Académique Documents
Professionnel Documents
Culture Documents
International banking
September 2011
Version 41
Table of contents
InTroducTIon
We have the solutions for your needs
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Important Information . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4
GeTTInG STarTed
What do I do first? . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5 Go to school . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5 Use the support networks and government agencies . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5
rISK ISSueS
Types of risks . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6 Country Risk . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6 Transport Risk. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7 Exchange Rate Risks . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7 Non Delivery / Performance . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7
docuMenTary collecTIonS
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leTTerS of credIT
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What are letters of credit? . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 13 Types of letters of credit . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 13 Letters of credit may be confirmed . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 14 Mechanics of letters of credit. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 14 Issuance process: . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 15
docuMenTaTIon
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GuaranTeeS
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What are guarantees?. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 20 Types of guarantees . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 20 Bid guarantee. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 20 Advance payment guarantee . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 20 Performance guarantee . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 20 Standby letter of credit . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 20
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Introduction
This guide is designed to assist you in understanding some of the important issues, products, services and documentation associated with international trade. If you have never been involved in dealing with overseas customers or suppliers, you should find this guide particularly useful. This guide is not comprehensive. It offers pointers, places for further information and brief summaries of products and services. Should you require further assistance, BOQ is ready to help.
A BOQ branch manager or business banking manager is ready to meet with you and discuss how we can help you grow your importing or exporting business. He or she has access to all our international trade and foreign exchange specialists and can call on this expertise to assist you further. Call your local BOQ office today to arrange an appointment or email us via the following link www.boq.com.au/contactus/cu-intbanking.aspx
Important Information
The information contained in this guide is general in nature and has been prepared for business customers by BOQ Limited, for information purposes only. The products and services described are only available to approved customers. Terms and conditions, fees and charges apply. For further information, contact Bank of Queensland. Any advice contained in the document has been prepared without taking into account your personal objectives, financial situation or needs. You should consider the appropriateness of any advice before acting on it. Yous should obtain and consider the relevant Product Disclosure Statement, terms and conditions and Financial Services Guide before making any decision about whether to acquire or continue to hold these products. All product mentioned are issued by Bank of Queensland Limited (BOQ) ABN 32 009 656 740.
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Getting started
What do I do first?
Like any situation, you first need to consider the marketplace for the products you are looking to import or export. Consider the following: Is your product unique or new to the potential market? Will it have appeal? Analyse the costs? What is the cost of the product? Where are the competing products priced at? Is there a sufficient margin for you, the wholesaler and the retailer? Are there any legal issues or restrictions with the product or where it comes from or where it is going to? Is the market growing for this product? Do you have to create a new market? Is there a reliable supply of the product? Is the quality consistent?
Go to school
Apart from some of the obvious issues discussed above, there are some additional ones that are specific to importing and exporting. Learn about import duties, customs procedures, regulation and compliance, particularly quarantine Gain an understanding of the documentation involved Learn about the time goods are in transit and relevant costs Learn about the country you are looking to do business with, local customs, business practices.
Some of the support groups listed below are very useful sources of information in relation to these issues.
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RISK ISSUES
International trade throws up a number of risks you would not be concerned about if doing business solely inside Australia. These include the consequences of economic or political instability, less control over quality, more complicated transportation processes and exchange rate fluctuations. The reality is that these risks are effectively managed every day by thousands of businesses. In order to successfully manage the risks, you need to have a strategy that is built around taking sensible precautions. Most risks can be effectively managed by knowing your customers and suppliers, insurance and by selecting the most appropriate payment method.
Types of risks
Transfer or payment risks
Many countries have government regulations that can prevent or restrict payments or receipts in foreign currencies (or their own currency). Sometimes these regulations can be changed without warning, meaning that transactions already agreed to may not be able to be completed, resulting in financial loss to either or both parties.
Mitigants
Always try to deal with suppliers or customers in countries with stable political environments or where the risk of unforseen government regulation that restricts trade is unlikely. Exporters or the bank may also be able to insure some of these risks via entities such as Atradius Credit Insurance NV (www.atradius.com/au/).
Country Risk
Country risk is the ultimate risk of dealing with a foreign country. If there is a significant event such as war, terrorism, failure of government, government bankruptcy or economic embargoes payments or goods may not be able to leave a country. Sometimes these circumstances can change without warning, meaning that transactions already agreed to, may not be able to be completed, resulting in financial loss to either party. Business laws in certain countries also require close scrutiny. This should include the likelihood that they may change and their compatibility with laws in Australia.
Mitigants
Exporters or the bank may also be able insure some of these risks via entities such as Atradius Credit Insurance NV (www.atradius.com/au/). Importers and exporters can also consult the various trade and industry associations mentioned on page (4) for assistance in evaluating these risks.
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Transport Risk
Goods should always be insured during transit. Who pays for insurance and how the goods are insured is a matter of negotiation between the two parties involved. Make sure this is very clear. It is essential to understand what the insurance covers and if there are gaps. For example, in an import transaction, and if the supplier has paid for the insurance, you may not be covered after the goods arrive at an Australian port. You should also ensure you are satisfied in relation to the issue of where claims are payable.
