International payment 4 th Edition World Trade Press
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- Notes for the Seller—1
| Notes for the Seller—1
1. Before signing a contract, the seller should make inquiries about the buyer's creditworthiness and business practices. The seller's bank will generally assist in this investigation. 2. The seller should confirm the good standing of the buyer's bank if the credit is unconfirmed. 3. For a confirmed credit, it is preferable that the seller's regular commercial bank make the confirmation. 29 Notes for the Seller—1 4. The seller should carefully review the documentary credit to make sure its conditions can be met, particularly schedules of shipment, type of goods to be sent, packaging, and documentation. All aspects of the documentary credit must be in conformance with the terms agreed upon, including the seller's name and address, the amount to be paid, and the prescribed transport route. 5. The seller must comply with every detail of the documentary credit specifications; otherwise the security given by the credit is lost. 6. The seller should ensure that the documentary credit is irrevocable. 30 Notes for the Seller—1 7. If conditions of the credit have to be modified, the seller should contact the buyer immediately so the buyer can instruct the issuing bank to make the necessary amendments. 8. The seller should confirm with the insurance company that it can provide the coverage specified in the credit and that insurance charges in the documentary credit are correct. Typical insurance coverage is for CIF (cost, insurance, freight), often the value of the goods plus 10 percent. 31 Notes for the Seller—1 9. The seller must ensure that the details of the goods being sent comply with the description in the documentary credit and that their description in the invoice matches that on the documentary credit. 10. The seller should be familiar with foreign exchange limitations in the buyer's country that could hinder payment procedures. 32 |