Glossary Of Trade Terms

A bill of entry is a legal document that is filed by Importers or Customs House Agents on or before the arrival of imported goods. It’s submitted to the Customs department as a part of the Customs clearance procedure. It is the prime document needed for initiating the import customs clearance process. The importer or his agents has to specify all the details in the Bill of Entry related to the type, quantity, and quality of goods that he has imported. The bill of entry can be issued for either home consumption or bond clearance. When it is issued for bond clearance, the bond number and date of issuance need to be included.

A Bill of Lading (BL or BoL) is a legal document issued by a carrier to a shipper that details the type, quantity and destination of the goods being carried. A bill of lading also serves as a shipment receipt when the carrier delivers the goods at a predetermined destination. This document must accompany the shipped products, no matter the form of transportation, and must be signed by an authorized representative from the carrier, shipper and receiver.

A Bill of Materials (BOM) is a centralized source of information containing a list of items used to manufacture a product and the instructions on how to do so. Often shown in a hierarchical way, a bill of materials (BOM) lists the finished product at the top, down to individual components and materials.