Shipping Records in International Trade
Article by Impexpedia
As an import-export company you will need to maintain files containing the shipping records for each account you service. Most of the shipping records you’ll be dealing with are known as collection documents.Although collection documents will vary from country to country and from importer to importer , in general, they will include some combination of the following forms:1.Consular invoice.Some countries require an additional invoice prepared in the language of their country, and on official forms,primarily for export customs purposes.2.Certificate of origin. Some countries require a separate certificate of origin, even though this information is included on the commercial invoice.This is especially important when importing goods that must pass through regulatory approval,such as medical gowns and gloves or food preparation disposables.Sometimes, especially in countries with emerging economies,this document might be simply a statement by the manufacturer on its own letterhead , that the goods were manufactured at that factory.The statement will probably be stamped by the appropriate authority from that country.3.Inspection certificate.The quantity, quality,and conformity of the goods to the order are certified after an inspection.The inspection can be a “standard export inspection”, in which the shipper or shipping company nominates a standard inspector,or,if the buyer prefers, he or she can hire a private weights and measures inspection company to conduct an accurate inspection of the goods.4.Dock receipt.This receipt is especially relevant to your customs broker.It merely confirms that the goods have arrived at the designated harbor.This form is used only if the importer is responsible for shipment from his port.Your customs broker will take care of this document.5.Certificate of manufacture.When the buyer intends to pay for goods before shipment , this certificate proves that the goods have indeed been manufactured and do fulfill the general product requirement terms.When first starting out,you will be better served by avoiding any agreement where you must pay for your goods before shipment. You can protect yourself if you use letters of credit: the seller will not be paid until the goods are shipped.If you cannot use an L/C , use this certificate as proof that the goods are on hand and ready to be shipped.6.Packing list.Similar to the commercial invoice, the packing list or packing slip provides information on how the goods were packed, the number of goods in the shipment, how they are numbered, and the weight and dimension of each item.This is important for verification in the payment of the L/C and shows to whom the goods are consigned.7. Insurance certificate. This certificate confirms that marine insurance has been provided for the cargo and indicates the type and coverage.If you are a beginning importer, it is a good idea to have the seller arrange and pay for this coverage, especially when working through L/Cs.Because the seller will receive payment as soon as the goods are shipped, having insurance will cover your investment (the goods), should anything happen during shipping.
Carefully preserve all business papers. All purchase invoices, receiving reports, copies of sales slips, shipping bills, invoices sent to customers, canceled checks, receipts for cash paid out, and cash register tapes must be meticulously retained. They are not only essential to maintaining good records, but may be critical if legal or tax questions are ever raised.
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