Knowing your Incoterms can help you more reliably project true shipping costs and establish your product pricing. Matt Parrott, Deringer’s Director of Transportation, provides insight regarding the differences between DDP (Delivered Duty Paid) and DAP (Delivered at Place). Under DDP, the Buyer is only responsible for unloading. The Seller is responsible for everything else including […]
East Coast port labor negotiations between ILA and USMX are ongoing. These talks are recognized as a bellwether for West Coast’s IWLU/PMA negotiations, despite the West Coast contract expiring first. Deringer’s Mark Hirzel shares a brief timeline of port labor events and shares recommendations for contingency planning in the event of labor disruptions.
Non-resident importers of record (NRI) are those US importers without a US location. There are a few small hurdles when acting as an NRI — all of which can be overcome. Mark Hirzel shares the surety bond, ultimate US consignee, and importer responsibility requirements.
What do the numbers represent in a harmonized tariff schedule classification? Mark Hirzel explains the Harmonized Tariff Schedule and breaks down the parts of a classification. Using a simple example, a classification number for dairy cattle is broken down by chapter, heading, subheading, and suffix. However, we can’t forget the importance of the General Rules […]
Learn our top 3 takeaways from the Journal of Commerce’s recent TPM event. Many shippers want to know what’s next in the ocean transportation market. Could another carrier bankruptcy happen and what would that do to ocean carrier capacity? Demand has influenced the market, but so has the availability of services. We’ll also share how […]
Did you know that if an imported good is exported and then re-imported, importers may not have to pay duty again? Using the HTS classification 9801.00.10, re-imported foreign goods are duty-free if returned within three years. The big caveat: the goods can’t have been advanced in value or improved in condition while outside the US. […]
Find out how reconciliation can help provide duty savings. Some importers do not have certain data elements available at time of entry, so they choose to use reconciliation, which allows them to provide specifics at a later date. To participate, importers must have US Customs and Border Protection’s pre-approval as there are eligibility requirements. Mark […]
Distributing goods closer to your customer’s or end destination helps increase speed to market. When customers use both East and West Coasts, this strategy can save transit time and create cost savings. Adhering to major retailers’ routing guides, including their specified delivery times, is a crucial component to supply chain success; therefore, a solid distribution […]
The inherent financial risks associated with international shipping can be minimized by purchasing cargo insurance. As outlined in the Warsaw Act and the Carriage of Goods by Sea Act (COGSA), the limits of liability for air and ocean carriers will not likely cover the value of your goods. Additionally, when the general average is declared […]
Only 20% of eligible paid duties are refunded. Duty drawback is a regulation that allows for the refund of duty paid on imported goods, which are subsequently exported or destroyed. Unused Merchandise and Manufacturing Drawback are two examples of how duty can be recouped. Certain restrictions and specific recordkeeping requirements are involved in the refund […]