To import raw materials, companies can use specialized importers or obtain information from foreign trade commissions/consulates. Contracts should be clear on products, pricing, shipping, insurance, and dispute resolution. Customs formalities and duties must be handled upon arrival, with the option to use a customs broker or bonded warehouse.
Finding the correct and most economical supplier of raw materials can be done through a specialized importer or by obtaining information from a foreign trade commission or consulate. When a foreign supplier is identified, the company wishing to import raw materials can request that samples be examined and agree to terms of a contract. The provisions of the contract and the method of payment for the goods must be clear to both parties. When raw materials arrive at the port of entry, customs formalities must be handled and import duties paid. The importer must ensure that any available duty exemptions or deferral arrangements are claimed, if appropriate.
A company that needs to import raw materials can find information about producers from publications issued by trade commissions or can consult commission websites. Information about possible restrictions on trade with certain countries – including licensing, regulations and any trade barriers – can be obtained from foreign consular offices. When a potential external supplier is identified, depending on the type of material to be imported, it may be possible to request samples of their products. These can be scrutinized for quality and shown to the various sections of the company that will need to make use of them. It is also possible to employ the services of an independent inspection company to perform this task.
An important factor for a company that wants to import raw materials is the agreement with the foreign supplier. It is essential that the terms of the contract are clear to both buyer and seller, despite differences in language and culture. The supplier contract must specify the products being purchased, pricing and payment terms, shipping and delivery terms, insurance, and dispute resolution arrangements. Full use should be made of standard international contractual terms, such as the international trade terms issued by the International Chamber of Commerce. This can help clarify each party’s responsibilities for freight and insurance during each part of the transit of goods from seller to buyer.
When the raw materials arrive at the port, the entry documents must be filed with the customs authorities. Depending on the laws of the country to which the company wishes to import raw materials, proof of ownership of the goods will be required and a relevant document must be presented, such as a bill of lading or air waybill in the case of air freight. produced. Customs authorities will also require a guarantee of payment of customs duties and any other taxes or fines. The importer can use a customs broker to complete customs formalities. The payment of taxes can be postponed by storing the goods in a bonded warehouse, where they will remain under customs control until they are removed by the owner and put into circulation.
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