Bill of Lading
A document issued by a carrier which is evidence of receipt of the goods, and is a contract of carriage. It describes the goods, the details of the intended voyage, and it specifies the conditions of transportation. If issued in negotiable form, i.e. "to order", it becomes documentary evidence of title to the goods.
Binding Ruling
Binding Ruling is a document issued by Customs and Border Protection that assigns a tariff classifiction number for imported merchandise. This binding ruling document is initiated by the trade and sent to Customs Import Specialists.
Cargo
Merchandise hauled by transportation lines.
Cargo Manifest or Receipt
A list of cargo being transported or warehoused. The document issued by the buyer’s consolidator/freight forwarder, to the seller, which proves that the goods have been delivered, and allows the seller to present documentation to the issuing bank in order to get paid.
Carrier
A legal entity that is in the business of transporting passengers or goods for hire.
Classification
The categorization of merchandise:
In transportation - to permit determination of freight rates within a tariff.
In customs - to permit the determination of duty status within the Harmonized Tariff Schedules.
Clean Bill of Lading
A bill of lading issued by a carrier for goods delivered in "apparent good order and condition" - bearing no notations or added clauses which may limit the liability of the carrier.
Collecting Bank
A bank involved in the collection process. In this process if presentation is made to the drawee, it becomes also "the presenting bank."
Commercial Bank
In the USA, a bank that is authorized to accept demand deposits. It may also receive time deposits, make loans, engage in trust services, issue letters of credit, accept and pay drafts, rent safe deposit boxes and engage in many other similar activities.
Commercial Invoice
A document which details the transaction between a seller and a buyer. It minimally should give the name and address of the seller and of the buyer, the date of the sale, a description of the goods sold, the quantity, the unit price, the terms of sale, and the total money amount due. If it is an invoice between buyer and seller of different countries it should also indicate the kind of currency.
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