Procedures
Terms and Procedures
Understand the main instruments and modalities used in international commodity trade.
Understand the main instruments and modalities used in international commodity trade.
In the FOB model, the seller is responsible for the goods until loading at the port of origin.
In the CIF model, the seller assumes costs, insurance and freight to the agreed destination port.
A financial instrument issued by a bank, guaranteeing payment to the seller if the buyer fails to meet contractual obligations.
A documentary letter of credit used to guarantee payment upon presentation of documents required in the contract.
A formal request or guarantee document in commercial transactions.