Tutorial Procurement & Commercial

 ASYCUDA ASYCUDA (Automated System for Customs Data) is a computerized customs management system used by many countries to automate and streamline customs procedures? It is designed to handle a wide range of customs-related activities, including cargo declaration, release, and accounting procedures, as well as risk management and compliance checks. ASYCUDA  allows customs officers to electronically process and manage customs declarations and provides a centralized platform for data management, analysis, and reporting. This helps to reduce the time and effort required for manual processing, as well as to minimize the risk of errors and inconsistencies. The ASYCUDA  system is typically used by customs authorities, importers, exporters, freight forwarders, and other stakeholders in the international trade community. It is designed to be flexible and adaptable and can be customized to meet the specific requirements of individual countries or regions. Overall, the us...

 Bill of Entry A Bill of Entry is a document submitted to customs authorities by importers or their agents. It provides information about the imported goods, including the quantity, value, and nature of the goods, as well as the name of the manufacturer or supplier. The Bill of Entry is used to calculate duties, taxes, and other charges that may apply to imported goods. It is a crucial document for customs clearance and is required for the release of goods from the customs department. The Bill of Entry must be submitted to the relevant customs authority in the importing country within a specified period after the goods arrive. In addition to the information about the goods, the Bill of Entry also includes details about the importer, the mode of transportation, the port of entry, and the intended use of the goods. This information is used by customs authorities to ensure that the goods are in compliance with the relevant regulations and to determine the number of duties and taxes to...

 How Did write a sales contract? A sales contract is a legally binding agreement between a buyer and a seller outlining the terms and conditions of a sale transaction. Here is a basic outline for writing a sales contract: 1. Identify the parties involved: Include the buyer and seller's full names, addresses, and signatures. 2. Describe the product or service being sold: Be specific and include any relevant details, such as quantity, size, colour, model, etc. 3. Set the purchase price: Include the total amount being paid, payment method (e.g. cash, check, bank transfer), and any payment terms (e.g. down payment, instalments, due date). 4. Include any warranties or guarantees: Specify any promises made by the seller regarding the quality, condition, or performance of the product or service. 5. Outline delivery terms: Specify the date, time, and place of delivery, as well as who will be responsible for transportation. 6. Include any contingencies: A contingency is a condition that mus...

What is the In bond and out bond "In Bond" and "Out Bond" refers to the customs status of goods in international trade. "In Bond" means that goods are temporarily stored at a bonded warehouse and have not yet cleared customs. This allows the goods to be stored without paying import duties or taxes until they are ready to be moved to the final destination. This can be useful for importers who want to defer payment of duties and taxes, or for those who need time to prepare for the goods' arrival. "Out Bond" means that goods have been released from customs and are free to move within the country. This status is granted after the importer has provided a bond or other security to cover any applicable duties and taxes. The importer is responsible for paying these fees within a specified timeframe. In-bond and out-bond transactions are subject to strict regulations and must comply with customs laws and procedures. They are typically used b...

  How to work DP at sight payment? "DP at sight" refers to a "Documents Against Payment" payment term, where the buyer pays for the goods only after receiving and inspecting the required shipping documents. This payment method offers less security to the seller compared to a "Documents Against Acceptance" (DAA) payment, where payment is made after the buyer accepts the documents and the shipment. Here's how DP at sight payment works: The seller ships the goods and provides the required shipping documents, such as the bill of lading and the commercial invoice, to the buyer. The buyer inspects the documents and verifies that they match the terms of the purchase order. If the documents are in order, the buyer pays the agreed amount to the seller or their bank. The seller's bank releases the shipping documents to the buyer, allowing them to take possession of the goods. The buyer can then arrange for the goods to be cleared through customs and transpor...

  Proforma Invoice terms and conditions A proforma invoice is a preliminary invoice that is issued by a seller to a buyer in advance of shipping the goods. It outlines the types and quantities of goods to be sold, as well as their price, and serves as a basis for negotiations and finalizing the sale. The terms and conditions of a proforma invoice typically include: Description of goods: A detailed description of the goods being sold, including their quantity, unit price, and total cost. P ayment terms: The payment terms agreed upon by the buyer and the seller, including the payment method, due date, and any advance payment required. Shipping details: Information on the shipping arrangements, including the estimated shipping date, mode of transportation, and any insurance coverage. Incoterms: The International Commercial Terms define the responsibilities of the buyer and the seller for the transportation and delivery of the goods. Tax information: Any applicable taxes, such as v...

