Incoterms, or International Commercial Terms, are a set of predefined commercial terms published by the International Chamber of Commerce (ICC) that are widely used in international commercial transactions or procurement processes. They are primarily used to clearly communicate the tasks, costs, and risks associated with the transportation and delivery of goods. Different Incoterms are better … Read more
An international transaction begins either from the side of the exporter or from an importer based on forces of demand and supply. If importer demands any supply from an exporter the willingness is communicated through import quotation and if exporter makes an offer to sell something to the importers it is called proforma invoice. Importance … Read more
How to Apply for PAN online through NSDL wesite PAN NO: PAN stands for Permanent Account Number in its entire form. The Department of Income Tax issues the PAN card, which has 10 alphanumeric digits. Applying for a PAN card online is facilitated by the National Securities Depository Limited (NSDL)website through Protean eGov Technologies Limited. or … Read more
Charter party and bill of lading are integral components within the shipping industry. They ensure smooth operations, protect stakeholders’ interests, and provide necessary documentation for various purposes. common features and details of charter Party bill of lading: While the specific features may vary depending on the terms of the charter party and the needs of … Read more
Charter party shipments involve signing a charter party contract between the owner of the vessel and the charterer (usually the applicant or the beneficiary, depending on the Incoterm that is used in the documentary credit). Charter Party Bill of Lading (CPBL’s) are issued subject to the terms and conditions of a charter party. A CPBL is … Read more
A charter party bill of lading is a specialized document used in international shipping and operates within the context of a charter party agreement. Here, the party chartering(renting) the vessel hires a vessel in order to take its goods from port A to port B within a certain period of time. Charter party shipments are … Read more
The process to handle discrepancies in documents for an unconfirmed letter of credit (LC) involves careful consideration and communication. Understanding Discrepancies: Types of Discrepancies: Consult Relevant Parties: Authorized Personnel: Article 14 of UCP 500: Remember that handling discrepancies requires clear communication, attention to detail, and collaboration among all parties involved in the LC transaction. Always … Read more
In any international trade transaction, the issuing bank or the confirming bank must pay the credit amount to the beneficiary, when they determine that the presentation is complying. Under a discrepant presentation, the beneficiary can get the payment, only if the applicant accepts the discrepant documents. The most common mistakes exporters make is overseeing the discrepancy … Read more
