ASTM – An international Quality standard across multi products and industries. In the glove industry we pay attention to the following standard D6319, (test methods including sterility testing, physical dimensions testing, physical requirements testing, powder residue, and powder limit testing), And for HIGH RISK Chemo gloves we look for ASTM6978 (testing gloves used with chemotherapeutic agents).
FCO- Full Corporate Offer is a document outlining the transaction details and requirements of both parties (buyer/seller). This document requires signature acceptance of parties and is the general premise of the final SPA.
SPA- Sales and Purchase Agreement is the final contract between parties (buyer/seller) once the terms of been set or FCO has been executed.
BOL – Bill of lading is a form provided by the factory that lists the manifest of the currant goods ready to ship. It is a certificate that is used to transact between the factory, the buyer and the Freight forwarding agents. Each shipment carries its own Bill of lading.
CIF – Cost, insurance and freight shipped by ocean. The term will be used to define a complete transfer of goods and responsibility to the buyer at the customs of the final destination port. Once the abovementioned services (listed in the above CIF Boat and Air section) are rendered goods will be picked up at the final destination by the buyer, The Bill of Lading will indicate how many boxes have arrived in customs and all payments will be made to satisfy the completion of the signed contract prior to their release from customs. In the event that multiple shipments will arrive separately to the final destination the same exercise will take place until the entire agreement has been completely exhausted.
COD – Cash on delivery, in most cases COD pays out when goods are inspected.
DOM – Date of manufacturing, Rubber gloves have a shelf life at their highest quality for 3 years. The date of manufacturing is listed on the back of the box and gloves should be considered with dates that are two years or more since that date.
LC- A financial instrument created by the Seller, providing both the buyer and seller signatory and usage privileges to the funds secured for the deal. Specific agreed terms guide the manager (A legal counsel) to distribute funds according to the terms agreed upon.
EN455 – An international Quality standard that can come with up to 4 levels of EN455, Firstly, that the doctor, vet or first aider using the glove is safe from bodily fluids, chemicals and bacteria. Secondly, that the patients they are treating are safe from infection, Part 1: Requirements and testing of gloves for freedom from holes, Part 2: Requirements and tests for physical properties, Part 3: Requirements and tests for biological evaluation, Part 4: Requirements and testing for shelf life determination
FDA – The main US certification that certify a factory and its products for the manufacturing of Medical grade gloves. The name of the manufacture must be listed on the box regardless of the brand. The certification can be searched over the FDA site and must be listed for the specific type of glove with a currant date. (for Nitrile the certification must be under the LZA category) Terms and definitions in the industry L.C.- A financial instrument created by the Seller, providing both the buyer and seller signatory and usage privileges to the funds secured for the deal. Specific agreed terms guide the manager (A legal counsel) to distribute funds according to the terms agreed upon.
LOI – A letter of intent is a signed form describing the intent to transact on behalf of a company and describes the requested needs of that company. Must come from a registered corporation and should be marked with a letter head and list all the corporate information to be verified by our legal counsel.
POF – A verifiable proof of funds is made by an accredited financial institute and can be obtained in two forms; BCL (Bank Comfort Letter) A letter that describes that liquidity of the account that will be used for the transaction or, An MT199 or MT799 digital proof of funds that can be used between two financial institution to verify availability of funds.
PO – A Purchase order is a form provided by the Buyer that lists the actual agreed product details that are intended to be acquired. Buyer may list terms and standards that all sides agree upon.
PI – A Purchase Invoice is a form provider by the seller that lists all the product detail that will be sold to the buyer, The PI will also detail the entire terms of the deal that the SBLC or terms will be drafted upon. It is set as the actual contract between the sides and once signed it is legally binding.
SBLC – A financial instrument created by an accredited financial institution that dedicates a specific amount destined to be paid to satisfy a list of actions agreed by the transacting sides on a deal. STAND BY LETTER OF CREDIT, A guaranteed payment issued by a bank on behalf of a client as payment of last resort.
SGS – An SGS inspection is a reputable international inspection company that provides an on-location goods inspection. The inspection includes testing of goods against their certificates, box count and validation of international regulation. The SGS inspection acts as your private agent anywhere in the world. The SGS inspection certified forms are used as proof of validating goods for shipment or release of funds from an LC or account.
BOX BY WEIGHT – On each glove box it states (for these example) 100 gloves per weight. That means the gloves in the box were not counted but they were weighted. Each glove is about 3.5grms X 100, that’s what inside the box. In some cases, there might be less or more by single digits