Landed Cost
The total cost which an importer pays to have goods delivered into their premises. This typically includes the costs of the goods, international transport, insurance premium, port charges, customs duties, delivery charges, bank charges etc.

LCL
Less than Container Load, a small amount of cargo insufficient to on its own be economically shipped as FCL. It will be combined with other LCL cargo from other shippers going to the same destination port, into an FAK FCL. See also Consolidation.

Letter of Credit
A conditional order in writing, issued by a buyer's bank, guaranteeing to pay the seller upon presentation of stipulated documents, strictly in accordance with the credit. It is strongly recommended that every exporter and importer has a copy of the "Uniform Customs and Practice for Documentary Credits", International Chamber of Commerce publication 500. These are available from most major Chambers of Commerce, or from us at AUD 20.00 including postage, handling and GST, to Australian addresses only.

         - Confirmed
           A letter of credit which has been further guaranteed by a local bank generally in the exporter's country.

         - Irrevocable
           A credit which cannot be revoked, cancelled or amended unless the beneficiary agrees. Virtually all L/Cs
           issued under UCP500.

         - Discrepancy
           Where a document does not comply strictly with the terms and conditions of an L/C.

         - Under Reserve
           Where documents with discrepancy/ies are nevertheless negotiated against an L/C, and the negotiating bank
           reserves the right to take back the funds from the exporter if the discrepancy is not acceptable to either the
           buyer or the L/C issuing bank..

Liner terms
Freight rates which include loading/unloading charges, generally with a regular shipping linesManifest
A list of the various shipments being carried on a ship or aircraft.

Nett Weight
The weight, or mass, of the goods themselves without any packaging.

Notify Party
The person or company to be advised by the carrier upon arrival of the goods at the destination port.

On Board / Shipped On Board
A notation on a bill of lading, indicating that not only did the carrier receive the goods in good order and condition, but they were also placed on board the ship.

Open Account
The seller allows the buyer to send payment at some future time (ie 60 days).

Packing List
A document which details the contents, and often dimensions and weight, of each package or container.

Payee
see Bill of Exchange

Phytosanitary Certificate
A document issued by the Department of Agriculture, Fisheries and Forestry, for exports from Australia of plants or plant products.

Port charges
see APCA, BSRA and PSC

Pre-payment
The buyer pays the seller for the goods prior to shipment.

Pro Forma Invoice
A sample invoice issued by the exporter before shipment, which the importer may require to arrange import approvals or apply for a letter of
credit. It can also be used as an offer to sell goods.

PSC
Port Service Charge, similar to APCA.