Terms used in freight forwarding such Automated Broker Interface,AirCargo Automation,acceptance,Accessorial Charges

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Terms used in freight forwarding such Automated Broker Interface,AirCargo Automation,acceptance,Accessorial Charges etc.

 

This post explains about terms used in freight forwarding such as Abandonment, Automated Broker Interface,AirCargo Automation,acceptance,Accessorial Charges,Accreditation,Act of God,Actual Total Loss,AD VALOREM. These terms used in international business are arranged in alphabetical order and you may add more information about terms used in export business at the end of this article, if you wish.

 

Terms used in freight forwarding

 

10 + 2 Rule: A new rule instituted by the United States Customs and Border Protections (US CBP). 10+2 requires cargo information, for security purposes, to be transmitted to the US CBP at least 24 hours before goods are loaded onto an ocean vessel for shipment into the U.S. 10+2 is pursuant to section 203 of the SAFE Port Act, and requires importers to provide 10 data elements to the US CBP, as well as 2 more data elements from the carrier. • The following 10 data elements are required from the importer: • Manufacturer (or supplier) name and address • Seller (or owner) name and address Buyer (or owner) name and address Ship-to name and address • Container stuffing location • Consolidator (stuffer) name and address • Importer of record number/foreign trade zone applicant identification number • Consignee number(s) Country of origin • Commodity Harmonized Tariff Schedule number • From the carrier, 2 data elements are required: Vessel stow plan • Container status messages

 

3461 :A Customs form that summarizes the release of goods. Sometimes referred to as the Entry Summary. Also called the CBP 3461

 

3PL: See Third Party Logistics

 

3PL:a third-party, or contract, logistics company. A firm to which logistics services are outsourced. Typically handles many of the following tasks: purchasing, inventory management/warehousing, transportation management, order management.

 

4 Way Pallet - A pallet designed to be picked up by a fork lift from any of its four sides. Also used in describing a type of container loading style of turning alternating pallets 90 degrees (4-way) in order to maximize the number of pallets that can fit in a container.

 

Terms used in freight forwarding such Automated Broker Interface,AirCargo Automation,acceptance,Accessorial Charges etc4 Way Pallet - A pallet designed to be picked up by a fork lift from any of its four sides. Also used in describing a type of container loading style of turning alternating pallets 90 degrees (4-way) in order to maximize the number of pallets that can fit in a container.

 

434: CBP Form 434 is the NAFTA Certificate of Origin

 

4PL: See Fourth Party Logistics

 

6043 :A document used to move goods in bond. Usually containers or consolidations to a CFS. Also Called the CBP Form 6043

 

7501: A CBP form used to describe in detail the goods being entered for consumption or bonded storage. Also called the CBP 7501

 

7512 : The Customs form used to identify and detail the movement of cargo in bond from origin to destination. Also called the CBP Form 7512

 

A.B.S.:American Bureau of Shipping, an American ship classification society.

 

A1 :Cargo or goods are in first class condition.

 

Ab initio (Lat) -From the beginning

 

Abandonment-The surrender of the property, and any rights and liabilities attaching to it, by the

 

ABI - ABI stands for Automated Broker Interface. This is the part of Customs Automated Commercial System (ACS) that allows participants to electronically file Import data with Customs. ABI features include filing and clearing of import freight, payment of Customs duties, querying of quota and tariff status, and interface with other government agencies. This program is available to brokers, importers, carriers, port authorities, and independent service centers. Currently over 96% of all entries filed with Customs are filed electronically via the ABI System.

 

Absolute: - Permits a limited number of units of specified merchandise to be entered or withdrawn for consumption during specified periods.

 

ACA -AirCargo Automation. The term applied by Australian Customs to the computer system that coordinates and controls the reporting and delivery of import aircargo in Australia.

 

ACA Fee- A charge applied by Forwarders and Consolidators in Australia to cover the costs associated with the operation of the AirCargo Automation System.

 

Acceptance of Goods:The process of receiving a consignment from a consignor, usually against the issue of a receipt. As from this moment and on this place the carrier's responsibility for the consignment begins.

 

ACCEPTANCE:A draft, payable at a determinable future, date upon the face of which the drawee acknowledges his obligation to pay it at maturity. (Broadly speaking, any agreement to purchase goods under specified terms. An agreement to purchase goods at a stated price and under stated terms.)

 

Accessorial Charge :A charge made by a carrier for other than basic ocean transportation. Accessorial means a particular service other than basic transportation.

 

Accessorial charges.Additional charges assessed by the forwarder or carrier for performing services that go beyond their normal scope. For example, some carriers asses an additional fee for "liftgate service" if the pickup location does not have a loading dock or forklift.

 

Accessorial Charges: A carrier's charge for accessorial services such as loading, unloading, pickup, and delivery.

 

Accessorial Fee: See Accessorial Charges

 

Accreditation: The process in which certification of competency, authority, or credibility is presented. An example of accreditation is the accreditation of testing laboratories and certification specialists that are permitted to issue official certificates of compliance with established standards.

 

ACH - ACH stands for Automated Clearing House and is part of the Customs ACS. ACH allows for the payment of duties, taxes, and fees due on an import entry through an electronic funds transfer to a bank designated by the U.S. Treasury department. Both importers and brokers can pay fees using the statement process which allows a group of entries to be paid all together. It used to be that each entry had to be paid separately with individual checks.

 

Acknowledgment: Typically this is a response, either electronic or as a physical document, which confirms the receipt of an order from the supplier to the buyer.

 

ACS - Automated Commercial System (see ABI)

 

ACS/ABI/AMS:Automated Commercial System/Automated Broker Interface/Automated Manifest System. U.S. Customs programs to automate the flow of Customs-related information among Customs brokers, importers, and carriers.

 

Act of God - Marine Insurance term meaning an act beyond man's control, e.g., lightning, flood, earthquake, etc. The carrier is not legally responsible under most circumstances for such damage.

 

Act of God- An event caused by natural forces, which arose without human intervention, and could not be provided for nor foreseen.

 

Active Inventory: Materials held in a facility which are intended to be consumed in manufacturing/assembly, or sold in a specified period.

 

Active Stock: Goods in active pick locations and ready for order filling.

 

Actual Costs: The actual labor, material, and allocated overhead costs incurred in the acquisition or production of a product.

 

Actual Total Loss- Insurance term. An actual total loss occurs when:1. The insured property is damaged to an extent where it is no longerrecognizable as the property originally insured.2. The assured has been irretrievably deprived of the insured property.3. The insured property is destroyed.

 

AD VALOREM (DUTY) - According to Value. This is one of several methods of calculating duties owed to U.S. Customs. This most common method determines duty based on the value of the goods times a percentage rate. For example, a shipment of televisions valued at $500.00 with an AD VALOREM duty rate of 10% would have duty of $50.00.

 

The above details describes about terms called in freight forwarding such as Abandonment,Automated Broker Interface,AirCargo Automation,acceptance,Accessorial Charges,Accreditation,Act of God,Actual Total Loss,AD VALOREM. These phrases may help importers and exporters on their day to day business activities. The readers can also add more information about terms used in overseas trade below this post

Terms used in freight forwarding such as Waybill,Weight Certificate, Wharfage,XML / EDI,Yawl,Zone Charges,Zodiac,Zone Restricted

 

 

The above information is a part of Export Import Training course online



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