COMMERCIAL INVOICE IS SELLER'S BILL

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Course Code: IBO – 04
Course Title: Export-Import Procedures & Documentation
Assignment Code: IBO-04/TMA/2019-20
Coverage: All Blocks

IBO – 04 Export-Import Procedures & Documentation Solved Assignment for 2019-20

Q4.) Comment on the following statements:

b.) Commercial invoice is not a seller's bill given to the buyer.

Ans: The statement is incorrect as a commercial invoice is the seller's bill for merchandise or goods sold by him. The invoice contains all the particulars and details in respect of name and address of the seller (exporter name) and address of the buyer (importer), date, exporter's reference number, the importer's refer number, description of goods, the price per unit at a particular location, quantity, total value, packing specifications, terms of sale (FOB, CIF, etc.), reference to a letter of credit opened, terms of payment, and finally signature of the exporter, etc.

The commercial invoice is the final bill exchanged between the seller and the buyer. The commercial invoice will normally be presented on the exporter's letterhead and will be addressed to the importer. It is important that the commercial invoice clearly differentiates between the dutiable components of the order, any other typically non-dutiable charges such as freight and insurance, and the total invoice value of the order.