Terms used in shipping such as Indemnity,Incoterms,IN-BOND,In Transit, Imports,Importer Distributor,Importer of Record,Importer etc.
This post explains about terms used in shipping such as INDEPENDENT ACTION,Indemnity,Incoterms,IN-BOND,In Transit,Imports,Importer Distributor,Importer of Record,Importer 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 shipping
Importer - The U.S. Customs Service defines "importer" as a person primarily liable for the payment of duties on the merchandise, or an authorized agent acting on the importer's behalf. The importer may be: (a) a consignee, (b) the importer of record, or (c) the actual owner of hte merchandise if the actual owner has filed with Customs a declaration acknowledging ownership along with a superseding bond. (See 119 CFR 141.20.) See: Importer of Record.
Importer Distributor - A merchant who imports goods, usually on an exclusive territory arrangement, maintains an inventory and, through a sales staff, sells to retailers.
Importer of Record - The U.S. Customs Service defines the importer of record as the owner or purchaser of the goods; or, when designated by the owner, purchaser, or consignee, a licensed Customs broker.
Importer/ Exporter Profile : The Part 1 of the application requires the profile of the importer/exporter and the same is registered to the regional authority. In case of any change in the above mentioned information, the same should be immediately intimated to the regional authority.
Imports - Imports of merchandise include commodities of foreign origin as well as goods of domestic origin returned to the United States with no change in condition or after having been processed and/or assembled in other countries. For statistical purposes, imports are classified by type of transaction: - Merchandise entered for immediate consumption. ("duty free" merchandise and merchandise on which duty is paid on arrival); - Merchandise withdrawn for consumption from Customs bonded warehouses, and U.S. Foreign Trade Zones; - Merchandise entered into Customs bonded warehouses and U.S. Foreign Trade Zones from foreign countries.
Imports for Consumption - "Imports for Consumption" measure the total of merchandise that has physically cleared through U.S. Customs either entering consumption channels immediately or entering after withdrawal for consumption from bonded warehouses under Customs custody or from Foreign Trade Zones. Many countries use the term "special imports" to designate statistics compiled on this basis.
Imports:Consist of government and non-government purchases of merchandise from foreign countries.
IMX: This is transportation shorthand for intermodal exchange. In an IMX yard, containers can be lifted from truck chassis to rail intermodal cars or vice versa.
In Bond - Goods are held or transported in bond under customs control either until import duties or other charges are paid, or in order to avoid paying such duties or charges. (Example: Canadian goods are transported in bond through the United States for export to a third country to avoid paying United States customs duties.) Bonded warehouses are available at more ports for storing goods awaiting payment of import duty, or export.
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 Bond:Cargo moving under Customs control where duty has not yet been paid.
In Gate(d):The transaction or interchange that occurs at the time a container is received by a rail terminal or water port from another carrier.
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.
In Transit:In passage from one place to another.
In Transit:In transit, or in passage.
In-Bond - It is a term under which goods are transported, stored, or handled, prior to clearance and release by customs.
In-Bond System - The In-Bond System, a part of Customs' Automated Commercial System, controls merchandise from the point of unloading at the port of entry or exportation. The system works with the input of departures (from the port of unlading), arrivals, and closures (accountability of arrivals).
IN-BOND:customs program for inland ports that provides for cargo arriving at a seaport to be shipped under a customs bond to a more conveniently located inland port where the entry documents have been filed. Customs clears the shipment there and the cargo is trucked to its destination, which normally is close to the inland port.
Inbound Freight - Shipments coming from vendors to a storage facility.
Inbound:Inward bound. Direction of vessel or cargo going to port of discharge or final destination.
Ince. – Insurance
Incentive Rate:A lower-than-usual tariff rate assessed because a shipper offers a greater volume than specified in the tariff. The incentive rate is assessed for that portion exceeding the normal volume.
INCOTEMS:The recognized abbreviation for the International Chamber of Commerce Terms of Sale. These terms were last amended, effective January 1, 2000.
Incoterms - Maintained by the International Chamber of Commerce (ICC), this codification of terms is used in foreign trade contracts to define which parties incur the costs and at what specific point the costs are incurred.
Incoterms - Rules governing the interpretation of terms used in international trade, published by the International Chamber of Commerce. Against each of the terms of sale, such as FOB, CIF and DDP, are defined the duties of buyer and seller. These rules are incorporated into a contract of sale by agreement of the two parties.
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:"Incoterms" is a trademark of the International Chamber of Commerce. The recognized abbreviation for the International Chamber of Commerce Terms of Sale. A set of rules which define the responsibilities of sellers and buyers for the delivery of goods under sales contracts. They are published by the International Chamber of Commerce (ICC) and are widely used in commercial transactions.
INCOTERMS:A set of uniform rules codifying the interpretation of trade terms defining the rights and obligation of both buyer and seller in an international transaction, thereby enabling otherwise complex basis for a sale contract to be accomplished in three letters. INCOTERMS are drafted by the International Chamber of Commerce.
Incoterms:Maintained by the International Chamber of Commerce (ICC), this codification of terms is used in foreign trade contracts to define which parties incur the costs and at what specific point the costs are incurred. (also see incoterm section)
Indemnity - Compensation offered by one party to another for the consequences of carrying out, or omitting to carry out, a certain act. An indemnity is usually given in writing but is unenforceable in a court of law if the act for which it is given is intended to defraud an innocent third party.
Indemnity Bond:An agreement to hold a carrier harmless with regard to a liability.
Indent - A requisition for goods, enumerating conditions of the sale. Acceptance of an indent by a seller constitutes his agreement to the conditions of the sale.
INDEPENDENT ACTION:A move whereby a member of a shipping conference elects to depart from the specific freight rates, terms, or conditions set forth by the conference. No prior approval of the conference is needed.
Independent Action:Setting rate within a conference tariff that is different from the rate(s) for the same items established by other conference members.
Independent European Program Group - The IEPG is an intergovernmental organization that is not formally part of NATO but whose membership includes all the EC members of the alliance, plus Norway and Turkey. Established in 1976, IEPG's objectives are to promote European cooperation in research, development, and production of defense equipment; improve transatlantic armaments cooperation; and maintain a healthy European defense industrial base.
The above details describes about terms called in shipping such as INDEPENDENT ACTION,Indemnity,Incoterms,IN-BOND,In Transit,Imports,Importer Distributor,Importer of Record,Importer 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 shipping business below this post.Terms used in shipping such as Infrequent Exporter,Import Certificate,IMPORT LICENSE,Import Permit,Import Rate,Import Substitution
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