During the Preparation of Export Documents for Buyer, Don’t Repeat These Mistakes
Here today’s post, I’m going to show you 4 mistakes which usually new exporters do during the preparation of export document for buyer. which cause delays in export payment.
We also share some awesome tips, how to prepare a Letter of Credit (L/C) Documents.
If you are new in Export Business so this post is definitely for you, after reading this article, we will be in condition to Prepare L/C Documents without any mistake.
Let’s get right into the content.
Most Common Mistakes in Export Document
Following are the mistakes usually new exporters did during the preparation of export document for buyer.
- Mistake in B/L (Bill of Lading)
- Provide Wrong Address to Banks for Dispatching Export Documents.
- Use Wrong HS Code of Product
- Forgot Any Documents Which is Required By Buyer
Mistake in B/L (Bill of Lading)
B/L is also known as Bill of Lading.
B/L is included in one of the important shipping document, without it buyer can’t clear the shipment from Customs.
BL is the also most common documents, where new exporter usually make mistakes during the preparation of export documents for buyer.
Solution:
As far as this mistake is concern, we can easily avoid mistakes in Bill of Lading (BL), simply providing B/L draft after carefully checking each and every thing i.e
- Consignee Name,
- Notify Party Name,
- Total Quantity,
- Total Net & Gross Weight,
- HS Code of Product,
- Product Description and
- Form-E Number
We can also do one thing to avoid error in B/L, Just share B/L draft/checking copy with your buyer for confirmation. In this way you can simply avoid mistakes in shipping documents.
Provide Wrong Address to Banks for Dispatching Export Documents
This is also a big problem for a new exporter, they unintentionally provide buyer’s address to their banks for dispatching export documents in spite of buyer’s bank address.
Solution:
Exporter can find Buyer’s bank address in Contract or in L/C, or asking this information directly from buyer.
What will you ask from buyer about Bank:
- Bank’s Name
- Complete Address
- Postal Code
Use Wrong HS Code of Product
HS Code refers to the Harmonized System. It is an international standardized system of name and numbers to classify import or export products.
How to find HS Code for Export or Import Products?
Forgot Any Documents Which is Required By Buyer
If you forgot any documents which is required by buyer so this problem also delay your payment.
Solution:
Make a check list according to required documents by buyer and check documents according to list.
