Welcome to Trade Terms Tuesday! Each Tuesday, we will share three trade-related terms. In order to reach out to our diverse readership, we will try to provide one for exports, one for imports and one for logistics/transportation. This week, we continue with the L’s.
Less than Container Load (LCL)
LCL is the designation for cargo that does not meet the criteria for a full container based on quantity or weight. Since the cargo does not fill the container, it is combined with cargo belonging to another consignee to make a full container for shipping.
Liquidation
Liquidation is the final review by CBP of an entry. The date of liquidation starts the 180-day clock for filing protests. Unless an entry is subject to suspension or extension of liquidation or manual intervention, the entry will liquidate on the 314th day after entry. Liquidation closes the entry unless post-entry issues are pursued or fraud is suspected.
License Exception
Subject to certain conditions, a License Exception is an authorization that allows export without a license of items subject to the Export Administration Regulations that would otherwise require a license. The license exemptions are signified by three-letter symbols such as GBS, LVS and TMP. A license exception may depend on the nature of the item being exported, the country of ultimate destination, the end-use or end-user, or other circumstances surrounding the export. License exceptions are found in Part 740 of the EAR.
Less than Container Load (LCL)
LCL is the designation for cargo that does not meet the criteria for a full container based on quantity or weight. Since the cargo does not fill the container, it is combined with cargo belonging to another consignee to make a full container for shipping.
Liquidation
Liquidation is the final review by CBP of an entry. The date of liquidation starts the 180-day clock for filing protests. Unless an entry is subject to suspension or extension of liquidation or manual intervention, the entry will liquidate on the 314th day after entry. Liquidation closes the entry unless post-entry issues are pursued or fraud is suspected.
License Exception
Subject to certain conditions, a License Exception is an authorization that allows export without a license of items subject to the Export Administration Regulations that would otherwise require a license. The license exemptions are signified by three-letter symbols such as GBS, LVS and TMP. A license exception may depend on the nature of the item being exported, the country of ultimate destination, the end-use or end-user, or other circumstances surrounding the export. License exceptions are found in Part 740 of the EAR.
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