On: June 8, 2020 By: Roy Becker
Many U.S. importers, exporters and bankers don't understand Incoterms 2020 rules that are the standard sales terms used in international trade. As I demonstrate in this article, the danger of incorrectly using terms like Ex Works (EXW) and Free on Board (FOB) can be considerable.
On: September 2, 2019 By: Roy Becker
Too many exporters wait until after their goods have shipped before they take a close look at their letter of credit (LC). They get frustrated by having to prepare export documents that conform to the LC. There are some simple ways to avoid this frustration and get an LC you can work with.
On: November 5, 2018 By: Roy Becker
There are many reasons why you may want to use a letter of credit to get paid for your export shipments. But Letters of credit can be complicated. It's important to know what you're doing to avoid delays and other frustrations. Here are 8 tips from an expert on getting paid with a letter of credit.
On: October 1, 2018 By: Roy Becker
A documentary collection works well for many exports and provides a measure of security for both importers and exporters. It is simple, fast and less costly than a letter of credit. This article explains the typically seven-step transaction flow with a documentary collection and the potential risks.
On: September 4, 2018 By: Roy Becker
If you are relying on a letter of credit to get paid for your export, there are two important expiration dates included in the LC that you must be aware of: (1) the expiration date, and (2) the presentation period, which is the window of time in which the exporter must present documents.
On: August 6, 2018 By: Roy Becker
Make sure your export documents conform to the terms outlined in your letter of credit. Learn these three important letter of credit lessons to avoid a potential export disaster.
On: June 4, 2018 By: Roy Becker
Too often exporters receive a letter of credit and then become frustrated with the terms provided. Here's how to get started right.
On: April 30, 2018 By: Roy Becker
There are four basic payment terms for an export sale: (1) cash in advance, (2) letters of credit, (3) collections, and (4) open account. Exporters should ask these seven questions before agreeing to a specific term.
On: April 2, 2018 By: Roy Becker
If a bank finds a discrepancy in a letter of credit, they will typically contact the importer to see if they want to waive them. Here's when and why an importer may do so.
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