  Commercial Letter of Credit A commercial letter of credit is the most common type of credit in usage. In fact, it is commonly known as a regular letter of credit. Global trade is rising and brings difficulties for all the parties involved. The significant challenges include each country’s different laws, different customs rules, and different languages. Also, a significant problem is not knowing a foreign buyer or a seller personally. Therefore, it becomes difficult to judge credibility. It has become essential to have a standard tool that gives security to both the buyer and the seller. This is where the letter of credit comes into the picture. Table of Contents 1. Commercial Letter of Credit – Definition 2. Commercial Letter of Credit Process with Example a. Step 1: Sales Agreement b. Step 2: Opening Instructions c. Step 3: Issuing Letter of Credit d. Step 4: Seller Ships the Goo...

  Types of Letters of Credit (LC) Various types of Letters of Credit (LC) prevail in trade transactions. In this post, we are classifying them by their purpose. Commercial, Export / Import, Transferable and Non-Transferable, Revocable and Irrevocable, Standby, Confirmed, and Unconfirmed, Revolving, Back-to-Back, Red Clause, Green Clause, Sight, Deferred Payment, and Direct Pay LC. A Letter of Credit  is an essential financial tool in trade transactions. In domestic and international markets, trades use the LC to facilitate payments and transactions. A bank or a financial institution acts as a third party between the buyer and the seller and assures the cost of funds on completing certain obligations. Definition of Letter of Credit An LC is a financial document provided by a third party (with no direct interest in the transaction), mainly a bank or a financial institution, that guarantees the payment of funds for goods and services to the seller once the seller submits the r...

  EPZ Export & Import কিভাবে করতে হয় সংক্ষিপ্ত আলোচনা করা হলো: আপনি Import & Export করতে গেলে BEPZA থেকে পারমিশন নেওয়া লাগবে, যা হলো Import Permit (IP)& Export Permit (EP) কোম্পানির আইডি পাসওয়ার্ড দিয়ে BEPZA online System থেকে IP & EP নিতে হয়। Import Permit : আপনি Import আনতে গেলে প্রথমে যা যা করতে হবে _ 1. Import- Undertaking (UT) for Capital Machinery, Spare Parts. 1. Commercial Invoice 2. Packing list 3. HAWBL/HBL/AWBL (Foreign Import) 4. Delivery Challan/EXP (Domestic Import) 5. LC/SC Export Permit : আপনি Export করতে গেলে যা যা লাগবে। 1. Export -Undertaking (UT) Depend on the Item 2. Commercial Invoice 3. Packing List 4. S/C, L/C 5. EXP (Provide Lien Bank) 6. Delivery Challan/Truck Receipt/Out Pass/Consumption Sheet All পেপারে কোম্পানির Authority Original Seal & Sing লাগবে। এই গুলো দিয়ে সাবমিট করলে BEPZA Verify Officer চেক করে ঠিক থাকলে Permision Officer কে দিবে, উনি Verify করে Approval দিবে তারপর আপনি Import & Export Permit পাবেন। সেটা পাওয়ার...

  Eligibility of Membership Persons, firms, companies (including multinational companies), and corporate bodies (including sector corporations, banks, insurance, etc.) engaged in trade, industry, or any other kind of business are eligible for membership in the Dhaka Chamber of Commerce & Industry (DCCI). FOREIGN COMPANIES:  Foreign Companies, Corporate Bodies operating in Bangladesh shall also be eligible for membership in the Dhaka Chamber of Commerce & Industry. MEMBERSHIP APPLICATION:  Every candidate for membership shall sign and deliver the prescribed form to the Secretary-General, duly proposed by a member and seconded by another, of the class to which the candidate wants to be admitted with admission fee and annual subscription. The DCCI authority holds the right to admit or decline a candidate for admission as a Mem ber as they may think fit. Benefits of being a Member: The desired economic growth is stimulated and encouraged through the professional servi...

  Certificate of Origin (CO) Enrollment Process: 1. Registration to DCCI Membership Online Service (MOS) for the first-time user (if you're registered then ignore this step). 2. Log in to the MOS portal (https://membership.dhakachamber.com) 3. Fill up the E-Certificate of Origin (CO) Form. 4. Attach all the documents mentioned in the checklist given below: List of Attached Documents: • Commercial Invoice • Export Form • L/C/T.T/Cont/P.I. • Packing List. 5. CO Fees can be paid online or Offline through any of the DCCI’s payment options. (Mobile wallet,         Online banking, Debit/Credit card) 6. Two types of Payment Methods (Offline or Online Channel) a. Those who want to make the payment offline are requested to download the Deposit Slip (PDF)       from the website and pay the fees to the selected Bank. (The City Bank and Eastern Bank                Limited). b. Those who pai...