PromoStar Review – Work Smart - not Hard

PromoStar Review – Work Smart - not Hard

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Public holidays can be a major cause of disruption to supply, and it pays to know when they occur ineach country where you may be buying products.It is advisable to plan well ahead because the month leading up to major holidays such as Chinese NewYear will be very busy, and during the holiday most businesses simply close down.Official holidays are sometimes changed, so check on sites such as Chineseholidays are announced near the end of each year.

In this glossary I have provided more detailed promostar review than you will usually find, but it is notexhaustive. Most terms explained are those “technical” terms and abbreviations used in this report. For amore complete glossary, we suggest you inquire through the reference section of your local library. Ifusing a customs broker, don’t hesitate to ask them to explain any term you do not understand.

33.1 AWB. - Air WaybillEvery shipment by air must be accurately documented to ensure that the correct goods are delivered tothe consignee. The Air Waybill is provided by the airline, air freight forwarder, or Air Courier and is thesupplier’s receipt for the goods, proving that the supplier has shipped them. In a similar way to a check,it is a negotiable document. As a result, the person in possession of it has a legal entitlement toownership of the goods. Once you sign it, the AWB also becomes proof that the goods have beendelivered. The carrier keeps track of the shipment by means of the number printed on the form. Youalways quote this number when you need to ask about the whereabouts of the goods. This is known as“Tracking.”

33.2 BILL OF LADING.This document is similar to promostar review, but is for sea freight. This negotiable document signifies that thegoods described have been loaded on board the nominated vessel. When payment is being made by L/C,the supplier must present his copy of the Bill of Lading, together with other specified documents such asa copy of the insurance policy, to his bank. The bank will carefully examine these documents to ensurethat all conditions have been met, and they will then make payment to the supplier. This could cause adelay of several weeks before you receive the goods.It is customary for an L/C to specify that the Bill of Lading must be “Clean On Board.” This means thatyou (through your bank) will not accept the shipment if there is any qualification or notation on the Billof Lading regarding damage, inadequate packaging or any other real or perceived deficiency in theconsignment.

33.3 CARRIER.The business that is providing the service of transporting goods is the Carrier. This includes postalservices.

33.4 CIF.Sometimes referred to as CI & F - Cost, Insurance and Freight, this means that in addition to the FOBprice, insurance and freight to a designated port (airport or seaport) is included in the quoted price.

When an order is being paid for by L/C, it is customary to require insurance to be included. When usingSea Freight, insurance is absolutely vital. See Marine Cover below for reason.

33.5 CFRFormerly known as C&F – Cost and Freight, same as the old CIF except that insurance is not included.The supplier’s liability ends once the goods are delivered to the carrier, whether by sea or air.

33.6 DEEMED VALUE.This an amount calculated by Customs authorities in some countries to determine the value of the goodsfor customs duty and sales tax purposes. To arrive at this figure they add 10% to your actual costs. Ihave heard many different explanations for this impost, but the most likely would seem to be that itcompensates for the common practice of using fake invoices. The percentage rate may be varied or evenremoved, so ask your customs agent how the calculation for duty and sales tax is done.

33.7 EMS.International Express Mail Service, previously known as promostar review, but only a few older people wouldstill use this term. The document accompanying the parcel is the Postal Service’s equivalent of an AWBand it also carries a tracking number. By using this number, you can usually track the goods via thePostal Service’s website. It is important to note that consignments sent via EMS are not insured unlessyou have an open insurance policy See [33.14] that covers all of your shipments.

33.8 EXW.Ex Works, this means at the supplier’s loading dock. If you have a very experienced and capable freightforwarder handling your shipment, that may be acceptable terms to work with, but generally I would notaccept quotes on an EXW basis. See important warning in 33.9.

33.9 FOB.Free On Board, also known as Freight On Board. This means all freight charges to the point of loadinghave been included in the quoted price. If the supplier quotes FOB factory, that means loaded ontransport at the place of manufacture. If you receive such a quote, make sure that you ask what freightand other charges will be involved in transporting the goods to the airport or seaport, because there will 

be extra charges.


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