and each step of the transaction”.

familiarize (UK=familiarise) – verb – to learn about something – see the quote above.

grouped (group) – verb – to form a group or put people or things into a group – “The Incoterms® 2020 rules are updated and grouped into two categories”.

category – noun – a group of things having some features that are the same – “grouped into two categories reflecting modes of transport”.

reflect – verb – to show, express, or be a sign of something – see the quote above.

modes – a way of operating – see quote above.

importance – the quality of being important “Of primary importance is that each Incoterms rule clarifies the tasks”.

carriage – noun – (the cost of) transporting goods – “CIP – Carriage and Insurance Paid To”. 

requirement – noun –  what is wanted or needed – “with additional requirement for the seller to unload the goods”.

unload – verb – to remove the contents of something, especially a load of goods from a vehicle – “unload the goods from the arriving means of transport”.

arrive – verb – to reach a place, especially at the end of a journey – see above quote.

loading – noun – the action of putting goods onto a vehicle so they can be transported – ” FAS – Free Alongside Ship (insert name of port of loading) “

stipulate – verb – to say exactly how something must be or must be done – “a corresponding statement is provided which stipulates that the buyer pay the price of goods as provided in the contract of sale”.

corresponding – adjective –  similar to, connected with, or caused by something else – “Similarly, each rule has a corresponding statement as to which party is responsible for obtaining”.

obtain – verb – to get something, especially by asking for it, buying it, working for it, or producing it from something else – “responsible for obtaining any import license or other official authorization required for import”.

license (UK=license) – noun – an official document that gives you permission to own, do, or use something, usually after you have paid money and/or taken a test – see above quote.

formality – noun – something that the law or an official process says must be done – “carrying out the customs formalities required for the import of goods”. 

similarly – adverb – being almost, but not exactly, the same – “Similarly, each Incoterm rule specifies which party to the transaction, if any”.

obligate – verb -to make someone feel legally forced to do something – “each Incoterm rule specifies which party to the transaction, if any, is obligated to contract for the carriage of the goods”.

coverage – noun – financial protection so that you get money if something bad happens – “which party, if any, is obligated, to provide for cargo insurance coverage” 

handling – noun – the act of moving, storing, or packaging goods – “which party bears the cost of the handling these tasks” 

cargo – noun – the goods carried by a ship, aircraft, or other large vehicle – “specifies the seller’s obligations as for cargo delivery and clarifies when delivery takes place”.

provision – noun – the act of providing something – “when the risk of loss or damage to the goods being exported pass from the seller to the buyer by reference to the delivery provision”. 

incorporate – verb – to include something as part of something larger – “Incoterms are generally incorporated in the contract of sale”.

ownership – noun – the fact that you own something – “when title, or ownership of the goods, passes from the seller to the buyer”.

customs – noun – the government department that deals with taxes on goods coming into and leaving a country – “which documents must be provided by the seller to the buyer to facilitate the customs clearance process at the buyer’s country”.

clearance – official permission to come into or leave a place or country – see previous quote.

conformity – noun – the process as set out without mistakes or faults – “provide the goods in conformity with the contract”