List of Commonly Used Terms

Customs Classification and Valuation Report is a report issued to Importers during the pre-clearance stage.
CFR is an acronym for Cost and Freight. The Seller clears the goods for export and pays the costs of moving the goods to destination. The Buyer bears all risks of loss or damage.
CIF is an acronym for Cost Insurance and Freight. The Seller clears the goods for export and pays the costs of moving the goods to the port of destination. The Buyer bears all risks of loss or damage. The Seller however, purchases the cargo insurance.
ECOWAS Trade liberation Scheme
FAS is an acronym for Free Alongside Ship. The Seller delivers the goods to the origin port. From that point, the Buyer bears all costs and risks of loss or damage.
FOB is an acronym for Free On Board. The Seller de
Harmonized System Code
World Customs Organization
World Trade Organization
Need Help? Contact Us