A customs bond is a form of insurance that protects the U.S. Treasury if an importer fails to pay required duties, taxes, fines, or fees on their imports. These bonds are purchased from government-licensed surety companies and are a critical requirement for importing goods into the United States, ensuring compliance with Customs and Border Protection (CBP) regulations.
A Forwarder’s Cargo Receipt (FCR) is basically a piece of paper from your freight forwarder that says they’ve received your goods and are ready to ship them. It’s like a receipt you get when you order something online, except it’s for big shipments moving across borders.
Florida ports began shutting down on Tuesday in preparation for the powerful Hurricane Milton. The storm, currently classified as a Category 4 hurricane, is expected to continue growing before making landfall, posing a severe threat to the region.
The Currency Adjustment Factor (CAF) is a charge that shipping companies add to freight rates to account for changes in exchange rates between different currencies. When you buy products from other countries, shipping companies have to deal with multiple currencies – like the US Dollar (USD), the Euro (EUR), or the Japanese Yen (JPY) – to cover their costs.
Understanding the dimensions of shipping containers, pallets, and boxes is essential in the world of global trade. These measurements form the backbone of efficient logistics operations, determining not only how much cargo can be moved but also how it will be packed
Blind shipping is a process where the origin of a shipment is hidden from the recipient.This means that the customer does not know where the product is being shipped from or who the original supplier is. Instead, the customer believes the goods are coming directly from the seller.
NAC rate, or Named Account Contract rate, is a customized freight rate negotiated between a shipping company and a specific customer, typically based on the customer’s shipping volume, routes, and long-term commitment. It often results in significant cost savings compared to other standard rates, such as spot or tariff rates.
Freight All Kinds is shorten for FAK, is a pricing and classification strategy used in the shipping industry, particularly in less-than-truckload (LTL) shipping. At its core, FAK is a simplified freight classification system that groups various types of cargo into broader categories, allowing for a more streamlined pricing structure.
Delivered at Terminal (DAT) means the seller is responsible for delivering goods to a named terminal at the buyer’s destination. This can be a port, airport, or warehouse. The seller handles all the transportation costs and risks up to that point, including unloading the goods.Once the goods are unloaded at the terminal, the buyer takes over.
Carriage and Insurance Paid To (CIP) is an international commercial term (Incoterm) where the seller is responsible for delivering goods to a specified destination in the buyer’s country, covering both carriage and insurance costs up to the point of delivery. The buyer takes responsibility for risks once the goods are handed over to the first carrier at the origin.
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