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What is a Back to Back Letter of Credit (LC) in Import-Export
When a transaction takes place between a buyer and a seller keeping an intermediary in the loop, the type of LC used in such cases is known as 'Back to Back letter of credit'. In this article get a complete understanding of what is a Back to Back LC, how it works with an example, its format, terms & conditions and associated risks.
Documentary Collection Process In International Trade
Documentary collection is a type of trade financing in which an exporter receives payment for his goods from an importer after the financial institutions of the parties involved exchange the relevant documentation.
Continuous Customs Bond For Imports - Application, Renewal & Cost
A continuous customs bond covers all the shipments that are imported within one year after the purchase of the bond. The bond can be renewed upon expiry to ensure continuity.
What is Freight Forwarding & What Does a Freight Forwarder Do
A freight forwarder is an important link in the chain of international trade. In simple terms, a freight forwarder is an agent responsible for the movement of goods on behalf of the cargo owner. This responsibility can start from the time the goods are picked up from the seller until they are delivered at the buyer’s specified location.
Ad Valorem Tax: Meaning, Examples & More
Ad valorem is a Latin word that translates to "according to the value." The ad valorem tax is a type of taxation based on a commodity’s assessed value, like real estate or personal property. It is usually evaluated as a percentage of the property's worth rather than quantity, weight, or size.
Automated Manifest System (AMS) - Meaning, Filing & Fees
The Automated Manifest System (AMS) is an electronic transmission system that provides paperwork to US customs authorities before freight arrives. Initially, the AMS was designed to minimize the time required to import cargo into the US.
What does BAF mean in Shipping?
BAF is based on the twenty-foot equivalent unit (TEU). Its exact value depends on the trade route and represents the variable part of shipping prices attributed to fuel costs.
Most Common Shipping Documents For Importing In The US
The international shipping documentation process is complex and involves the proper filing of multiple forms to ensure smooth transactions.Listed below are the top few documents you will need for a smooth international shipping experience.