Exporter of Record (EOR) services are structured similarly to IOR services, the difference is that EOR handles laws and regulations from the export country.
It’s worth noting that anyone or any corporation may act as an Exporter of Record (EOR). The main duty of an EOR is to handle all of the documentation related to export clearance. Aside from that, any Exporter of Record (EOR) should do the following:
- EOR will check if your shipment meets export requirements and export regulations, and if it complies with international trade regulations
- EOR services ensure your shipment arrives at its destination in foreign markets on time
- EOR services must also address any issues that might cause a shipment to fail to arrive at its destination port
- EOR facilities also manage all inquiries from the exporting country’s customs authorities
The Exporter of Record (EOR) is responsible for paying compensation (if any) to the affected party in the event of a botched shipment.
Exporter of Record (EOR) and Forwarding Agents
EOR and forwarding agents play different roles, as previously stated. Nonetheless, they are both capable of playing each other’s parts. When EOR and the freight forwarder are operating as separate individuals, these are the items about which EOR would communicate with the freight forwarder.
- EOR services provide the following information to their forwarding agent: name, business address, and EIN.
- EOR shares the six-digit foreign export code (Schedule B number) of the provided shipment.
- EOR also shares commodity information with the freight forwarding agent.
If the seller (foreign principal party) wishes to deal with ECCN, EOR is responsible for providing it and sharing it with the freight forwarder.
EOR makes exporting easier
The services of an Exporter of Record (EOR) come in handy if you’re exporting anything from inside the country or from another port. As the preceding discussion has shown, the role of Exporter of Record entails a wide range of responsibilities (EOR). And rather than stressing yourself by inspecting and managing the washing, it is preferable to delegate this responsibility to a full-time professional. And rather than stressing yourself by reviewing and managing export compliance requirements, it’s easier to delegate this duty to a full-time specialist.
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FAQs
Who Is The Exporter Of Record?
The Shipper is the company that sold the items. The Exporter of Record is the business in charge of ensuring the goods are correctly exported from the country where they came from.
Can a freight forwarder be the exporter of record?
Forwarding agents are typically unable to function as the Exporter of Record due to a lack of compliance licenses. Additionally, they frequently lack the necessary resources or expertise to take on such a role.
Exporter Of Record Requirements
These responsibilities encompass ensuring accurate classification and valuation of the goods, obtaining an export license when necessary, settling taxes and duties with the importing customs authority as per the terms of the sale, and keeping meticulous transaction records.
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