Tuesday, July 21, 2009

Trade Terms Tuesday


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 M’s.

Marine Insurance
Marine insurance compensates the owner of goods transported by air or sea in the event of loss or damage that cannot be recovered from the carrier. Losses may include fire, shipwreck, piracy, inclement weather and various other causes.


Merchandise Processing Fee (MPF)
The MPF is a fee assessed for formal entries based on 0.21% of the invoice value, with a minimum of $25 per formal entry and a maximum of $485.


Munitions List (USML)
The U.S. Munitions List contains a list of articles, services and technology determined to be defense-related pursuant to the Arms Export Control Act. These articles fall under jurisdiction of the Department of State. The USML is found in Part 121 of Title 22, Foreign Relations, of the Code of Federal Regulations (CFR). Any article, service or related data found be on the USML requires an export license.

No comments: