Hi there,
Today I'd like to make up a note that collected basic trade terms that we uses in negotiations often. Each explanations are especially in a case of our used car deals. I hope that helps our communication and negotiating.
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FOB Price (Free on board price)
This is the price includes all costs till a product will be booked on the vessel. But in our company, an export custom clearing fee isn't included because an export custom clearing fee depends on a shipping line sometimes.
We include an Export custom clearing fee in the shipping charge when we quote the total price.
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C&F Price (Cost & Freight Price)
Cost in this word means FOB price. So this price includes all costs till the car arrives at the destination port. Any charge after the vessel arrived at the port aren't included in it.
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CIF Price (Cost, Insurance & Freight Price)
This price is C&F + Insurance. The insurance is the marine insurance in this case.
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Proforma Invoice
This is the provisional invoice to require an advanced payment before we send a car. We treat this document as a bill because our payment term is 100% advanced payment.
Proforma invoice includes a consignee detail, destination port, payment term, product detail, etc. A client make a payment after he/she agreed all contents on the proforma invoice.
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Invoice
This is the paper that we send to a client with the original BL documents. Its contents is almost same with proforma invoice but it's more officially. Custom clearing is processed based on the invoice.
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BL (Bill Of Leading)
This is the document that proves the ownership of the car at the destination port. It's one of the most important documents to import a car. The buyer submit the BL to the port and pick up his/her car.
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Surrendered BL
A buyer can pick up his/her car at the port without BL documents if you asked a surrendered BL. In this case, original BL documents are collected by a shipping company after all papers were signed by a shipper.
A buyer can't ask receiving BL document (original BL) after once he/she asked a surrendered BL.
*It's possible to change an original BL to a surrendered BL after an original documents has been issued.
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