1 2 3 4 5 7 8 A B C D E F G H I J K L M N O P Q R S T U V W X Y Z
C. Ca Cb Cc Cd Ce Cf Cg Ch Ci Cl Cm Co Cp Cr Cs Cu Cy

Customs Clearance

Clearance of any imported goods means their physical removal from customs areas either for home consumption or for warehousing. Customs Clearance for Warehousing : It is said that the imported goods are cleared for warehousing when they are not required immediately for use or consumption after landing. Such goods are permitted to be deposited in a warehouse, with payment of 50% duty, as deposit for subsequent clearance on payment of balance 50% duty. In such cases the goods may be deposited in customs bonded warehouse, public bonded warehouse or bonded warehouse within the importers premises at final destination. Ex-bonded Goods : When the bonded goods are cleared on payment of balance duty, they are said to be ex-bonded. Goods out of Customs Charge : Goods released for delivery by customs after completion of customs clearance formalities are said to be out of customs charge.Customs Detention Certificate : Customs may issue a detention certificate stating the period and the cause for which the goods were detained by them, before release (out of charge) but such certificate is issued by them only when the goods are sent by customs for analytical test or they are detained for no fault of the importer or in the event the documents are lost by customs due to which the goods cannot be released.

Customs of Lloyd’s

Before the passing of the Marine Insurance Act, 1906, in U.K., marine Insurance was entirely governed by common law. When any practical difficulties arose which could not be resolved by reference to precedents, the Committee of Lloyd’s were consulted by the interested parties for a ruling and these rulings eventually were issued in the form of “Customs of Lloyd’s. These customs so issued covered only features on which the existing case law was silent or obscure. However, when the particular feature was subsequently decided upon the Court the particular custom became superfluous and was no longer applicable.

Customs regulations

Infringements of the regulations are excluded under the Institute of War and Strikes Clauses (4.1.5) and other versions. In Sunsport Shipping Ltd and Others v. Atkins and Others (2003) the term ‘customs regulations’ was held wide enough to include provisions having the force of law in the country concerned as to: (a) import or export duties or licences and (b) import or export of controlled drugs and other prohibited goods, substances or materials. The words cover any law in the realm of customs and so include smuggling of prohibited goods as well as smuggling of goods subject to duty. The law extends beyond duties on imports to include criminal law. The insured’s ship, upon which cocaine was discovered, was detained long enough (in excess of six months) for it to be deemed a constructive total loss within the policy. The Court of Appeal held that the exclusion applied and the insured’s claim therefore failed.

Customs Union

An agreement between two or more countries in which they arrange to abolish tariffs and other import restrictions on each other’s goods and establish a common tariff for the imports of all other countries.

Cut Off

The termination provision of a reinsurance contract stating that the reinsurer shall not be liable for loss as a result of occurrences taking place after the date of termination.