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Terms used in freight forwarding such as entry,export receival advice,point of origin,ex works,export ,ex-factory,exempt carrier etc.
This post explains about terms used in freight forwarding such as entry,export receival advice,point of origin,ex works,export ,ex-factory,exempt carrier 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 freight forwarding
Endorsement:The transfer of the right to obtain delivery of the goods of the carrier by means of the consignee's signature on the reverse side of a bill of lading. If the name of the new consignee (transferee) is not stated, the endorsement is an open one which means that every holder of the document is entitled to obtain delivery of the goods.
ENTRY - Paperwork submitted to U.S. Customs by a broker or importer to obtain release of imported merchandise. the entry package typically consists of a CF-3461, commercial invoice, packing list, air waybill or ocean bill of lading, and CBP form CF7501.
Entry Summary:Issued by: Customs broker on behalf of importer. Purpose: Customs Form 7501 specifies all shipment particulars that allow U.S. Customs to assess and collect import duties. Highly standardized to allow computer processing. Includes Harmonized Code number, broker identification number, and auxiliary fees. Broker figures all assessments, then submits form with supporting documents and payment. Customs later either accepts or modifies entry and payment.
Entry/Immediate Delivery:Customs Form CF3461 allows the importer or Customs Broker to take immediate delivery of imported goods prior to payment of duties and processing of an Entry Summary for most types of merchandise. The importer has ten days to file the Entry Summary and pay the appropriate duties.
Equipment ImbalanceSurcharge-A surcharge on an ocean freight rate, imposed by shipping lines, to recover costs related to removing large quantities of empty containers from a country or countries where there is no export use for those containers that had been previously imported into those places. The charge is usually a flat rate per container, and it is not necessarily applied in all trades or at all times, rather it is only applied when such trade imbalances necessitate large expenditure on shifting empty containers from one place to another.
Equipment Interchange Receipt (EIR) - See as TIR.
Equipment Interchange Receipt (EIR) - See as TIR.
Equipment Interchange Receipt: EIR Physical inspection and transfer receipt.
ERA -Export Receival Advice form used to detail the information required for the admission of cargo into the wharf area for loading onto ships.
Estimated Time of Arrival: ETA The expected date and time of arrival in a certain (air)port.
Estimated Time of Departure: ETD The expected date and time when a certain (air)port is left.
ETA - Estimated Time of Arrival.
ETD :Estimated time of departure of carriers.
ETS: Estimated time of sailing.
EUV: Exclusive Use Vehicle – a truck (usually 53ft) for the exclusive use of one customer. See also FTL
Ex - "From" - When used in pricing terms such as "Ex Factory", "Ex Dock", “Ex Door Atlanta”, or “Ex Port NY”, it signifies that the price quoted applies only at the point of origin indicated.
EX (POINT OF ORIGIN):From the point where the shipment begins movement, e.g., "Ex Factory" "Ex Mine" or "Ex Warehouse." See "Terms of Sale."
EX DEC:Shipper's Export Declaration.
Ex Works (EXW): An international trade term (Incoterms, International Chamber of Commerce) requiring the seller to deliver goods at his or her own place of business. All other transportation costs and risks are assumed by the buyer.
EX WORKS (EXW):All charges incurred after cargo has left consignors sites payable by consignee.
EX WORKS or EX FACTORY:Sales term denoting that the seller irresponsible for making the goods available at his works of factory. The buyer bears the cost of loading the goods on the vehicles and delivering them to the destination.The risk of loss or damage to the goods generally passes from the seller to the buyer from the time that they are made available.Example: A shipment has a weight of 2500kg and a volume of 3.50m3. It will be rated as 3.50 freight tonnes, or 3.50 w/m tonnes; ie. the higher of the weight or measurement.
Exception Message: See Action Message
Exception Rate: A deviation from the class rate; changes (exceptions) made to the classification.
Exception:A notation of damages or shortages that is made on the delivery receipt at the time of delivery by either the driver or the consignee. Except for concealed or hidden damages, most carriers will deny damage claims if an exception was not noted at the time of delivery.
Exception-Based Processing: A computer term for applications that automatically highlight particular events or results which fall outside pre-determined parameters. This saves considerable effort by automatically finding problems and alerting the right persons. An example would be where a shorted item on a purchase order receipt would automatically notify a purchasing agent for follow-up.
Excl. R.O.D -excluding rust, oxidization and discolouration
EX-DOCK:(From dock.) Seller owns goods until they are unloaded on dock at port of discharge; selling price includes all costs so far plus cost of unloading from vessel.
Exempt Carrier: A for-hire carrier that is free from economic regulation. Trucks hauling certain commodities are exempt from Interstate Commerce Commission economic regulation. By far the largest portion of exempt carrier transports agricultural commodities or seafood.
EX-FACTORY:Seller owns goods until they are picked up at his factory; selling price is the cost of the goods.
Expediting: 1) Moving shipments through regular channels at an accelerated rate. 2) To take extraordinary action because of an increase in relative priority, perhaps due to a sudden increase in demand.
Export :Shipment of goods to another country.
Export Airbill:A non-negotiable document prepared by the shipper which includes pertinent information. For example, Shipper and consignee name and address, Account Number, brief description of goods, etc.
Export Broker: An enterprise that brings together buyer and seller for a fee, then eventually withdraws from the transaction.
Export Compliance: Complying with the rules for exporting products, including packaging, labeling, and documentation.
Export Declaration - A government document declaring designated goods to be shipped out of the country. To be completed by the shipper or exporter and filed with the U.S. Government, called Shipper Export Declaration. New government regulations require the SED be filed electronically, through Automed Export Shippers’ declaration (AES).
Export Declaration - Required by the U.S. Department of Commerce to control exports and to act as a source document for export statistics. It includes complete particulars on the shipment. Common abbreviation is Ex Dec.
Export License: A document secured from a government authorizing an exporter to export a specific quantity of a controlled commodity to a certain country. An export license is often required if a government has placed embargoes or other restrictions upon exports.
Export License:Under the Export Administration Act, the U.S. Bureau of Export Administration (BXA) is charged with controlling and licensing most items exported from the U.S. for reasons of national security, short supply, and foreign policy. There are two basic types of export licenses: Individual Validated Licenses which must be applied for and received from the BXA: and General Licenses, which are not documents but rather published authorizations covering commodities not subject to validated licensing.
The above details describes about terms called in freight forwarding such as entry,export receival advice,point of origin,ex works,export ,ex-factory,exempt carrier 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 freight forwarding trade below this post.
Terms used in freight forwarding such as Dunnage,Duty Free Zone,Duty Rates, Electronic Data Interchange,Electronic Data Processing,En route
The above information is a part of Export Import Training online
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