Commercial Invoice
A document used in international shipping that declares the value, quantity, and description of goods being exported or imported. It is required by customs authorities to assess duties and taxes, and it serves as the primary document for clearing goods through customs. The commercial invoice must include the buyer, seller, country of origin, Harmonized System (HS) codes, and terms of sale.
Detailed Explanation
A document used in international shipping that declares the value, quantity, and description of goods being exported or imported. It is required by customs authorities to assess duties and taxes, and it serves as the primary document for clearing goods through customs. The commercial invoice must include the buyer, seller, country of origin, Harmonized System (HS) codes, and terms of sale.
Example
A US company importing $85,000 worth of machine parts from Germany prepares a commercial invoice listing each part by HS code, unit price, total value, and Incoterms (FOB Hamburg).
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