CARM: What all importers need to know about CARM

Terminology

C

CFR, Cost and Freight

Under CFR Incoterms, the seller pays to bring the goods to the named port of destination, but the risk of loss or damage and any costs relating to the goods while in transit pass to the buyer once the goods are on board the vessel.(For a complete list of Incoterm definitions including a chart of buyer and seller responsibilities, see Universal’s Incoterms 2010.)

Quick Tip #58
Be prepared for customs penalties and fines under AMPS

Never assume that the absence of an audit means you will never be audited.  Penalties under AMPS (Administrative Monetary Penalty System) can be applied at the border at time of import (or export) and also post audit.

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