Business Valuation is the process of determining the economic value of a business or company. Although this may seem pretty straightforward, accurately valuing each business takes a great amount of preparation and thought. Establishing what a business is worth is not an exact science, largely due to the way different people view each aspect of a company. An investor will […]
On May 20, 2016, Congress enacted the American Manufacturing Competitiveness Act, a new law to restructure the process companies go through to obtain temporary duty reductions and suspensions. Previously, companies would have to petition members of Congress to submit individual bills requesting tariff reductions, which were then accumulated and piled into one large omnibus bill known as a Miscellaneous Tariff […]
Import and export traffic in our globalized world generally runs quite smoothly, but occasionally, the very real risks associated with the natural elements at sea or simple human error impact transportation adversely. Severe weather including wind, rain, swells and lightning storms can create a recipe for disaster for traveling ships. Less violent, but still serious issues can arise when technology […]
Warehouses are massive repositories of risk and are responsible for holding, in many cases, millions of dollars in property. Because of this huge responsibility, warehouses have the right to contractually limit liability for loss or damage, and to issue liens to protect themselves from unpaid storage bills. A common inquiry among NVOCCs, forwarders, and warehousemen alike, is whether or not […]
Counterfeit goods and other methods of product reproduction that infringe upon the intellectual property of the owner are strictly illegal, and heavily regulated, especially within the US. The gray, or “grey”, market however, enjoys much fewer limitations as the goods are authentic and obtained by legal means. “Gray goods” are legally manufactured goods purchased from certified distributors, which are then […]
Change is on the horizon in the shipping industry, and it is important to make sure you are staying informed. Effective July 1st, 2016, changes adopted by the International Maritime Organization (IMO) regarding verified container weights will become effective. These changes were first introduced at the 2014 Safety of Life at Sea (SOLAS) Convention, but it is now time for […]
As any Customs broker can tell you, there are an ever-increasing number of antidumping duty cases filed. It is imperative that importers (and their brokers) understand this topic. Dumping duties are tariffs imposed by a government when it believes foreign goods are being sold below their fair market value or cost of production. The whole world does it. This practice […]
Since the summer (2015) there have been penalty settlements announced by the Federal Maritime Commission (FMC) which total in excess of $2,000,000.00. Its Bureau of Enforcement (BOE) is the arm of the Commission specifically focused on prosecution. The BOE investigates violations of the Shipping Act as well as enforces FMC regulations, and Bureau attorneys are the ones who act as […]
2016 has kicked off with some big changes, many of which pertain to the United State’s relationship with Cuba. On January 27th, 2016, the Bureau of Industry and Security (BIS) and the Office of Foreign Assets Control (OFAC) announced new regulations that further reduce U.S. sanctions on Cuba. Translation: things are looking up in terms of repairing a long-term strained […]
The Trade Facilitation and Enforcement Act of 2015 was passed by the Senate on February 11th, 2016 in a 75-20 vote. Now that the bill has been passed by the House and the Senate, the final piece of the puzzle is for President Obama to sign the bill into law. Given that this is projected to be enacted by the […]