Exporting and Importing can often be an extremely complicated and mundane process as there are so many rules, regulations as well as countless number of procedures to adhere to. This, many a times, may require to prepare and submit documents for import and export. Usually, freight forwarders would prepare it for us, but it is also good to know for ourselves as to how to complete the relevant documents by understanding what the terms mean. As such, in our new article series titled “Export Terms”, we would introduce you to all the various terms used in the international trade, be it through air, land or sea freight. We would roll out one related article on a regular basis, which would help you to get a comprehensive understanding as to the document preparation for the purpose of doing trade internationally. In this article, we would be covering the meaning of Landed Cost, Apostille as well as Importer of Records
For other terms that are used in the field of international trade, you can click here to access our useful guide.
Meaning of Landed Cost
A landed cost, as the name suggests refer to costs that are being incurred when shipment is landed. This includes, freight costs, insurance as well customs duties up to the port of destination.
Meaning of Apostille
An apostille refers to additional documents that could be used for international acceptance. There are many documents that could be used to be authenticated as an apostille. Some of them are birth certificates, death certificates, educational qualifications such as school transrcipts, report cards ,diplomas and degrees, certificates related to marriage or divorce, deeds or patent applications. In French, the word “apostille” refers to notation.
The Apostille is only required in some countries where the Hague Convention Abolishing the Requirement for Legalization of Foreign Public Documents, Apostille Convention is in use. Some of these countries include, Australia, Japan, Germany, India, New Zealand, France and the Russian Federation. Indonesia, Malaysia and Singapore are some of the other countries which are not part of the convention
Meaning of Importer of Records
An importer of Records is a term used by customs authorities, where there is an entity that is responsible for making sure that goods being imported to the country comply with the laws of the land. Regulations, restrictions have to be strictly adhered to and the importer of records has to make sure that the imported goods follow the rules. This also includes filling in the forms related to the goods as well as paying the required import duties for the goods.
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