28 November 2022
All you Need to Know About US Import Tax and Duties
The purpose of imposing customs duties on countries is to maintain the receiving country’s economic stability, by monitoring and controlling the flow of goods, either general or prohibited.
22 November 2022
What is a Shipper's Export Declaration? Form and Uses
A shipper's export declaration is an essential document for trade of goods with the USA. It acts as record of US exports and is also used to keep track of trade statistics.
03 October 2022
Transferable Letter of Credit - Process Flow, Risks & Samples
A transferable letter of credit (LC) is a credit facility that the first beneficiary can transfer to another party or the second beneficiary. Such a financial guarantee is applicable when the sellers of goods are agents/dealers and are not the suppliers or manufacturers themselves.
09 September 2022
Intermodal Containers in Shipping - Complete Guide with Meaning & Types
The maritime logistics supply chain has undergone a paradigm shift with the advent of containerization to transport cargo. Intermodal containers facilitate the transport of raw materials and other cargo on various transport means.
14 September 2022
What Is Straight Bill of Lading? A Detailed Guide on Straight BOL
In general, a BOL is negotiable. A negotiable bill of lading refers to a document whose title can be changed, i.e., the ownership of the commodities can be changed from one party to another. One can transfer the ownership of the shipment to another party by signing the bill. In a negotiable bill of lading, the new consignee is free to transfer the ownership of the commodities to another person
07 September 2022
Shipping Guarantee in Import Export - Meaning, Process & Examples
In international trade transactions, An importer generally needs a bill of lading and a few other shipping documents to collect goods from the destination port. The bill of lading is issued by the shipping company to the exporter once the shipping company has inspected the goods. The exporter sends out the BL and other documents to the importer as presentation of these documents is a prerequisite for collection of the goods.
05 September 2022
What is Cargo Insurance? Cargo Insurance Meaning, Types & Benefits
When the freight or cargo is in transit, it is susceptible to damage due to unpredictable events on road or sea. In case of an explosion due to road accidents or the sinking of container ships, the carrier liability will not be enough to compensate for the loss of cargo owners.
06 September 2022
What Is TARIC Code? A Complete Guide on TARIC Code
Every commodity that is imported or exported attracts certain tariffs. The most common are export, import, and transit duties. Tariffs in the EU are governed by the TARIC code system, where each commodity’s TARIC code decides the tariff that will be applied to it.
30 August 2022
What is Dumping in International Trade? Meaning, Types And It's Impact
The macroeconomic definition of price discrimination states a situation where similar or identical goods or services are sold at different prices. This form of competition eventually allows the price discriminator to gain supernormal profits at the cost of its rivals shutting down.
01 September 2022
What is A Master Bill of Lading? Meaning, Requirements & Example
Arguably, the most significant document in ocean freight is the bill of lading, a document that contains all the information related to the goods being exported, their destination, details about the exporter and importer, and other vital data that help quicken the logistics of ocean freight-based shipments.