Watson Park Associates - Letters of Credit & International Direct Collections

Proforma Invoice

Information that should be shown on every Proforma Invoice/ Quotation Document before submitted to overseas buyers:

Your company location. Address that would expect to receive payment. If payment address is not on letterhead, note "payment address" elsewhere on document.
Address for buyer. "Sold To" party who is negotiating the purchase and acceptance of goods.
Show "Ship To" address only if different than "Sold To" address. "Ship to" address is not mandatory for a quote document.
Concise description of product being sold (including schedule B number your company prefers for classification purposes, if requested). If there are many items listed separately , show a basic description that can be used to describe the items as a whole (i.e. machine parts/ medical equipment). Be sure to add “plus accessories or spare parts" if there are separate items charged for separately but belonging with main item sold.
Complete price of goods, using correct incoterm (which tells the buyer all costs included in the price). Be sure to include all costs pertinent to the chosen incoterm so your profit margin will not be compromised. Domestic pricing should not be used for goods shipped to an overseas location as there are costs incurred (such as packing/ documentation/ handling/ inland, etc.), not normally found in pricing for orders delivered within your country.
Correct country of origin (where goods were manufactured). If your company is not the manufacturer make sure you have on record, from the vendor your company purchased from, the country of origin (manufacture). Do not guess.
Wire payment instructions and terms of payment (i.e. 30/60/90 days from date of shipment), for open account orders.
If the form of payment is to be letter of credit, "company policies" or “terms and conditions” (instructions) should be attached to every proforma invoice/quotation document. This is to ensure an appropriate letter of credit is issued, acceptable to all parties.
If there is a contract or purchase order issued for the sale of goods, make sure all terms and conditions are clearly understood and that they do not disagree with terms and conditions found on the submitted proforma invoice/ quotation document. Amend, as needed, before signing.

Once your customer accepts your terms reflected on the Proforma Invoice, make sure same terms are reflected on any Purchase Order or Contract before the letter of credit is issued.

Proforma Invoice

Information that should be shown on every Proforma Invoice/ Quotation Document before submitted to overseas buyers:

Your company location. Address that would expect to receive payment. If payment address is not on letterhead, note "payment address" elsewhere on document.
Address for buyer. "Sold To" party who is negotiating the purchase and acceptance of goods.
Show "Ship To" address only if different than "Sold To" address. "Ship to" address is not mandatory for a quote document.
Concise description of product being sold (including schedule B number your company prefers for classification purposes, if requested). If there are many items listed separately , show a basic description that can be used to describe the items as a whole (i.e. machine parts/ medical equipment). Be sure to add “plus accessories or spare parts" if there are separate items charged for separately but belonging with main item sold.
Complete price of goods, using correct incoterm (which tells the buyer all costs included in the price). Be sure to include all costs pertinent to the chosen incoterm so your profit margin will not be compromised. Domestic pricing should not be used for goods shipped to an overseas location as there are costs incurred (such as packing/ documentation/ handling/ inland, etc.), not normally found in pricing for orders delivered within your country.
Correct country of origin (where goods were manufactured). If your company is not the manufacturer make sure you have on record, from the vendor your company purchased from, the country of origin (manufacture). Do not guess.
Wire payment instructions and terms of payment (i.e. 30/60/90 days from date of shipment), for open account orders.
If the form of payment is to be letter of credit, "company policies" or “terms and conditions” (instructions) should be attached to every proforma invoice/quotation document. This is to ensure an appropriate letter of credit is issued, acceptable to all parties.
If there is a contract or purchase order issued for the sale of goods, make sure all terms and conditions are clearly understood and that they do not disagree with terms and conditions found on the submitted proforma invoice/ quotation document. Amend, as needed, before signing.

Once your customer accepts your terms reflected on the Proforma Invoice, make sure same terms are reflected on any Purchase Order or Contract before the letter of credit is issued.

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