Proforma Invoice (PI)
A preliminary invoice sent before shipment that sets out the goods, quantities, prices, Incoterm, payment terms and bank details. It lets the buyer arrange payment, open a letter of credit or apply for an import licence. It is not a demand for tax purposes, and the final commercial invoice follows when the goods are dispatched.
Related terms
Incoterms
A set of eleven trade terms published by the International Chamber of Commerce that define the responsibiliti…
Letter of Credit (LC)
A bank's written undertaking to pay the seller a stated amount once documents that comply exactly with the cr…
MOQ (Minimum Order Quantity)
The minimum order quantity is the smallest amount a supplier will sell in one order, set for reasons such as…
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