Trade Glossary

ABA Number - The American Banking Association (ABA) routing number is a unique, bank-identifying number that directs electronic deposits and payments to the proper bank. This number precedes the account number printed at the bottom of a check and is usually printed with magnetic ink.

Account Manager - The authority figure or financial decision-maker who signs off on the Agreements.

ACH - Automated clearing house (ACH) is a computerized facility used by member depository institutions to process (i.e., combine, sort and distribute) payment orders in machine-readable form (computer tapes or punched cards).

Adjustment - Charges, Discounts or Fees that can be negotiated by the Buyer and Seller. Adjustments can be applied to future orders, invoices, PAD and payments as indicated by the party creating the adjustment.

Admin - Admin is the short name for administration. The admin features of the System include such functions as maintaining the user's personal, maintaining the profile of the user's organization, setting up task workflows, and establishing the messaging agent's configuration.

Administrator - The individual, appointed by the Account Manager, who supervises the organization's transactions, directs access to the System, and manages approval rights.

ASN - Advance Shipment Notice - For the Commercial Invoice document, this field is a shipment reference number, which can be used to refer to an Advance Ship Notice message that may correspond to the invoice. The value in this field may be used to match one or more Goods Receipts to the Invoice.
For the Goods Receipt document, this field is a shipment reference number, which can be used to refer to an Advance Ship Notice message that may correspond to an invoice submitted by the seller. The value in this field may be used to match the Goods Receipt to one or more Invoices.

Amendment - Changes made to an Approved Purchase Order that must be bilaterally approved before taking effect. Once approved, the Amendment terms will take effect for any subsequent Compliance checks.

Amendment Creation Date - The systems date on which the user starts the creation of the amendment.
Amendment Effective Date - This date on which the amendment becomes active, i.e., both Buyer and Seller Approve the amendment document.

Application - A form used to apply for membership to be able to transact within the System.

Auto-Approved Payment - This type of transaction begins with the Buyer and Seller agreeing to the terms of a Purchase Order. Payment is automatically initiated when the data compliance engine determines the fulfillment documents to be in agreement with the terms and conditions of the Procurement documents.

Basic Compliance Level - The Basic Compliance Level ensures that all ordered items have been delivered in accordance with the quantity, price, and timeframes as defined in the Purchase Order. All Parties are checked to ensure the Name, Member ID and Country match those detailed in the Purchase Order.

Beneficiary - The party to be credited during the Settlement process.

Browser - A software program used to view HTML, hypertext markup language and screens on the Internet. Examples of browsers include Internet Explorer and Netscape.

Bulk - Goods sold and delivered in loose form, not packaged in separate units.

Buyer Approved Payment - A transaction where the Buyer initiates payment after data compliance has been performed. The transaction begins with the Buyer and Seller agreeing to the terms of a Purchase Order. Once data compliance is run on the transaction, a Payment Authorization document is generated, which provides the Buyer with the information needed to decide when and how much to pay the Seller.

Buyer's Agent - An agent who purchases goods in his or her own country on behalf of foreign importers such as government agencies and large private concerns, and/or acts on behalf of the Buyer. The agent must be a Member of the platform.

Cancellation Date - The date by which, if all Fulfillment documents are not completed, the shipment will be discrepant. The Cancellation date is calculated by the System by adding twenty (20) days to the Latest Shipment Date.

Carrier - Firm or company that transports goods.

Carton - A box or container usually made of paperboard and often of corrugated paperboard.

CFR - Cost and Freight Incoterm. The Seller delivers, for the purposes of risk, when the goods pass the "ship's rail" in the port of shipment. This means that the risk of loss of or damage to the goods as well as any additional costs due to events occurring after the time of delivery are absorbed by the Buyer. However, the Seller must pay the costs and freight necessary to transport the goods to the named port of destination. The Seller is also required to clear the goods for export. This Incoterm is intended for ocean or multi-modal transport.

Charge By - The party who is charging the Charge Type fees as listed on the Payment and Fees Schedule.

Charge Multiplier - Represents the System document for which the Charge Type on the Payment and Fees Schedule will be incurred.

Charge Type - Describes the type of fee being charged by the Charge By party on the Payment and Fees Schedule.

Chargeback - This term identifies a way for the Buyer to recover money from the Seller, whether based on previous transactions or on services performed by the Seller and for which the Buyer has agreed to assume responsibility. Charge-backs are deducted from the value of the goods invoiced to reduce the Invoice Amount.

