Trading globally involves risks, but having international cargo insurance is one of the best ways to offer peace of mind to both the buyer and the seller. Ascent Global Logistics wants your shipments to be monetarily safeguarded against physical loss or damage while in transit. If you have shipped many times before, or are new to the international shipping trade, it is worthwhile to review how insurance can help your company be protected.
The International Chamber of Commerce (ICC) has recently published its new version of Incoterms 2020. The Incoterms rules help individuals and companies that participate in the import and export of global trade on a daily basis. These essential terms of trade can be found in the newly published guide, now available for purchase from the ICC.
In this Article:
- What does Incoterms do?
- What does Incoterms not do?
- How are Incoterms used?
- What happens to existing contracts?
- Main changes to Incoterms 2020
Electronic Vessel Manifest Confidentiality: Who Can See Your Information?
With varying regulations governing the disclosure (Freedom of Information Act) or confidentiality (Department of Homeland Security) of certain records, it can sometimes be challenging to know who can have access to what information in the international world of trade. Importers and exporters, along with their brokers, forwarders and ocean carriers, must follow certain guidelines as to what information must be disclosed and what must be kept confidential in the commercial environment.
19 Code of Federal Regulations Chapter 103.31 Subpart C provides guidance on vessel manifests, including who can be privy to that information. Members of the press, including newspapers, commercial magazines, trade journals and similar publications are allowed to review the vessel manifests of imports and exports and the following data associated with them:
- Name and address of the shipper
- General nature of the cargo
- Number of cartons/packages
- Gross weight
- Carrier Name
- Port of Export
- Port of Destination
The Trade Facilitation and Trade Enforcement Act of 2015 (TFTEA) is an authorization of CBP’s trade authority and was enforced to create an environment for fair, honest and competitive trade in the United States. Section 906 of TFTEA made a comprehensive set of changes to drawback claim filing. Even though TFTEA was only signed into law in 2016, it is necessary to know these recent changes since it greatly effects the drawback application process.
Duty drawback can be a great opportunity for companies to save on duties, but to utilize it to its full extent it is necessary to understand the intricacies of the program. There are strict time frames that must be abided by and record keeping is imperative. The duty drawback regulations have changed recently due to TFTEA (Trade Facilitation and Trade Enforcement Act) and manual claims are no longer accepted, however Ascent Global Logistics can help you get your duty drawback claim filed electronically under the new regulations.
Below are a few tips and tricks from the Ascent Global Logistics Duty Drawback team on how to get started and participate in duty drawback.
Duty drawback is a Customs and Border Protection (CBP) program where companies are refunded up to 99% of customs duties, taxes and/or fees that were previously levied upon imported merchandise, and of internal revenue taxes paid on domestic alcohol as well as other excise taxes. Duty drawback, however, is one of the most complicated commercial programs managed by CBP. Thus, it is important to have a clear understanding of all facets of how the program works and develop a relationship with a reputable drawback broker, who can help you navigate the rules and international laws.
The team at Ascent Global Logistics is ready to help you work through these complexities by determining if your situation qualifies for the Drawback Program.
As the new year begins, many will make New Year’s resolutions to save money, lose weight, get in shape, travel more, read more books, learn a skill or hobby and a whole host of other goals. But New Year’s resolutions don’t have to just apply to personal health and wellness.
Global supply chains are extremely complex networks which require involvement by various professionals who must execute different tasks. Two of the most important parties involved in an international shipment are the freight forwarder and the customs broker. One company is often both the freight forwarder and the customs broker, however, the two can be independent of each other due to the differences in responsibilities and capabilities.
A final rule was recently published in the Federal Register, impacting all ITAR (International Traffic in Arms Regulations) and all BIS (Bureau of Industry and Security) controlled exports. Effective November 15, 2016, all ITAR or BIS controlled exports will be required to list a revised Destination Control Statement (DCS) on the commercial invoice.