Procurement+&+Payment+Glossary

The title of the page is **Glossary (Procurement and Payment) ** PROCUREMENT & PAYMENT (TRADE FINANCE) (DRAFT 4)

**GLOSSARY and LIST OF ACRONYMNS & ABBREVIATIONS ** **This is document lists terms and abbreviations used by organizations, //events such as conferences//, resolutions cited in the text of this Section and special, sometimes unique terms that apply to procurement and finance . The latter may be considered “terms of the art”. The terms and abbreviations are useful toward understanding references linked to this section on Procurement and Payment. Links are provided for all of the terms and abbreviations. **
 * ACP **African, Caribbean and Pacific Group (Lomé Convention and Cotonu Agreement )

**ADR** Alternate Disputes Resolution procedures as opposed to judicial litigation. Usually arbitration
 * AD, A-D ** Anti-dumping measures
 * AFTA **ASEAN Free Trade Area


 * AMS **<span style="font-family: 'arial','sans-serif'; font-size: 13px;"> Aggregate measurement of support (agriculture)


 * <span style="color: #c00000; font-family: 'Arial','sans-serif'; font-size: 13px;">APEC **<span style="font-family: 'arial','sans-serif'; font-size: 13px;"> Asia-Pacific Economic Cooperation


 * <span style="color: #c00000; font-family: 'Arial','sans-serif'; font-size: 13px;">ASEAN **<span style="font-family: 'arial','sans-serif'; font-size: 13px;">Association of Southeast Asian Nations


 * <span style="color: #c00000; font-family: 'Arial','sans-serif'; font-size: 13px;">ATC **<span style="font-family: 'arial','sans-serif'; font-size: 13px;">Agreement on Textiles and Clothing


 * <span style="color: #c00000; font-family: 'Arial','sans-serif'; font-size: 13px;">CBD **<span style="font-family: 'arial','sans-serif'; font-size: 13px;">Convention on Biological Diversity


 * <span style="color: #c00000; font-family: 'Arial','sans-serif'; font-size: 13px;">CCC **<span style="font-family: 'arial','sans-serif'; font-size: 13px;">(former) Customs Co-operation Council (now WCO)

**<span style="color: #c00000; font-family: 'Arial','sans-serif'; font-size: 13px;">CCO **<span style="color: black; font-family: 'arial','sans-serif'; font-size: 13px;"> Customs Convention on Containers


 * <span style="color: #c00000; font-family: 'Arial','sans-serif'; font-size: 13px;">CER **<span style="font-family: 'arial','sans-serif'; font-size: 13px;"> [Australia New Zealand] Closer Economic Relations [Trade Agreement] (also ANCERTA)
 * <span style="color: #c00000; font-family: 'Arial','sans-serif'; font-size: 13px;">COMESA **<span style="font-family: 'arial','sans-serif'; font-size: 13px;">Common Market for Eastern and Southern Africa


 * <span style="color: #c00000; font-family: 'Arial','sans-serif'; font-size: 13px;">CTD **<span style="font-family: 'arial','sans-serif'; font-size: 13px;">Committee on Trade and Development


 * <span style="color: #c00000; font-family: 'Arial','sans-serif'; font-size: 13px;">CTE **<span style="font-family: 'arial','sans-serif'; font-size: 13px;"> Committee on Trade and Environment


 * <span style="color: #c00000; font-family: 'Arial','sans-serif'; font-size: 13px;">CVD **<span style="font-family: 'arial','sans-serif'; font-size: 13px;"> Countervailing duty (subsidies)


 * <span style="color: #c00000; font-family: 'Arial','sans-serif'; font-size: 13px;">DDA **<span style="font-family: 'arial','sans-serif'; font-size: 13px;"> Doha Development Agenda


 * <span style="color: #c00000; font-family: 'Arial','sans-serif'; font-size: 13px;">DSB **<span style="font-family: 'arial','sans-serif'; font-size: 13px;"> Dispute Settlement Body


 * <span style="color: #c00000; font-family: 'Arial','sans-serif'; font-size: 13px;">DSU **<span style="font-family: 'arial','sans-serif'; font-size: 13px;"> Dispute Settlement Understanding

