Shivansh Goel

“Place of Receipt” is the location where the carrier takes custody of the cargo.

“Port of Departure” is the last port the vessel visited prior to its arrival in the US.

Import Export (IE) Code India is a registration of an import and export companies with Indian Custom department that import and export commodities from India. IE Code is issued by the Directorate General of Foreign Trade (DGFT), Ministry of Commerce and Industries, Government of India. IE Code application must be made to the Directorate General of Foreign Trade along with the necessary supporting documents. Once, the application is submitted, DGFT will issue the IE Code for the entity in 15 - 20 working days or less.

The registration and identification number of economic operators (EORI) is a unique code assigned by the customs administration to a company, allowing it to carry out customs operations in the EU.

It is mandatory to have one before any customs clearance. As the UK left the European EORI system, EU EORI numbers are no longer be usable in the UK and vice versa. A company wishing to carry out customs operations in the EU or the UK must first have an EORI number in the relevant geographical area (EU or UK).

An Export House in Pakistan means a Trading Company registered as an Export House by the competent authority with its secretariat in TDAP (Trade Development Authority of Pakistan).

Under D/A terms, the exporter draws the Bill of Exchange with grant of credit term called “Usance Bill” on the importer. “Usance” means the time limit for the drawee to honor the bill. With this arrangement, the importer is allowed a grace period for the payment (from 30 to 180 days after sight). This method poses a great advantage for the importer because he can sell the goods during the credit period and pay later. However, for exporter, this is even more risky then D/P terms due to obvious reasons.