No importer wants to leave their product sitting in a port longer than they have to, especially when doing so can rack up thousands of dollars in demurrage and detention fees.
US businesses that actively source raw materials, components, or finished goods from other countries must understand—and adhere to—the trade regulations for every country involved in their supply chain. Failure to do so can lead to fines and severe penalties.
Any information that affects your freight is information that you should know. Are you aware of the proposed changes to Incoterms 2020?
Have you been shipping products blindly? Shipping without knowing how Incoterms affect your freight creates a risk that could cost you anywhere from a few thousand dollars to completely bankrupting your business.
Correctly classifying merchandise or products for import involves a sea of rules that govern import classifications.
These rules are often confusing and unclear, and doing this incorrectly can come at a hefty price. Binding rulings help clear up any confusion by providing classification and duty rates in advance.