In fisheries management, allocating resources has been described as one of the most arduous and challenging tasks. Although most of the tuna regional fisheries management organizations (tRFMOs) have allocation processes in place, the equity of these processes has been questioned. Negotiations on allocations are driven by national and geopolitical interests, which also influence the manner in which key principles and concepts are used in the negotiation process. This article seeks to clarify how key principles and concepts in international fisheries law are understood and to dispel some misconceptions regarding their scope and application. Through facilitating a better understanding of terminology, the authors aim to improve equity and transparency in allocation negotiations, the sustainable management of tuna stocks and the equitable allocation of fishing opportunities.