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HAIR – MEN'S
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BABY / CHILDREN
Bill of Lading (B/L)
Principal transportation document by which a carrier acknowledges receipt of freight, describes the freight and sets forth a contract of carriage. Bills of lading may be negotiable or non-negotiable. Every Bill of Lading must contain at a very minimum, the following information:
1) Date of issue;
2) Name of consignor;
3) Name of consignee;
4) Place of original consignment;
5) Place of Delivery;
6) Statement of whether goods are to be delivered to a specific person;
7) Description of goods/packages containing them; and the signature of the Carrier
COST, INSURANCE AND FREIGHT (CIF)
Basis for quotation by seller which indicates that the seller will pay insurance and freight charges to point of destination.
Person or firm who receives the goods shipped from one owner (Consignor).
Person or firm that ships the goods to the Customer (Consignee).
Specialists in Customs procedures who act on behalf of the Importer /Consignee, for a fee. A Broker is normally licensed by the Treasury/Finance/Customs Department in the country of destination.
A tax levied by Government on the import/export of goods for local consumption.
EXPORT DECLARATION (See also "SHIPPERS EXPORT DECLARATION")
A document required by the Department of Commerce that provides information as to the nature, value, etc., of export activity.
FREE ON BOARD (FOB)
Loaded on board carriers vehicle at which point responsibility for risk/expense passes from the seller to the buyer; e.g. FOB/Miami
Individual or Company that helps to expedite shipments by preparing necessary documentation, making the arrangements for moving the freight; and may assist in consolidation of less than truckload shipments into truckload lots.
Storage of goods upon which no duty has been collected in a Government or Private Bonded Warehouse or Carrier under the supervision of the Customs Department. Goods for local consumption can only be taken from the "In Bond" area upon payment of the duty to the proper authorities.
Less than Container Load - a term applied to a quantity of freight which amounts to less than the quantity/weight required to fill a standard shipping container. Thus the load pays a higher rate of freight.
Less than truckload - a term applied to a quantity of freight which amounts to less than the quantity required to fill a standard truck load - thus the load pays a higher freight rate.
Total costs of receiving goods/merchandise at point of final destination, including Purchase price, Insurance, all freight charges as well as all duties, bank charges, landing charges, etc., included.
letter of credit (l/C)
A method of payment by which a buyer establishes credit with a local bank, describing the goods to be purchased, price agreed, any special documentation required and time limit for the completion of the transaction; upon receipt of documentation the bank is either paid by the buyer or takes title to the goods and transfers the funds to the seller.
A letter of credit is normally required to be confirmed by a bank in the sellers country, it is also usually an irrevocable document.
Manner of supplying credit by charging goods/services to a purchasers account, payment on account is made directly within an agreed period of time. (e.g. 30 days).
A list showing merchandise packed and all particulars, normally prepared by the shipper. A copy is normally sent to the consignee to assist in verifying the shipment received.
PRO FORMA INVOICE
A Document used largely for banking purposes, an abbreviated invoice sent in advance of a shipment usually to assist the buyer in obtaining import licenses or to arrange advance payment to the seller.
A form used by the customer when placing an order with a supplier of good or services, specifying what is required.
SHIPPERS EXPORT DECLARATION (SED)
A form required to be completed by the US Treasury Department on all shipments over a certain value, showing full details of the transaction, including description of goods, value, weight, consignee, final destination, etc. Stiff penalties are applied against false declarations.
A Sight draft is like the "COD" of International trade. It usually calls for the release of Negotiable Bills of Lading and all other negotiable documents pertaining to a shipment to the buyer, upon cash payment made to the collecting bank.