CIF - Cost, Insurance, Freight Incoterm is intended for ocean or multi-modal transport. The Seller delivers, for the purposes of risk, when the goods pass the "ship's rail" in the port of shipment. This means that the risk of loss or damage to the goods as well as any additional costs due to events occurring after the time of delivery are absorbed by the Buyer. However, the Seller must pay the costs and freight necessary to transport the goods to the named port of destination. The Seller is required to clear the goods for export. The Seller must also procure Cargo Insurance against the Buyer's risk during the carriage.

CIP - Carriage and Insurance Paid to Incoterm is used in cases where the carrier's location may not initially be a port, such as air, barge, truck, rail, or multi-modal transport. The Seller delivers when the goods are placed at the disposal of the Carrier acquired. This means that the risk of loss of or damage to the goods as well as any additional costs due to the events occurring after the time of delivery are absorbed by the Buyer. However, the Seller must pay the costs and freight necessary to bring the goods to the named port of destination. The Seller is required to clear the goods for export. The Seller must also procure Cargo Insurance against the Buyer's risk during the carriage.

Commercial Invoice - A demand for payment of the goods from the Seller to the Buyer.
Confirmation Number - Reference number provided by the payment provider if needed to verify information.

Consignee - The individual or company to where a Seller or shipper sends merchandise and who, upon presentation of the necessary documents, is recognized as the merchandise owner for the purpose of declaring and paying customs duties.

Consolidated Proof of Delivery Documents - The Logistics Service Provider has the ability to identify groups of Invoices that have shipped together, and to create one proof of delivery document for the shipment. The document is called a Consolidated Proof of Delivery document. The proof of delivery documents that are eligible to consolidate include: Forwarder's Cargo Receipt, Waybill, and Pick Up Receipt.

Consolidator - An Agent that merges different shipments of goods into a compact mass going to one destination to reduce shipping rates.

Contract ID - A System generated identifier that is used to identify a transaction or group of transactions. For Auto-Approved Payment and Buyer-Approved Payment transactions, this number is generated once the Buyer creates the Purchase Order. On an Invoice Presentment transaction, the Contract ID is generated once the Seller creates the Commercial Invoice.

Core Compliance Level - The Core Compliance Level ensures that all ordered items have been delivered in accordance with the quantity, price, and timeframes as defined in the Purchase Order. Weight and volume must be within a five percent variance. Outer pack quantities must match across all Fulfillment documents. All Parties are checked to ensure Name, Member ID, City and Country match those detailed in the Purchase Order. Note that the Core Level contains sufficient requirements for the Purchase Order to be eligible for Payment Assurance.

CPT - Carriage Paid To. The Seller delivers when he places the goods at the disposal of the Carrier he nominates. This means that the risk of loss of or damage to the goods as well as any additional costs due to the events occurring after the time of delivery are absorbed by the Buyer. However, the Seller must pay the costs and freight necessary to transport the goods to the named port/airport of destination. The Seller is required to clear the goods for export. This Incoterm is used in cases where the Carrier's location may not initially be a port, such as air, barge, truck, rail, or multi-modal transport.

Credit Value Date - The date that payment is due to the Beneficiary.

Cross-Border Transaction - Indicator of where the goods move across the borders of different countries.

Currency - Paper money and coin issued by a government or central bank, which circulate as the legal medium of exchange.

Customs Broker - Also known as a customs house broker. An individual or firm licensed to enter and clear goods through customs.

DAF - Delivered at Frontier. The Seller delivers when the goods are placed at the disposal of the Buyer on the arriving means of transport cleared for export, but not unloaded and not cleared for import at the named point and place at the frontier. The frontier can be identified at any point prior to the customs border of the destination country. This Incoterm is intended for air, barge, truck, rail, or multi-modal transport.
Data Compliance - Data Compliance describes the System process phase wherein the patented data compliance engine compares the data contents, terms and conditions of the order against the required Fulfillment documents

DDP - Delivered Duty Paid Incoterm can include any form of transportation as long as the Seller has complete responsibility. The Seller delivers when the goods arrive at the place of destination. The Seller bears the costs and risks involved in transporting the goods to the named place of destination. The goods do not necessarily have to be unloaded by the Seller, but typically, with this term, the Seller absorbs the cost of unloading. The Seller is also responsible for clearance for export and import, including the duty for importation.

