An exemption legend is a notation included on shipping documents such as bills of lading, air waybills, or export shipping instructions. This notation indicates the reason for not filing Electronic Export Information (EEI) for a specific export transaction. It must reference the relevant section or provision in the Foreign Trade Regulations that provides the basis for the exemption.
The exemption legend is primarily used in international trade and export compliance. It plays a crucial role in ensuring that exporters adhere to the regulations set forth by the Bureau of the Census under the Foreign Trade Regulations. Users may encounter this term when preparing shipping documents for export transactions, and it is essential for avoiding penalties associated with improper filing of export information. Legal templates from US Legal Forms can assist users in drafting the necessary documents accurately.
Here are a couple of examples of abatement:
Example 1: A company exporting goods valued under $2,500 may include an exemption legend stating their compliance with the relevant regulation, thus avoiding the need to file EEI.
Example 2: A business shipping items that qualify for an exemption due to their nature (such as personal effects) would note this on the air waybill, citing the appropriate regulation. (hypothetical example)
Key regulations include:
| Term | Definition | Differences |
|---|---|---|
| Exemption Legend | A notation on shipping documents indicating exemption from EEI filing. | Specifically relates to export transactions. |
| Electronic Export Information (EEI) | Information required to be filed for certain exports. | EEI is a filing requirement; exemption legends indicate when this is not necessary. |
If you are involved in exporting goods and believe you qualify for an exemption, ensure that you include the appropriate exemption legend on your shipping documents. You can utilize templates from US Legal Forms to assist you in preparing these documents correctly. If you are unsure about your obligations, consider consulting a legal professional for guidance.
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An exemption legend is a notation on shipping documents that explains why Electronic Export Information is not filed for a transaction.