Watson Park Associates - Letters of Credit & International Direct Collections

Common Mistakes

Incorrect Use of Incoterms (Improper Quoting)
Lack of Proper Communication
(Between Seller and Buyer/ Forwarding Agent/ Bank)
No Set Company Policies
(Agents/ Distributors Should Follow Same Company Policies)
No Proper Review and Adjustment of Purchase Orders/ Contracts/ Letters of Credit
(Before Signing Agreement/ Before Original Letter of Credit Issued)
Incorrect Transport Document
(Understanding All Documents Required)
Not Understanding Letter of Credit Payment Process
(Timing/ Fees)
Not Understanding How Letter of Credit Terminology Affect Ability to Comply
Not Understanding Additional Conditions/ Instructions to Paying Negotiating Bank
Not Allowing Enough Time
(Production/ Shipping/ Document Negotiation/ Inspection/ Acceptance, if applies)
Partial Shipments (How They Effect Cost/ Profit Margin)
Proper Classification.
(Do Not Allow Buyer to Classify Your Product)

Watson Park Associates can assist with avoiding these issues when payment is to be made through any "bank to bank" transaction.

Common Mistakes

Incorrect Use of Incoterms (Improper Quoting)
Lack of Proper Communication
(Between Seller and Buyer/ Forwarding Agent/ Bank)
No Set Company Policies
(Agents/ Distributors Should Follow Same Company Policies)
No Proper Review and Adjustment of Purchase Orders/ Contracts/ Letters of Credit
(Before Signing Agreement/ Before Original Letter of Credit Issued)
Incorrect Transport Document
(Understanding All Documents Required)
Not Understanding Letter of Credit Payment Process
(Timing/ Fees)
Not Understanding How Letter of Credit Terminology Effect Ability to Comply
Not Understanding Additional Conditions/ Instructions to Paying Negotiating Bank
Not Allowing Enough Time
(Production/ Shipping/ Document Negotiation/ Inspection/ Acceptance, if applies)
Partial Shipments (How They Affect Cost/ Profit Margin)
Proper Classification.
(Do Not Allow Buyer to Classify Your Product)

Watson Park Associates can assist with avoiding these issues when payment is to be made through any "bank to bank" transaction.

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