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Terminology of international contracting in the field of import and export

* EX work: - means delivery of the goods in the factory

* FOB: - The delivery of goods on the ship at the loading port and does not include the value of shipping

* C & F: - Receiving the goods at the port of arrival, buyer pay the shipping cost until the port of arrival

* CIF: - Receiving the goods at the insured port of arrival, the buyer pay the comprehensive shipping cost insurance


Internationally accepted payment methods in the field of import and export

* TT: - Advance transfer, prepayment and rest when you see a copy of the required documents (faster and less expensive)

* L / C: - The banks deal with each other (documentary credit) opened in the bank and the bank requests documents with specifications and terms of the item and then sends the bank request to the bank of the beneficiary or the seller to inform him of the specifications and then the seller the option to accept or reject the contract, The seller will process the item, contract it, ship it and send the documents to the beneficiary's bank (the seller) to confirm them and then send them to the buyer's bank to release the required amount and then the buyer will receive the documents to clear the shipment. This method is better in safety (but it is slower and more expensive) Documentary Credits

Confirmed

Irrecoverable is irrevocable, irrevocable

* CAD: - Payment for documents When you receive documents, the bank releases the price of the item to the seller

import and export

Terminology of international contracting in the field of import and export * EX work: - means delivery of the goods in the factory * FOB: - The delivery of goods on the ship at the loading port and does not include the value of shipping * C & F: - Receiving the goods at the port of arrival,...
Tahir Fagaray Tuesday 26 April, 2016
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