What is FOB, TT, CIF, LC?

FOB....Free on Board TT ....Telegraphic Transfer CIF......Cost, Insurance and Freight LC.......Letter of Credit

FOB: free on board, assumption of responsibility by shipper for all costs until goods are placed on carrier.
TT: A colony or territory placed under the administration of one or more countries by commission of the United Nations.
Also called trusteeship.
CIF: Cost, Insurance and Freight; A trade term requiring the seller to arrange for the carriage of goods by sea to a port of destination, and provide the buyer with the documents necessary to obtain the goods from the carrier.
LC: Letter of credit, a document issued to provide a payment undertaking.

FOB : Free on board TT : Trusteeship.
CIF : Cost - Insurance - Freight LC : Letter of credit .
Please visit Below LINK http://www.undp.org/content/dam/undp/documents/procurement/documents/UNDP-Shipping-Guide.pdf

FOB- Incase of Export/Import Frieght charges will be paid in On Board Port(The end port)

TT : Its the transfer of fund,from bnak to bank(Eg.Customet bank Transfer money to Supplier bank)in any currency,locally or globally.

CIF : Its a type of Import method,in this case Frieght will be paid in Loading Port,but Insurance should be arranged in Boarding Country.Means goods are not insured by Supplier.

L/C- Letter of credit,on the basis of sales contract customer bank give Letter of credit guarantee to supplier bank,that the money will be paid on time on or before the materilas delivered.

 

These are export shipment terminologies.
Normally called as INCOTERMS.
eg.
FOB is Free on board.
This means if a supplier is having an FOB contract with the buyer he is responsible till the cargo gets loaded on the vessel.

FOB...
Free on board TT....
Telegraphic Transfer CIF..
Cost Insurance Freight LC....
Letter Of Credit

FOB....Free on Board TT ....Telegraphic Transfer CIF......Cost, Insurance and Freight LC.......Letter of Credit