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Commercial Transaction Documents

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Commercial Transaction Documents Module2-2:CommercialTransactionDocumentsParticipant CommercialTransactionDocuments Overview Thispartcoversthefollowingtopics: Commercialdocuments Bankingdocuments Transportationandinsurancedocuments Objectives Bytheendofthispart,youwillbeableto: Identifydocumentsusedininternatıonaltrade Distinguishbetweenthesimilardocumentswithdifferentnamesand functions Analizetheapplicationofthesedocumentsindifferenttransactionsof internationaltrade 2-4477 Module2-2:CommercialTransactionDocumentsParticipant Scenario:QualityofShippingDocuments AnAfricanCompanywantstoselllightweightworkingbootsintoEuropean Union.Theboothasbeendevelopedbythelocalmanufacturer. Atpresentitissupplyingthelocalarmyandallagriculturalcooperatives. Agentstakecareofthesalesinneighbouringcountriesandthenational salesmanagerhasbeenmaderesponsibleforexport.Aqualitycertificateisaskedby thebuyerinEuropeandthesupplierjustpreparedaqualitystatementontheirown letterheadedpaper. Duringdeliveryitwasrealisedthatthenecesseryshippingdocumentsrequestedby theEuropeancustomer,weremissingandsomewereill-prepared. Doyouseetheweakpointsinthisapproach? Thinkabouttheproduct,theirpresentexportexperience,theresponsiblemanager, theirmarketexperience. Introduction Foreigntradedocumentsareimportantfortheexporterorimporter establishments,intermsofpreparingaccordingtothepreferredqualitiesaware ofcustoms,exportationandimportationregulationsandpreventionofallthe sides,ledbyexporters/importers,beingwronged. Thedocumentsincomplete,faultyornotgiventotheauthoritiesontime maygiverisetosomerisksintheproducts’deliveryorduringcollectionofthe productcosts. Inthispart,thenecessarybank,deliveryandcommercialdocumentswill bestudiedandpreparationofthesedocumentswillbedescribedwith examples. 2-4488 Module2-2:CommercialTransactionDocumentsParticipant DocumentsUsedinInternationalTrade Itisafactofmodernlifethatpeopleandcargogenerallydon’tcross nationalborderswithoutextensivedocumentation.Intheworstcase,cargois stranded,partwaytoitsdestination,unabletomoveforlackoftheright documents.Asthecargosits,itincursstoragecharges,deteriorationand spoilageasitsowner’sfrustrationmounts.Suchascenariomustbeavoidedif profitabletradeistobeconducted.Itcanbeavoidedifthetraderhasagood workingknowledgeoftradedocumentation. Arethedocumentscurrentlyusedininternationaltradenecessaryoronlya formality? Mostinternationaltradedocumentscanbeplacedintothefollowing categories: Commercialdocuments ThePurposesof Documents Bankingdocuments Transportationandinsurance Thegeneralpurposeofallcategories ofinternationaltradedocumentsisto documents facilitate,control,andkeeptrackof internationalcargomovements. Below,thedifferentcategoriesofinternationaltradedocumentswillbe discussedindetail. 2-4499 Module2-2:CommercialTransactionDocumentsParticipant CommercialDocuments Commercialdocumentsarethosethatmovebetweenthebuyerandthe seller.Theonestobediscussedherearethefollowing: Requestforquotation Quotation Proformainvoice Termsandconditionsofsale Purchaseorder Orderacceptanceandconfirmation Salescontract Commercialinvoice RequestforQuotation Buyersandsellerscanexchangeany WhatisRequestfor numberofletters,telephonecalls,andfaxand Quotation? E-mailmessagesastheinitialstepsofan Arequestforaquotationissimplya internationaltransaction.Thiswillnormallylead letter,telephonecall,fax,ore-mail messagebetweenbuyersandsellers toaRequestforQuotation.Thiscanbea usedastheinitialstepinatrade simplefaxorotherformofmessage. transaction. 2-5500 Module2-2:CommercialTransactionDocumentsParticipant ARequestforaQuotation FAX E-MAIL Buyer Seller Figure1:ARequestforaQuotation Anexampleofa“requestforaquotation”lettercanbefoundbelow. DearSirs: Pleasesendmeyourquotationfor50FarmBestlawntractors,Modelnumber307H. PleasequoteC&F,Athens.Paymentwillbeby90dayletterofcredit. Sincerely, Istanbul,MCNTradingCompany Figure2:Anexampleofa“RequestforQuotation”Letter Quotation Theexporterwouldlogicallyfollowwitha ImportantPoints Quotation,whichisbasicallythepricefor RegardingQuotation whichhe/shecansupplythegoodswiththe Thequotationshouldbeasspecificas specifiedshippingandpaymentterms(although possible,toavoidmisunderstandings. Itisnormallysigned,andofcourseit youarefreetoproposealternateterms).Allthe isnowpossibletosendE-mail costs,andhis/herprofitorcommission,mustbe messageswithsignatureonthem. included.Thequotationshouldreferencethenumberontherequest,ifthere wasone,andincludeadateuntilwhichitisvalid. 