Procedure of import documents (signing of contracts and issuance of letter of credits):
(1) When all the negotiated terms and conditions are satisfied, seller issues drafts the contract. (Due to the long term built mutual fiduciary relationship in purchase and sales, and based on the your certain amount of import orders from our company every year, our tontract is the mutual contract model, or the contract modil agreed upon by both parties. Generally, the trading terms for the contract are CIF or CIP. Free on board, Chang Shou-Jiang Su Province)
(2) When the buyer receives the contract, buyer issues the letter of credit. Buyer issues the letter of credit through their authorized bank. (Seller sends the contract draft to buyer through fax or mail for buyer to review. Hard copies are rarely used due to time consumption. Authorized issuing banks are usually CBC. ABC. BOC and CCB) Actually, buyers usually draft their own letter of credits, because they are more familiar with their own business and know what should be included in the documents. They finish their own drafts and submit them to the bank for the bank's review and approval.
(3) Then, buyers will send the reviewed and approved letter of credits to the seller. (Confirmed as original copy)
Self Appraisal-Key Skills Development:
The major intern work for this week is to company the export department staff to examine the contracts and assist in the issuance of letter of credits.
During the review of contracts and assistance in the issuance of letter of credits, we came across the following problems:
(1) During the exmination of the contracts, our main attention was towards if the discription of the goods is consistent with your requirement. For example: wether the names of the goods are consistent, the amount of water contained in the pulp, the payment amount, the way of payment, the deadline of shippment, expiration of letter of credit and the choice of trading terms.
(2) If there are any changes in the contract terms, deletion, reduction, addition or modifications.
(3) If all the other terms are complete
For example: If all the documetns like Certificate of place of origin, Bill of Lading, Shipping document, insurance policy, duplicate copies of contract are in place to avoid the unnecessary troubles at the arrival of the shippments.来自:求助得到的回答
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