CAF
Currency Adjustment Factor - an adjustment to shipping companies' freight rates to take into account the effect over time of fluctuations in currency exchange rates.

Carnet
A document, normally issued by a Chamber of Commerce which is a member of the International Chamber of Commerce (ICC) to enable the holder to temporarily take merchandise into certain countries, as samples or for display purposes, without the need to pay import duty or pay a bond for the duty. The issuer will require the holder to give them security by way of a bank guarantee.

Cash against Documents (CAD)
An arrangement whereby the buyer pays for goods as soon as the buyer receives the seller's documents. There is normally an intermediary involved, ie a bank or an agent acting on behalf of the seller, to ensure that the transaction takes place smoothly.

Certificate
A general term for any document issued by the seller or another party, certifying to some action having taken place or some fact about the goods.

Certificate of Origin
A certificate stating the country of origin of the goods. Depending on the importing country's requirements, this can be as simple as being issued by the seller or the manufacturer. In most cases however, it is required to be issued by a Chamber of Commerce in the country of origin.

CFS
Container Freight Station - place or depot where individual LCL cargo is loaded into, and unloaded from, containers

Charterparty
A written contract between a shipowner and a charterer who rents use of the ship or part of its freight capacity. A voyage charterparty is a contract covering transport of goods from one or more ports to one or more ports and will detail the costs and responsibilities involved.

Commercial Invoice
A document issued by the seller, addressed to the buyer, giving details of the individual transaction, including complete description of the goods, prices, currency, delivery and payment terms and so on. This is generally used by the Customs authorities in the importing country to assess customs duties payable.

Conference
A group of shipping companies who have associated to offer regular services on specific routes at published rates. Sometimes referred to as liner shipping. Non conference shipping lines are sometimes referred to as independent or outsiders.

Consignee
The party shown on the bill of lading or air waybill to whom the shipment is consigned. Need not always be the buyer, and in some countries will be the buyer's bank. See also Bill of Lading - Order B/L and Notify Party.

Consolidation
Where a freight forwarder groups, or consolidates, one or more shipments for one or more shippers to the one destination as one overall shipment. (See also House B/L and Master B/L).

Consular Invoice
The seller's commercial invoice certified, for a fee, in the exporting country by the consular representative of the importing country. Now required only by a handful of countries.

Container ship
Ship designed to take ISO (International Standards Organisation) containers in vertical cells within the ship's holds as well as on the deck. These ships generally rely on infrastructure on the wharf to load and unload the containers.

Conventional ship
Ship designed with holds which can load almost any type of loose cargo, such as drums, sacks, crates, pallets etc. These ships are designed with their own derricks for loading and unloading.

Customs Broker
A person or corporation licensed by the Australian Customs Service to handle on behalf of importers the process of clearing goods through customs.

Customs Duty
A tax, duty or tariff levied at the time of import upon goods entering a country. Usually based on the value of the goods (ad valorem), on the physical nature of the goods such as quantity or weight, or on a combination of the value and other factors.

CY
Container Yard - place or depot where individual containers are held prior to loading on board a ship and after unloading from the ship. Can be inland or at the dock-side..