International payment 4 th Edition World Trade Press
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- Notes for the Buyer
| Notes for the Buyer
1. Before opening a documentary credit, the buyer should reach agreement with the seller on all particulars including description of the goods, quantities, unit price and total price, terms of sale (FOB, CIF, etc.), shipment schedule, and documents to be presented by the seller. 2. When choosing the type of documentary credit to be used, the buyer should take into account standard payment methods in the country of the seller. 3. When opening a documentary credit, the buyer should keep the requirements and required documentation to a minimum. 26 Notes for the Buyer 4. Documents specified in the documentary credit should include all those the buyer requires for customs clearance. 5. The buyer should be prepared to amend or renegotiate terms of the credit with the seller. This is a common procedure in international trade. On irrevocable letters of credit amendments may be made only if all parties involved in the documentary credit agree. 6. The buyer should use a bank experienced in foreign trade as the issuing bank. 7. The validation time stated on the documentary credit should give the seller adequate time to produce the goods or to pull them from stock. 27 Notes for the Buyer 8. The buyer should be aware that documentary credits are not fail-safe. Banks are responsible only for the documents exchanged and not the goods shipped. Documents in conformity with documentary credit specifications cannot be rejected on grounds that the goods were not delivered as specified in the contract. The goods shipped may not in fact be the goods ordered and paid for. 9. Purchase contracts and other agreements pertaining to the sale between the buyer and seller are not the concern of the issuing bank. Only the terms of the documentary credit are binding on the bank. 28 |