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The following is a list of frequently used terms that may help you understand the international import / export process.
Bond
U.S. Customs entries must be accompanied by evidence that a surety
bond is posted with Customs to cover any potential duties, taxes
and penalties which may accrue. In the event that a customs broker
is employed for the purpose of making entry, the broker may permit
the use of his or her bond to provide the required coverage.
Bonded
Goods stored under supervision of customs until the import duties
are paid or the goods are exported.
Customs Broker
An individual or firm licensed by the U.S. Customs Service to
act for importers in handling the sequence of custom formalities
and other details critical to the legal and speedy exporting and
importing of goods. The University currently uses Schenker International.
Customs Power of Attorney
A written legal document by which one person authorizes another
person to perform stated acts on the principal's behalf. For example:
to enter into contracts, to sign documents, to sign checks, and
spend money, etc. Importers often give a limited power of attorney
to their customs broker to conduct business with U.S. Customs
on their behalf.
Duty
A tax levied by a government on the import, export or consumption
of goods. Usually a tax imposed on imports by the customs authority
of a country. Duties are generally based on the value of the goods,
some other factors such as weight or quantity, or a combination
of value and other factors.
Entry
The process of, and documentation required for, securing the release
of imported merchandise from Customs.
Entry for Consumption
The process of effecting entry of goods into the United States
for use in the United States.
Fraud on Revenues
An international deception or false representation made to induce
another person to act in reliance on that representation with
the result that the person incurs damages. A buyer acts fraudulently,
for example, by promising to pay for goods on delivery even though
the buyer does not have the funds needed, accepting the goods
as satisfactory, but not paying for them.
Harmonized Code
An organized listing of goods and their duty rates which is used
by U.S. Customs as the basis for classifying imported products
and therefore establishing the duty to be charged and providing
the U.S. Census with statistical information about imports and
exports.
Import
(a) To receive goods and services from abroad. (b) An imported
item.
Liquidated Entry
The final review of a U.S. Customs entry, and determination of
the rate of duty and amount of duty by Customs Liquidation is
accomplished by Customs posting a notice on a public bulletin
board at the customshouse.
Port of Entry
Any place designated by act of U.S. Congress, executive order
of the President of the United States, or order of the U.S. Secretary
of the Treasury, at which a U.S. Customs officer is assigned with
authority to accept entries of merchandise, to collect duties,
and to enforce the various provisions of the U.S. Customs laws.
Pro Forma Invoice
An invoice provided by the importer in lieu of a commercial invoice
when a commercial invoice is not available at the time of merchandise
entry. In such cases the importer must present a bond to Customs
guaranteeing production of the required commercial invoice not
later than 120 days from the date of entry. If the invoice is
needed by Customs for statistical purposes, it must generally
be produced within 50 days from the date the entry summary is
required to be filed. If the required commercial invoice is not
presented to Customs before the expiration of the 120-day period,
the importer incurs a liability under his bond for failure to
file.
Surety
(insurance) A bond, guaranty, or other security that protects
a person, corporation, or other legal entity in cases of another's
default in the payment of a given obligation, improper performance
of a given contract, and others.
Controller's Organization
Purchasing Services is one of the many departments that report the Controller's Organization.
Internal Service Organizations (ISOs)
ISOs and Auxiliaries are University departments that provide products or services for sale to other University departments.
University Travel Services
University Travel Services is your complete, one-stop location for all travel related questions; from policy to prices, it's all here.