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Glossary

 

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IBAN: International Bank Account Number

The domestic account number standard for all retail and commercial banking accounts in the European Union and certain other European countries.

 

IBP: International Buyer Program

A U.S. Department of Commerce program that matches U.S. exhibitors at select U.S. trade shows with foreign buyers. 

 

ICC: International Chamber of Commerce

A non-governmental organization serving worldwide business with 123 country members representing tens of thousands of business organizations and companies and promoting world trade and investment based on free and fair competition.

 

ICPO

Irrevocable Corporate Purchasing Order

 

ICUMSA

International Commission for Uniform Methods of Sugar Analysis

 

IFO 

Intermediate Fuel Oil

 

IFO 180

Intermediate Fuel Oil 180

 

IFO 380

Intermediate Fuel Oil 380

 

IMFPA 

See 'MFPA'. 

 

IMO 

International Maritime Organization

 

Import Documentary Collections

Alternative to a letter of credit, payment is made on a collection basis after the necessary documents and drafts have been received by the intermediary bank.

 

Import Letter of Credit

Issued on behalf of the importer/buyer, it's a letter issued by a bank authorizing the seller to draw a stated amount of money from the issuing bank; guarantees payment to seller if seller complies with all terms of the letter of credit.

 

Import License

Document required and issued by some national governments authorizing the importation of goods.

 

Importer

Buyer. Under a Letter of Credit, the importer is the account party, or the one who asks the opening bank to issue the L/C.

 

Incoming Wires

Wires received in foreign currencies are processed by the International Group. Wires sent in US Dollars (regardless of originating country) are processed by the Domestic Wire Room. (East Petersburg 717.581.3072 or Mantua 856.415.4137)

 

Incoterms

International Chamber of Commerce Terms of Sale. Internationally accepted commercial transportation terms. (See CFR, CIF, CIP, CPT, DAF, DDP, DDU, DEQ, DES, EXW, FAS, FCA, FOB).

 

Indirect Exporting

Sale by the exporter to the buyer through a domestically located intermediary, such as an export management company or an export trading company. 

 

Inspection Certificate

Document required by some purchasers and countries to attest to the specifications of the goods shipped. The inspection is usually performed by a third party. 

 

Institute Cargo Clauses

Standard conditions of insurance cover for goods, established by the Institute of London Underwriters.
 

Insurance Certificate

(1) Document giving details of insurance cover for a consignment. (2) The certificate will cross-reference a master insurance policy and must be countersigned.

 

Insurance Cover Note

Insurance document evidencing that insurance cover for a consignment has been taken out, but not giving full details.

 

Insurance Policy

(1) Document setting out full details of insurance in force. (2) A policy MAY refer to a single consignment and be sent with the other commercial documents. More commonly there is an open policy for all the shipper's consignments. For each consignment an insurance certificate is issued, cross-referencing the policy.

 

Intermediary Bank

A financial institution where the transaction is routed before sending it to the beneficiary. Generally used for those beneficiary banks who are unable to receive direct payment.

 

International Wire Transfers

Method for paying or receiving funds internationally.

 

Inward Collection

(1) How a Collection or Presenting bank will refer to a collection. (2) Collection that has been received from an overseas bank or exporter for presentation to a buyer in his country.

 

Inward Letter of Credit

(1) How an Advising or Confirming bank will refer to a letter of credit. (2) A letter of credit issued by an overseas bank for advice to a seller in this country.

 

IP: Intellectual Property

Collective term used to refer to new ideas, inventions, designs, writings, films, and so on that are protected by copyright, patent, or trademark. 

 

Irrevocable

A written document that cannot be revoked or have any of its conditions changed without specific agreement (usually in written form) from each party. When applied to a letter of credit, the parties who must agree are the issuing bank, confirming bank (if any), beneficiary and account party.

 

Irrevocable Letter of Credit

LC that is not subject to cancellation; L/C which cannot be changed or cancelled without agreement of all parties: buyer, seller, opening bank, and confirming/advising bank.

 

ISP98

International Standby Practices (ISP98) developed by the International Chamber of Commerce as the rules that govern the operation of Standby Letter of Credit transactions worldwide.
 

Issuing Bank

Opening bank. The bank that issues the Letter of Credit for the applicant. Under an LC, the beneficiary’s risk is transferred from that of the buyer to that of the buyer’s bank (i.e., issuing bank).

 

ITA: International Trade Administration

A U.S. Department of Commerce bureau responsible for export promotion programs. 

 

 

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