The duty collected under a specific tariff or a compound tariff expressed as a percentage of the value of the imported item. The specific tariff is calculated on the basis of units of volume or weight, rather than value.
AD Valorem Tariff
A tariff calculated "according to value," or as a percentage of the value of goods cleared through customs; for example, 10% ad valoremmeans 10% percent of the value of the entered merchandise
Advance Freight (before shipment)
Usually Air Freight is charged at the same rate irrespective of the class of goods. There are charged in any one of three ways: weight, volume or value and usual method of quotation is airport to airport.
The Airway Bill replaced the previously known air consignment note,and it fulfils virtually the same function for Air Freight as the Bill of Lading does for Sea Freight. It contains information about the consignment and, by law, is required to be made out by the consignor or his agent.
This is an insurance term and the “All Risks” insurance will normally cover against all risks of whatever nature provided that they are risks and not certainties.
An ATA Carnet is issued by an authorized Chamber of Commerce to allow temporary export and subsequent re-import of professional equipment, commercial samples and goods for exhibition or trade fairs without payment of customs duty on deposit of a bond.
An individually numbered Contract of Airfreight for a single air shipment by the International Air Transport Association (I.A.T.A)rules.
The freight costs involved on returning the shipment to the Sender, when the Importer refuses to accept the goods.
A document giving evidence of indebtedness of one party to another, as, for example, a written order for goods that can be used as security for a loan to the supplier of the goods from a bank, or a security such as a Treasury bill.
Bill Of Exchange
Awriting binding the signer or signers to pay a certain sum at a future day or on demand, with or without interest, as may be stated in the document.
The Bill of Exchange looks something like a cheque which is drawn on an overseas buyer, or even on a third party as designated in the export contact, for the sum agreed as settlement.
An exporter can send a Bill of Exchange for the value of goods forexport through the banking system for payment by an overseas buyer on presentation.
The Bill is called a sight draft if it is made out payable at sight, ie “on demand”. If it is payable “at a fixed or determinable future time” it is called a term draft, because the buyer is receiving a period of credit, known as the tenor of the Bill. The buyer signifies and agreement to pay on the due date bywriting an acceptance across the face of the Bill.
Bill Of Exchange – Ninety Days
A Bill of Exchange which is payable ninety days after acceptance or ninety days after sight, whichever is marked on the face of the Bill.
Bill Of Lading (B/L)
The Bill of Lading is common when goods are shipped by sea or where goods are packed in a container. The Bill of Lading serves three main purposes.
1. Itacts as evidence that there is a contract between either the exporter or importer and a chipping company to transport the goods by sea.
2. It is a receipt for goods shipped and provides certain details as to their condition when placed on board.
3. It is also a document of title, which means that the company named on the B/L has the right to possess the goods. A transfer of title on theB/L will transfer the ownership. This element of the B/L is vital to the payment arrangements for the goods. Bills of Lading are made out in sets of two or three originals, any one of them gives title to the goods.
Bill of Lading – Trans-Shipment
This Bill is different from a standard Bill of Lading because it names intermediate ports as well as the final port. Some times may give the name of...