Trade glossary

Plain definitions of the terms that show up on your documents.

Bill of Lading: A bill of lading is the transport document a carrier issues for a shipment. It does three jobs at once: it receipts the cargo, it evidences the contract of carriage, and if it is negotiable it is the document of title that controls who may collect the goods.
Incoterms: Incoterms are eleven standard three-letter trade terms published by the International Chamber of Commerce. Each one fixes exactly where the seller's cost and risk end and the buyer's begin. They say nothing about when title passes, how payment works, or which law governs the contract.