Approximately

In foreign trade terminology, 'approximately' (often abbreviated as Approx.) is used to indicate that the quantity, amount, weight, etc., in a letter of credit or contract may be increased or decreased within a certain range. According to Article 30 of the ICC Uniform Customs and Practice for Documentary Credits (UCP600), if a letter of credit uses 'about' or similar terms, a tolerance not exceeding 10% more or less is allowed for the quantity and amount of goods, but the amount drawn must not exceed the total amount of the credit. It is commonly used in bulk commodity transactions (such as grain, ore, oil) because the actual shipped quantity is difficult to control precisely. Notes: The approximate term applies only to quantity, amount, etc., not to unit price; if the letter of credit does not explicitly allow a tolerance, even if the word 'about' appears, it must be executed strictly according to the credit; moreover, different countries may interpret 'about' differently, so it is advisable to specify the exact tolerance percentage in the contract. The difference from other terms such as the 'More or Less Clause' is that the More or Less Clause usually stipulates a specific percentage (e.g., ±5%), while 'approximately' defaults to 10%, but the terms of the letter of credit shall prevail.