Archive : Documentary

In international trade shipping occupies an important place as a mode of transport.  The document evidencing the carriage of goods by sea is the ‘bill of lading’.   A bill of is a document issued by the shipping company or its agent, acknowledging the receipt of goods for carriage, which are deliverable to the consignee or his assignee in the same condition as they were received.   A [...]

The carriage of goods in international trade involves more than one mode of transport.  Goods are carried up to seaport or airport by land and from there they are transported to the buyer’s country.  The goods may again be transported by land/rail to reach the buyer’s place.  Carriage by each mode of transport is covered by a separate contract of carriage.  But the modern trend is the move [...]

Letter of Credit is one of the important methods of payment in international trade.  Letter of credit operations are governed by the provisions of the Uniform Customers and Practice for Documentary Credits (UCP).   Meaning   A documentary letter of credit is an arrangement whereby a bank, at the request and in accordance with the instructions of a customer (importer), is to make payment [...]

At the time of entering into the contract for export, the importer and exporter agree as to when and how the payment will be made by the importer to the exporter.  Depending upon the relative bargaining power of the importer and exporter, and having in view the requirements of the exchange control in the countries concerned, payment for the international trade may take place in any one of the following [...]

  Both import and exports are subject to regulatory requirements prescribed by the government.  Any importer or exporter is expected to know the regulations relating to foreign trade and abide by them.  Of the numerous statues that have a bearing on export transaction, those having direct relevance for any export or import are the following:       1 Foreign trade (Development and Regulation) [...]

 All international trade transactions are essentially commercial contracts.  Under an international trade contract, the exporter agrees to supply the goods to the importer for a price.  The importer, in turn, agrees to receive the goods and pay the price. Even in domestic trade the exchange of goods between two parties entails lapse of time between the time of intention and execution, and requires [...]