Imad Kassir

Implemented in 1993, the Customs Modernization Act established the requirement that all importers must exercise reasonable care when importing goods into the U.S.

No matter the size of your business, it is your responsibility to be compliant with all trade regulations. Not declaring items with Customs can result in negative consequences such as fines, penalties, and detention of your product. If your business imports anything, then you are solely responsible for ensuring that you comply with the regulations.

Absolutely yes. It is quite possible to claim back import tax, which was either paid erroneously or in excess.

Even so, it is vital to understand different countries have varying stipulations in regards to the refund process of import tax and interest.

It can be relatively involving depending on the nature, quantity, and country of origin of the commodities.

In general, though, most stipulations surrounding refund on import duty stipulates the possibility of claiming back the tax.

It provides for either a person who pays the duty in pursuance to order or evaluation or a person who has borne the tax.

It refers to a code designed by the World Customs Organization as a multipurpose international product classification describing the type of goods being shipped.

It is a necessary code in international trade since all the customs officials must ensure they use it for clearing any commodity, which crosses transnational borders.

Furthermore, the HS code facilitates the interpretation and synchronization of a wide range of customs procedures.

International trade takes place between countries with different exchange systems, which cause the exchange of one currency to another one. Due to the exchange-rate instability, there is the currency risk. Currency risk in international trade means risk of currency loss as a result of change in currency of price in relation to currency of payment in between signing an international contract and effecting of payment according to this contract.

During international trade realization, it's necessary to spend some time on goods transportation, that's why an exporter runs the credit risk and feels discomfort, connected with time and distance, which is needed for the transportation abroad and payment receiving. The time gap between the order to a foreign supplier and goods receiving, as a rule, is often connected with the duration of the period of transportation and the need to prepare the appropriate documentation for it.

The goods preparation and its delivery abroad requires additional financing, for which an exporter has to apply to a bank. In this case, the exporter needs a credit for a much longer time than he needed in case of selling goods domestically.

The exporter must carry out his own commitments in compliance with term and conditions of a credit deal. However, a risk of a bad debt can appear.

Commercial risks, connected with possibilities of non-receipt of profits or a loss occurrence during trade operations realization, can appear in such cases:

• customer insolvency at the moment of merchandise payment;

• customer's refusal of merchandise payment;

• change in price on goods after making of contract;

• decline in demand for goods;

• impossibility of money transfer to the exporter's country in connection with currency limitations in a customer's (importer's) country or a lack of currency; or refusal of an importer's country government for assignment of this currency because of any other reasons.

A manifest is one of the key documents in the process of shipping.

A manifest lists all bills of lading issued for cargo loaded on a specific ship. Kind of a summary if you wish.

A manifest lists the details of the cargo, the shipper, consignee, weight, measurement, packing.

There are different types of manifests:

Cargo Manifest – lists all information relating to the cargo excluding the freight charges.

Freight Manifest – lists all information relating to the cargo including the freight charges. All charges as indicated in the manifest are either to be paid by the shipper or consignee.

Dangerous Cargo Manifest – a manifest that details the dangerous/hazardous cargoes on board the ship covering the Class, UN No., Description of Goods, EMS/MFAG etc.

Out of Gauge Manifest – a manifest that details the out of gauge (abnormal sized) cargoes on board the ship including the out of gauge details of the cargo.

Reefer Manifest – a manifest that details the reefer cargoes on board the ship including the temperature settings, humidity, which containers require monitoring on board – like cold treatment containers.