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CARM: What all importers need to know about CARM

Terminology

L

L/C, Letter of Credit

A method of payment for goods in which the buyer establishes his credit with a local bank, clearly describing the goods to be purchased, the price, the documentation required, and a time limit for completion of the transaction. Upon receipt of documentation, the bank is either paid by the buyer or takes title to the goods themselves and proceeds to transfer funds to the seller.

Quick Tip #8
Why accurate shipping documentation is so important

Did you know that the decision to call a freight shipment for exam is made by Other Government Departments (OGDs), such as the Canada Border Services Agency (CBSA), and is often triggered by a problem with the documentation?

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