Trade Information
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Know-how for off-line transaction Don't worry too much even if you are new to international trade of automobiles and parts. You can collect both buyer and seller information from our website. Once the contact with your buyer or seller is made, please refer to the following know-how instruction for the detailed off-line transaction process.
- FOB
- Free on Board: A trading term referring to the cost of a product before transportation costs are added.
- CFR
- Cost and Freight: A trading term used in the sale of goods to denote that the price includes the main freight to the named port of destination. It also writes in the form of C&F.
- CIF
- Cost, Insurance and Freight: A trading term used in the sale of goods to denote that the price includes the main freight and marine insurance costs to port of destination.
- T/T
- Telegraphic Transfer, or wire transfer: a kind of financial transaction that requires the use of cable or telegraph. In this way, funds are remitted from payer's bank account to receiver's bank account without physically moving the money.
- L/C
- Letter of Credit: A binding document issued by the buyer's bank in order to guarantee that the payment for goods will be transferred to the seller. In order to get the payment, the seller has to present the bank with the necessary shipping documents confirming the delivery of goods within a limited period of time.
- Contract
- Also called Business Agreement, it is a legally enforceable agreement between two or more parties. In foreign trade, it denotes all the details of the related deal, such as the description of the stock traded, its price, payment terms, shipping methods and so on. Rights and duties for each party is also stated in the contract.
- Proforma Invoice
- Proforma Invoice: An official price quote, according to which the buyer arranges a payment via bank money transfer before the shipment of an order. It formalizes the terms of sale (price, shipping, F.O.B location, shipping date, etc.).
- Commercial Invoice
- A bill for the goods from the seller to the buyer, which is utilized by customs officials to assess customs duties and taxes. It specifies the sales terms, payment terms and the full quantity and description of the goods sold including unit price and total price.
- Packing List
- A document listing the goods in a particular shipment indicating the kind and quantity in each package.
- B/L
- Bill of Lading: A document issued by the transportation carrier to the shipper, acting both as a receipt of goods and as an agreement to transport these goods to a specific destination and consignee for a specified charge. It also serves for the consignee as the certificate to collect the goods at the destination.
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