FFF INTERMEDIAÇÕES

TERMS AND DEFINITIONS
In this Agreement, unless the context otherwise provides, the following words and expressions
shall have the following meanings:
THIRD PARTY: A third party is someone who is not one of the main people involved in a business
agreement or legal case, but who is involved in it in a minor role.
FCO: The term refers to Full Corporate Offer
ICPO: An Irrevocable Corporate Purchase Order (ICPO) is a legally binding document issued by
the buyer to the seller, confirming their intent to purchase a specific product or service
SALES AND PURCHASE AGREEMENT (SPA): A Sale and Purchase Agreement (SPA) is a legally
binding contract outlining the agreed-upon conditions of the buyer and seller of a Goods. It is
the main legal document in any sale process, between the Parties together with any
attachments, exhibits, schedules and appendices thereto as amended from time to time by
mutual written agreement of the Parties;
INCO-TERMS: widely-used terms of sale, are a set of 11 internationally recognized rules which
define the responsibilities of sellers and buyers. Incoterms specify who is responsible for paying
for and managing the shipment, insurance, documentation, customs clearance, and logistical
activities.
BUYER: The term "Buyer" refers to the name of the business or person who will be the ultimate
owner of the aforementioned goods;
SELLER: The term "Seller" refers to the name of the Supplier, Supplier's partner or Bank which
will be the initial owner of the said commodities;
SELLER’S REPRESENTATIVE: The term "Seller Mandate/Reseller" refers to the name of the
Supplier, Supplier's partner, Supplier's Sale person or Bank which is the initial owner of the said
goods;
BROKER/TRADE AGENTS: The term refers to the Person and/or Company that facilitates the
Transactions between Traders, Sellers and Buyers;
BUSINESS DAYS: means a day on which banks are open for business in Selangor and shall
exclude Saturdays, Sundays and public holidays;
Day: Refers to a calendar Day, unless otherwise specified.
Month: Refers to Calendar Month.
Metric Ton (MT): A measure of weight equivalent to one-thousand-kilogram mass (1,000 kg)
CONSIGNEE: consignee is a person or company to whom goods is to be delivered to. The
stakeholders in the transportation process are the consignee, consignor and carrier. The
consignor dispatches shipments to the consignee via a delivery service provider who is the
carrier.
INVOICE (PI/CI): A proforma invoice (PI)is a preliminary invoice sent to buyers before a sale is
finalized, offering an estimate of goods or services and the total cost. A commercial invoice (CI)
is an official document accompanying shipped goods, representing a legally binding agreement
and request for payment between the buyer and seller.
SBLC: A standby letter of credit, abbreviated as SBLC, refers to a legal document where a bank
guarantees the payment of a specific amount of money to a seller if the buyer defaults on the
agreement.
MT760: means a SWIFT Message Type that Bank Guarantees are sent and received by inter-
communicating banks. When sending a Bank Guarantee by SWIFT, the SWIFT Operator will enter
the details on this Message Type relating to the specifics of the Guarantee.
DLC-MT700: A Documentary Letter of Credit (DLC-MT700) or At Sight Letter of Credit (Sight LC)
is a financial instrument, issued by banks or trade finance institutions through a SWIFT MT700
message, where seller/exporters receive payment from the buyer/importer, once the terms
specified in the DLC-MT700 are completely fulfilled.
MT103: The term refers to a specific SWIFT message types/format used on the Society for
Worldwide Interbank Financial Telecommunication payment system to send for cross
border/international wire transfer messages between financial institutions for customer cash
transfers.
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DELIVERY DATE: The date mutually accepted by both parties, as the date ascertained of the
reception of the goods at the port of destination.
CIF: Cost, insurance and freight according to INCOTERMS 2010 definitions with the latest
amendments. The Banking days Any day in which the bank opens for business in jurisdiction
where the SELLER AND BUYERS are located.
FORCE MAJEURE: means a circumstance beyond the reasonable control of the Parties which
results in a Party being unable to observe or perform on time an obligation under this
Agreement. Such circumstance shall include but shall not be limited to acts of God, lightning
strikes, earthquakes, floods, storms, explosions, fires and any natural disasters, acts of war, acts
of public enemies, terrorism, riots, civil commotion, malicious damage, sabotage and revolution
and strikes.
OUT-TURN: The quantity and quality of the product ascertained, according to the ASTM
procedures, on completion of the discharge operations of LOADING. The determined out-turn
quantity and quality which is based on the quantity which will be calculated for the payment of
the product effectively delivered to the Buyer.
BILL OF LADING: The official document, issued at LOADING port after the completion of the
LOADING operations, stating, among other things, the ship's loaded quantity, expressed in cubic
meters (m3) and Metric Tons (MT). The original of this document has to be signed by the ship's
master.
DISCHARGE TERMINAL
The safe port/berth designated by the Buyer as final receiving destination.
EXECUTION DATE: Date in which the Seller and Buyer receive their respective copies by fax or
email or in any other form agreed by with both parties.
SGS: Société Générale of Surveillance, SGS is International Independent Laboratory.
FCL (Full Container Load): A full container load means a container with goods from one
consignor to one consignee.
FCA (Free Carrier): The seller fulfills his obligation when the goods are cleared for exports and
delivered to the carrier or another person at the seller’s premises or another named place. FCA
is used for any mode of transportation.
HS (Harmonized System of Classification): The HS code numbers are designed by the World
Customs Organisation (WCO) to serve as a multi-purpose classification suitable for use by
customs and statistical authorities, traders, carriers and other concerned with international
trade.