**<span style="color: #c00000; font-family: 'Arial','sans-serif'; font-size: 13px;">EDI **<span style="color: black; font-family: 'arial','sans-serif'; font-size: 13px;"> Electronic Data Interchange
 * <span style="color: #c00000; font-family: 'Arial','sans-serif'; font-size: 13px;">EC **<span style="font-family: 'arial','sans-serif'; font-size: 13px;">European Communities


 * <span style="color: #c00000; font-family: 'Arial','sans-serif'; font-size: 13px;">EFTA **<span style="font-family: 'arial','sans-serif'; font-size: 13px;">European Free Trade Association

**<span style="color: #c00000; font-family: 'Arial','sans-serif'; font-size: 13px;">FAL **<span style="color: black; font-family: 'arial','sans-serif'; font-size: 13px;">Convention on Facilitation of International Maritime Traffic
 * <span style="color: #c00000; font-family: 'Arial','sans-serif'; font-size: 13px;">EU **<span style="font-family: 'arial','sans-serif'; font-size: 13px;"> European Union
 * <span style="color: #c00000; font-family: 'Arial','sans-serif'; font-size: 13px;">FAO **<span style="font-family: 'arial','sans-serif'; font-size: 13px;">Food and Agriculture Organization


 * <span style="color: #c00000; font-family: 'Arial','sans-serif'; font-size: 13px;">GATS **<span style="font-family: 'arial','sans-serif'; font-size: 13px;">General Agreement on Trade in Services


 * <span style="color: #c00000; font-family: 'Arial','sans-serif'; font-size: 13px;">GATT **<span style="font-family: 'arial','sans-serif'; font-size: 13px;"> General Agreement on Tariffs and Trade


 * <span style="color: #c00000; font-family: 'Arial','sans-serif'; font-size: 13px;">GSP **<span style="font-family: 'arial','sans-serif'; font-size: 13px;"> Generalized System of Preferences

**<span style="color: #c00000; font-family: 'Arial','sans-serif'; font-size: 13px;">HAR **<span style="color: black; font-family: 'arial','sans-serif'; font-size: 13px;">International Convention on the Harmonization of Frontier Control of Goods **<span style="color: #c00000; font-family: 'Arial','sans-serif'; font-size: 13px;">HS **<span style="color: black; font-family: 'arial','sans-serif'; font-size: 13px;"> Harmonized System - The International Convention on the Harmonized Commodity Description and Coding System


 * <span style="color: #c00000; font-family: 'Arial','sans-serif'; font-size: 13px;">ICC **<span style="font-family: 'arial','sans-serif'; font-size: 13px;"> International Chamber of Commerce (in Den Hague). An independent trade organization offering arbitration services and procedures for disputes resolution alternative to litigation.

**<span style="color: #c00000; font-family: 'Arial','sans-serif'; font-size: 13px;">ICS **<span style="color: black; font-family: 'arial','sans-serif'; font-size: 13px;"> International Chamber of Shipping **<span style="color: #c00000; font-family: 'Arial','sans-serif'; font-size: 13px;">IMO **<span style="color: black; font-family: 'arial','sans-serif'; font-size: 13px;"> International Maritime Organization **<span style="color: #c00000; font-family: 'Arial','sans-serif'; font-size: 13px;">INCOTERMS **<span style="font-family: 'arial','sans-serif'; font-size: 13px;"> International Commercial Terms are a series of standard trade definitions, published by International Chamber of Commerce (ICC) and widely used in international commercial transactions. They are used to divide transaction costs and responsibilities between buyer and seller and reflect state-of-the-art transportation practices. <span style="font-family: 'Arial','sans-serif'; font-size: 13px;">The International Chamber of Commerce introduced the first version of Incoterms in 1936. There are currently 13 Incoterms. Among the best known Incoterms are EXW (Ex Works), FOB (Free on Board), CIF (Cost, Insurance and Freight), DDU (Delivered Duty Unpaid), and CPT (Carriage Paid To). <span style="font-family: 'Arial','sans-serif'; font-size: 13px;">The Incoterms have been revised six times in order to reflect international trade developments. The last update of the Incoterms entered into force on 1 January 2000. As the guardian and originator of Incoterms rules, ICC has a responsibility to consult regularly all parties interested in international trade to keep Incoterms rules relevant, efficient and up-to-date. ICC is currently revising Incoterms 2000. This revision is expected to be major on the seller-buyer cargo security obligations, which are linked to respective Custom-Trade Partnership Against Terrorism (C-TPAT) and Authorized Economic Operator (AEO) cargo security regimes. **<span style="color: #c00000; font-family: 'Arial','sans-serif'; font-size: 13px;">ISO **<span style="color: black; font-family: 'arial','sans-serif'; font-size: 13px;"> International Organization for Standardization
 * <span style="color: #c00000; font-family: 'Arial','sans-serif'; font-size: 13px;">ICITO **<span style="font-family: 'arial','sans-serif'; font-size: 13px;">Interim Commission for the International Trade Organization


