Most common terms used in freight forwarder
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In our freight forwarder practice, we will encounter some terms, and today we tells you on the meaning of the current common terms. Ad Valorem Latin term meaning “according to the value” i.e. the value according to which duty and taxes are calculated. Customs often use this. ATA Carnet The ATA Carnet is an international Customs document which is issued in accordance with the ATA and Istanbul Conventions and it provides a guarantee that is valid internationally. It can be used as security for import duty/tax and allows the temporary admission and transit of goods. Sometimes used to control temporary export/re-importation of products but when used this way, the guarantee will not apply. B/L or BOL The Bill of Lading is the official shipping document. The possessor of this will be the owner of the goods but it will not be released to the buyer until all costs have been paid. If the buyer does not possess the B/L then the goods cannot be delivered or released to him. BAF Bunker Adjustme