What does TFP (or TFCD) mean?

TFP stands for time in exchange for prints ("Time For Prints") and TFCD is time in exchange for a CD of images. It is an arrangement in which everyone contributes their time and skills and everyone gets images, but no cash payment is made. Details of TFP type shoots (usage rights, number of images produced and given to the model, etc) vary according to the individual deals people make amongst themselves. The term TFP is rarely used in the real world modeling industry, but there is a preferred term ("test") which functions in the same capacity.

More about TFP can be found (from a modeling perspective) here and (from a photographers perspective) here