The information provided here is part of Online Export Import course
Terms used in freight forwarding such as courier,credit agreement,customs registered number etc.
This post explains about terms used in freight forwarding such as country of transshipment,courier,credit agreement,customs registered number,cross trade,cruise ship,container terminal operator,currency adjustment factor,custom house broker, customs bonded warehouse,customs duty,customs brokerage etcThese 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
Country of Transshipment:The country through which a shipment must pass and be re-sorted to reach its ultimate destination.
Country of Ultimate Destination:Final country, as known by an exporter, where goods are scheduled to arrive.
Courier:A term used to connote fast, expedited, personalized package and document handling.
CPT Carriage Paid To (named place of destination) – Incoterms:The seller must pay the costs and freight necessary to bring the goods to the named destination but the risk of loss of or damage to the goods is transferred from the seller to the buyer when the goods have been delivered into the custody of the carrier. Being based on FCA, this term may be used for any mode of transport.
CPT -Carriage Paid To ( INCOTERM)
Cranage: Charge of use of wharf crane when a ship's own appliances for loading or unloading are used.
Credit Agreement - Agreement between carrier and shipper for release of cargo with promise to pay ocean freight within specified time.
Crew Member:Any person actually employed for duties on board during a voyage in the working or service of a ship and included in the crew list (IMO).
CRF: Clean report of findings. Details the quality, quantity and state of goods that are shipped.
CRN- Customs Registered Number. Used in Australia by exporters who have been granted “Confirming Exporter Status” by Customs, instead of the standard ECN.
CRN: Customs registered number
Cross Dock/Cross Docking (XDK): A distribution system in which merchandise received at the warehouse or distribution center is not put away, but instead is readied for shipment to retail stores. Cross docking requires close synchronization of all inbound and outbound shipment movements. By eliminating the put-away, storage and selection operations, it can significantly reduce distribution costs.
Cross Trade - A shipment which has three interested parties. There is usually a seller, a broker / middle man and an end user. The shipment is governed by at least two contracts, the first being between the seller and the broker, the second between the broker and the end user. In this way, the seller and end user do not learn of each other’s identities, thus preventing them from going direct.
Cruise Ship:A ship on an international voyage carrying passengers participating in a group program and accommodated on board, for the purpose of making scheduled temporary tourist visits at one or more different ports, and which during the voyage does not normally: (a) embark or disembark any other passengers; (b) load or discharge any cargo.
CSC:Container Service Charge.
CST - Commodity Specialist Team.
CST - Commodity Specialist Team. These Customs employees know everything there is to know about the commodity for which they review.
CT- Container Terminal - see Container Terminal
CTO -Container Terminal Operator
CTO Fee -A charge imposed by a Container Terminal Operator for handling cargo.
C-TPAT: Customs-Trade Partnership Against Terrorism – a voluntary government-business initiative to improve overall international supply chain and U.S. border security.
CU.FT.: Cubic feet.
Cube: The volume of the shipment or package.
Cubic Foot - 1,728 cubic inches. A volume contained in a space measuring one foot high, one foot wide and one foot long.
Currency Adjustment Factor (CAF)-A surcharge or a discount on the freight amount, by the ‘Ocean Carrier’, to provide for fluctuations in exchange rates.
Currency Adjustment Factor:Abbreviation: CAF Adjustment applied by lines or liner conferences on freight rates to offset losses or gains for carriers resulting from fluctuations in exchange rates of tariff currencies.
Currency Collect Fee- See Collection Fee
Custom Broker:An individual or firm licensed to enter and clear goods through Customs.
Custom House Broker - A person or firm, licensed by the treasury department of their country when required, engaged in entering and clearing goods through Customs for a client (importer).
Customer/Order Fulfillment Process: The typical business process which includes receipt and processing of a customer order through delivery.
Customer: 1) In distribution, the Trading Partner or reseller, i.e. Wal-Mart, Safeway, or CVS. 2) In Direct-to- Consumer, the end customer or user.
Customization: Creating a product from existing components into an individual order.
CUSTOMS - The authorities designated to collect duties levied by a country on imports and exports. The term also applies to the procedures involved in such collection.
Customs and Border Protection (CBP): Formed during the creation of the Department of Homeland Security in 2003, CBP consists primarily of the customs inspection function formerly performed by the U.S. Customs Service as part of the Department of Treasury, the immigration inspection function formerly performed by the Immigration and Naturalization Service (INS), and the Border Patrol, formerly part of the Department of Justice.
Customs Bonded Warehouse - A warehouse authorized by Customs to receive duty-free merchandise.
Customs Bonded Warehouse:A public or privately owned warehouse where dutiable goods are stored pending payment of duty or removal under bond. The storage or delivery of goods are under the supervision of customs officers and if the warehouse is privately owned the keeper has to enter into a bond as indemnity in respect of the goods deposited, which may not be delivered without a release from the customs.
Customs Broker:A firm that represents importers in dealings with Customs. Normally responsible for obtaining and submitting all documents for clearing merchandise through Customs, arranging inland transport, and paying all charges related to these functions.
Customs Brokerage: Involves the clearing of goods through customs barriers for importers and exporters.
CUSTOMS CLEARANCE AGENT: A customs broker or other agent of the consignee designated to perform customs clearance services for the consignee.
Customs Clearance: The accomplishment of the Customs formalities necessary to allow goods to enter the country, to be exported or to be placed under another customer’s procedure.
Customs Duty:A tax, duty or tariff levied at the time of import upon goods entering a country. Usually based on the value of the goods (ad valorem), on the physical nature of the goods such as quantity or weight, or on a combination of the value and other factors.
Customs Entries: Custom Entries are classified in several ways:
Customs House Broker: A business firm that oversees the movement of international shipments through customs and ensures that the documentation accompanying a shipment is complete and accurate.
The above details describes about terms called in freight forwarding such as country of transshipment,courier,credit agreement,customs registered number,cross trade,cruise ship,container terminal operator,currency adjustment factor,custom house broker, customs bonded warehouse,customs duty,customs brokerage 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 overseas trade below this post.
Terms used in freight forwarding such container prefix,container seal ,container terminal,container yard
The above information is a part of Export Import Online Tutorial
Related posts about free online training on import business:
How to export your product?
Click here to know HS code of your product
What is the ITC code (Indian Tariff Code) of your product?
12 Major risks and solutions in Imports and Exports
Documentation procedures on high sea sale
How to get non preferential Certificate of Origin, state wise
Types of export containers
SEIS scheme for exporters in India
How does Letter of Credit work?
Who are authorized to issue COO under SAARC Preferential Trading Arrangement or SAPTA Preferential Trade Agreement
Authorities to issue Certificate of origin under India Sri Lanka Free Trade Agreement(ISLFTA)
What is Express Release Bill of Lading
What is FIRC in export import business
What is first check assessment procedures in import customs clearance