DDU - Delivered Duty Unpaid Incoterm can include any form of transportation as long as the Seller has responsibility for everything except the import duty. The Seller delivers to the Buyer when the goods arrive at the place of destination while still on board the mode of transport. The Seller bears the costs and risks involved in transporting the goods to the named place of destination before unloading. This includes clearance for export. The Buyer is responsible for unloading, paying the duty for importation and Delivery to the Final Destination if it is different from the agreed upon destination.

Debit Value Date - The date the funds are due to be received by the Payment Provider from the Payer.

Delivery Receipt - Proof of Delivery Document required during the Fulfillment Phase of a transaction. This document is required when the agreed upon Incoterms are either: DDU or DDP.

DEQ - Delivered Ex Quay Incoterm is intended for ocean or multi-modial transport. The Seller delivers when the goods arrive at the port of destination and are placed at the disposal of the Buyer after discharging the vessel. The Seller bears the costs and risks involved in transporting the goods to the named port of destination and discharging the goods. This includes clearance for export. The Buyer is responsible for clearance for import and delivery to the Final Destination.

DES - Delivered Ex Ship Incoterm is intended for ocean or multi-modial transport. The Seller delivers to the Buyer when the goods arrive at the port of destination while still on board the vessel. The Seller bears the costs and risks involved in transporting the goods to the named port of destination before discharging. This includes clearance for export. The Buyer is responsible for unloading, clearance for import, and delivery to the Final Destination.

Digital Signature - The password entered during the approval process. The Digital signature verifies that a specific user has created or approved an electronic document and that the document has not been altered since it was signed.

Discount - This term is used to identify a reduction in the merchandise cost that the Seller offers to the Buyer as an incentive to complete the purchase of the merchandise. Discounts are deducted form the total invoiced amount.

Discrepancy - A discrepancy occurs when the patented data compliance engine compares the data contents, terms and conditions of the order against the required Fulfillment documents and they do not match. If the Data Compliance process results in Discrepancy, the Buyer and Seller must resolve all discrepancies before the System can proceed to Financial Settlement. If the Data Compliance process results in no discrepancies, the System proceeds to Financial Settlement.

Domestic Transaction - Indicator of where the goods move within a country.

Ex-Factory Date - The day the goods are dispatched from the Seller's factory.

Export Financing - A Seller may request financing on an approved Purchase Order or a the time of Commercial Invoice creation or payment authorization or the time payment is in a status of "scheduled". The Seller can expect to be paid directly by the Finance Provider outside the TradeCard system when the request for financing is approved. Upon Data Compliance, the Finance Provider is paid the amount of the transaction and the Finance Provider pays any balances directly to the Seller.

EXW - According to the Ex Works Incoterm, the Seller delivers when he places the goods at the Buyer's disposal, either at the Seller's premises, or another named place. The goods are not cleared for export and not loaded on any collecting vehicle. This Incoterm can include any form of transit as long as the Buyer has complete responsibility.

FAS - According to the Free Along side Ship Incoterm, the Seller delivers the goods when they are placed alongside the vessel at the Named Port of Shipment. This means that the Buyer bears all costs and risks for loss or damage to the goods from that point. The Seller is required to clear the goods for export. This Incoterm is intended for ocean or multi-modal transport.

FCA - According to the Free Carrier Incoterm, the Seller delivers the goods, cleared for export, to the Carrier nominated by the Buyer at the named place. This Incoterm is intended for air, barge, truck, rail, or multi-modal transport.
Finance Provider - A Service Provider that provides financing on a transaction to either a Buyer or a Seller party.

FOB - According to the Free On Board Incoterms, the Seller delivers the goods when they are stowed/loaded onto the vessel at the Named Port of Shipment. This means that the Buyer bears all costs and risks of loss of or damage to the goods from that point. The Seller is required to clear the goods for export. This Incoterm is intended for ocean or multi-modal transport.
Forwarder's Cargo Receipt - A document issued by a freight forwarder acknowledging receipt of goods into their custody for purposes of shipment to a given location. It is not a bill of lading.

Freight forwarder - Freight forwarder is an independent business that handles export shipments for compensation. At the request of the shipper, or Seller, the forwarder makes the arrangements and provides the necessary services for expediting the shipment to its overseas destination.

Fulfillment - Fulfillment describes the System process phase wherein the Seller produces the shipment documents that are necessary for Data Compliance and Settlement.

