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Incoterms at a glance

The Incoterms rules or International Commercial terms are a series of pre-defined commercial terms published by the International Chamber of Commerce (ICC) widely used in international commercial transactions. A series of three-letter trade terms related to common sales practices, the Incoterms rules are intended primarily to clearly communicate the tasks, costs and risks associated with the transportation and delivery of goods. The...

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Suppliers going back on their word (Part 2)

(Have you read Part 1 of this article?) By this point, the overseas purchaser has been let down dreadfully by the supplier and had to compromise their margins in order to have their goods released. But it got worse. When the CI (Original Paper Commercial Invoice) and COO (Certificate of Origin) were requested from the supplier, they refused to do even this stating that it would cost yet more money to produce these documents and therefore...

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Suppliers going back on their word (Part 1)

Recently I was contacted to assist in a case whereby a Chinese supplier had decided to change their mind about delivery terms on an order. This was post-production and while it was held at a 3rd party shipping agent. Initially, a quote was supplied to a European purchaser that was priced for FOB, Chinese port. These terms were accepted and the ordered processed. Somewhere between ordering and before loading onto the vessel at the port, the...

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Ordering from China for the first time

Sourcing from China for the first time can be a daunting experience. There are many cultural and language differences as well as huge differences in business mindsets. These combined issues can put you on the back foot from the start and put the supplier at a much more advantageous position. This can easily negatively affect the result of your negotiations, both in terms of price and product quality. Consider appointing an agent for you in...

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Trade fair assistance services from a financial services company (Part 2)

Why are these financial services companies offering trading consultancy and trade fair assistance? In Hong Kong and Asia, much like the rest of the world, the financial services market is very competitive. Recently there have been many new start-up companies in the wake of the global financial crisis pertaining to offer you the best wealth management and financial services. These companies are mainly made up of individuals with a rich...

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Trade fair assistance services from a financial services company (Part 1)

I have noticed recently a spate of financial services firms advertising and promoting new services that relate to ‘trade fair assistance services’. Firms that offer finance company setup and tax efficiency services should be very knowledgeable in their own industry. When this crosses over to ‘trading assistance and trade fair assistance’, be very wary. These two industries are very different and just because a financial consultancy...

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