Tanzania Investment Bank Ltd
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1 Tanzania Investment Bank Ltd
2 DOCUMENTATION FOR EXPORT TRANSACTION Introduction For any export to take place there should be a contract of sale between buyer and seller of different countries. Although international trade continues to become more international in nature there are still no standard International terms for export transactions. The terms govern conclusion, performance and enforcement of Export contract still differ from one country to another in accordance with different law of each country.
3 It may also specify what law is applicable to contract and which court or arbitration system has jurisdiction to hear any claim in the event of a dispute. Introduction cont In general terms, the buyer and seller conclude a legally enforceable export contract by agreeing on the goods to be sold and the price to be paid for them. Usually their agreement will cover items such us: The time period for delivery The method of payment How the goods are to be delivered (trade incoterms)
4 Introduction cont Contract of Sale The export/import contract does not have to be a lengthy formal document in order to be legally enforceable. Contract of this type are concluded on the basis of an informal exchange of messages including telephone conversation, faxed and s. Often the exporter sends the importer a Pro forma Invoice indicating details of the goods and their unit price for importer to accept before the transaction takes place.
5 Introduction cont Effective Sales Agreement For a smooth exchange of goods and payments with minimum dispute between seller and buyer, they must resolve the following issues:- - The terms of delivery of the goods. - The point at which the risk in respect of the goods pass from seller to the buyer. - Who should clear goods through customs and up to what point
6 Introduction cont Who arrange for Insurance for the carriage of goods and to what point What documents are needed and what should be shown on them. Whether any other documents (such as inspection certificates) are needed and who to issue such certificates.
7 Export documents. Documents required under specific export transaction will be stipulated in the sales contract and will depend on the following: Type of commodity under export Buyers specifications Requirements of the country of import.
8 Export documents Cont... Generally the documents under Export are categorized in 5 main groups. Transport documents. Commercial documents Financial documents that determine the amount to be paid. Insurance documents Official documents that evidence compliance with the requirements of the country of export and the country of import
9 Transport Documents The essence of export is that goods must physically moved from one county to another in order that payments for goods can be obtained from the buyer. Depending in the agreement the movement of be by sea (marine), air, road or rail. goods can Marine Transport Documents. Under Marine transport the Marine/ocean bill of lading is the principal document.
10 Transport Documents Cont The unique attribute of this documents is that it can be documents of title, negotiable and transferable. For example when the bill of lading is issued in negotiable from ownership of the goods to which the bill lading relates can be conveyed by transferring the documents from one person to another as long as there is no any previous defect in title e.g. if the bill of lading has been stolen of fraudulently uttered.
11 Transport Documents Cont Air Transport Documents. Under the Air transport the Airway bill or Air consignment Note is issued. They are not documents of title and are not negotiable documents. They are issued by air carries or its agents, which evidence that the carrier has received goods and details the conditions of carriage.
12 The control over the goods remains in the care of the carrier and delivery is to the named consignee at the address shown on the document Transport Documents Cont Road, Rail or Inland Waterway Transport Documents. These transport documents covering the dispatch of goods by rail or by road are Rail or Road Consignment notes. This documents evidence that Carrier has received goods. They are not documents of title and are not negotiable documents
13 Transport Documents Cont Courier and Post Receipt. Both forms of documents are evidence that the goods have been received by the courier or post office and show the name and address of consignee. They are not documents of title and are not negotiable documents. The control over the goods remains in the care of the carrier and delivery is to the named addressee.
14 Transport Documents Cont Multimodal Transport Documents. They cover at least two different modes of transport.
15 Commercial Documents The following identify and describe the goods:- Commercial Invoice: This is a document that provides description and value of goods. Certificate of Analysis: This relates to analysis of the goods as required by the relevant agreement. It may include details of temperature and chemical content to satisfy buyer and import control authorities. Certificate of Weight: It stipulates the gross and net weight of packages to satisfy buyer requirements.
16 Commercial Documents Cont Certificate of Inspection: It evidences whether the goods inspected by sample or otherwise have reached standards to satisfy buyer and import control authorities. Packing List: This stipulates the details of packing of the goods. This is to satisfy the buyer, clearing agents and customs authorities and to enable spot checks to be made of the content of packages.
17 Official Documents These are documents required to satisfy import trade regulations and health regulations. Certificate of Origin: Usually issued by Chamber of Commerce. This shows the country of origin of the goods to enable the buyer receive the benefit of reduction of import duties where this is possible and to satisfy customs and import requirements in the country of buyer.
18 Official Documents Cont Consular Invoice: Usually issued by the exporter and countersigned by a chamber of commerce and embassy or consulate of the importing Country residing in the country of export. This describes details of goods and price. This is for the record of the country of import and this document may be required for clearance of goods at the destination.
19 Official Documents Cont Export License. Issued by export licensing authority. The document enables the issuing authority keep records of the shipments and quota allowance. It also enables the government to keep track of goods going out with view to ensuring receipt of foreign exchange earnings relative to such goods.
20 Official Documents Cont Health Certificate: This document is usually issued to cover export of live cargo, plants, and herbs and is generally issued by authorized body in the country of export. Certification may include statements regarding fitness to travel, good health and contamination.
21 Financial Documents Financial documents such as bill of exchange (drafts/and promissory notes are legal documents evidencing claim for amounts owned. They are negotiable in the full sense of the word means that:- Complete transfer is made by delivery or by endorsement and delivery A full title pass upon delivery. The title passes to final holder provided he has given value, in good faith and without knowledge of any defect in title.
22 Insurance Documents Insurance provide cover against risk to goods during the journey from exporting country to another country. Insurance Policy: This is the document that evidences the term and conditions of the insurance contract. It is capable of being assigned by transfer or by endorsement and transfer.
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