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This person prepares the needed documentation for importing goods (just as a freight forwarder does for exports). The broker is licensed by the Treasury Department to clear goods through U.S. Customs. Performs duties related to documentation, cargo clearance, coordination of inland and ocean transportation, dockside inspection of cargo, etc. (Also known as a customhouse broker.)



Related Terms

CARRIAGE PAID TO

CPT - a Term of Sale which means the seller pays the freight for the carriage of the goods to the named destination. The risk of loss of or damage to the goods, as well as any additional costs due to events occurring after the time the goods have been delivered to the carrier, is transferred from the seller to the buyer when the goods have been delivered into the custody of the carrier. If subsequent carriers are used for the carriage to the agreed upon destination, the risk passes when the goods have been delivered to the rst carrier. The CPT term requires the seller to clear the goods for export.

CIP

(Carriage and Insurance Paid To) - a Term of Sale which means the seller has the same obligations as under CPT, but with the addition that the seller has to procure cargo insurance against the buyer's risk of loss of or damage to the goods during the carriage. The seller contracts for insurance and pays the insurance premium. The buyer should note that under the CIP term the seller is required to obtain insurance only on minimum coverage. The CIP term requires the seller to clear the goods for export.

CARGO TONNAGE

Ocean freight is frequently billed on the basis of weight or measurement tons. Weight tons can be expressed in terms of short tons of 2,000 pounds, long tons of 2,240 pounds, or metric tons of 1,000 kilograms (2,204.62 pounds). Measurement tons are usually expressed as cargo measurements of 40 cubic feet (1.12 cubic meters) or cubic meters (35.3 cubic feet).

COST AND FREIGHT

CFR - a Term of Sale where the seller pays the costs and freight necessary to bring the goods to the named port of destination, Terms of Sale but the risk of loss of or damage to the goods, as (continued) well as any additional costs due to events occurring after the time the goods have been delivered on board the vessel, is transferred from the seller to the buyer when the goods pass the ship's rail in the port of shipment. The CFR term requires the seller to clear the goods for export.

WINDY BOOKING

A freight booking made by a shipper or freight forwarder to reserve space but not actually having a specific cargo at the time the booking is made. Carriers often overbook a vessel by 10 to 20 percent in recognition that 'windy booking' cargo will not actually ship.

HOUSE BILL OF LANDING

Bill of Landing issued by a freight forwarder or consolidator covering a single shipment containing the names, addresses and specific description of the goods shipped.

STUFFING

The process of packing a container with loose cargo prior to inland or ocean shipment.

BRIDGE POINT

An inland location where cargo is received by the ocean carrier and then moved to a coastal port for loading.

CARRIAGE AND INSURANCE PAID TO

CIP - a Term of Sale which means the seller has the same obligations as under CPT, but with the addition that the seller has to procure cargo insurance against the buyer's risk of loss of or damage to the goods during the carriage. The seller contracts for insurance and pays the insurance premium. The buyer should note that under the CIP term the seller is required to obtain insurance only on minimum coverage. The CIP term requires the seller to clear the goods for export.

CONSOLIDATOR

The person or firm that consolidates (combines) cargo from a number of shippers into a container that will deliver the goods to several buyers.

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