Commercial Invoice on Import Export Contract
Commercial Invoice is generally issued by the importer, exporter or some relevant non-governmental business organizations. Invoices is a bill for the goods from the seller to the buyer. It is one of the most important documents used in international trade.
Even if the importer may have opened a Letter of Credit, the exporter will usually not be paid until he presents a Commercial Invoice along with other documents to the bank. The invoice serves as a record of the essential details of a transaction.
Commercial Invoice
An invoice must show the following basic information about the transaction:
- Buyer's order number
- Invoice number and date
- Shipment terms
- Names and addresses of the seller and buyer
- Country from which the shipment is made
- Description of the goods
- Quantity, weight or measurement of the goods
- Unit price
- Total amount payable, including price of goods, freight, insurance and so on
- Rebate or similar incentives
- Signature of the exporter
Common Export Document - Commercial Invoice
The commercial invoice is a legal document between the exporter and the buyer (in this case, the foreign buyer) that clearly states the goods being sold and the amount the customer is to pay. The commercial invoice is one of the main documents used by customs in determining customs duties. A commercial invoice is a bill for the goods from the seller to the buyer. These documents are often used by governments to determine the true value of goods when assessing customs duties. Governments that use the commercial invoice to control imports will often specify its form, content, number of copies, language to be used and other characteristics. Source From International Trade Administration U.S. Department of Commerce
Commercial Invoice is a Custom Document
When used in foreign trade, a commercial invoice is a customs document. It is used as a customs declaration provided by the person or corporation that is exporting an item across international borders. Although there is no standard format, the document must include a few specific pieces of information such as the parties involved in the shipping transaction, the goods being transported, the country of manufacture, and the Harmonized System codes for those goods. A commercial invoice must often include a statement certifying that the invoice is true, and a signature. A commercial invoice is used to calculate tariffs, international commercial terms, and is commonly used for customs purposes. Commercial Invoices are generally not needed for shipments between EU Countries—just between EU Countries and non-EU Countries. Source:wikipedia.org
Commercial Invoice Related Terms
In An Import Export Contract
Back to For Your Dream Career Home Page
