Definition of Clearance

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TeachMeFinance.com - explain Clearance



Clearance -- 1. The completion of governmental requirements so that a carrier may arrive in a port and unlade cargo and passengers, or may lade cargo and passengers and depart for a foreign destination.

2. The accomplishment of the customs formalities necessary to allow goods to be imported or to be exported.

historic definition...

Clearance -- A certificate from the proper authority that a vessel bound for a foreign port has complied with the law and has leave to sail. Tn domestic trade the mere departure of a vessel from port is called a clearance. In the grain trade a consignment of grain or flour shipped by lake or ocean is called a clearance.



About the author

Mark McCracken

Author: Mark McCracken is a corporate trainer and author living in Higashi Osaka, Japan. He is the author of thousands of online articles as well as the Business English textbook, "25 Business Skills in English".


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