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The transfer of title may occur at a different time (or event) than the FOB shipping term. The transfer of title is the element of revenue that determines who owns the goods and the applicable value. Import fees when they reach the border of one country to enter the other country under the conditions of FOB destination are due at the customs ...
The Incoterms or International Commercial Terms are a series of pre-defined commercial terms published by the International Chamber of Commerce (ICC) relating to international commercial law. [1] Incoterms define the responsibilities of exporters and importers in the arrangement of shipments and the transfer of liability involved at various ...
In a time-charterparty or voyage-charterparty, if the charterer is shipping his own cargo (rather than the cargo of a third party) he will receive a bill of lading from the master, acting as agent of the shipowner; but that B/L will serve solely as a receipt and document of title, and its terms will (subject to contrary intent) be secondary to ...
Some terms may be used within other English-speaking countries, or within the freight industry in general (air, rail, ship, and manufacturing). For example, shore power is a term borrowed from shipping terminology, in which electrical power is transferred from shore to ship, instead of the ship relying upon idling its engines. Drawing power ...
Freight transport, also referred to as freight forwarding, is the physical process of transporting commodities and merchandise goods and cargo. [1] The term shipping originally referred to transport by sea but in American English , it has been extended to refer to transport by land or air (International English: "carriage") as well.
Uniform delivered pricing is the opposite of the FOB origin pricing, as the same price is quoted to all customers. The transportation costs are averaged across all buyers, and the nearby customers are in effect subsidizing the faraway ones (paying more for the delivery than it costs the seller, the difference is called the phantom freight).
Jan. 1—New laws taking effect today include an increase in the state minimum wage to $14 an hour, gender-neutral language for birth and marriage certificates, and a requirement that Hawaii law ...
Modern freight forwarders offer an end-to-end process i.e. shipping the goods from the place of origin to the final destination and may offer additional services such as warehouse planning, cargo insurance and customs brokerage. Together with tracking, freight forwarding agents often have real time information on the freight.