Customs, tax & compliance P/L

Packing list

A document listing the contents of every package in a shipment – bag, pallet, drum, coil or container – with quantities, net and gross weights, dimensions, lot or batch numbers and container and seal numbers. It contains no prices. It is used for customs examination, warehouse receipt, damage and shortage checks and in letter-of-credit document sets; weights must be consistent with the invoice and bill of lading.

Related terms

Commercial invoice

The final sales document issued by the seller after shipment, stating the description of goods, HS code, quantity, unit and total price, Incoterm, payment terms, origin and the parties’ details. It is the basis for customs valuation, duties and letter-of-credit payment; under a credit the description of goods must match the credit exactly. Unlike a proforma invoice, it records the actual sale and the amount due.

Bill of lading (B/L) B/L

The key document of sea transport, issued by the carrier to show that it has received or loaded the goods. It has three functions: a receipt for the cargo, evidence of the contract of carriage and, when issued “to order”, a document of title. Because whoever presents an original can take delivery, it is the backbone of letters of credit and cash-against-documents deals. A “clean on board” B/L shows the goods were loaded in apparent good order.

Explained in the trade handbook

Trade handbook