Mitigants
Various commercial insurance companies and insurance brokers can assist with insurance requirements.
Mitigants
If you like to have more certainty around the exchange rates you will transact at, you may elect to enter into a forward exchange contract. (www.boq.com.au/business_international_hedging.htm). This contract is where you agree to purchase (or sell) a fixed amount of foreign currency at a fixed exchange rate on an agreed future date, a date which aligns with a scheduled payment you need to make to a supplier or expect to receive from a customer. By entering into a forward exchange contract, you will know how many Australian dollars you will need to pay for a fixed amount of foreign currency on that future date or conversely how many Australian dollars you will receive in exchange for a fixed amount of foreign currency.
Mitigants
There are no guaranteed ways of eliminating all these risks, but they can be managed using appropriate document control and payment methods.
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Clean Payments
what are clean payments?
Clean payments are characterised by trust. Either the exporter sends the goods and trusts the importer to pay once the goods have been received, or the importer trusts the exporter to send the goods after payment is effected. In the case of clean payment transactions, all shipping documents, including title documents, are handled directly by the trading parties. The role of banks is limited to clearing funds as required. The diagram below highlights the flow of goods and the flow of payment.
exporter
Goods
payment
Importer
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open account
The importer is trusted to pay the exporter after receipt of the goods. The exporter ships the goods and the documents directly to the importer and waits for the Importer to send payment.
payment in advance
An arrangement whereby the exporter is trusted to ship the goods after receiving payment from the Importer. The importer sends payment directly to the exporter and waits for the exporter to send the goods and documents. The following table and diagram highlight the key points in relation to these two payment methods.
payment in advance
Assumes greater risks, including the risk of not receiving the goods More financing requirements Assumes fewer risks Assists in cash flow by receiving payment in advance
exporter
Assumes greater risk of not being paid May help clinch sale by offering this option
The following diagram compares the risks of each type of clean payment.
open account
payment in advance
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Documentary collections
What are documentary collections?
A documentary collection is a method of payment used in international trade whereby the exporter entrusts the handling of commercial and often financial documents to banks and gives the banks instructions concerning the release of these documents to the importer. Documentary collections are subject to the Uniform Rules for Collections published by the International Chamber of Commerce. The last revision of these rules came into effect on 1st January 1996 and is referred to as the URC 522.
exporter
Documents not released to importer until payment effected Less costly than letter of credit Risk of refusal of payment exists Commercial / country risks still exist
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flow of Goods
After the importer and the exporter have established a sales contract and agree on a documentary collection as the method of payment, the exporter ships the goods. In a documentary collection, the importer is known as the drawee and the exporter as the drawer.
exporter/drawer
Goods
flow of payment
Payment is forwarded to the remitting bank for the exporters account and the importer can now present the transport document to the carrier in exchange for the goods. See illustration next page.
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Flow of documents
documents
Flow of payment
exporter/drawer
remitting Bank
exporter/drawer
remitting Bank
documents
Goods
Goods
documents
payment
Importer/drawee
Importer/drawee
The following diagram illustrates the degree of risk with documentary collections, compared to the two types of clean payments.
open account
payment in advance
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Letters of Credit
What are letters of credit?
A letter of credit is a written undertaking by the importers bank, known as the issuing bank, on behalf an importer (applicant), promising to effect payment in favour of the exporter (beneficiary) up to a stated sum of money, within a prescribed time limit and against stipulated documents. A key principle underlying letters of credit is that banks deal only in documents and not in goods. The decision to pay under a letter of credit will be based entirely on whether the documents presented to the issuing bank appear on their face to be in accordance with the terms and conditions of the letter of credit. It would be prohibitive for the banks to physically check whether all merchandise has been shipped exactly as per each letter of credit. The International Chamber of Commerce (ICC) publishes internationally agreed-upon rules, definitions and practices governing letters of credit, called Uniform Customs and Practice for Documentary Credits (UCP). The last revision of these rules was effective 1st July 2007 and is referred to as the UCP 600.
Letters of credit may be settled either by sight or by acceptance: If payment is to be made at the time that documents are presented, this is referred to as a sight letter of credit. If payment is to be made at a future fixed time from the presentation of documents, this is referred to as a term letter of credit. The following table highlights the key elements of the two settlement types in letters of credit
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Issuance
After the trading parties agree on a sale of goods where payment is made by letter of credit, the importer requests that its bank (the issuing bank) issue a letter of credit in favour of the exporter (beneficiary). The issuing bank then sends the letter of credit to the advising bank. A request may be included for the advising bank to add its confirmation. The advising bank is usually located in the country where the exporter does business and may be the exporters bank, but does not have to be. Next, the advising/confirming bank verifies the letter of credit for authenticity and sends it to the exporter. The diagram on the following page illustrates the issuance process.
