TIN
Tax Payer Identification number
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FOB
FOB means Freight On Board or Free On Board. If terms of delivery of a transaction is on FOB means, the cost of movement of goods on board of Airlines or on board of ship is borne by the seller. Rest of all expenses to arrive the goods at buyer’s premise has to be met... View Article
NI
A negotiable instrument is a document guaranteeing the payment of a specific amount of money, either on demand, or at a set time, with the payer named on the document
IATA
International Air Transport Association – The International Air Transport Association (IATA) is the trade association for the world’s airlines, representing 265 Airlines or 83% of total air traffic. They support many areas of aviation activity and help formulate industry policy on critical aviation issues.
Commercial Invoice
A commercial invoice serves as a legal document used for international shipping where customs clearance is required. The Revenue Service/Customs authorities at the destination cannot physically search every shipment arriving at the border therefore a commercial invoice is used to allow customs to define the value of any duties and taxes which may need to... View Article
Importer of Record
Is the entity or individual who is responsible for ensuring the imported goods comply with local laws and regulations, filing and completing relevant documentation and paying the duties and taxes due on the goods.
UN/EDIFACT
United Nations EDI For Administration, Commerce and Transport. EDI (Electronic Data Interchange) Standards are developed and supported by the UN for electronic message (data) interchange on an international level.
Preference (or Preferential) Duty
A lower duty rate based on the value of the goods and dependent on the country of origin.
Phytosanitary Certificate
A certificate issued by a Government agency (usually agriculture) to satisfy import regulations of foreign countries. The certificate indicates that a shipment has been inspected and found free from harmful pests and plant diseases.
Landed Cost
The cost of the imported goods at the port or point of entry into a country, including the cost of freight, insurance and port and dock charges. All charges occurring after the goods leave the import point are not included.