Frequently Asked Questions

FAQ

HOW TO PLACE AN ORDER?

Please kindly send your PURCHASE ORDER to supremeexportsintl@gmail.com and we will send the PERFORMA INVOICE to confirm your order details.

WHAT IS MEANT BY LC?

LC means Letter of Credit and it is a payment term generally used for international sales transactions. Thus a LC (as it is commonly referred to) is a payment undertaking given by a bank to the seller and is issued on behalf of the applicant i.e. the buyer. The Buyer is the Applicant and the Seller is the Beneficiary.

Please approach the bank to open a Letter of credit. The concerned officer at bank helps in filling up necessary application to open an LC. Since the LC is opened on the basis of your purchase contract, a copy purchase order / export contract has to be produced along with other required documents.

WHAT DO YOU MEAN BY FOB PRICE?

FOB – Free on Board (or Freight on Board). This basically means that the cost of delivering the goods to the nearest port is included but you, as the buyer, are responsible for the shipping from there and all other fees associated with getting the goods to your country/address

Indicating "FOB port" means that the seller pays for transportation of the goods to the port of shipment, plus loading costs. The buyer pays the cost of marine freight transport, insurance, unloading, and transportation from the arrival port to the final destination.

HOW ARE LABELING, PACKAGING, PACKING AND MARKING DONE?

The export goods will be labeled, packaged and packed strictly as per the buyer’s specific instructions. Good packaging delivery (ensuring safety and standard of the cargo.) Marking such as address, package number, port and place of destination, weight, handling instructions, etc. provides identification and information of cargo packed.

SUBMISSION OF DOCUMENTS TO BANK ?

After shipment, it is obligatory to present the documents to the Bank within 21 days for onward dispatch to the foreign Bank for arranging payment. Documents should be drawn under Collection/Purchase/Negotiation under L/C as the case may be, along with the following documents
-      Bill of Exchange
-      Letter of Credit (if shipment is under L/C)
-      Invoice
-      Packing List
-      Airway Bill/Bill of Lading
-      Declaration under Foreign Exchange
-      Certificate of Origin/GSP
-      Inspection Certificate, wherever necessary
-      Any other document as required in the L/C or by the buyer or statutorily.

WHAT IS IRREVOCABLE LC WITH TRANSFERABLE CLAUSE & PRIME BANK AT SIGHT?

An irrevocable letter of credit is a financial instrument used by banks to guarantee a buyer's obligations to a seller. It is irrevocable because the letter of credit cannot be modified unless all parties agree to the modifications and these types of clauses on Transferable Letters of Credit and to discuss solutions with the Advising Bank and the Applicant beforehand and to have amendments in place that will allow both the First and Second Beneficiaries to present conforming documents.