Importance of Documents in Exports
INTERNATIONAL TRADE PROCEDURE AND DOCUMENTATION
ASSIGNMENT NO. – 1
SUBMITTED BY – TARUNJEET SINGH ROLL NO. - 063058
Importance of Export Documents in International Business
Export documentation plays a vital role in international marketing as it facilitates the smooth flow of goods and payments thereof across national frontiers. It is widely considered as the heart and soul of international business as no form of international business can be done without the presence of proper documentation. A number of documents accompany every shipment. These documents must be properly and correctly filled. Export documentation is, however, complex as the number of documents to be filled in is large, so also is the number of concerned authorities to whom the relevant documents are to be submitted. Moreover documents required differ from country to country. Incorrect documents may lead to non delivery of goods to the importer. You may get the correct documents after some time but in the meantime storage charges may have to be paid. More importantly, the importer will think twice before importing from the same exporter. Thus, the process of proper and relevant documentation is essential for facilitating smooth international trade. When the buyer and the seller are operating in two countries, the commercial practices and the legal systems are different. Thus, for ensuring that the respective interests of the buyer and the seller are protected, certain documentary formalities become essential. Similarly, every country has its own laws governing imports and exports. Consequently, the exporter has to comply with laws in his country through documentary formalities. At the same time, he has to send some documents to the importer, which will enable him to take possession of the goods after getting permission from the concerned governed department (i.e. the customs authorities). There is yet another reason for documentation in export trade. Such
ASSIGNMENT NO. – 1
SUBMITTED BY – TARUNJEET SINGH ROLL NO. - 063058
Importance of Export Documents in International Business
Export documentation plays a vital role in international marketing as it facilitates the smooth flow of goods and payments thereof across national frontiers. It is widely considered as the heart and soul of international business as no form of international business can be done without the presence of proper documentation. A number of documents accompany every shipment. These documents must be properly and correctly filled. Export documentation is, however, complex as the number of documents to be filled in is large, so also is the number of concerned authorities to whom the relevant documents are to be submitted. Moreover documents required differ from country to country. Incorrect documents may lead to non delivery of goods to the importer. You may get the correct documents after some time but in the meantime storage charges may have to be paid. More importantly, the importer will think twice before importing from the same exporter. Thus, the process of proper and relevant documentation is essential for facilitating smooth international trade. When the buyer and the seller are operating in two countries, the commercial practices and the legal systems are different. Thus, for ensuring that the respective interests of the buyer and the seller are protected, certain documentary formalities become essential. Similarly, every country has its own laws governing imports and exports. Consequently, the exporter has to comply with laws in his country through documentary formalities. At the same time, he has to send some documents to the importer, which will enable him to take possession of the goods after getting permission from the concerned governed department (i.e. the customs authorities). There is yet another reason for documentation in export trade. Such