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1、Chapter18一 Chapter Summary1. Implementing a CIF and L/C contract,matters that the seller should handle mainly involve: preparing the goods,urging the opening of L/C,checking L/C,asking the amendment to L/C,arranging shipment,effecting insurance,clearing export customs,making out documents and collec
2、ting export proceeds in foreign exchange.2. The seller must deliver the goods to the buyer the exact quantity of goods stipulated in the contract for sale.In determining the quality and description of the goods,the requirements in the contract will prevail.The way in which the goods are packaged has
3、 to be sufficient to protect and preserve the goods until the goods are handed over to the buyer at their destination.3. Goods should also fit for the purpose for which goods of the same description would “ordinarily” be used and for a particular purpose.4. Delivery after the date or period for deli
4、very is a breach of contract, even a fundamental breach of contract. The time of delivery is governed first by the provisions of the contract.5. The seller should also ensure that the goods it delivers are not subject to rights or claims by a third party and do not infringe on the industrial propert
5、y rights or other intellectual property rights of the third party.6. The seller may urge the buyer to open the L/C in cases of:1)The buyer fails to issue an L/C within the time stipulated in the contract;2)The goods are ready for shipment, and the seller wants to advance shipment.7. The seller shoul
6、d check the details of letter of credit. If the seller finds that the terms stipulated in the credit are not in line with those specified in the contract or not acceptable, it must immediately notify the buyer (applicant) in the shortest possible time. Meanwhile it should keep in mind that shipment
7、could not be effected until the L/C amendment arrives. Partial acceptance of an amendment is not allowed.8. The seller shall fill in the shipping note to book the shipping space. After receiving the shipping order from the carrier, the goods can be loaded on board the vessel. After receiving the mat
8、es receipt, the seller shall exchange it for the bills of lading from the Shipping Agency after making payment of the freight. The seller should take out at his own expense cargo insurance as agreed in the contract.9. The seller should declare the export goods to the customs by filling in certain cu
9、stoms forms and submitting appropriate documents for customs clearance.10. The quality of documents should meet the following general requirements: accuracy, completeness, promptness, conciseness and cleanness. The documents should be presented at the right time.11. Documents required by the credit
10、include draft, commercial invoice, pro-forma invoice, customs invoice, consular invoice, shipping documents, insurance policy (or certificate), packing documents, certificate of origin, inspection certificate, etc.12. In China, three are three ways of settlement of export proceeds in foreign exchang
11、e, namely, “settlement after payment has been made”, “settlement on a fixed date” and “settlement by negotiation”.13.In the majority of cases the discrepancies are not of a significant nature, and payment can be made against indemnity. If the discrepancies are complicated, the exporter may request t
12、he negotiating bank to send the documents to the issuing bank on an approval basis. If the discrepancies are of material nature, the bank will only be prepared to handle the documents on a collection basis. Chinas exporters, after effecting shipment and making out documents, should take out verifica
13、tion and writing-off of export proceeds in foreign exchange and export tax rebate.二 Review QuestionsA. Briefly define the concepts1. pro-forma invoice2. customs invoice3. consular invoice4. GSP certificate of origin 5. settlement of export proceeds in foreign exchange6. negotiation against indemnity
14、 (or negotiation under reserve)7. documents sent on approval basisB. Questions and problems1. Outline the procedures for carrying out CIF and L/C transactions from the perspective of the seller.2. What are the general requirements for the sellers delivery of goods?3. What are the general quality req
15、uirements for documents?4. How does the system of verification and writing-off of export proceeds in foreign exchange in China operate?5. If there is not enough time to make corrections to the discrepancies of documents under payment by L/C, how should the exporter handle the discrepancies? C. Multi
16、ple-choice questions1. In arranging shipment, the seller shall fill in a _ to book the shipping space in a liner.a. shipping note b. shipping order c. mates receipt d. bill of lading2. Implementing the CIF contract, the seller should take out at his own expense cargo insurance as agreed in the contract_a. once the contract is concluded. b. once the shipping date and shipping
