Shipping and Logistics Glossary for Global Trade

A bonded warehouse stores imported goods under customs authorization and supervision without paying duties or taxes upfront.These goods, known as bonded goods, remain in the warehouse until the importer/buyer clears...

A Bill of Lading (B/L or BOL) is a legally binding document issued by a carrier to a shipper. It outlines the shipment details, including the type, quantity, and destination...

An Arbitration Clause is a provision commonly included in international shipping or trade contracts that requires parties to resolve disputes through arbitration instead of litigation. This clause helps resolve conflicts...

The Automated Commercial Environment (ACE) is the U.S. Customs and Border Protection’s primary electronic platform for processing import and export data. ACE provides a centralized system for the trade community...

The Automated Broker Interface (ABI) is a U.S. system that enables customs brokers to electronically submit import entry data directly to U.S. CBP. ABI significantly speeds up the import process...

An Ad Valorem Duty is a customs charge calculated as a percentage of the imported goods' declared value or invoice price. This type of duty varies based on the assessed...