What is a letter of credit, how it works and who needs it..
Many of you would have come across the term Letter of Credit (L/C)..
If you are a shipping line, you would have heard this term from various customers asking you to expedite the draft bill of lading for checking by the bank or for the release of the bill of lading to be expedited because the shipment is under L/C..
If you a freight forwarder or agent, you may have been put under pressure by the BCO to get all the documents required by the L/C sent to them in time..
If you are a BCO, you may have been told by your bank that the documents submitted do not match the requirements of the L/C and some of the documentation may need to be redone..
So what exactly is a Letter of Credit, what is the need for a letter of credit, who issues it and how does it work..
Missing Import Licenses – Do’s and Dont’s
Dealing with Missing Import Licenses
“The import permit was rejected, because of missing license!” says your Customs agent in a text message.
“Are you sure? We’ve been importing this for years!”, you reply.
Unfortunately, similar conversations like the above happen all the time, and in all parts of the world because of various reasons.. Here are some do’s and dont’s when it happens..
Under CIF terms – who is responsible to off-load cargo from the ship – seller or buyer..??
Trudi asked below question about CIF Terms and who is responsible to off-load cargo from the ship – seller or buyer..?? I have a CIF shipment to Dar es Salaam. The port cranes in Dar es Salaam can not handle the tonnage of the item we are sending. Who is responsible to hire and pay a portable crane to off load … Read more here..