Full Service Transaction - This type of transaction begins with the Buyer and Seller agreeing to all terms including the payment initiation type on the Purchase Order by selecting Auto Approved Payment or Buyer Approved Payment. Payment occurs based upon the Auto vs. Buyer Approved decision made on the Purchase Order. For Auto Approved, Payment occurs automatically when the data compliance engine determines that the fulfillment documents are in agreement with the terms and conditions of the Procurement documents. For Buyer Approved, a Payment Authorization Document is generated once data compliance is run on the transaction, which provides the Buyer with the information needed to decide when and how much to pay the Seller.

GMT - Greenwich Mean Time is a time zone measured from the Prime Meridian of the World at Greenwich, England. It is a standardized date and time that is stamped on all documents submitted into the TradeCard System.

Goods Receipt - The Goods Receipt document is used to compare goods received into the Buyer's warehouse against the Order and Invoice documents which can be required for payment negotiation and approval, or after payment has been made allowing post-payment reconciliation and Seller charge-backs.

Gross Weight - The full weight of a shipment, including goods and packaging.

Harmonized Tariff Code - A system for classifying goods in international trade, developed under the auspices of the CUSTOMS COOPERATION COUNCIL. Sometimes referred to as HTS Code.

Hyperlink - A computer based text retrieval system that provides access to information supplementing a particular text by clicking on the highlighted or underlined word, phrase, or graphic. A hyperlink is also referred to as link or hypertext link.

Incoterm - A codification of terms maintained by the International Chamber of Commerce (ICC). It is used in international trade contracts to define which parties incur the costs and at what specific point the costs are incurred.
Incoterm Satisfaction Date - The Incoterm Satisfaction date acts as confirmation that a specific event has occurred and, as a result, it confirms that the Seller has fulfilled his delivery obligation to the Buyer. The date varies per incoterm as follows:
EXW date=Cargo Receipt Date
FCA date=Dispatch Date
FAS date=Dispatch Date
FOB date=Dispatch Date or Actual Ship Date
CRF date=Actual Ship Date
CIF date=Actual Ship Date
CPT date=Actual Ship Date
CIP date=Actual Ship Date
DES date=Available for Delivery Date
DEQ date=Available for Delivery Date
DDU date=Final Delivery Date
DDP date=Final Delivery Date

Inner Pack - Packing unit containing unit(s) of merchandise. Inner packs do not meet shipping criteria individually, but must be packed into an outer pack for conveyance. The inner pack type can vary from poly-bag to carton.

Inspection Agent - The inspection agent is typically an independent testing organization that attests to the specifications of the goods being shipped.

Invoice Presentment - Transaction type that begins with the Seller submitting an invoice to the Buyer for payment. Upon approval of the invoice, a Payment Authorization document is generated, which provides the Buyer with the information needed to decide when and how much to pay the Seller. The Buyer needs to approve the payment to continue with the process. The acronym IP is also used to refer to the Invoice Presentment.

Member - A Buyer, Seller, or Service Provider that has been accepted into the network after completing the application process and transacts on the System.

Multi-modal - A transport service offering more than a single mode to deliver the goods to its final destination.

Negotiate - There are two ways to negotiate in the System. Negotiating an order involves the Buyer and Seller changing the terms and conditions of the Purchase Order until agreement is reached. Both parties Approve, and the order becomes active. Buyer and Seller can also negotiate the Payment Authorization document produced when the Data Compliance process detects discrepancies in the Fulfillment phase documents.

Net Weight - Weight of the goods alone without any immediate wrappings.

Outer Pack - Packing unit containing either unit(s) of merchandise or merchandise packed in inner packs. Outer packs are intended to be the unit of conveyance. The Outer Pack can range from pallet to carton.

Package Carrier Confirmation - The Package Carrier Confirmation document must be created and approved by a Package Carrier or Logistics Service Provider. The Package Carrier is specified by the appropriate party on the Logistics Detail and confirmed by the Seller at the time of the Package Carrier Confirmation document.

Packing List - A list showing the number and kinds of items being shipped, as well as other information needed for transportation purposes.

Pallet - A platform upon which a shipment rests or on which goods are assembled and secured before being shipped. The use of pallets in shipping goods ensures greater ease in handling and reduces the chance of damage.

Payer - The party responsible for making the payment during the Settlement Process.

Payment and Fees Schedule - A Payment and Fees Schedule is generated for both the Buyer and Seller once the Seller has finished an Invoice. The document lists all fees charged with the scope of the shipment, and is created for every Invoice. The user can access the schedule within the Shipment folder found on the Contracts screen Transactions tab.

