General Order (GO)
A status given to imported goods that are missing the proper documentation or are not quickly cleared through customs. Merchandise may be held under general order if the proper duties or taxes are not paid, or if the owner fails to complete the required customs paperwork. Goods will be held under general order if they remain uncleared for more than 15 days. Investopedia Says:
After 15 days, any general order merchandise will be moved to a bonded warehouse. The risk of transportation and storage of the goods remains with the owner of the merchandise. If the goods remain under general order for more than six months, the merchandise will be put up for auction or confiscated by the government. Related Terms:
Dumping
Duty
Import
Incoterms
Tariff |