Setting up factory audits and product inspections is crucial for anyone sourcing from overseas. In today’s interconnected global marketplace, startups and growing companies often source their products from overseas contract manufacturers and suppliers. While this practice presents numerous advantages such as cost-effectiveness and access to specialized goods, it also brings forth challenges, especially concerning quality control and reliability. To mitigate risks and ensure the highest standards, conducting factory audits, in-line inspections, and pre-shipment inspections to name a few become indispensable practices for these businesses.

One critical factor that significantly influences the final cost of imported goods is the choice of Incoterms, or International Commercial Terms. These globally recognized terms, established by the International Chamber of Commerce (ICC), outline the responsibilities and obligations of buyers and sellers in international transactions.

Businesses that ship directly from their manufacturer or supplier to the consumer benefit, from a dropshipping model, and will be directly impacted by the changes to the de minimis program. Companies that make low-value orders, often those shipping smaller shipments via air or express carriers, will also be impacted.

Understanding how to calculate landed cost when bringing a product from its origin to the final destination is critical for businesses.

For any business owner working in physical goods, the help of an internal or external tariff consultant can directly impact your bottom line. Tariff consultants optimize Harmonized Tariff System (HTS) classifications to minimize import duties and maximize cost savings for businesses.

When should you use an NNN agreement template? The process of agreeing on on NNN and asking your potential supplier or manufacturer to obtain the legal signature (and chop) from their management helps establish a strong foundation for your relationship.

Product regulatory compliance can be challenging to navigate, but online product compliance tools are available to make the job easier.

Download our printable Incoterms 2020 reference chart, and we provide this Incoterms reference as a printable PDF or image. This downloadable graphic provides a quick overview of all eleven Incoterms and the responsibilities of the buyer and the seller.