TERMS OF CONTRACT

In negotiating a contract, there must be a determination of the party by the exporter regarding bearing the various charges as they are incurred. These terms are now standardized under Incoterms 2000 of International Chamber of Commerce, Paris. The more common terms of contract are: CIF (Cost, Insurance, Freight) It Read more…

INVOICE

Commercial invoices are needed by the overseas buyer and must contain the correct information. Generally, this includes a statement of the nature of the contract (e.g. ‘CIF New York’) a description of the goods, and their price. Most countries specify the information they require to be shown on invoices; for Read more…

INSURANCE

It is essential to have complete insurance cover against loss or damage which may occur during shipment. The contract most clearly state as to who is responsible for arranging the insurance at all stages from the time when the merchandise leaves the exporter’s hands until the buyer takes possession. The Read more…