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This web site and all contents are Copyright ©
1999 by Held & Associates, Inc. Web Construction by R E Grove |
ABI
Automated Broker Interface. This is a computer
system used by customhouse brokers to communicate import information to
U.S. Customs.
Advising Bank
A bank operating in the exporters country that
handles letters of credit for a foreign bank by notifying the exporter
that the credit has been opened in his favor.
Air Waybill
A non-negotiable contract of carriage for air
transportation between an air carrier and a shipper or an air carrier and
an air freight forwarder. In the latter case the forwarder, as an
indirect air carrier issues his own house air waybill to the shipper.
All-Risk Clause
An Insurance provision that all loss or damage
to goods is insured except that of inherent vice (self caused).
Applicant
The buyer of foreign goods in a letter of credit
transaction. The applicant asks his/her bank to establish credit
for the purchase of these goods.
Beneficiary
The seller of goods in a letter of credit transaction. If all
L/C terms are met, the bank transfers funds to this person.
Bill of Lading
A document issued by a carrier to a shipper,
that serves as a receipt for goods, definition of contract of carriage,
evidence of title to the goods.
Bill of Lading, Through
A bill of lading that covers transportation by
more than one carrier from point of issue to point of destination.
Bonded Warehouse
Warehouse authorized by customs authorities for
storage of goods on which payment of duties is deferred until the goods
are removed.
Break-Bulk Vessel
Designed to handle palletized, pre slung boxed,
and unitized cargo, self-sustaining.
Carnet
A customs document permitting the holder to carry
or send merchandise temporarily into certain foreign countries without
paying duties or posting bonds.
Certificate of Origin
Document presented to customs for import freight
used to certify the origin of goods.
Certificate of Insurance
Document that indicates freight has been insured.
C&I
Quoted price includes cost of goods and insurance.
C.I.F.
Quoted price includes cost of goods, insurance
and freight.
Clean Bill of Lading
A bill of lading which covers goods received
in "apparent good order and condition."
Confirmed Letter of Credit
A letter of credit, issued by foreign bank with
validity confirmed by an U.S. Bank.
Confirming/Advising Bank
Party to an L/C. This bank provides extra
"insurance" for a seller of goods. If the issuing (buyers) bank can
not or will not pay for the transaction, the confirming bank will.
Consumption Entry
Entry filed for goods imported for use in the
U.S.
Custom House Broker
Person or firm, licensed by the U.S. Treasury
Dept., acting as the importers agent to facilitate the entry of goods to
the U.S. and pay duties.
Container Ship
Ocean going ship designed to carry containers
both internally and on deck. Some are self-sustaining.
Demurrage
A penalty for exceeding free time allowed for
loading or unloading or holding of cargo.
Dim Weight
(Dimensionalized Weight) determined by calculating
length X width X height and dividing by 166.
Dock Receipt
A document tendered to the receiving clerk at
the pier to facilitate the handling of the goods.
Duty Drawback
A U.S. manufacturer can recover 99% of the duties
paid on imported goods that are used to manufacture American products for
export. This provision also applies to goods that are imported and
then exported without further processing, providing the merchandise was
not used in the U.S., no value was added to the product, and the goods
were exported within three years of original importation.
Draft
(Also Bill of Exchange) an unconditional order
in writing from one person (the drawer) to another (the drawee), directing
the drawee to pay a specified amount to a named drawer on a fixed date.
EIN
Employers identification number. Number
assigned to a firm for tax reporting purposes.
Export Declaration
A form to be completed by the exporter or their
authorized agent and filed in triplicate by a carrier with the U.S. collector
of customs at point of exit.
Export License
A document secured from a government, authorizing
an exporter to export a specific quantity of a particular commodity to
a certain country.
F.A.S.
Free alongside quoted price includes the cost
of delivering the goods alongside a designated vessel.
F.O.B.
Free on board quoted price includes the cost
of loading goods into transport vessels at the specified place.
F.P.A.
Free of particular average (marine insurance
term). A term used in marine insurance policies to indicate that
the underwriter is unwilling to assume full liability.
Freight Forwarder
An individual or firm retained by the shipper
to handle all or part of the export arrangement, including transportation
and documentation.
General Average
When damage to cargo on board a vessel exceeds
carrier's insurance.
Harmonized System
Establishes International uniformity for product
classification.
House Air Waybill
An air waybill issued by a freight consolidator.
Import License
A certificate issued by countries exercising
import controls.
In-Bond
A customs program for inland ports that provide
for cargo arriving at a seaport to be shipped under a customs bond to more
convenient location inland.
Issuing Bank
Party to an L/C. This bank prepares the
L/C, which sets transaction terms and guarantees the buyer's credit.
L.C.L.
Less than container load, less than a carload.
Non-Vessel Operating Common Carrier
(NVOCC)
An F.M.C. Licensed cargo consolidator of small
shipments in ocean trade.
Open Account
A high risk trade arrangement in which goods
are shipped to a foreign buyer without guarantee of payment.
Pallet
Load carrying platform to which loose cargo is
secured.
Phytosanitary Inspection Certificate
A certificate issued by U.S. Department of Agriculture
indicating that a shipment has been inspected and is free of harmful pests
and plant diseases.
Power of Attorney
A document that authorizes a customs broker to
sign all customs documents on behalf of an importer.
Pro Number
A number assigned by the carrier to a single
shipment, used for identification purposes.
Schedule B
Refers to "schedule B, statistical classification
of domestic and foreign commodities exported from the U.S." being replaced
under the harmonized system.
SLI
Shippers letter of instructions. This form
is completed by the shipper instead of a bill of lading and contains all
pertinent shipment information.
Surety Bond
A bond insuring against loss or damage or for
the completion of obligations.
Transshipment
The transfer of shipment from one carrier to
another in international trade.
Volume Weight
Used when calculating air freight when the size
of the carton is greater than the average weight, calculated by multiplying
the length times the width times the height and dividing by 166.
Warehouse to Warehouse
A clause in marine insurance policy whereby the
underwriter agrees to cover the goods while in transit between the initial
point of shipment and the point of destination.
War Risk Insurance
Insurance issued by marine underwriters against
warlike operations.
Wharfage
A charge assessed by a pier or dock owner against
the cargo or a steamship company for use of the pier or dock.
The information furnished in the
tables and glossary is for general information use.
Held & Associates, Inc. does
not guarantee the accuracy of the data.
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This web site and all contents are Copyright ©
1999 by Held & Associates, Inc. Web Construction by R E Grove |