24 Hours Rule - Business Glossary - Business Dictionary

Business Glossary - 24 Hours Rule

Glossary of International Business : 24 Hours Rule

An amendment to the U.S. Trade Act of 2002 requiring that sea carriers and NVOCCs (Non-Vessel Operating Common Carriers) provide U.S Customs and Border Protection (CBP) with detailed descriptions of the contents of sea containers bound for the Unites States 24 hours before the container is loaded on board a vessel.

The cargo information required is that which is reasonably necessary to enable high-risk shipments to be identified for purposes of ensuring cargo safety and security and preventing pursuant to the laws enforced and administered by CBP. This information must be detailed and be transmitted electronically through approved systems. Foreign exporters to the U.S., domestic U.S exports and importers and foreign importers of U.S products are also affected by these new regulations. Because the bulk of the data forwarded to CBP by the carriers and NVOCCs originates from these groups. If transmittal of information is either incomplete, misleading or not timely, it can cause a number of potentially serious problems for the trader in clouding:

1) CBP may issue a NO LOAD order to the carrier effectively keeping the shipment at port and subjecting the shipment to storage charges and the importer and exporter to possible lost commercial opportunities

2) The shipment may become the target of additional scrutiny by CBP and possibly be subjected to intense cargo examinations

3) Potential denial or delays in obtaining permission to unlade the cargo at a U.S port

For information….www.cbp.gov

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