 * <span style="color: #c0504d; font-family: 'Arial','sans-serif'; font-size: 13px;">ILO **<span style="font-family: 'arial','sans-serif'; font-size: 13px;">International Labour Organization


 * <span style="color: #c0504d; font-family: 'Arial','sans-serif'; font-size: 13px;">IMF **<span style="font-family: 'arial','sans-serif'; font-size: 13px;"> International Monetary Fund


 * <span style="color: #c0504d; font-family: 'Arial','sans-serif'; font-size: 13px;">ITC **<span style="font-family: 'arial','sans-serif'; font-size: 13px;"> International Trade Centre


 * <span style="color: #c0504d; font-family: 'Arial','sans-serif'; font-size: 13px;">ITO **<span style="font-family: 'arial','sans-serif'; font-size: 13px;"> International Trade Organization

**<span style="color: #c0504d; font-family: 'Arial','sans-serif'; font-size: 13px;">KC **<span style="color: black; font-family: 'arial','sans-serif'; font-size: 13px;"> [Kyoto Convention] International Convention on the Simplification and Harmonization of Customs Procedures **<span style="color: #c0504d; font-family: 'Arial','sans-serif'; font-size: 13px;">(RKC) **<span style="color: black; font-family: 'arial','sans-serif'; font-size: 13px;"> [Revised Kyoto Convention] International Convention on the Simplification and Harmonization of Customs Procedures **<span style="color: #c0504d; font-family: 'Arial','sans-serif'; font-size: 13px;">L/C, LOC **<span style="color: black; font-family: 'arial','sans-serif'; font-size: 13px;"> Letter of Credit


 * <span style="color: #c0504d; font-family: 'Arial','sans-serif'; font-size: 13px;">MEA **<span style="font-family: 'arial','sans-serif'; font-size: 13px;"> Multilateral environmental agreement


 * <span style="color: #c0504d; font-family: 'Arial','sans-serif'; font-size: 13px;">MERCOSUR **<span style="font-family: 'arial','sans-serif'; font-size: 13px;"> Southern Common Market


 * <span style="color: #c0504d; font-family: 'Arial','sans-serif'; font-size: 13px;">MFA **<span style="font-family: 'arial','sans-serif'; font-size: 13px;"> Multifibre Arrangement (replaced by ATC)


 * <span style="color: #c0504d; font-family: 'Arial','sans-serif'; font-size: 13px;">MFN **<span style="font-family: 'arial','sans-serif'; font-size: 13px;"> Most-favoured-nation


 * <span style="color: #c0504d; font-family: 'Arial','sans-serif'; font-size: 13px;">MTN **<span style="font-family: 'arial','sans-serif'; font-size: 13px;"> Multilateral trade negotiations

**<span style="color: #c0504d; font-family: 'Arial','sans-serif'; font-size: 13px;">PO **<span style="color: black; font-family: 'arial','sans-serif'; font-size: 13px;"> Purchase Order is a simplified form of trade contract usually fixed price lump sum
 * <span style="color: #c0504d; font-family: 'Arial','sans-serif'; font-size: 13px;">NAFTA **<span style="font-family: 'arial','sans-serif'; font-size: 13px;"> North American Free Trade Agreement


