IBT - Additional

intermediaries

help smaller firms participate in international trade by providing expertise without requiring in house capabilities

freight forwarders

prepare all necessary export / import documentation including shipping papers

freight forwarders

advise on the most efficient and cost-effective shipping methods

freight forwarders

navigate complex international trade regulations, ensuring compliance

freight forwarders

assist with important shipping details such as proper packing and labeling of goods

freight forwarders

at the foreign port, they arrange customs clearance and onward shipment to the final buyer

freight forwarders

operate as a single point of contact for multiple service providers to simplify logistics

freight forwarders

offer services such as cargo consolidation, multi-modal transportation management, and warehousing

freight forwarders

mitigate risks by ensuring timely and accurate paperwork, preventing delays or penalties

EMCs

act as outsourced export departments for companies without dedicated export staff

EMCs

handle all documentation and regulatory compliance needed for export transactions

EMCs

find and facilitate relationships with buyers in target foreign markets

EMCs

often take title to goods directly, becoming the exporter of record

Bill of Lading

a CONTRACT between the exporter and the carrier

Bill of Lading

authorizes the carrier to transport goods to the buyers destination

Bill of Lading

acts as proof that the shipment was made and that goods have been received

Bill of Lading

serves as the document of title, which can be transferred to others

commercial / customs invoice

bill issued by the exporter to the importer for the goods shipped

commercial / customs invoice

used by exporters to request payment

commercial / customs invoice

governments use it to determine the value of goods for customs valuation and tariff assessment

commercial / customs invoice

conttains detailed description of goods, quantities, prices and terms of sale

export declaration

submitted to customs and port authorities

export declaration

provides contact information for both exporter and importer

export declaration

describes the items being shipped for customs and verification and control

export declaration

helps governments compile export statistics

certificate of origin

required for customs purposes and determination of import duties

insurance certificate

may be required for contact compliance or payment release

export / import licenses

ensure national security, control product scarcity, or manage regulated items

1500s

licensing has historic roots dating back to trade controls in the _____

letter of credit

a legal document issued by a bank at the importer’s request

letter of credit

the bank guarantees payment to the exporter once shipping documents are presented

letter of credit

functions like a secured loan or escrow, providing trust in payment

letter of credit

requires proof of the importer’s ability to pay to issue

letter of credit

common and trusted payment method in international trade

draft

also known as “bill of exchange”

draft

a written, unconditional order by the exporter directing the importer to pay specified amount of money at a specified date

draft

serves as the formal request by the exporter to receive payment for shipped goods

draft

act as a negotiable financial instrument that can be transferred or used as collateral