Cargo
Merchandise hauled by transportation lines.
Cargo Manifest or Receipt
A list of cargo being transported or warehoused. The document issued by the buyer’s consolidator/freight forwarder, to the seller, which proves that the goods have been delivered, and allows the seller to present documentation to the issuing bank in order to get paid.
Carrier
A legal entity that is in the business of transporting passengers or goods for hire.
Classification
The categorization of merchandise:
In transportation - to permit determination of freight rates within a tariff.
In customs - to permit the determination of duty status within the Harmonized Tariff Schedules.
Clean Bill of Lading
A bill of lading issued by a carrier for goods delivered in "apparent good order and condition" - bearing no notations or added clauses which may limit the liability of the carrier.
Collecting Bank
A bank involved in the collection process. In this process if presentation is made to the drawee, it becomes also "the presenting bank."
Commercial Bank
In the USA, a bank that is authorized to accept demand deposits. It may also receive time deposits, make loans, engage in trust services, issue letters of credit, accept and pay drafts, rent safe deposit boxes and engage in many other similar activities.
Commercial Invoice
A document which details the transaction between a seller and a buyer. It minimally should give the name and address of the seller and of the buyer, the date of the sale, a description of the goods sold, the quantity, the unit price, the terms of sale, and the total money amount due. If it is an invoice between buyer and seller of different countries it should also indicate the kind of currency.
Commercial Letter of Credit
An instrument by which a bank substitutes its credit for that of a customer to enable him to finance the purchase of goods or to incur other commitments. The bank issues a letter (or document) on behalf of its client to a supplier and agrees to pay them upon presentation of documentary evidence that the supplier has performed in accordance with the terms of the letter of credit.
Confirming Bank
A bank which engages to honor a letter of credit issued by another, or engages that such letter of credit will be honored by the issuer or by a third bank.
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