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Freight forwarders play a crucial role in making sure the seller receives payment from the buyer.
For example, if the terms of payment are cash on delivery, it could be the forwarder's responsibility to ensure that this money is collected when the goods are delivered. In other cases, the forwarder can help payment by ensuring the correct documents are in the right place at the right time.
Sellers can often be trading with buyers thousands of miles away who are unknown in terms of financial stability. Because of this, international financial institutions have developed specialist procedures that allow exporters to do business safely - knowing they will be paid on time and in full.
Forwarders must understand these processes so that their provision of well ordered and accurate documents promote smooth, swift and secure transport of the goods, and ensure that payment is unhindered.
Letters of credits/documentary credits
One of the best-known payment processes is a letter of credit - also known as a documentary credit - which provides security to both the seller and the buyer through the international banking system.
The rules governing documentary credits are set out in the publication Uniform Customs and Practice for Documentary Credits 600 (UCP), which is drawn up by the International Chamber of Commerce (ICC).
Among the many benefits of the UCP is the standardisation of its terms and conditions. International trading and banking sectors need assurances that the terms are easily recognised and accepted in all parts of the world for all methods of trading.
A copy of the current version of the UCP can be bought from the ICC and should be read by all freight forwarders.
( linda )16 Nov,2011| Product Model | Inside Diameter | Outside Diameter | Thickness |
| 1301 NACHI | 12 | 37 | 12 |
| 2201 NACHI | 12 | 32 | 14 |