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A Transport Document is a legal document issued by a carrier or freight forwarder that details the terms and conditions of the transportation of goods. It serves as evidence of the contract of carriage, a receipt for the goods, and a document of title, facilitating the movement and transfer of ownership of the goods, ensuring proper handling and delivery. Examples include Bill of Lading, Airway Bill and so on.
The Uniform Customs & Practice for Documentary Credits (UCP), introduced in 1933, is a set of internationally recognized rules published by the International Chamber of Commerce (ICC) to standardize the use of documentary credits in trade finance. Letters of credit are issued and operated based on the rules and regulations
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A Usance Bill of Exchange is a financial document that requires payment at a future date, usually after a specified period from the date of shipment or acceptance. It provides the buyer with a credit period, allowing time to sell the goods before making payment to the exporter, facilitating smoother
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A Usance Letter of Credit, also known as a Deferred Payment Letter of Credit, is a type of letter of credit that allows the beneficiary to draw payment after a specified period, providing the buyer with a credit period. It facilitates smoother cash flow management in international trade by allowing
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Value-Added Tax (VAT) is a consumption tax levied on the value added to goods and services at each stage of production or distribution. It is collected by businesses on behalf of the government and is ultimately borne by the end consumer. VAT is a common method of taxation in many
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A Virtual Account is a sub-account created within a main bank account, used to streamline and manage incoming payments. Each virtual account has a unique identifier, allowing businesses to track and reconcile payments more efficiently without needing multiple physical bank accounts. Virtual accounts simplify accounting, improve financial management, and enhance
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A Vostro Account is a local currency account maintained by a domestic bank on behalf of a foreign bank, allowing the foreign bank to conduct transactions and manage funds in the domestic currency. For instance, if the State Bank of India (SBI) has clients who frequently trade with U.S.
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