Contracts can be in the form of a single document or can be made up a number of documents, such as the buyer’s purchase order, the seller’s commercial invoice and packing list. Being clear and concise in all documentation, and by making sure all the goods ordered are described with a clear specification, is key to ensuring what is ordered by the buyer is provided by the seller.
On the flip side the buyer must know that goods purchased can fulfil customer orders within the specified delivery date, based on the contract with the customer. If the buyer fails to meet delivery deadlines it is vital the buyer is aware of the cost implications of this occurring, whether this is a late delivery penalty or even if the goods are fully rejected by the customer.
Another consideration for the buyer is to understand any currency risks within the transaction. This can affect the purchase and sale price and could have an impact on the buyer’s margin.
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This page is for information only. You should seek professional advice if you have any questions relating to the information on this page.