Payment Authorization Document - A document generated by the System and presented to the Buyer to trigger payment. This document is generated for all transactions and displays the results of compliance. This Payment Authorization document (PAD) provides the Buyer with information needed to decide when and how much to pay the Seller.

Payment Details - Payment Details contain particulars about the Settlement of the invoice. For all transactions, this document is produced by the System upon successful data compliance or discrepancy resolution. It is a debit advice from the Buyer's perspective and a credit advice from the Seller's perspective.

Payment Document - This document provides information on the total amount to be debited or credited, including the principal amount and fees, for all transactions that have been grouped into that payment. The Payment Document is produced by the System upon successful data compliance or after resolution of discrepancies have been resolved. This document may represent the payment for one invoice, or for multiple transactions, if the payments were grouped into a single payment.
The document represents a debit advice from the Payer's perspective and a credit advice from the Beneficiary's perspective.

Payment Number - The number systematically assigned to a particular payment. The number represents the overall payment, both the debit and credit sides of the payment. The user can look a payment with either the payment number or the payment reference.

Payment Protection - Provided to the Seller by the Payment Protection Provider for the amount of the transaction in case the Buyer defaults on payment. This payment assurance applies only to transactions that are fully compliant to the terms and conditions of the purchase contract, or, if Discrepant, all Discrepancies have been accepted by the Buyer.

Payment Protection Quote - Document generated by the System upon Purchase Order Approval to provide the Seller with options regarding how they want to Protect the Invoices against the Purchase Order. The Quote provides the Protection options as well as an indicative price for the Protection.

Payment Reference - This number is systematically assigned to represent either the debit or the credit side of the payment. The user can look a payment with either the payment reference or the payment number.

Payment Terms - Payment Terms allow the Buyer and Seller to agree upon the number of days used to calculate the Debit Value Date. Users can indicate that there are no payment terms, meaning pay at time of Settlement, based on required processing times, or the users can agree to a number of days from a particular indicated Start From Date, for the System to calculate the payment terms.

Pick Up Receipt - Proof of Delivery document required during the Fulfillment Phase of a transaction. This document is required when the agreed upon Incoterms are either: DES or DEQ.

Pieces - Option available in the System for identifying the unit of Quantity.

PIN - Personal Identification Number.

Procurement - Procurement describes the System process phase wherein the Buyer creates and approves an order that incites the Seller's action to approve the required documents.

Proof of Delivery Document - Proof of Delivery Document (POD) is the general term used to encompass all of the four documents provided to the System by the Logistics Service Provider or Freight Forwarder during the Fulfillment Phase of a transaction. Only one of the four documents is required for each transaction to reach Data Compliance. The agreed upon Incoterm specifies which POD Document is required:
Forwarder's Cargo Receipt - required for EXW, FCA, FAS and FOB

Waybill - required for CFR, CIF, CPT and CIP

Pick Up Receipt - required for DES and DEQ
Delivery Receipt - required for DDU and DDP

Proof of Inspection - A document prepared by the insured or the insurance company serving as evidence of insurance to the Buyer or bank for an export/import shipment. The certificate lists the terms and conditions of the policy.

Proof of Payment Protection - A document generated by the System outlining the terms and conditions of the Payment Protection locked against a Purchase Order or Commercial Invoice. The Proof of Payment Protection will be located in either the Order Folder or Shipment Folder, depending on whether the Protection is locked against the Purchase Order or Commercial Invoice.

Published Report - The party that created the report can publish any report created on the Report Designer. If a user publishes a report, the report will be displayed to all members of the user's organization that have security rights to view report. All appropriate members of the organization can run, edit and save the changes to the published report. If a user does not want to share his report, he should not publish it on the System.

Purchase Order - Electronic document that outlines the terms of an order, and outlines a contract's shipping terms and conditions to, which both parties must adhere.
Purchase Order amendment - This is a System document type. It identifies the current information and the changes but only for the fields of the Purchase Order that are changed by amendment.

Purchasing Party - The party responsible (Buyer/Seller) for purchasing Cargo Insurance for a particular transaction depends upon the Incoterm.

Report Designer - A reporting tool on the System that enables users to create their own reports. The Report Designer provides a group of templates with a suggested selection of fields and sorts. From this the user can choose which fields to display, and how to sort them. The Report Designer also allows the user to choose from a large selection of parameters such as dates, document statuses, parties, and values. Combined, this affords users maximum flexibility in designing reports.

