Today, the quality is not only a major factor company takes a look at, but the price is still number one after. Customer will sees the price, compares with another lower than. I read, in Japanese economic trend said so. Yes, we live today where the price will move forward to become number one for consideration.
Let's talk like the title. I have faced some cases in business, several buyer have been taken decision to ask shipper in Indonesia pay the shipping cost, Air Freight Cost, firstly then, they will refund full after. It's new case for me. They said that the freight rate in Japan is higher than Indonesia. I guess maybe because of their economic level is higher than Indonesia. All the price will be higher than here.
They also asked me to find out the lowest freight rate .
The problem will arises when the L/C has been mentioning the trade term is FOB Indonesia. The condition above mentioned, the trade term will be C&F or CIF instead, of course then, the discrepancy will happens. And the bank will refuses to sends a fund. It doesn't matter if buyer will covers the discrepancy cost and accepts the document that has a discrepancy.
Buyers, in this case, take an economic motion to make their company getting more profit through.
Sunday, November 20, 2016
They Forgot CIF Term
CIF, or Cost, Insurance, Freight, is one of trade terms, both buyer and seller should understand correctly from the beginning when they issue a sales contract.
Sometimes sellers don't fulfill their obligation if consignee or buyer doesn't reminds them. For example, especially for trade that doesn't cover by L/C, let say the payment is T/T before shipment, they sometimes forget to provide an Insurance Certificate to cover the goods until port destination. Whereas the shipment term is CIF, means shipper or exporter should provide Insurance Certificate.
We have to remind shipper each time they make a booking for shipment to the forwarder. If we, buyers forget to remind them, they only give or send Invoice, Packing list, Bill of Lading. In Indonesia, then consignees have to issue the Insurance Certificate as one of required documents for customs process. Yes, it happened, or maybe a lot cases happened such.
CIF is one of trade terms where all the costs including Insurance and Freight cost from port of loading until port of discharge are for seller or shipper obligation. I don't understand well why they commonly forget the Insurance Certificate.
For you maybe as a seller, I hope you can keep in mind all the trade terms meaning and condition. For especially CIF, if you will not issue an Insurance Certificate, please take the C&F trade term to sales contract instead.
Sometimes sellers don't fulfill their obligation if consignee or buyer doesn't reminds them. For example, especially for trade that doesn't cover by L/C, let say the payment is T/T before shipment, they sometimes forget to provide an Insurance Certificate to cover the goods until port destination. Whereas the shipment term is CIF, means shipper or exporter should provide Insurance Certificate.
We have to remind shipper each time they make a booking for shipment to the forwarder. If we, buyers forget to remind them, they only give or send Invoice, Packing list, Bill of Lading. In Indonesia, then consignees have to issue the Insurance Certificate as one of required documents for customs process. Yes, it happened, or maybe a lot cases happened such.
CIF is one of trade terms where all the costs including Insurance and Freight cost from port of loading until port of discharge are for seller or shipper obligation. I don't understand well why they commonly forget the Insurance Certificate.
For you maybe as a seller, I hope you can keep in mind all the trade terms meaning and condition. For especially CIF, if you will not issue an Insurance Certificate, please take the C&F trade term to sales contract instead.
Tuesday, November 1, 2016
16 Swift Code Bank of Tokyo
Swift code is one of important things in bank. The swift code sometimes called swift address. Someone or a company when will wire some money to overseas is asked to provide swift code or swift address by bank. It's to avoid the wrong transfer.
Swift code also will be needed when applying an L/C to issuing bank. It will be shown on the L/C when it's submitted or issued.
Swift code written also in a collection process when a shipper or beneficiary presents the document required to bank or beneficiary bank, especially for Document Against Payment (DAP) term.
Herewith I mention some swift codes of Bank of Tokyo:
Swift code also will be needed when applying an L/C to issuing bank. It will be shown on the L/C when it's submitted or issued.
Swift code written also in a collection process when a shipper or beneficiary presents the document required to bank or beneficiary bank, especially for Document Against Payment (DAP) term.
Herewith I mention some swift codes of Bank of Tokyo:
- BOTKAU2X : BANK OF TOKYO MITSUBISHI UFJ, LTD., . SYNEY.
- BOTKDEDX : BANK OF TOKYO MITSUBISHI UFJ, LTD., . DUESSELDORF.
- BOTKESMX : BANK OF TOKYO MITSUBISHI UFJ, LTD., . MADRID.
- BOTKFRPX : BANK OF TOKYO MITSUBISHI UFJ, LTD., . PARIS.
- BOTKGB2L : BANK OF TOKYO MITSUBISHI UFJ, LTD., . LONDON.
- BOTKHKHH : BANK OF TOKYO MITSUBISHI UFJ, LTD., . HONGKONG.
- BOTKIDJX : BANK OF TOKYO MITSUBISHI UFJ, LTD., . JAKARTA.
- BOTKJPJT : BANK OF TOKYO MITSUBISHI UFJ, LTD., . TOKYO.
- BOTKKRSX : BANK OF TOKYO MITSUBISHI UFJ, LTD., . SEOUL.
- BOTKMYKK : BANK OF TOKYO MITSUBISHI UFJ, LTD., . KUALA LUMPUR.
- BOTKPHMM : BANK OF TOKYO MITSUBISHI UFJ, LTD., . MANILA.
- BOTKSGSX : BANK OF TOKYO MITSUBISHI UFJ, LTD., . SINGAPORE.
- BOTKTWTX : BANK OF TOKYO MITSUBISHI UFJ, LTD., . TAIPEI.
- BOTKUS33 : BANK OF TOKYO MITSUBISHI UFJ, LTD., . NEW YORK.
- BOTKVNVX : BANK OF TOKYO MITSUBISHI UFJ, LTD., . HO CHI MINH.
- BOTKUS6P : BANK OF TOKYO MITSUBISHI UFJ, LTD., . SEATTLE
Subscribe to:
Posts (Atom)