2-5511 Module2-2:CommercialTransactionDocumentsParticipant Quotation FCA DDU L/C SIGHT DRAFT Seller ShippingandPayment Buyer Terms Figure3:Quotation Whatisthedifferencebetweenarequestforaquotationandaquotation? YoucanseeanexampleofQuotation. ATRADEINTERNATIONAL CamlıCad.260/2Istanbul QUOTATIONNo.21 Thisquotationisvalidfor30daysfromthedatehereon:March8,2001. Shipper:ATradeInternational,CamlıCad.No:260/2Istanbul Consignee:EximCo.,Street5,724TiraneAlbania 50tractors,FarmModel3 US$42,100 asshownintheircataloguedatedJanuary2,2001, packedforexportbythemanufacturer InlandfreightAnkaratothePortofIstanbul l,000 ForwardingandfreighttoAlbania 5,125 TotalCFRAlbania US$48,225 MarineinsurancetobearrangedbytheConsignee. Paymentby90-dayirrevocableletterofcreditfromafirst-classInternationalbank. Shipmenttobemadewithin60daysafterreceiptoftheletterofcredit Figure4:AQuotationDocument 2-5522 Module2-2:CommercialTransactionDocumentsParticipant ProFormaInvoice Sometimesanimporterwillwantamore AProFormaInvoice formaldocumentthatwillhelphim/hergetan importpermitorforeignexchangeauthorization Itismoreformaldocument.The differencefromcommercialinvoice,is and/ortoopenaletterofcredit;shemaygoone onlythestatement“ProForma”atthe stepfartherandaskforaProFormaInvoice. topside. Thislookslikearegularcommercialinvoice, exceptthatitsays"PROFORMA"atthetop.Thesewordsmeanthatthedocu- mentinhandisn'ttheactualcommercialinvoicebutisalmostexactlywhatthe realinvoicewilllooklike. ProFormaInvoice ProForma Invoice ProForma Invoice Seller (Whenbuyerwants Buyer moreformal document) Figure5:ProFormaInvoice Whydoyouthinkanimporterwouldwantmoreformaldocument?Whatare theadvantagesforhim/her? 2-5533 Module2-2:CommercialTransactionDocumentsParticipant TermsandConditionsofSale Sometimesquotationsandproforma TermsandConditionsof invoicesareaccompaniedbyotherdocuments Sale knownasStandardTermsandConditionsof TermsandConditionsofSaleinclude informationthatisnotonaquotation Sale.Thesegiveimportantinformation-suchas orproformainvoiceanditissimilarto "AllshipmentsaremadeF.O.B.stanbulTurkey" thefineprintusedonthedocuments necessarywhenopeningabank -thatisnotshownonquotationsorproforma accountorreceivingacreditcard. invoices.Thisinformationissomewhatsimilarto the‘fineprint’youreadwhenyouopenabankaccountorreceiveacreditcard. TermsandConditionsofSales Quotations Termsand ProForma Conditions Invoice ofSales + Buyer Seller Figure6:TermsandConditionsofSale WhatkindofbenefitsdoestheextrainformationontheTermsand ConditionsofSalegivethebuyerandseller? 2-5544 Module2-2:CommercialTransactionDocumentsParticipant PurchaseOrder Iftheimporterissatisfiedwiththe AnImportantPoint quotationand/orproformainvoice,he/shemay AboutPurchaseOrder placeanorder.Thiscanbeasimpleoralor Notethatitshowshowtomarkthe boxesandspecifiespaymentbysight writtenstatementsuchas"Weherebyorderas draft,documentaryagainstpayment, peryourproformainvoicenumber627."More andissigned. oftenthereareadditionaldetails-forexample, "Weherebyorder100dozenModelRbicyclepumps,C.I.F.Romania,tobe shippedbyoceannolaterthanJanuaryl,2001,withpaymentbyirrevocable letterofcredit."Anordercanincludeotherconditionssuchasdocumentsthat shouldbeprovidedandevenwhatshouldbesaidonthedocuments. PurchaseOrder Purchase Order Iıııııı 1234 ıııııııııııı Buyer Seller Afteraccepting Quotationand/orPro FormaInvoice Figure7:APurchaseOrder OrderAcceptanceandConfirmation Theexportershouldreplywithasimplestatementsuchas,"Weaccept yourPurchaseOrderNo.291/91,datedMay2,2001".Ininternationaltrade,an orderandanunconditionalacceptancemakeacontractthattheoreticallycan beenforcedbyeitherthecontractingparties. 2-5555 Module2-2:CommercialTransactionDocumentsParticipant OrderAcceptanceAndConfirmation OrderAcceptance andConfirmation Iıııııı1234 ııııııııı1234 Iıııııı1234 ııııııııı1234 Buyer Seller ReplyforPurchase Order F igure8:OrderAcceptanceandConfirmation SalesContract Insomecases,importersorderinformally,bytelephone,althoughthis systemhasbeenpartlyreplacedbyfaxandE-mail.Theexporterthensendsan orderconfirmation,whichtheimportersignsandreturns.Thisprocedure createsaContractofSale. SalesContract ORDER 1 1 Order Confirmation Iıııııı1234ıııııııııııı Iıııııı1234ıııııııııııı 2 Iıııııı1234ıııııııııııı 2 Seller Buyer Iıııııı1234ıııııııııııı 3 3 SIGNED Figure9:TheSalesContract 2-5566 Module2-2:CommercialTransactionDocumentsParticipant CommercialInvoice AnInvoiceisadocumentthatprovides BeCarefull! informationaboutthetermsandconditionsof asalestransaction.Anumberofdifferent TheinvoiceshouldbeinEnglishor accompaniedbyanaccurate typesofinvoicesareusedininternational translation. trade.ACommercialInvoiceisusedfor mostpurposes.Itissimplyadocumentpreparedbytheselleronitsownform thatsetsforththenamesoftheparties,thetypeofmerchandisesold,the price,andotherinformationthesellerdeemsrelevant. Typicallythisincludestheportofentryforthegoods,thetimeandplace ofthesale,andadescriptionofthegoodsincludingthenameofthegoods,
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