Terms used in freight forwarding such as Importation Point,In Bond,In Transit,Inherent vice,Institute Clauses,Insurable Interest

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Terms used in freight forwarding such as Importation Point,In Bond,In Transit,Inherent vice,Institute Clauses,Insurable Interest etc.

 

 

This post explains about terms used in freight forwarding such as IMPORT QUOTAS, Importation Point,In Bond,In Transit,Inherent vice,Institute Clauses,Insurable Interest,Inland bill of lading,Inspection Certificate etc.

 

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

 

IMPORT PERMIT: A document required and issued by some national governmentsauthorizing the importation of goods into their country.

 

IMPORT QUOTAS:Absolute limits to the quantity odf a product that can be imported into a country during a particular time period.

 

Import/Export License: Official authorization issued by a government agency which allows for the transport of goods across their national boundaries. Licenses may be required for all, or only specific classes of commodities.

 

Terms used in freight forwarding such as Importation Point,In Bond,In Transit,Inherent vice,Institute Clauses,Insurable Interest etcimport: imposed for excess usage container since its removal from the terminal (full) until the return of empty containers at the port, minus free days. Export: counted from pick-up empty to removal to terminal (full) minus free.

 

Import: Movement of products from one country into another. The import of automobiles from Germany to the U.S. is an example.

 

Import:To bring goods from overseas into one's country.

 

Importation Point: The location (port, airport or border crossing) where goods will be cleared for importation into a country.

 

Importer Security Filing (ISF): Rule that requires importers, or their agents, to transmit an Importer Security Filing to CBP, for cargo destined to the United States no later than 24 hours before cargo is laden aboard a vessel destined to a United States port. An ISF is required for all USA destined cargo and all IE and T&E shipments that enter a US Port.

 

In Bond - Cargo moving under Customs control where duty has not yet been paid.

 

IN BOND - A term applied to the status of merchandise admitted provisionally to a country without payment of duties, either for storage in a bonded warehouse or for trans-shipment to another point, where duties will eventually be imposed.

 

In Bond - The transportation of a shipment to an inland point for Customs clearance rather than filing an entry to clear the goods at the port of arrival.

 

In Bond: Goods are held or transported In-Bond under customs control either until import duties or other charges are paid, or to avoid paying the duties or charges until a later date.

 

In Bond:A term applied to the status of merchandise admitted provisionally to a country without payment of duties, either for storage in a bonded warehouse or for transshipment to another point, where duties eventually will be paid.

 

IN BOND:A term applied to the status of merchandise admitted provisionally to a country without payment of duties -- either for storage in a bonded warehouse or for trans-shipment to another point, where duties will eventually be imposed.

 

In Bond:A term, which indicates that an imported shipment was not cleared by Customs at the border, and is moving under a surety bond.

 

In Gate - The transaction or interchange that occurs at the time a container is received by a rail terminal or water port from another carrier. A TIR is issued as a receipt.

 

In Transit:In passage from one place to another.

 

In Transit:The status of goods or persons between the outwards customs clearance and inwards customs clearance.

 

IN-BOND TRANSPORTATION: Transporting a transit cargo shipment in bond without clearing customs to the destination.

 

Inbound Logistics: The movement of materials from suppliers and vendors into production processes or storage facilities.

 

Inbound:Inward bound. Direction of vessel or cargo going to port of discharge or final destination.

 

INCO Terms:Trade terms in coded form as established by the International Chamber of Commerce in 1953, whereafter they have been regularly updated. (Last update 2000). The terms represent a set of international rules for the interpretation of the principal terms of delivery used in trade contracts.

 

Incoterms 2000:A set of rules for the interpretation of the most commonly used trade terms in foreign trade, recognised throughout the world, issued by the International Chamber of Commerce.

 

INCOTERMS -The International Rules for the Interpretation of Trade Terms. A list of 13 standard terms for international contracts of sale, issued by the ICC. The current edition is INCOTERMS 2000.

 

INDUCEMENT: Minimum quantity of cargo required by a shipping line to make it worthwhile to call at a particular port for loading or discharging.

 

Inherent Vice- An inherent quality of goods or packaging which renders it liable to loss or damage without any outside peril or force. The rusting of steel, or the rotting of fruit are examples of inherent vice qualities.

 

INHERENT VICE:A loss caused by the inherent nature of the thing insured and not the result of a casualty or external cause.

 

Inland B/L - See B/L.

 

INLAND BILL OF LADING - A bill of lading used in transporting goods overland to the exporter's international carrier.

 

Inland Bill of Lading:The Inland Bill of Lading, usually a non-negotiable document, evidences the receipt of goods by an inland carrier for transport from the point of origin to the point of export. These bills of lading include the following export information: "for export," marks and number, "freight prepaid," and special delivery/notification instructions.

 

Inland Carrier - A transportation line that hauls export or import traffic between ports and inland points.

 

Inland Waterways Bill of Lading;Transport document made out to a named person, to order or to bearer, signed by the carrier and handed to the sender after receipt of the goods.

 

Inside service:Standard pick-up and delivery service is normally defined as within a short distance from the rear of the truck—if the driver is required to move the shipment more than a short distance to/from the rear of the truck, then the forwarder or trucker will assess an accessorial charge for inside service.

 

Inspection Certificate: A document certifying that merchandise (such as perishable goods) was in good condition immediately prior to shipment.

 

Inspection Certificate:To protect themselves, many foreign firms request a Certificate of Inspection. This may be an affidavit by the shipper, or by an independent inspection firm hired by the buyer, certifying the quality, quantity, and conformity of the goods to the purchase order.

 

Institute Clauses -The standard clauses of Insurance cover for use in Marine Insurance, on a worldwide basis. Institute Cargo Clauses, A, B, & C stipulate the 3 basic forms of cover; whilst the Institute Extension and other specific Clauses stipulate covers for particular goods and/or circumstances.

 

Insurable Interest -For an insurance policy to be valid, the assured must have an ‘insurable interest’ in the goods. This is defined as the insured being so related to the goods that he will benefit from their survival, or suffer loss or liability if they are damaged or lost.

 

Insurable Value- In marine and transit insurance - generally 110% of the CIF value of the goods.

 

Insurance Certificate - Assures the consignee that insurance is provided to cover loss or damage to the cargo while in transit.

 

Insurance Certificate:A certificate issued by the insurance underwriter giving details of a particular transaction which is held insured under an insurance policy.

 

 

The above details describes about terms called in freight forwarding such as IMPORT QUOTAS, Importation Point,In Bond,In Transit,Inherent vice,Institute Clauses,Insurable Interest,Inland bill of lading,Inspection Certificate etc. 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 freight forwarding trade below this post. Terms used in freight forwarding such as House/House,Hub Airport,Independent Action,Bond Export Consolidator,Import Document Fee

 

The above information is a part of Online international business guide course


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