Understanding Exports for Exporter's Own Account: A Legal Overview
Definition & Meaning
The term "exports for exporter's own account" refers to specific types of export transactions where the reporting exporter retains ownership of the goods at the time of export. This includes:
- Shipments that are unsold when exported.
- Shipments sent to selling agents for later sale, but still owned by the exporter.
- Goods that have not been assigned to any existing export sale.
- Shipments from the United States to foreign countries that are in bond, intended for later delivery to a third country.
Legal Use & context
This term is commonly used in the context of international trade and export regulations. It is relevant in areas such as trade law and compliance, where accurate reporting of export transactions is essential. Understanding this term can help exporters comply with legal requirements when reporting their exports. Users may find it beneficial to utilize legal templates from US Legal Forms to ensure proper documentation and compliance.
Real-world examples
Here are a couple of examples of abatement:
Example 1: An exporter sends a shipment of agricultural products to a foreign distributor. The products are not sold before shipment, thus qualifying as exports for the exporter's own account.
Example 2: A company ships machinery to an agent in another country for sale. The machinery remains the property of the company until the agent sells it to a third party. (hypothetical example)