Trade Terms

The degree to which an individual is responsible for a wrongdoing. The various degrees are Negligence, Gross negligence, and Fraud.

This term is commonly used in Customs, shipping and other such contexts in which currency must be converted for the purposes of computing Customs duty, collection of freight charges, etc.

A basic covenant entered into by the obligators on a surety bond taken to secure the lawful activities of a custodian of any bonded articles, which describes the requirements of…

The government office where duties and/or taxes are placed on imports or exports and are paid.

A person or firm, licensed by the Treasury department engaged in entering and clearing goods through Customs.

A Government agency, under the Department of Homeland Security, combines the former functions of the US Customs Services, US Immigration and Naturalization Services, the Animal and Plant Health Inspection Service,…

A U.S. Customs & Border Protection Services court based in New York, N.Y., consisting of three 3-party divisions to which importers may appeal or

A statement, oral or written, attesting to the correctness of description, quantity, value, use, etc., of merchandise offered for importation into the United States.

A Customs “entry” is defined as a procedure in which a conveyance or goods arriving into a country can be legally processed in compliance with laws and regulations of the…

A document that contains a declaration by the seller as to the value of the goods.