A B C D E F G H I J K L M N O P Q R S T U V W X Y Z

I

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

ICC (International Chamber of Commerce)

Import Substitution
An attempt by a country to reduce imports (and hence foreign exchange expenditures) by encouraging the development of domestic industries regardless of domestic inefficiencies.

Incoterms (International Commercial Terms)
Incoterms are a uniform set of international rules, promulgated by the International Chamber of Commerce in Paris, for the interpretation of the terms most commonly used in international contracts for the sale of goods. Incoterms define the obligations of buyer and seller at every stage of an international sale of goods transaction. The Incoterms were first issued in 1953; they were last revised effective January 1, 2000.

Indent
An indent is merely an order.  Thus, an indent number refers to the order number.

Insurance
An agreement or contract (commonly called a policy) between the insured, who pays a premium, and the insurer, who in return promises to compensate the insured if he suffers specified losses
It is important to have insurance cover against loss or damage which may occur during shipment.  The contract with the supplier should clearly state who is responsible for arranging the insurance at all stages from the time the merchandise leaves the supplier’s premises until the buyer takes possession of the goods.  The stages to be covered include:

• Transportation of the goods to the docks or the airport
• Time during which they are stored awaiting shipment or loading
• Periods whilst on board the ship, aircraft or conveyance
• Off-loading and storage on arrival in destination.
• Transportation to the buyer’s premises.

It is advisable for an importer to buy goods on FCA, FAS or FOB terms in order that he can arrange the insurance in his own country. 
Insurance, particularly marine insurance, is a complicated subject, and it is advisable to get a professional insurance broker to arrange cover for your shipment.

Insurance Certificate
A document prepared by the exporter or the freight forwarder to provide evidence that insurance against loss or damage has been obtained for the goods to be exported.

Invisible Trade
Items such as freight, insurance, and financial services that, are included in a country's balance-of-payments accounts (in the "current" account), even though they are not recorded as physically visible exports and imports.

Invoice, Pro Forma
An invoice sent in advance of the goods, showing the exact details of the order, usually for the purpose of enabling payment documents to be raised.

IRD
Inland Rail Depot, which is used for Customs Clearance.

J

Jettison
Throwing cargo overboard, if it is determined that such an action may save a vessel in peril.

K

KD (Knocked Down)
Merchandise that is imported complete with all parts but in an unassembled state (such as oversized machinery), usually to facilitate packing and shipping.