Merry Christmas & Happy New Year

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Wishing all my friends, colleagues, customers, vendors and readers a Merry Christmas and Happy New Year.

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Certificate of Insurace

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The Certificate of Insurance is a document indicating the type and amount of insurance coverage in force on a particular shipment. In documentary credit transaction, the certificate of insurance is used to assure the consignee that insurance is provided to cover the loss of or damage to the cargo while in transit. A complete certificate of insurance should include the following elements: The name of the insurance company, Insurance policy number, Description of the merchandise insured, Points of origin and destination of the shipment. Coverage is indicated by the terms of sale. For example, for goods sold "FOB", coverage commences once the cargo is on board the vessel and continues until the consignee takes possession at either at the seaport or in-land port of destination, Conditions of coverage, exclusions and deductible, if applicable, A signature by the insurance carrier, underwriter or agent for the same, Indication that the cover is effective at the latest ...
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Responsibility of the Public Warehouse licence holder

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Every holder of the Public Warehouse licence is required to adhere to all terms and conditions as stipulated in the Regulations of the Customs Act. The responsibilities to be executed by every licence holder are: administration of the warehouse; security of the warehouse; keeping of records of goods deposited in and shipped from the warehouse; to provide facilities required in operation of a warehouse such as an office for the Customs officers to work on; payment of duties of unaccounted goods; to furnish a bank guarantee amounting to 10% of the entire amount of duty of goods deposited into the warehouse at any one time; to submit monthly report to the Customs as required under the Regulation. Goods allowed to be deposited in the warehouse The types of goods that could be deposited into a Public Licence Warehouse are as follows: all types of dutiable goods imported or exported; product of Free Zones to be exported of to be consigned locally; products of Licence Manufacturing Warehouse ...
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Various Basic Shipping Charges on Landside and Waterside

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Landside Stevedoring - cargo handling charges for loading / discharging cargo on / from conventional breakbulk vessels. LCL Service Charge - charge for stuffing and unstuffing LCL (Less than Container Load) cargo into or from a container at the freight station. Equipment Transfer Charge (ETC) - charge for lifting an empty or loaded container onto / from the trailer. Also called Lift-on / Lift-off (LOLO) charge. This charge is applicable on FCL (Full Container Load) containers only. Terminal Handling Charge (THC) - charge for handling (receiving and delivering) FCL containers at the container yard (CY). Waterside Bunker Adjustment Factor (BAF) - surcharge for offsetting changes in fuel prices. Congestion Surcharge - surcharge levied on cargo that are discharge at a port where ships are experiencing delays in turnaround time. Currency Adjustment Factor (CAF) - surcharge for offsetting fluctuations in currency exchange rates of various currencies against the US Dollar. In Asia and Japan t...
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