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122.
Sailing through customs Ordonez, Brenda
Nation's business,
12/1994, Volume:
82, Issue:
12
Magazine Article
The Admission Temporaire/Temporary Admission (ATA) carnet program is administered by the US Council for International Business (USCIB), the nonprofit US affiliate of the International Chamber of ...Commerce. It is an international customs document that eases entry for equipment and sample products into 47 countries in Europe, North America, Asia, and Africa. Carnets are for temporary export. According to Cynthia Duncan, the USCIB's marketing manager for carnet operations, a carnet covers items that will be out of the US for no more than one year. Also an entry document for the products, it eliminates time-consuming and costly customs procedures and provides a guarantee that duties and excise taxes will be paid if items on the carnet are not returned to the country of origin within the specified time limits.
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123.
Gearing up for UCP 600
Trade Finance,
12/2006
Magazine Article, Trade Publication Article
After much debate, the ICC approved the revisions to the UCP 500 rules that regulate the letters of credit transactions across the world. Following the decision, made on 25 October 2006, the ICC has ...now published its 2007 Revision of Uniform Customs and Practice for Documentary Credits (UCP 600). Banks, along with traders, contractors, manufacturers and insurance companies now have got until 1 July 2007 to make all the necessary changes to their letters of credit procedures. The impact of the changes is significant. It took at least three years for the updates to be finalized and the rules haven't been reformed since 1993. Although the UCP 600 is not a matter of law and therefore not compulsory, in practice all banks dealing in letters of credit (LCs) adhere to the regulations. With international deals involving LC worth around $700 billion every year, any change to the way in which this business is conducted is worth taking seriously.
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On January 1, 1994, a new version of the Uniform Customs and Practice for Documentary Credits (UCP) takes effect. This new version, International Chamber of Commerce (ICC) Publication No. 500, ...incorporates a number of important changes that will affect the way in which banks administer letters of credit. The changes include: 1. a presumption that credits are irrevocable, 2. a new time period within which banks must examine documents, 3. a new standard for examination of documents, 4. a special rule for nondocumentary conditions, 5. the addition of new transportation documents. UCP 500 applies to all documentary credits issued by banks, including commercial letters of credit and standby letters of credit. It reaffirms the 2 basic principles of letter of credit law and practice, the independence principle and the principle that banks deal only with documents, not with underlying performance. UCP 500 recognizes 4 different roles for banks: issuing bank, advising bank, confirming bank, and nominated bank.
Financial executives know that the economic risks of exporting can seriously affect a company's bottom line. However, there are several tools that can be used to reduce the risks. The chief questions ...to ask are which tools will be most effective for a particular company's needs. Many exporters with regular accounts use an open account or documentary collection to guarantee payments. However, delayed payments are the biggest problem with an inefficient open-account system. Another option, letters of credit, has a major advantage in that the exporter is paid promptly once it presents acceptable shipping documents. Export factoring is another alternative, and it is an especially cost-effective solution for companies with export sales of more than $5 million annually to developed countries.
Financial executives know that the economic risks of exporting can seriously affect a company's bottom line. However, there are several tools that can be used to reduce the risks. The chief questions ...to ask are which tools will be most effective for a particular company's needs. Many exporters with regular accounts use an open account or documentary collection to guarantee payments. However, delayed payments are the biggest problem with an inefficient open-account system. Another option, letters of credit, has a major advantage in that the exporter is paid promptly once it presents acceptable shipping documents. Export factoring is another alternative, and it is an especially cost-effective solution for companies with export sales of more than $5 million annually to developed countries.
