Shared trade language
Commodity Glossary
Concise definitions used to prepare physical-commodity files; contractual and regulatory wording always prevails.
Material and specification
A commodity name identifies a broad material family. The agreed grade, composition, origin, condition, sampling basis and tolerance determine what can actually be traded.
- Assay or certificate of analysis: a dated test result for a defined sample
- Specification: the agreed parameters, methods, units and tolerances
- Contamination: unintended material that can affect safety, legality or recovery
- Representative sample: a sample collected under a method intended to reflect the lot
Commercial file
An indication is not a binding offer. Volume, price, currency, payment, inspection, title transfer, Incoterm and validity must be stated and accepted in the relevant contract.
- MOQ: minimum order quantity proposed for a transaction
- Incoterm: ICC delivery rule allocating selected costs, tasks and risks
- Counterparty: the legal person entering or supporting the transaction
- Chain of custody: records connecting material movements and claims
Evidence status
Submitted means provided by a counterparty. Reviewed means examined against an identified scope. Verified should be used only when the verifier, method, date and result are explicit.