QUESTION: Occasionally, our foreign vendors send the commercial invoice with the incorrect IOR name (since we have several divisions operating under their own EIN). Is there a regulation that mentions if the importer can or cannot modify the commercial invoice for importing purposes? I know brokers modify commercial invoices for exports (when they have a […]
QUESTION: A vendor asked us if it was okay to invoice us in euro. I replied that invoicing in USD is preferred from a trade compliance standpoint because it improves the chances of the accuracy of the USD amount we claim at the time of entry. I explained the process of identifying the date […]
Question: I have recently discovered a large Chinese supplier of ours has been deflating the customs value on the commercial invoice while billing my company actual cost for the accounting invoice. I am reviewing our entries and am only noticing this practice on express courier shipments in which our small package courier company is handling. […]
Question Could the membership cite the regulatory provisions related to consigned inventory? The scenario would be for non-U.S. suppliers to ship goods on a consigned purchase order that is received by the U.S. manufacturer (ultimate buyer). The consigned inventory would be segregated physically and within the inventory system. This scenario would allow the supplier and […]
Question:Has anyone experienced the new “paperless” commercial invoice process being used by the courier service(s)? This process is suppose to allow the courier company to produce electronic commercial invoices on behalf of the exporter, assuming the destination country would accept electronic invoices in lieu of the paper commercial invoice for customs clearance.
Question: Do any of the members know about an industry practice where the FF deducts a flat 10% from the value of an invoice when the INCO term is C (the 10% is an estimate for the freight and insurance)? I have a FF telling me this is standard industry practice and required in order […]
Question for the membership… we do quite a bit of business with Central American countries, and there has been a rash of correspondence surrounding the ReCuaca (acronym for Spanish wording but basically Regulations for Unified Customs Code of Centralamerica). In article 323, there are requirements for all customs invoices to be in Spanish or include […]
Our company has a situation where we pay a foreign vendor to manufacture a “lot” of prototypes. The purchase order specifies the number of pieces that will make up the “lot”. For example: $1,000 for 10 pieces. The vendor/shipper values each piece by dividing the total billing/PO value by the number of total pieces ordered. […]
I received a ocean bill of lading that does not indicate myself as the Importer of Record. Is this ok? The commercial invoice and packing list are for (ME). What do you think?
I understand that some countries require a Consular Invoice to control and identify goods. Does anyone know where I can find a list of these countries?
Is there a specific US Customs reg that states that a US importer is not allow to make a handwritten adjustment to unit price on a exporters’ Commercial invoice?
I would like to ask the membership what kind of payment terms they have with their import vendors. Do you do L/C’s for everything? And if so, do you do L/C’s with Terms (30 days, 60 days, etc)?