Freely Offered

Summary of Freely Offered

Goods offered in the normal course of trade to all buying on essentially the same basis, e.g., with like prices, terms, discounts, et cetera. Under prior valuation schemes, the value at which the goods were “freely offered”served as the basis for the assessment of customs duties; this concept has been largely discarded by the customs Valuation Code (read this and related legal terms for further details) of the General Agreement on Tariffs and Trade (read about the GATT for further details), which relies upon the transaction value as the principal method of customs valuation.

(Main Author: William J. Miller)