Terminology

Subject to Approval of Pre-shipment Sample
(SAS PSS) Contract is subject to buyer approval of pre-shipment sample only
Subject to Approval of Arrival Sample
(SAS Arrival) Contract is subject to buyer approval of arrival sample
Subject to Approval of Sample, Replace
(SAS, Replace) Contract is subject to buyer’s approval of pre-shipment sample. If the sample is not approved, coffee will be replaced it with a sample from another lot.
Subject to Approval of Sample, No Approval No Sale
(SAS, NANS) Contract is subject to buyer’s approval of sample. If the sample is not approved, contract is void

SPOT
Coffee is in-store and available for immediate release
Delivery
Coffee is released or available for release during specified delivery months
Extended Delivery
Coffee is contracted and released over a given period of time and includes storage and financing (i.e carry charges) for the agreed upon period

Ex-Warehouse (XW or EXW)
The buyer must have an account at the warehouse. Ownership is transferred from seller to buyer when the delivery order is issued. Outload, preparation (palletization, etc.) and transport are for buyer’s account. If buyer does not have an account at the warehouse, then contract terms convert to FOT (see below) and ASCI will assume the charges and factor this into the cost of your purchase. The delivery order (D.O.) issue date transfers Title (risk and liabilities) to the buyer.
Free on Truck (FOT) Warehouse
Ownership is transferred from seller to buyer upon loading of truck. Warehouse charges, including outload and preparation charges, will be assumed by ASCI and included in sale price. Shipping and insurance from the seller’s warehouse are the responsibility of buyer. The D.O. issue date transfers Title (risk and liabilities) to the buyer.
Delivered Plant
For quantities of 100 bags or more, ASCI can quote pricing delivered to your door

ICE
Coffee is traded on the Intercontinental Commodities Exchange (ICE). ICE establishes a daily base price for coffee. Price quotes are in cents per pound.
Ex.) 150 cts/lb = $1.50/lb
First Notice Day
Seven business days prior to first business day of futures futures delivery month

H=March
K=May
N=July
U=September
Z=December
Differential
The price premium over, or discount below, the base market price
Ex.) If the market is trading at 150 cts/lb and the differential is +25 cts/lb the final price 175 cts/lb or $1.75/lb
Price to be Fixed
Price of the contract remains “open” until time of market fixation. The contract must be fixed prior to First Notice Day
Flat Price
Price is established on an outright basis at time of contract (i.e market level + differential)