 * <span style="color: #c0504d; font-family: 'Arial','sans-serif'; font-size: 13px;">PSE **<span style="font-family: 'arial','sans-serif'; font-size: 13px;"> Producer subsidy equivalent (agriculture)


 * <span style="color: #c0504d; font-family: 'Arial','sans-serif'; font-size: 13px;">PSI **<span style="font-family: 'arial','sans-serif'; font-size: 13px;"> Pre-shipment inspection


 * <span style="color: #c0504d; font-family: 'Arial','sans-serif'; font-size: 13px;">S&D, SDT **<span style="font-family: 'arial','sans-serif'; font-size: 13px;"> Special and differential treatment (for developing countries)


 * <span style="color: #c0504d; font-family: 'Arial','sans-serif'; font-size: 13px;">SAARC **<span style="font-family: 'arial','sans-serif'; font-size: 13px;"> South Asian Association for Regional Cooperation


 * <span style="color: #c0504d; font-family: 'Arial','sans-serif'; font-size: 13px;">SDR **<span style="font-family: 'Arial','sans-serif'; font-size: 13px;">Special Drawing Rights (IMF)


 * <span style="color: #c0504d; font-family: 'Arial','sans-serif'; font-size: 13px;">SELA **<span style="font-family: 'Arial','sans-serif'; font-size: 13px;">Latin American Economic System


 * <span style="color: #c0504d; font-family: 'Arial','sans-serif'; font-size: 13px;">SOW ****<span style="color: black; font-family: 'arial','sans-serif'; font-size: 13px;"> Statement Of Work **


 * <span style="color: #c0504d; font-family: 'Arial','sans-serif'; font-size: 13px;">SPS **<span style="font-family: 'arial','sans-serif'; font-size: 13px;"> Sanitary and phytosanitary measures

**<span style="color: #c0504d; font-family: 'Arial','sans-serif'; font-size: 13px;">TIR **<span style="color: black; font-family: 'Arial','sans-serif'; font-size: 13px;">Transports Internationaux Routiers
 * <span style="color: #c0504d; font-family: 'Arial','sans-serif'; font-size: 13px;">TBT **<span style="font-family: 'arial','sans-serif'; font-size: 13px;"> Technical barriers to trade


 * <span style="color: #c0504d; font-family: 'Arial','sans-serif'; font-size: 13px;">TMB **<span style="font-family: 'arial','sans-serif'; font-size: 13px;"> Textiles Monitoring Body

**<span style="color: #c0504d; font-family: 'Arial','sans-serif'; font-size: 13px;">TO **<span style="color: black; font-family: 'arial','sans-serif'; font-size: 13px;"> Tender Offer solicitation for vendor proposals on supplying goods or services
 * <span style="color: #c0504d; font-family: 'Arial','sans-serif'; font-size: 13px;">TNC **<span style="font-family: 'arial','sans-serif'; font-size: 13px;"> Trade Negotiations Committee


 * <span style="color: #c0504d; font-family: 'Arial','sans-serif'; font-size: 13px;">TOR ****<span style="color: black; font-family: 'arial','sans-serif'; font-size: 13px;"> Terms Of Reference (Statement Of Work, Specifications) **


 * <span style="color: #c0504d; font-family: 'Arial','sans-serif'; font-size: 13px;">TPRB **<span style="font-family: 'Arial','sans-serif'; font-size: 13px;">Trade Policy Review Body


 * <span style="color: #c0504d; font-family: 'Arial','sans-serif'; font-size: 13px;">TPRM **<span style="font-family: 'arial','sans-serif'; font-size: 13px;"> Trade Policy Review Mechanism


 * <span style="color: #c0504d; font-family: 'Arial','sans-serif'; font-size: 13px;">TRIMs **<span style="font-family: 'arial','sans-serif'; font-size: 13px;"> Trade-related investment measures

