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Methods of Payment in International Trade: Consignment

David Noah | November 18, 2019 | Export Finance

In an ideal world, a seller always gets paid before they ship their goods.

In an ideal world, a buyer always receive their order before they pay for their purchase.

Obviously, both the buyer and seller can't live in an ideal world. Their ideal worlds conflict. Most likely, neither party lives in an ideal world, so they need to work together to find the right payment term that will meet both their needs. This is particularly true in international trade.

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The Importance of an Internal Transaction Number for Exporters

David Noah | November 13, 2019 | Export Basics

In the world of the Automated Export System (AES), acronyms abound. You’re probably familiar with FTR, EEI, EIN, and ACE, just to name a few. Less frequently discussed, but no less important, is the Internal Transaction Number (ITN).

We’re addressing two questions today: What is an ITN number for international shipping, and why is it so important to exporters?

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EAR Explained: Understanding Export License Acronyms

Arnesh Roy | November 11, 2019 | Export Compliance

The Bureau of Industry and Security (BIS), which is part of the U.S. Commerce Department, is responsible for implementing and enforcing the law that "regulates the export, reexport and certain transfers of most commercial items as well as some less-sensitive military items" that are subject to the Export Administration Regulations (EAR).

While there are many other agencies in other departments that regulate certain items, BIS has jurisdiction over most items—commodities, software and technology—created for commercial use.

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Shipping Solutions Export Software Versions 9.15 and 8.15 Now Available

Lisa Nemer | November 7, 2019 | Shipping Solutions News & Tips

It has only been a couple months since we released a new version of Shipping Solutions, but the release of Incoterms® 2020 Rules necessitated another update. If you are an active Annual Maintenance Program (AMP) subscriber, you can download the update from the AMP website.

Versions 9.15 and 8.15 have fewer changes than most new releases of Shipping Solutions. The major changes are to the Incoterms and the Restricted Party Screening feature. There were also a few minor fixes you might be interested in.

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Incoterms 2020 EXW: Spotlight On Ex Works

David Noah | November 6, 2019 | Export Basics, Incoterms

Incoterms 2020 rules are the latest revision of international trade terms published by the International Chamber of Commerce (ICC). They are recognized as the authoritative text for determining how costs and risks are allocated to the parties conducting international transactions.

Incoterms 2020 rules outline whether the seller or the buyer is responsible for, and must assume the cost of, specific standard tasks that are part of the international transport of goods. In addition, they identify when the risk or liability of the goods transfer from the seller to the buyer.

In this article, we’re discussing the Incoterm EXW, also known as Ex Works.

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Deemed Exports: Exporting Without Shipping a Product

Catherine J. Petersen | November 4, 2019 | Export Compliance, Export Basics

Firms of all sizes are being encouraged to export their goods and services. If you’re new to the global marketplace or your firm is expanding into new markets, then it’s time to establish best practices in your organization.

The following is a list of best practices that exporters should follow for each export transaction:

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5 Things Every Exporter Should Worry About

David Noah | October 30, 2019 | Export Basics

Twenty years ago, it took some effort to become an exporter. Today, primarily due to the internet, you can market your products and services around the globe without even trying. In fact, if your company has a website, you already are!

But just because it may be just as easy for someone in Tunisia to order your products online as it is for a person in Topeka, it doesn’t mean you’re ready to be a successful exporter. Being an accidental exporter is easy; being a successful exporter—one who makes money, grows a business, and stays out of trouble—takes some work.

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The Beginner's Introduction to Incoterms

David Noah | October 23, 2019 | Export Basics, Incoterms

If you ship goods domestically, you may wonder why you need to know Incoterms too. FOB is FOB, isn't it?

Well, actually, no—they’re not!

While the vast majority of companies in the United States use the shipping terms identified under the U.S. Uniform Commercial Code (UCC) when shipping domestically, these shipping terms aren't appropriate to use when exporting.

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Methods of Payment in International Trade: Open Account

David Noah | October 21, 2019 | Export Finance

For exporters, any sale is a gift until payment is received. For importers, any payment is a donation until the goods are received. Successful exporters and importers recognize this conundrum and are able to negotiate payment terms that recognize the inherent risk and yet meet the needs of both parties.

There are five primary methods of payment in international trade that range from most to least secure. Of course, the most secure method for the exporter is the least secure method for the importer and vice versa. They key is striking the right balance for both sides. This article focuses on open account.

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What You Need to Know about the Inland Bill of Lading

David Noah | October 16, 2019 | Export Forms

How much do you know about the inland bill of lading? Even though it’s a straightforward form, it’s important to understand it and make sure you’re completing it correctly. After all, it may be the only transportation document you fill out as an exporter.

Below, I’ll walk you through what the inland bill of lading is, what it does, and four significant reasons to use one.

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