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Issuing Bank
A bank which opens a straight or a negotiable letter of credit. This bank assumes the obligation to pay the beneficiary or a correspondent bank if the documents presented are in accordance with the terms of the letters of Edit.

Irrevocable
This the most common instrument of credit in international trade, carries an irrevocable obligation of the issuing bank to pay the beneficiary when drafts and documents are presented in accordance with the terms of the letter of credit. An irrevocable letter of credit, once issued, cannot be amended or canceled without the agreement of all named parties. As such, it must have a fixed expiration date.

Installment Shipments
Successive shipments permuted under letters of credit. Usually they must take place within a given period of time. If not shipped within that period, the credit ceases to be available automatically unless otherwise authorized in the letter of credit.

Intermediate survey
The inspection of a ship by a classification society surveyor that takes place 24 to 36 months after each special survey.

Inland Carrier
A transportation line which hauls export or import traffic between ports and inland points.

Indirect Tax
A tax that is levied on expenditures, i.e., a sales tax, excise tax or value added tax.

Indirect Exporting
Sale by the exporter to the buyer through a domestically located intermediary.

Indent
A requisition for goods, enumerating conditions of the sale. Acceptance of an indent by a seller constitutes his agreement to the conditions of the sale.

Import Surcharge
A charge on imports over and above regular tariffs or customs fees.

Import Rate
A rate established specifically for application on import traffic and generally less, when so published, than a domestic rate.

IRR
Internal rate of return

Inter Arr
Internal arrangements

Int.
Interest

Inst. Wties
Insurance warranties

Ince.
Insurance

ICD
Inland clearance depot

i/o
In and/or overdeck

i.v.
Invoice value. Increased value

i.r.o.
In respect of

I.R.
Inland Revenue

I.M.O.
Intrnational Maritime Organization

I.M.I.F.
International Maritime Industry Forum

I.L.U.
Institute of London Underwriters

I.I.L.
Insurance Institute of London

I.H.P.
Indicated Horse

I.F.F.
Institute of Freight Forwarders

I.F.C.
Institute Freight Clauses, International Finance Corporation

i.f.
In full

I.C.S.
Institute of Chartered Shipbrokers, International Chamber of Shipping

I.C. & C.
Invoice coast and charges

I.B.
Invoice book. In bond

I.A.T.A.
International Air Transport Association

i. and/or o.
In and/or overdeck

ITC
International Trade Commission

ITAR
International Traffic in Arms Regulations

ITA
International Tin Agreement, International Trade Administration

IE
Infrequent Exporter

IDA
International Development Association

ICTF
Intermodal Container Transfer Facility

ICC
International Chamber of Commerce

IC
Import Certificate, Integrated Circuit

IAU
International Accounting Unit

IATA
International Air Transport Association

Irrevocable Letter of Credit
A letter of credit in which the specified payment is guaranteed by the issuing bank if all terms and conditions are met by the drawee. It is as good as the issuing bank.

Invisibles
This refers to areas of non

International Telegraphy and Telephone Consultative Committee
CCITT (French: Comite

Intermodal Container Transfer Facility
ICTF is a site where cargo is transferred from one form of transit to another, such as rail to ship.

Intermediate Consignee
An intermediate consignee is the bank, forwarding agent, or other intermediary (if any) that acts in a foreign country as an agent for the exporter, the purchaser, or the ultimate consignee, for the purpose of effecting delivery of the export to the ultimate consignee.

Integrated Carriers
Carriers that have both air and ground fleets; or other combinations, such as sea, rail, and truck. Since they usually handle thousands of small parcels an hour, they are less expensive and offer more diverse services than regular carriers.

Insurance Certificate
This certificate is used to assure the consignee that insurance is provided to cover loss of or damage to the cargo while in transit.

Inspection Certification
Some purchasers and countries may require a certificate of inspection attesting to the specifications of the goods shipped, usually performed by a third party. Inspection certificates are often obtained from independent testing organizations.

Inland Bill of Lading
A bill of lading used in transporting goods overland to the exporter's international carrier. Although a through bill of lading can sometimes be used, it is usually necessary to prepare both an inland bill of lading and an ocean bill of lading for export shipments.

In
Bond System

IMO
International Maritime Organization, a United Nations agency that issues international standards for shipping.

Import Restrictions
Import restriction, applied by a country with an adverse trade balance (or for other reasons), reflect a desire to control the volume of goods coming into the country from other countries may include the imposition of tariffs or import quotas, restrictions on the amount of foreign currency available to cover imports, a requirement for import deposits, the imposition of import surcharges, or the prohibition of various categories of imports.

Import Certificate
The import certificate is a means by which the government of the country of ultimate destination exercises legal control over the internal channeling of the commodities covered by the import certificate.