In the following matrix, you will identify who requires a specific document to be completed or where the document needs to be filed. You will also give a short description of the document’s purpose in the importing process. Am I correct?
letter of credit= buyer’s bank
air waybill= air carrier
pro forma invoice= bank
shipper’s export declaration= Department of Commerce
general export license=?
validated export license= Department of Commerce’s Office of Export Administration
export bill of lading=?
insurance certificate=?
commercial invoices= Some importing countries
require the commercial invoice to be in their language and to be visaed by their local consul.
consular invoices=purchased from the consul
certificates of origin=issued by the local chamber of commerce and visaed by
the consul.
inspection certificates=required by buyers of grain,foodstuffs, and live
letter of credit= A letter of credit (LC) originates at a bank, and guarantees that a seller will receive payment of a set amount, at a set time, from a buyer as agreed upon.
air waybill= An air waybill (AWB) is a shipping contract of sorts, between the seller and the carrier that is filled out at the time of shipping.
pro forma invoice= A pro forma invoice is a document that a buyer requests that contains description of the merchandise, price, delivery time, method of shipping, terms of sale, and points of exit and entry.
shipper’s export declaration= A shipper’s export declaration (SED) is required by the Dept. of Commerce in order to control export and supply export stats.
general export license= A general export license is issued for any product that does not require a specific license and does not require a further application for the good.
validated export license= A validated export license is required by the U.S. government. This license is required when exporting strategic materials, or anything into unfriendly countries.
export bill of lading= An export bill of lading (B/L) is a document that a transportation company or carrier issues to a shipper.
insurance certificate= An insurance certificate is proof that insurance is in place prior to shipping. This insurance can originate with either the buyer or the seller.
commercial invoices= A commercial invoice is required by buyer before payment for goods is rendered to the seller.
consular invoices= A consular invoice is purchased from the consul, prepared in the language of the country, and then visaed by the consul.
certificates of origin= A certificate of origin is usually issued by the local chamber of commerce and visaed by the consul.
inspection certificates= Inspection certificates are issued by the Department of Agriculture in the U.S.
Yes, you are correct. The given matrix represents different documents required in the importing process and their respective sources or destinations. Here's an explanation of each document's purpose and where it needs to be completed or filed:
1. Letter of Credit: This document is required by the buyer's bank. It serves as a financial guarantee to the seller that the payment will be received when the conditions specified in the letter of credit are met.
2. Air Waybill: This document needs to be completed by the air carrier. It is a contract between the shipper and the carrier, providing details of the goods being shipped and the terms of transportation.
3. Pro Forma Invoice: The pro forma invoice is filed with the bank. It is a preliminary invoice that provides the buyer with an estimate or quote for the goods or services being sold, including details about quantity, price, and delivery terms.
4. Shipper's Export Declaration: This document needs to be filed with the Department of Commerce. It is a mandatory form used to collect information about export shipments leaving the United States.
5. General Export License: The source for the general export license is not provided in the given matrix. It might be a government agency or a specific department responsible for granting general export licenses.
6. Validated Export License: This type of license is issued by the Department of Commerce's Office of Export Administration. It is required for exporting goods that fall under specific categories or require additional regulatory control.
7. Export Bill of Lading: The filing or destination for the export bill of lading is not provided in the given matrix. It is a document issued by a carrier (such as a shipping line) that acknowledges receipt of goods for shipment and contains details about the shipment and its destination.
8. Insurance Certificate: The filing or destination for the insurance certificate is not provided in the given matrix. However, it is a document usually provided by an insurance company that certifies that the goods being shipped are insured against various risks during transit.
9. Commercial Invoices: Some importing countries require commercial invoices to be in their language and to be visaed by their local consul. This means the invoice needs to be translated into the importing country's language and then certified by the local consul.
10. Consular Invoices: Consular invoices are purchased from the consul. These invoices contain details about the goods being shipped and the terms of the sale. They are usually required by the importing country for customs purposes.
11. Certificates of Origin: Certificates of origin are issued by the local chamber of commerce and visaed by the consul. They verify the country of origin of the goods being exported, which can be crucial for determining eligibility for trade agreements or tariff preferences.
12. Inspection Certificates: Inspection certificates are required by buyers of grain, foodstuffs, and live animals. These certificates are issued by authorized inspection agencies to ensure that the goods meet specific quality and safety standards as per the buyer's requirements.
I hope this explanation helps you understand the purpose of each document and where they need to be completed or filed.