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India has been engrossed in Export Import Trade since ancient times. In the year 2019, India exported goods worth $324.25
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The terms and conditions of payments in export-import transactions encompass various aspects, including:
1. Payment Method: Specify whether it's Letter of Credit (LC), Advance Payment, Open Account, etc.
2. Payment Currency: Agree on the currency in which payments will be made.
3. Payment Timeline: Determine when payments are due, such as upon delivery, after a certain period, or in installments.
4. Payment Terms: Define specific terms like "net 30 days," "50% upfront, balance on delivery," or other negotiated terms.
5. Late Payment Penalties: Outline penalties for delayed payments beyond the agreed-upon timeframe.
6. Currency Fluctuation: Address how currency exchange rate fluctuations will be managed.
7. Compliance: Ensure compliance with international trade regulations and banking standards.
8. Dispute Resolution: Establish procedures for resolving payment disputes, if they arise.
9. Bank Charges: Clarify who bears the costs associated with banking transactions.
10. Documentation: Specify required documentation for payment release, such as shipping documents or certificates of origin.
These terms and conditions are typically negotiated between the exporter and importer and documented in the sales contract or proforma invoice.
India has been engrossed in Export Import Trade since ancient times. In the year 2019, India exported goods worth $324.25
Indian Export Import Policy is filled with guidelines & Instructions related to the export import of goods. New Exim Policy
Custom House Agents commonly known as CHAs are responsible for overseeing all business transactions related to imports and exports at the customs office.
