Shipping Terms:
1. EXW – Ex Works
- Our Responsibility: We make the goods available at our premises (e.g., factory, warehouse, etc.)
- Your Responsibility: You, the buyer, are responsible for all costs and risks associated with collecting the goods from our premises, including loading, transportation, insurance, customs formalities, and any other charges to the final destination.
2. FOB – Free on Board
- Our Responsibility: We are responsible for delivering the goods on board the vessel nominated by you at the named port of shipment (e.g., Mundra Port, Nhava Sheva Port, or other agreed-upon Indian port). We cover all costs and risks until the goods are loaded on board the vessel. This includes export clearance formalities.
- Your Responsibility: You, the buyer, are responsible for all costs and risks once the goods are on board the vessel, including ocean freight, insurance, unloading at the destination port, import customs clearance, and onward transportation to the final destination.
3. CIF – Cost, Insurance, and Freight
- Our Responsibility: We are responsible for delivering the goods on board the vessel, paying for the cost of carriage to the named port of destination, and providing minimum insurance coverage against the risk of loss of or damage to the goods during carriage. We also handle export clearance formalities.
- Your Responsibility: While we cover the cost and minimum insurance to the destination port, the risk of loss or damage to the goods transfers to you once the goods are on board the vessel at the port of shipment. You are responsible for unloading costs, import customs clearance, any additional insurance beyond the minimum, and onward transportation from the destination port to the final destination.
Payment Terms:
We offer the following flexible payment options for your convenience:
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โ Option 1. 50% Advance via TT (Telegraphic Transfer) & 50% via LC (Letter of Credit) – Irrevocable LC at Sight
Payment Structure: A 50% advance payment is required via Telegraphic Transfer (TT) at the time of order confirmation, with the remaining 50% payable via an Irrevocable Letter of Credit at Sight.
Process:
- The 50% advance is due before production or shipment.
- The balance of 50% will be secured through an Irrevocable LC at Sight, which must be issued and confirmed by the buyer’s bank prior to shipment.
- Final payment will be made upon presentation of the required shipping documents, confirming the goods are on their way.
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โOption 2. 50% Advance via TT (Telegraphic Transfer) & 50% Against Scan Copy of Bill of Lading (BL)
Payment Structure: A 50% advance payment is required via Telegraphic Transfer (TT) at the time of order confirmation, with the remaining 50% due against a scan copy of the Bill of Lading (BL).
Process:
- The 50% advance is required upfront before production or shipment.
- The balance of 50% is payable once the buyer receives a scan copy of the Bill of Lading, which serves as proof that the goods have been shipped.
- Payment is expected before the goods reach their final destination.