Import Export Pakistan Legislation Terms and Definition
Posted on June 19, 2008 by Imran
Bill of Lading for Import Export Pakistan
A bill of lading (also referred to as a BOL or B/L) is a document issued by a carrier , e.g. a ship’s master or by a company’s shipping department, acknowledging that specified goods have been received on board as cargo for conveyance to a named place for delivery to the consignee who is usually identified.
Care (Customers Administrative) for Import Export Pakistan
Care stands for Customs Administrative Reforms and it is a project of the Central Board of Revenue overseeing reforms in Pakistan Customs. The project was initiated in February ...view middle of the document...
It is the same as CPT except that the seller also pays for the insurance . Seller is required to obtain insurance only on minimum cover; additional coverage is responsibility of buyer or must be agreed between seller and buyer. Under CIP seller is also required to clear the goods for export.
Carriage Paid To (CPT) for Import Export Pakistan
It can be used for all modes of transport including multimodal transport. The seller pays for the freight to the named point of destination. The buyer pays for the insurance . The passing of risk occurs when the goods have been delivered into the custody of the first carrier.
Free Along Side (FAS) for Import Export Pakistan
Free Along Side (FAS) means that the seller pays for transportation of the goods to the port of shipment. The buyer pays loading costs, freight, insurance, unloading costs and transportation from the port of destination to his factory. The passing of risk occurs when the goods have been delivered to the quay at the port of shipment.
Free Carrier (FCA) for Import Export Pakistan
The seller delivers the goods into the custody of the first carrier, and this is where risk passes from seller to buyer. The buyer pays for the transportation. It can be used for all modes of transportation including multimodal transport, such as in shipping containers where the ship’s rail plays no relevant part in determining a shipping point. FCA is also the term to use in place of FOB for airfreight transactions.
Free On Board (FOB) for Import Export Pakistan
Free On Board (FOB) is also commonly but incorrectly referred to as “Freight on Board”. It means that the seller pays for transportation of the goods to the port of shipment, plus loading costs. The buyer pays freight, insurance, unloading costs and transportation from the port of destination to the factory. The passing of risks occurs when the goods pass the ship’s rail at the port of shipment. Internationally the term specifies the port of loading. Incoterms or international commercial terms are a series of international sales terms that are widely used throughout the world. They are devised and published by the International Chamber of Commerce (ICC).
Letter of Credit (LC) for Import Export Pakistan
A letter of credit is a document issued mostly by a financial institution which usually provides an irrevocable payment undertaking (it can also be revocable, confirmed, unconfirmed, transferable or others e.g. back to back: revolving but is most commonly irrevocable/confirmed) to a beneficiary against complying documents as stated in the credit.
Pakistan Customs Computerized System (PACCS) for Import Export Pakistan
PACCS stands for Pakistan Customs Computerized System and it is the first end-to-end automated solution for Customs in the world.
PACCS has four major components:
• TARIP (Tariff and Integrated Policy)
• INTRA (Integrated Regulatory Authorities)
• ECHO (Enhanced Cargo Handling)
• ACCESS (Automated Customs...