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Entering Target Markets: Difference between revisions
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* A '''[[w:contract of sale|contract of sale]]''' is a legal [[w:contract|contract]] an exchange of goods, services or property to be exchanged from seller (or vendor) to buyer (or purchaser) for an agreed upon value in money (or money equivalent) paid or the promise to pay same. ( Wikipedia ) | * A '''[[w:contract of sale|contract of sale]]''' is a legal [[w:contract|contract]] an exchange of goods, services or property to be exchanged from seller (or vendor) to buyer (or purchaser) for an agreed upon value in money (or money equivalent) paid or the promise to pay same. ( Wikipedia ) | ||
* '''[[w:Multimodal transport|Multimodal transport]]''' (also known as combined transport) is the transportation of goods under a single contract, but performed with at least two different means of [[w:transport|transport]]; the carrier is liable (in a legal sense) for the entire carriage, even though it is performed by several different modes of transport (by rail, sea and road, for example). ( Wikipedia ) | |||
== Lesson 2 - Good sales quotations and Incoterms == | == Lesson 2 - Good sales quotations and Incoterms == | ||
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* Bank risk | * Bank risk | ||
* Interest rate risk | * Interest rate risk | ||
== Lesson 3 NO CLASS == | == Lesson 3 NO CLASS == | ||
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* The '''[[w:International Bank Account Number|International Bank Account Number]]''' ('''[[w:IBAN|IBAN]]''') is an internationally agreed means of identifying [[w:bank account|bank account]]s across national borders with a reduced risk of [[w:transcription error|transcription error]]s. ( Wikipedia ) | * The '''[[w:International Bank Account Number|International Bank Account Number]]''' ('''[[w:IBAN|IBAN]]''') is an internationally agreed means of identifying [[w:bank account|bank account]]s across national borders with a reduced risk of [[w:transcription error|transcription error]]s. ( Wikipedia ) | ||
=== [[w:Document|Document]]s in [[w:international trade|international trade]] === | |||
[[w:Exporter|Exporter]]: | [[w:Exporter|Exporter]]: | ||
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:* [[w:Purchase order|Purchase order]] | :* [[w:Purchase order|Purchase order]] | ||
:* [[w:Letter of Credit|Letter of Credit]] application | :* [[w:Letter of Credit|Letter of Credit]] application | ||
:* [[w:Import|Import]] declaration | :* [[w:Import|Import]] declaration | ||
::::(from teacher's slides) | |||
=== Methods of [[w:payment|payment]] === | |||
* '''Open account''' | * '''Open account''' | ||
* '''[[w:Documentary collection|Documentary collection]]''' | * '''[[w:Documentary collection|Documentary collection]]''' | ||
* '''[[w:Documentary credit|Documentary credit]]''' -> L/C | * '''[[w:Documentary credit|Documentary credit]]''' -> L/C ensures payment | ||
* '''[[w:Advance payment|Advance payment]]''' | * '''[[w:Advance payment|Advance payment]]''' | ||
* A '''[[w:documentary collection|documentary collection]]''' is a process, in which the [[w:seller|seller]] instructs his [[w:bank|bank]] to forward [[w:document|document]]s related to the [[w:export|export]] of goods to the [[w:buyer|buyer]]'s bank with a request to present these documents to the buyer for [[w:payment|payment]], indicating when and on what conditions these documents can be released to the buyer. ( Wikipedia ) | |||
:::Documentary Collections facilitate [[w:import|import]]/export operations. ''They do not provide the same level of security as '''[[w:Letters of credit|Letters of Credit]]''', but, as a result, the costs are lower.'' ( Wikipedia ) | |||
:::Unlike the Letters of Credit, for a Documentary Collection the bank acts as a channel for the documents but does not issue any [[w:payment covenant|payment covenant]]s (does not guarantee payment). The bank that has received a documentary collection may [[w:debit|debit]] the buyer's account and make payment only if authorised by the buyer. ( Wikipedia ) | |||
::: Documentary collection is done with the '''[[w:Bill of lading|Bill of lading]]''' ( jubo-jubo ) | |||
* '''[[w: | * '''Documentary credit''' redirects to '''[[w:L/C|L/C]]''' as L/C as it is done with L/C ( jubo-jubo ) | ||
== Lesson 5 - NO CLASS == | == Lesson 5 - NO CLASS == | ||