DEFINITION of '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.

BREAKING DOWN 'General Order - GO'

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
  1. Trust Receipt

    Notice of the release merchandise to a buyer from a bank, with ...
  2. Gross Merchandise Value

    The total value of merchandise sold over a given period of time ...
  3. Merchandising

    Merchandising is any act of promoting goods or services for retail ...
  4. Mass Merchandising

    A method of selling insurance policies in which an employer or ...
  5. On Account

    An accounting term that denotes partial payment of an amount ...
  6. Back Order

    A customer order that has not been fulfilled. A back order generally ...
Related Articles
  1. Investing

    Explaining Market Orders

    A market order is the most common order used to purchase a financial security.
  2. Investing

    Analyzing Retail Stocks

    To analyze retail stocks, investors need to be aware of the most common metrics used. Find out what they are.
  3. Investing

    Dollar General Stock Soar 10% on Earnings Beat (DG, WMT)

    Combined with a sound merchandising strategy and strong profit margins, Dollar General looks poised to deliver this type of result in the quarters ahead.
  4. Trading

    The Basics Of Trading A Stock

    Taking control of your portfolio means knowing what orders to use when buying or selling stocks.
  5. Investing

    When Using a Money Order Makes Sense

    Money orders are usually the least expensive way to send "cleared" funds to pay a bill (or traffic ticket). Here's how they work and what to watch out for.
  6. Investing

    How Do Companies Calculate Revenue?

    Revenue is the money a company receives in exchange for its goods and services.
  7. Small Business

    What's Involved in Customer Service?

    Customer service is the part of a business tasked with enhancing customer satisfaction.
  8. Taxes

    How an Internet Sales Tax Will Affect Your Small Business

    Learn about how the Marketplace Fairness Act may impact small business owners should it pass in the House and what the act requires from business owners.
  9. Insights

    Star Wars Toys: Is The Tail Wagging The Dog?

    With $700 million in Star Wars toys sold in less than a month. Has the success of the merchandise become the proverbial "tail that wags the dog?"
RELATED FAQS
  1. What are the differences between income statements from merchandising companies vs. ...

    Learn how merchandising companies and service companies have to account for different information when preparing an income ... Read Answer >>
  2. What's the difference between a market order and a limit order?

    Buy and sell trades with market orders at the present stock price and execute limit orders if the stock price falls within ... Read Answer >>
  3. How do I place a limit order online?

    Learn how a limit order is placed, the types of stocks it is most useful for and the specifications placed with it to suit ... Read Answer >>
  4. Is good customer service something to look for in a company in which I am considering ...

    Learn about the importance of customer service when deciding whether to invest in a stock. Good customer service can ensure ... Read Answer >>
  5. What are the advantages of a limit order over a market order?

    Understand the functional differences between a limit order and a market order and the respective advantages and disadvantages ... Read Answer >>
  6. Why do limit orders cost more than market orders?

    Learn the difference between a market order and a limit order, and why a trader placing a limit order pays higher fees than ... Read Answer >>
Hot Definitions
  1. Graduate Management Admission Test - GMAT

    A standardized test intended to measure a test taker's aptitude in mathematics and the English language. The GMAT is most ...
  2. Magna Cum Laude

    An academic level of distinction used by educational institutions to signify an academic degree which was received "with ...
  3. Cover Letter

    A written document submitted with a job application explaining the applicant's credentials and interest in the open position. ...
  4. 403(b) Plan

    A retirement plan for certain employees of public schools, tax-exempt organizations and certain ministers. Generally, retirement ...
  5. Master Of Business Administration - MBA

    A graduate degree achieved at a university or college that provides theoretical and practical training to help graduates ...
  6. Liquidity Event

    An event that allows initial investors in a company to cash out some or all of their ownership shares and is considered an ...
Trading Center