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    Reviewer in IBT

    Uploaded by

    richmond bagamasbad
    IBT

    Copyright:

    © All Rights Reserved
    Download as DOCX, PDF, TXT or read online from Scribd

    Reviewer in IBT

    Uploaded by

    richmond bagamasbad
    3 views2 pages
    IBT

    Copyright

    © © All Rights Reserved

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    DOCX, PDF, TXT or read online from Scribd

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    IBT

    Copyright:

    © All Rights Reserved
    Download as DOCX, PDF, TXT or read online from Scribd
    Download as docx, pdf, or txt
    3 views2 pages

    Reviewer in IBT

    Uploaded by

    richmond bagamasbad
    IBT

    Copyright:

    © All Rights Reserved
    Download as DOCX, PDF, TXT or read online from Scribd
    Download as docx, pdf, or txt
    of 2

    Domestic scale - exchange of goods within a country

    International scale - exchange of goods among different countries

    Culture barriers - may cause disagreements or conflicts between point of view, working styles,
    and practices

    Regulations on international sales of goods

    A. domestic law - body of law that governs business, entities within a country.

    B. International treaties - agreement between countries that help govern international sales of
    good

    C. International mercantile caution and usage - establish practices while you recognize and
    follow by companies; in international trade.

    • Incoterms - (international commercial term)

    - Standardized rules for delivery of goods

    • Model contracts - drafted by professional associations

    • Obligation of the seller - must deliver goods that comfort and are free of third party rights.

    • Obligation of the buyer - takes delivery of goods


    - Must pay for the goods

    • Freedom of contract - parties may choose to have their own contract with the effect that
    national rules are not applicable.

    Methods of financing of international sales of goods

    1. Cash in advance
    2. Letter of credit
    3. Documentary collection
    4. Open account
    5. Trade credit
    6. Export financing
    7. Bank guarantees
    TYPES OF CREDIT
    • Standby credit - backup payment method

    • Revolving credit - use for multiple transactions

    • Irrevocable credit - cannot be changed or canceled

    • Revocable credit - can be modified or canceled

    • Merchandise - goods that bought and sold in trade

    • Fright/ cargo - when merchandise is being moved or shipped

    • Certificate of manufacture - certifying that goods that have been made to the buyer's
    specification.

    • Certificate of inspection - the good meets the required standards prior to shipment

    • Pro-forma invoice - list the exact quantity value, and specifications of merchandise

    • Letter of credit - guarantees that payment will made when the sellers meet the conditions of
    sale.

    • Bill of lading - a contract between an exporter and transportation company.

    • Free on board - sinner is responsible for the goods until they are loaded

    • Cost and Freight - quoted price include the cost of goods and transport charges

    • Cost, insurance freight - quoted prices includes and cost of goods, insurance and
    transportation

    • Banded warehouse - place where goods are stored

    • Contains/ Duty - authority or organizations that controls the flow of goods in and out of the
    country

    • customs broker - helps importers and exporter move their goods through customs
    - prepare document and arrange payment

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