Customs Glossary

/Customs Glossary
1505, 2015

Ocean Bill of Lading

A receipt for the cargo and a contract for transportation between a shipper and the ocean carrier. It may also be used as an instrument of ownership which can be bought, sold, or traded while the goods are in transit.
1505, 2015

New Computerised Transit System – (NCTS)

Electronic data interchange system which was introduced as the transit declaration and is due to replace the traditional paper procedure in the Community as well as in the EFTA countries (Iceland, Norway, Switzerland).
1505, 2015

M/W or W/M

Measurement/Weight or Weight/Measurement (calculation unit of ocean freight based on tonnes or cubic meters)
1505, 2015

MRN

Movement Reference Number - unique reference reference generated by EU export country with regard to movement of goods from an EU country to a third country or to another EU country for onward shipment
1505, 2015

Marine Cargo Insurance

Broadly, insurance covering loss of, or damage to, goods at sea. Marine insurance typically compensates the owner of merchandise for losses in excess of those which can be legally recovered from the carrier that are sustained from fire, shipwreck, piracy, and various other causes. Three of the most common types of marine insurance coverage are "free of particular average" (f.p.a.), "with average" (w.a.), and "All Risks Coverage."
1505, 2015

LCL

Less than Container Load (partial deliveries)
1505, 2015

Incoterms

Maintained by the International Chamber of Commerce (ICC), this codification of terms is used in foreign trade contracts to define which parties incur the costs and at what specific point the costs are incurred.
1505, 2015

Import Quota

A means of restricting imports by the issuance of licenses to importers, assigning each a quota, after determination of the total amount of any commodity which is to be imported during a period. Import licenses may also specify the country from which the importer must purchase the goods.
1505, 2015

Import License

A document required and issued by some national governments authorizing the importation of goods. Also referred as import permit. With such documentation, customs clearance can be conducted.
1505, 2015

Import Certificate

The import certificate is a means by which the government of the country of ultimate destination exercises legal control over the internal channeling of the commodities covered by the import certificate.