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Issuance process:
Advice / confirmation of the letter of credit
exporter / Beneficiary
Contract Negotiations
Importer / applicant
Issuing Bank
flow of Goods
Upon receipt of the letter of credit, the exporter reviews the letter of credit to ensure that it corresponds to the terms and conditions in the purchase and sales agreement; that the documents stipulated in the letter of credit can be produced; and that the terms and conditions of the letter of credit can be fulfilled. Assuming the exporter is in agreement with the above it arranges for shipment of the goods. After the goods are shipped, the exporter presents the documents specified in the letter of credit to the advising/confirming bank. Once the documents are checked and found to comply with the letter of credit (i.e. without discrepancies), the advising/confirming bank forwards these documents to the issuing bank. In turn, the issuing bank examines the documents to ensure they comply with the letter of credit. If the documents are in order, the issuing bank will obtain payment from the importer so payment can be made to the exporters bank. Documents are delivered to the importer to allow it to take possession of the goods.
flow of payments
The payment under the letter of credit is either made at the time the documents are released to the importer (sight letter of credit) or on acceptance of the bill of exchange (term letter of credit). The importers bank then sends the payment or advice of acceptance to the exporters bank. The following diagram illustrates the flow of documents and payment under a letter of credit.
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exporter / Beneficiary
documents
Goods
documents
Importer / applicant
documents
Issuing Bank
The following diagram illustrates the degree of risk involved across all three payment types.
open account
documentary collections Documents Against Acceptance Documents Against Payment
letters of credit
Unconfirmed Confirmed
payment in advance
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Documentation
International trade involves documentation, there is no escaping it. The documentation provides evidence that goods have been shipped, that legal and regulatory requirements are met and that the goods are described correctly. They also confirm the financial arrangements and the method of payment. The commercial contract you agree with the supplier or customer will detail all the documentation that will be required. Correct documentation is essential if you are to be a successful international trader. Errors or omissions in documentation can lead to delays in receiving goods, delays in making payments, both of which have the potential to cost you money and also damage the relationships you have developed. The trade and industry associations mentioned on page 4 are, useful resources in the completion of correct documentation and determining what documentation you will need to receive.
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Trade Finance
Trade Finance is designed to provide short term funding for international trade transactions. Obtaining Trade Finance or other finance from BOQ will usually be more cost effective than obtaining payment terms from your supplier. If youre an exporter, you may need to grant payment terms to a customer which will affect your cash flow. Find out more about Trade Finance via the BOQ website at www.boq.com.au/business_international_trade.htm
Debtor Finance
BOQ Debtor Finance is a financing product that allows you to maximise your cash flow through borrowing against the outstanding value of your trade debtors. This product is suitable for businesses experiencing rapid growth that sell goods or services on credit terms, but have restricted liquidity. Find out more about Debtor Finance via the BOQ website at www.boq.com.au/business_loan_debtorfinance.htm
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Telegraphic transfers
Telegraphic transfers are an electronic payment made by one bank to another for the credit of a nominated bank account. These payments are secure, fast and can be made almost anywhere in the world. Find out more about telegraphic transfers via the BOQ website at www.boq.com.au/business_international_exchange.htm
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Guarantees
What are guarantees?
A guarantee is issued by a bank on behalf of its customer, the exporter, as financial assurance to the importer to be collected in the event that the exporter defaults on certain specified contractual obligations. The bank that issues a guarantee will pay the named beneficiary the amount specified on presentation of a written demand as outlined in the guarantee. While there are standard guarantee formats, guarantees can be tailored to meet your specific contractual needs.
Types of guarantees
These types of guarantees are commonly requested in foreign contracts.
Bid guarantee
An importer will often ask foreign contract bidders to post a bid guarantee as evidence of serious intent to supply the goods or services if selected. In the event that the selected supplier is unwilling or unable to carry out the contract, the Importer can collect the amount of the bid guarantee.
Performance guarantee
A performance guarantee permits the Importer to draw on the guarantee if the exporter fails to perform according to the terms of the contract. For example, in the event that the exporter is unable to complete the contract as agreed halfway through a project, the importer is compensated with the amount of the performance guarantee.
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Mechanics of guarantees
During contract negotiations, the importer requests that the exporter provide a guarantee securing an aspect of the contract (e.g. bid, advance payment). The exporter (applicant) enlists its bank (issuing bank) to issue the guarantee in favour of the importer (beneficiary) for a specified amount and within a stated time frame. In the event of default by the exporter, the importer would demand against the guarantee through the advising bank.
exporter / applicant
Issuing Bank
contract negotiation
Guarantee is sent to a correspondent bank of the issuing bank for advice to the importer.
Importer / Beneficiary
advising Bank
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Contact us
BOQ has a number of specialist trade finance managers who can work with our business and retail bankers to create tailored solutions to the funding needs of both importers and exporters. For assistance with trade finance and services contact one of our international services experts on 1300 55 72 72 or email us via the following link www.boq.com.au/contactus/cu-intbanking.aspx
March 2011
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