RATIONALE OF EXPORT-IMPORT DOCUMENTS

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Master of Commerce – M.Com First Year Solved Assignments for July 2019 and January 2020 Admission Cycles

M.COM First Year Tutor Marked Solved Assignment

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

Q5.) Write notes on the following:

(a.) Rationale of Export-Import documents

Ans: One of the most crucial components of a successful international business transaction is the accurate completion of required export documentation and import documentation. Failure to produce such documentation can hinder the dispatch of products by a manufacturer or supplier, and can ultimately impede the timely receipts of goods by the customer.

There are three common documents that businesses typically need to produce. The first is a commercial invoice. The commercial invoice contains a formal list of each product purchased along with purchase price and quantity ordered. The commercial invoice includes the full name and address of the shipper or supplier and the complete name and address of the consignee or designated recipient.

The second document that is typically required with an international shipment is a packing list. The packing list also contains the name and address of both the supplier and consignee but focuses more on the contents of the shipment as opposed to pricing.

The third document that is often required when participating in international trade is the Certificate of Origin. Also known as C/O or COO, the Certificate of Origin is completed by the exporter and indicates the specific country where the goods were originally manufactured. Such documentation is particularly important because businesses may be forbidden to ship to or receive goods from a particular country.