**<span style="color: #c0504d; font-family: 'Arial','sans-serif'; font-size: 13px;">UCP **<span style="color: black; font-family: 'Arial','sans-serif'; font-size: 13px;">Uniform Customs and Practice for Documentary Credits **<span style="color: #c0504d; font-family: 'Arial','sans-serif'; font-size: 13px;">UNCID **<span style="color: black; font-family: 'arial','sans-serif'; font-size: 13px;"> Uniform rules of Conduct for Interchange of trade Data by teletransmission
 * <span style="color: #c0504d; font-family: 'Arial','sans-serif'; font-size: 13px;">TRIPS **<span style="font-family: 'arial','sans-serif'; font-size: 13px;"> Trade-related aspects of intellectual property rights


 * <span style="color: #c0504d; font-family: 'Arial','sans-serif'; font-size: 13px;">UNCITRAL **<span style="font-family: 'arial','sans-serif'; font-size: 13px;"> United Nations Commission on International Trade Law


 * <span style="color: #c0504d; font-family: 'Arial','sans-serif'; font-size: 13px;">UN/CEFACT **<span style="font-family: 'arial','sans-serif'; font-size: 13px;"> United Nations **<span style="color: black; font-family: 'Arial','sans-serif';">Centre for Trade Facilitation and Electronic Business **


 * <span style="color: #c0504d; font-family: 'Arial','sans-serif'; font-size: 13px;">UNCTAD **<span style="color: black; font-family: 'arial','sans-serif'; font-size: 13px;"> United Nations Conference on Trade and Development


 * <span style="color: #c0504d; font-family: 'Arial','sans-serif'; font-size: 13px;">UNDP ****<span style="color: black; font-family: 'arial','sans-serif'; font-size: 13px;">United Nations Development Programme **

**<span style="color: #c0504d; font-family: 'Arial','sans-serif'; font-size: 13px;">UN/EDIFACT **<span style="color: black; font-family: 'arial','sans-serif'; font-size: 13px;"> United Nations Electronic Data Interchange for Administration, Commerce and Transport **<span style="color: #c0504d; font-family: 'Arial','sans-serif'; font-size: 13px;">UNSMs **<span style="color: black; font-family: 'arial','sans-serif'; font-size: 13px;">United Nations Standard Message Types **<span style="color: #c0504d; font-family: 'Arial','sans-serif'; font-size: 13px;">UNTDED **<span style="color: black; font-family: 'arial','sans-serif'; font-size: 13px;">United Nations Trade Data Exchange Directory
 * <span style="color: #c0504d; font-family: 'Arial','sans-serif'; font-size: 13px;">UNECE ****<span style="color: black; font-family: 'arial','sans-serif'; font-size: 13px;"> United Nations Economic Commission for Europe **


 * <span style="color: #c0504d; font-family: 'Arial','sans-serif'; font-size: 13px;">UNTDID **<span style="color: black; font-family: 'arial','sans-serif'; font-size: 13px;">United Nations Trade Data Interchange Directory


 * <span style="color: #c0504d; font-family: 'Arial','sans-serif'; font-size: 13px;">UPOV **<span style="font-family: 'arial','sans-serif'; font-size: 13px;">International Union for the Protection of New Varieties of Plants


 * <span style="color: #c0504d; font-family: 'Arial','sans-serif'; font-size: 13px;">UR **<span style="font-family: 'arial','sans-serif'; font-size: 13px;">Uruguay Round


 * <span style="color: #c0504d; font-family: 'Arial','sans-serif'; font-size: 13px;">VER **<span style="font-family: 'arial','sans-serif'; font-size: 13px;"> Voluntary export restraint

**<span style="color: #c0504d; font-family: 'Arial','sans-serif'; font-size: 13px;">WCO **<span style="color: black; font-family: 'arial','sans-serif'; font-size: 13px;">World Customs Organization **<span style="color: #c0504d; font-family: 'Arial','sans-serif'; font-size: 13px;">WIPO **<span style="font-family: 'arial','sans-serif'; font-size: 13px;"> World Intellectual Property Organization
 * <span style="color: #c0504d; font-family: 'Arial','sans-serif'; font-size: 13px;">VRA **<span style="font-family: 'arial','sans-serif'; font-size: 13px;"> Voluntary restraint agreement


 * <span style="color: #c0504d; font-family: 'Arial','sans-serif'; font-size: 13px;">WTO ****<span style="color: black; font-family: 'arial','sans-serif'; font-size: 13px;"> World Trade Organisation **