Duty Drawback
A refund or rebate provided by customs authorities to importers or exporters for duties paid on imported goods that are subsequently re-exported.
Definition
A refund or rebate provided by customs authorities to importers or exporters for duties paid on imported goods that are subsequently re-exported. Duty drawbacks are commonly utilized in industries such as manufacturing and automotive where imported components are used in finished products that are later shipped overseas
Related Terms
Dangerous Goods (DG)
Materials or substances that pose a risk to health safety property or the environment.
DDP (Delivered Duty Paid)
An Incoterm in which the seller assumes full responsibility for delivering the goods to the buyer's designated location including all costs duties and taxes.
DDU (Delivered Duty Unpaid)
An Incoterm that requires the seller to deliver goods to the buyer's designated location excluding import duties and taxes.
Deadweight Tonnage (DWT)
Deadweight Tonnage refers to the total carrying capacity of a vessel including cargo fuel water crew passengers and supplies.
Declared Value
The monetary value that the shipper assigns to a shipment which is used to determine liability limits in the event of loss damage or theft.
Demurrage
A fee imposed by carriers when cargo remains at the port or terminal beyond the agreed-upon free storage period.
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