by Danya Rielly | Dec 19, 2022 | Glossary
GLOSSARY SITC: Standard International Trade Classification The Standard International Trade Classification (SITC) is an economic classification system for global merchandise trade that was developed by the United Nations statistical office. It’s an important tool used...
by Danya Rielly | Dec 19, 2022 | Glossary
GLOSSARY Shipper’s Letter of Instruction A shipper’s letter of instruction is a formal document that logistics companies use to communicate instructions regarding a shipment from one party to another. It is typically generated by the person or entity...
by Danya Rielly | Dec 19, 2022 | Glossary
GLOSSARY PO: Purchase Order What is a purchase order? Often abbreviated as PO or P.O., a purchase order is an official document that outlines the logistics of a financial transaction between a buyer and a supplier. It includes details such as the description,...
by Danya Rielly | Dec 19, 2022 | Glossary
GLOSSARY Port of Entry What is a port of entry? A port of entry is a physical gateway that connects shipping or freight from one jurisdiction, such as a foreign country, to another. It is the general point of entry that customs officials use to regulate and enforce...
by Danya Rielly | Dec 13, 2022 | Glossary
GLOSSARY IOR: Importer of Record What does IOR stand for in logistics? What’s an importer of record? The party responsible and accountable for ensuring that imported commodities abide by all laws and customs regulations in the import nation is the importer of...
by Danya Rielly | Nov 23, 2022 | Glossary
GLOSSARY Harmonized Tariff Schedule The Harmonized Tariff Schedule (HTS) is a classification system used by customs authorities to determine the rate of duty that will be applied to cargo being shipped internationally. The HTS consists of two parts: the base rate and...
