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 #49
Know the risk and responsibility assumed when booking direct with carriers

If you are not careful, the money you save in one area may be exceeded by the extra costs you incur in another area.

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