CHAPTER 12

CHAPTER 12 - International Trade Law Chapter 12 CHAPTER 12...

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International Trade Law Chapter 12 CHAPTER 12 IMPORTS, CISTOMS, AND TARIFF LAW I. US Customs Law A. Who Enforces US Customs Law? 1. Bureau of Customs and Border Protection (Customs) 2. Part of the Department of Homeland Security formed April 2003 3. Tasks: a. Collect tariffs (ch. 12) b. Enforce customs law (ch. 12) c. Supervise exports (ch.15) d. Engage in border protection B. Entry Process 1. Entry Process - Administrative process by which goods enter foreign territory 2. Customs Broker - Licensed by Federal government who is an agent of the importer a. Fiduciary relationship based upon duty of trust and loyalty b. “Respondeat superior ” in Latin means “let the master respond,” thus mistakes made by the customs broker also goes back to the importer (importer has a share of responsibility in mistakes) c. Thus, importer should be well-informed of picking brokers; background check and supervise C. Documents 1. Commercial Invoice - Important document that includes: a. Port of Origin- where the goods shipped from b. Port of Entry- where it is going c. Who’s the Buyer d. Who’s the Seller (to trace back for investigation) e. Description of goods (detail and quantity) J. Duong 1
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International Trade Law Chapter 12 f. Country of Origin (to determine tariffs) g. Currencies of payment h. Value of goods (for ad valorem tariffs) 2. Packaging Slip - II. Preliminary Assessment of Duties A. Ultimately, importer needs a final billing within one year (from entry)
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This note was uploaded on 04/13/2008 for the course BUSI 177 taught by Professor Dhooge during the Spring '08 term at Pacific.

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CHAPTER 12 - International Trade Law Chapter 12 CHAPTER 12...

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