Glossary
Key Terms Explained
Definitions are provided for general reference only and are not legal or technical advice.
- ACE Portal
- A U.S. Customs and Border Protection system used by the trade community for import-related processing and reporting.
- Bill of Lading
- A shipping document issued by a carrier that details the goods being transported and serves as a receipt of shipment.
- Claim Application
- A structured application used to gather preliminary information from an importer seeking review of a potential tariff recovery opportunity.
- Contingency Fee
- A fee structure under which a service provider is paid only if a defined outcome is achieved. Specific terms are set out in the applicable agreement.
- Customs Broker
- A licensed professional or firm that assists importers with the clearance of goods through U.S. Customs and Border Protection.
- Entry
- The formal declaration of imported goods made to U.S. Customs and Border Protection at the time of importation.
- Freight Forwarder
- A company that arranges the movement of goods on behalf of shippers, typically coordinating with carriers and other logistics providers.
- Importer of Record
- The party legally responsible for ensuring imported goods comply with applicable laws and for the payment of applicable duties and tariffs.
- Tariff
- A duty imposed by a government on imported goods, often calculated as a percentage of the goods' declared value.
- Tariff Recovery
- The general process by which importers may seek to recover tariffs previously paid, subject to applicable legal and administrative requirements.
- Third-Party Funding
- A financing arrangement in which a third party provides funds to a claimant, often against a potential future recovery. Structures and terms vary and are set by the provider.