Chapter 4 Documents Used in International Trade
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1 Chapter 4 Documents Used in International Trade Documents Used in International Trade Operations Financial documents Used to obtain payment Commercial documents Not intended to obtain payment Both documents will be sent separately to the importer either by the exporter or through the banking system 1
2 Financial Documents Used to obtain payment Can be in a form of: Bills of Exchange Def: Sec 3 BEA 1949 Unconditional order addressed by the drawer to the drawee requiring the drawee to pay certain sum of money to the payee on demand, or at a fixed determinable future time. Maturity: 30,60,90, 120 or 180 days. Continued The BE (Draft) is prepared by the exporter & submitted to the negotiating bank in the exporter s country It stipulates that the drawer (exporter) requests the reimbursing bank (usually the L/C issuing bank) in the importer s country (actual name of the bank) to reimburse the cost to the negotiating bank (actual name of the bank) in the exporter s country & charge the same to the importer s a/c within a specified time limit After shipment is made the exporter collects payment from the negotiating bank in exchange for B/L together with BE & other documents. Promissory Notes Def: S88(1) BEA: Unconditional promise in writing made by one person to another signed by the maker, engaging to pay, on demand or at a fixed or determinable future time, a sum certain in money, to, or to the order of, a specified person or bearer Can be written on blank piece of paper or pre-printed forms. As the importer makes a promissory note, he must attend to this formality & send the promissory note to the exporter. 2
3 Once shipment has taken place & the commercial documents are available, both the promissory note & the commercial doc. are sent through to the importer (through the banking system) Cheques Could be used s a substitute for a promissory note Could be drawn on a customer s standard cheque Could be used: Settlement is in importer s currency Currency in which the importer has a foreign currency bank a/c Invoices Commercial Documents Commercial invoices Pro-forma-invoices Consular invoices Legalised invoices Insurance documents Transport documents Bills of lading Waybills Invoices Issued by exporter Commercial invoices: Documents to demand payment Contains: Name & address of the seller Name & address of the buyer Date Description of the goods, unit price, quantity Types of packaging (crates, boxes, drums) Details of relevant import /export licenses The total amount payable The exporter s signature 3
4 Pro forma invoice Similar to commercial invoice with additional sets of circumstances; An importer is attempting to induce an importer to buy goods at the stated price Where a payment in advance is required The importer s country requires an import license to be obtained whereby without the pro forma invoice the import license can t be obtained. Consular invoice Issued by the consular office of the importing country, with the office being located in the exporter s country. Functions: To enable the correct amount of import duty to be calculated To prevent goods imported to be sold below market price Legalised Invoices A commercial invoice that has been submitted to the embassy of the importing country The invoice is stamped with a special chop & then signed by an authorized official thereby legalising it 4
5 Insurance Documents Insurance policy is required to cover the risk of loss or damage to goods during the shipment Can be: broker s note, an insurance certificate or insurance policy. Taken both by exporter & importer Both parties will negotiate as to who is to insure the goods for the different stages of the shipment Contain: Name of insurer, insured Types of risk that are covered Amount covered Description of the insured goods Place where claims are payable Transport Documents A doc. that indicates leading on board or despatch or taking in charge Bills of Lading Issued by the shipment company Made out to the order of exporter & need to be endorsed to enable the importer to get the goods at the port Functions: Prove as a receipt for the underlying goods Contains the terms and conditions of the contract of carriage Acts as a document of title for the underlying goods Contain: Name of the shipping company shipper (exporter or his agent) Consignee (importer or his agent) The name of the vessel Port of loading & discharge Description of the goods The number of original bills of lading Whether freight charges have already been paid or are to be collected 5
6 Types of bills of lading: Marine bill of lading Short form bill of lading Brief in size & content Contract terms & conditions of carriage is not mention on the bill Combined transport bill of lading Goods are to be transported using different modes of transport Liability is assumed by the company which issues the bill Liner bill of lading Using shipping vessels that are designed to transport individuals on their holidays Transhipment bill of lading No direct shipment from exporter s county to importer s country Intermediary port has to be used Container bill of lading Goods transport by sea are held in container May cover a sea journey or cover a journey from an inland point Waybills Act as a receipt for the underlying goods & it evidences the contract of carriage Not a document of title The shipping company will deliver the goods to the consignee without having to provide the original copy of the waybill Used to avoid delays at the port of destination in handing over the goods to the consignee Features are almost similar to bill of lading Sea waybills goods transport by sea Air waybills goods transport by air 6
7 Other Documents Certificate of Origin A certificate that certified that the goods shipped are wholly manufactured or processed by the supplier, and the goods are the products of specified country Certificate of Quality A document to certify that the goods despatched are of the quality specified in the contract. Must be signed by an authorized person at the time and place of shipment. 7
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