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Compliance Verification Trends Issue #3 – September 2018

 

 
The Canada Border Services Agency (CBSA) carries out regular verifications (audits) of import activities in order to ensure compliance with requirements for tariff classification, product valuation and country of origin.
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U.S. Customs bonds: Insufficient bond notices are on the rise

 
 
 
When importing commercial merchandise into the U.S. worth more than $2,500, the importer must post a U.S. customs bond. A customs bond is a contractual agreement between U.S. Customs and Border Protection (CBP), the importer of record and a surety company. The bond serves as a promise to CBP that all duties, taxes and fees due to the federal government will be paid, and that all rules and regulations will be adhered to.
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NAFTA update: September, 2018

NAFTA is again in the news as the three parties – Canada, Mexico and the U.S. – have wrapped up a series of meetings and a new agreement could finally be in sight. But only maybe.
 
Background information on this important agreement and some of the earlier developments in its renegotiation can be found in our last NAFTA update blog. Read on below for the latest.
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off·shor·ing

 

 
/äfˈSHôriNG/
noun
  • the practice of basing some of a company's processes or services overseas, so as to take advantage of lower costs.
In today’s fast-paced and ultra-connected world, many companies are offshoring aspects of their business to cut costs. This is all fine and good when those savings are passed on to you, right?
 
Or is it?
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Incoterms 2020: A Primer

 

 
What are Incoterms?
 
Published by the International Chamber of Commerce, Incoterms (short for International commercial terms) serve as standards for the uniform interpretation of common contract clauses in international trade.
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