Report Scheduler - A reporting tool on the System that enables users to create their own reports as well as receive their reports for the time designated. The Report Scheduler provides a group of templates with a suggested selection of fields, sorts and dates. From this users can choose which fields to display, and how to sort them. The Report Designer also allows the user to choose from a large selection of parameters such as dates, document statuses, parties, and values as well as the selection choices of emails to be delivered to inside or outside their organization. Combined, this affords user maximum flexibility in designing and scheduling reports.

Reset - Sometimes clicking Cancel on the Preview screen of a System Fulfillment document resets the document. In this case, reset means the contents of the document are deleted, the status of the document reverts to draft, and a work item for the document is re-created and re-assigned to an authorized user to complete the creation process.

Revocable Funds - Term used when the Buyer has the ability to recall the funds.

Settlement - Settlement, or payment, describes the System process phase wherein payment is made by the Payer and paid to the Beneficiary. Additionally, and its Service Providers are paid for any fees charged on the transactions being settled. Settlement occurs after successful Data Compliance or Discrepancy Notice resolution in Auto-Approved Payment transactions or after the Buyer has approved the Payment Authorization Document for payment in Buyer Approved Payment or Invoice Presentment transactions.

SRCC - Common exclusions found in marine insurance policies are loss or damage resulting from strikes, riots, civil commotions and war. These risks can be, and frequently are, insured through use of endorsements for additional premiums.

Start From Date - When selecting payment terms on the Purchase Order, the Start From Date represents the particular date that the System should add the number of days terms selected in order to determine the Debit Value Date.

Strict Compliance Level - The Strict Compliance Level ensures that all ordered items have been delivered in accordance with the quantity, price, and timeframes as defined in the Purchase Order. Weight and volume must be an exact match. Outer pack quantities must match across all Fulfillment documents. Additional checks include a list of Required Documents and a Logistics Provider Testament of services. All Parties are checked to ensure the Name, Member ID and full address must match.

Tasks - Feature that gives a user the ability to view action steps assigned to his organization. An action step is only assigned to a user with the appropriate security profile. A user can respond to those actions assigned to other users in the organization as long as he has a similar security profile.

Task Flow - An administrative tool that can be used in determining task assignments for all documents within the system. An administrative user based upon defined transaction attributes can assign users for document tasks.

Testament - Statement on the electronic Commercial Invoice and Forwarder's Cargo Receipt specifying that all documents (whether electronic or paper) have been obtained, are authentic and comply with the terms of the contract.

Third Party Consignee - A Third Party Consignee is a Consignee that is not a party to the transaction and is designated to perform additional services for the transacting parties. The Third Party Consignee is responsible for collecting all three Original Bills of Lading and holding them until confirmation is received that the Buyer has satisfied his financial obligations to the Seller. Once confirmation is received, the Third Party Consignee will endorse the Original Bills of Lading as per the Buyer's request and forward the documents accordingly.

Transshipment - The process of unloading cargo at an intermediary port and then reloading it for shipment to its final destination. When the cargo is reloaded, it is possible it can be placed on another mode (i.e., from ocean vessel to truck).

Unit Cost - The price for one unit of goods.

UPC - Universal Product Code. A series of vertical bars of varying widths printed on consumer product packages and used especially for inventory control.

URL - Uniform Resource Locator. An Internet address composed of the protocol type (such as http: ftp:, gopher:, and so on), the name of the server to be contacted (such as www.tradecard.com), the directory or folders (such as order or payment), and the optional filename or document (such as Purchase Order or commercial invoice).

User - Assignee of a task in the System.

Validate - Upon completion of a document, the System will ensure data has been entered into the required fields.

Value Date - The date that funds are due to be debited or credited, depending on the role of the party on the transaction. If the party is the Payer on the Payment, then the Value Date represents the Debit Value Date. If the party is the Beneficiary of the Payment, then the Value Date is the Credit Value Date.

Waybill - Proof of Delivery Document required during the Fulfillment Phase of a transaction. This document is required when the agreed upon Incoterms are either: FOB, CFR, CIF, CPT or CIP.

Wizards - Term refers to a navigational aid. A wizard is a link to another screen within the System and is located in the top and bottom main navigation bars. (i.e.,Tasks and Transactions.)

Work Assigned - This is the name of the hyperlink on the Select a Report screen that, when clicked, causes the report of Pending Tasks to be displayed.

Work Item - A work item is a feature of the System back end workflow process that provides the assignment of tasks to the users of the organizations that are participating in the trade transaction.