Tuesday, March 16, 2010

Trade Terms Tuesday - March 16

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 letter V.

Vessel Ton
A unit of measurement in the shipping industry. 100 cubic feet of cargo equals one ton.

Validation, C-TPAT
A C-TPAT validation is a process through which the CBP SCSS meets with representatives from the importer to review procedures and visit selected domestic and foreign sites to verify that supply chain security measures contained in the C-TPAT participant's security profile are accurate and are being followed. Validations are not audits. Validations are conducted jointly by CBP personnel and representatives of the participant.

Value-Added Tax
Tax assessed on increased value of goods at each point in the chain of production from raw material to final consumption. The tax is levied on the amount the seller increases the value of items they purchase and resell.

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