Force Majeure
A condition of superior or irresistible force such as Acts of God, including earthquakes and floods, which cannot be avoided by the exercise of due care and is included in contracts to excuse parties from performance when such events occur.
Freight
1. All merchandise, goods, products, or commodities shipped by rail, air, road, or water, other than baggage, express mail, or regular mail
2. The compensation paid for the transport of goods.
Freight Charge
The charge assessed for transporting cargo.
Global Quota
A quota set by a nation on the total imports of a product from all countries.
Harmonized System (HS)
A multipurpose international goods classification system designed to be used by manufacturers, transporters, exporters, importers, customs, statisticians, and others in classifying under a single commodity code goods moving in international trade.
Harmonized Tariff Schedule of US (HTSUS)
(USA) An organized listing of goods and their duty rates which is used as the basis for classifying imported products and identifying the rates of duty to be charged on them. It is based on the international Harmonized System Convention.
House Air Waybill
1. A bill of lading issued by a freight forwarder for consolidated air freight shipments.
2. An airwaybill issued by an airfreight forwarder by which the forwarder assumes the risk and obligations of being "the carrier."
Import
The act of bringing or causing any goods to be brought into a customs territory.
Import Credit
A commercial letter of credit issued for the purpose of financing the importation of goods.
Import Duty
Customs duty which is collected on in connection with the importation of specified goods into the United States..
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