Cross border business transactions have various difficulties due to differences in culture, expectations, languages and different legal procedures. Hence, it is important to have a clear agreement / contract on overseas transactions, with overseas partners in order to avoid disputes and differences and to have a long standing relationship with overseas partners.
Commercial contracts / agreements are typically a contract written between the business entities to regulate their business relationship. The parties are free to choose and agree on their terms and conditions as per the contracts / Agreements. (freedom of contract).
Our firm provides the best support and guidance to parties to decide their terms and conditions of the contract / agreement and also participate in their negotiations to clinch the best deal. Our firm also provides the basic support and guidance to make domestic contracts / Agreements with negotiating terms of business translations.
Documentary credits are protecting payments in International Trade. A Documentary Credit is a method of payment where buyer’s bank guarantees payment to seller with the condition that seller has to fulfill the terms specified in the agreed terms.
A documentary credit has its own terms and conditions which do not rely upon the terms specified in the sales contracts / sales agreement. The Documentary credit is treated as an independent transactions under the Principle of Autonomy. The parties involved in the documentary credit are 1) Applicant, 2) Issuing Bank, 3) Advising Bank, 4) Confirming Bank, 5) Nominated Bank, and 6) The Beneficiary.
These are the various types of documentary credit
The important points to remember in these Documentary Credits are
Our Firm provides unparalleled support and guidance to the parties on settling payments by prudently following the drawn up principles laid by the International Chamber of commerce, known as Uniform Customs and Practice for Documentary Credits.
Letters of Credit are financial promises on behalf of one party in a business transaction between the parties involved in the International Trade. The letter of Credit provide protection against non-payment by the parties.
Our Firm provides unparalleled support and guidance to the parties on settling payments by prudently following the drawn up principles laid by the International Chamber of commerce, known as UCP 600 and URDG 758.
It is the set of Rules followed by the Bankers and commercial parties of International Trade. The current version being the UCP 600 was approved by the Banking commission of the ICC and commenced from July 2007. The need for revision of this version is “kept under Review” by ICC. The UCP rules remain the most successful set of private rules for International Trade Transactions.
When a credit is issued subject to UCP 600 the credit will be interpreted in accordance with the entire set of 39 Articles contained UCP 600.
eUCP was developed as a supplement to Uniform Customs and Practice and it is still remaining as a supplement to UCP 600.
Our Firm provides unparalleled support and guidance to the parties on settling payments by prudently following the drawn up principles laid by the International Chamber of commerce, known as UCP 600
(for the examination of documents under documentary credits)
The International Standard Banking Practice for the Examination of Documents under documentary credits (ISBP 821) is a companion to UCP 600 for determining the compliance of documents presented under documentary credit. The contents of ISBP 821 comprises of Invoices, Transport documents, Bill of lading, seaway bill, Insurance documents, Packing list, weight list etc…. involved in international Trade & commerce.
Our Firm provides prudent support and guidance to the parties on submitting documents / bills presented under Documentary Credits as prescribed in ISBP 821.
The International Trade and Trade Finance Contains many detailed procedures. There is always a chance of dispute between the parties involved. To resolve these disputes, ICC has designed ICC DOCDEX which is a dispute resolution procedure.
These Instruments for Dispute Resolution methods provides parties with a specific resolution procedure that leads to an independent and prompt settlement of disputes involved in International Trade Transactions.
The DOCDEX service is provided and managed by ICC by a separate administrative body called “International Centre for Amicable Dispute Resolution” (ICC International Centre for ADR).
The Rules and procedures are available for the dispute resolution which the center may agree and are related to
Our Firm provides prudent support and guidance to the parties to follow the rules and procedures for dispute resolution mechanism.
International Commercial Terms are Pre- defined trade contract responsibilities and liabilities between a buyer and a seller and are related to International Commercial Law. They are standard terms accepted by both the parties.
Once Importer and Exporter have agreed on INCO TERMS, they can freely trade without discussing responsibilities for the costs and risks covered by them.
Importers and Exporters can use these INCO TERMS in their activities to conduct their business. INCO TERMS are generally used while submitting a purchase order, labelling a shipment for transport, completing a certificate of origin and documenting a FCA.
Our Firm provides unparalleled support and guidance to the exporters and Importers to agree upon INCO TERMS to freely trade in International Transactions.
An Anti- Dumping duty is a protection tariff / tool a domestic government imposes duty on Imports to prevent undercutting the local products. Many countries to protect their economy, imposes duties on products being dumped in their local markets. This done with the rationale for these products have the potential to undercut the local business and their economy.
In the long term, Anti-Dumping duties can reduce the International Competition of domestic companies producing similar goods.
The World Trade Organization (WTO) an International Organization published a set of International Trade Rules including the International regulations of anti-dumping measures.
Our Firm provides prudent support and guidance to the parties to decide the type of goods and services to avoid undercutting the local products.