Glossary

International Chamber of Commerce Terms of Sale – recognised abbreviation. These terms were last amended, effective Year 2000.

Insurance that covers the loss or damage of goods at sea. This type of insurance commonly compensated the merchandise owner for losses sustained from incidents such as fire, or shipwreck but will not include losses recoverable from the carrier.

An importer of record, or IOR, provides a service for situations when a company is importing goods into a country where they have no representation – and/or they want the asset to remain the property of the exporter/shipper/origin company.