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Issuing BankTeams of L/C Teams of L/C appplication and agreementBeneficiary Sales Contract ApplicantGeneral L/C Flow ChartAgreement on L/CSeller BuyerShipment of MerchandisePaymentNegotiation L/C Advice L/C Instruction PaymentL/CAdvising Bank Issuing BankDocumentsDocumentary Collection Flow ChartAgreement on collectionSeller BuyerShipment of MerchandiseDocuments Payment Payment or Acceptance Document PresentationPaymentAdvising Bank Issuing BankDocumentsCommunications by OffererTime Effective EffectiveOffer Received by offeree Creates power to form a contract Revocation Received by offeree Terminates power to form a contractCommunications by OffereeTime Effective EffectiveRejection Received by offerer Terminates offerCounter-offer Received by offerer Terminates offerAcceptance Sent by offeree Form a contractMany large multinational firms with numerous manufacturing subsidiaries all the world begantheir foreign operations by exporting.As this stage became successful,they established sales companies overseas to market their exports. Where the sales company was able to develop sufficiently large market,a plant to assemble imported parts was set up.Finally,the complete product was manufactured locally.However, this sequence should not be construed as the onlyway to become involved in foreign market,In some countries, conditions may require that acomplete manufacturing plant be the means of initial entry. Multinational firms today are employing all of these methods simultaneously to reach their worldwide markets.Incoterms are the interntional standard used in the sales transaction and shipping documentation.Incoterms define the seller's and buyer's responsibilities by providing generally three basic pieces of information:information on the transfer of risks,information on the division of costs,and information on the documents.When parties decide on a given Incoterm,they are implicitly agreeing to a set of obligations and these obligations need not be referred to again in the sales contract.Since Incoterms are not law,they must be written into a sales contract in order to be bound to a contract.It should be noted that Incoterms are flexible and can be further defined to suit the mutual interest of the buyer and seller.Goods shipped for export require substantially greater handling than domestic shipments.The ecporter must pack the goods to ensure that•the weight and measurements are kept to a minimum;•breakage is avoided;•the container is theft-proof;and•the goods do not suffer the stresses of ocean shipment,such as excess moisture.In addition to proper packing, the exporter should be aware that certain markings are necessary on goods transported internationally. Some countries require that the country of origin be marked on the outside of the container,and even regulations as to how the mark of origin should appear.For food and drugs,there may be special labeling requirement as determined by the laws of the country of destination.Moreover, certain shipping marks must appear on the outside of the package.The weight and dimensions should be visible and any special instructions should be shown,and you may want to repeat these instructions in the language of the importer's country.If your business is not equipped to package your goods for export,there are export packaging companies, which can perform this service for you.Laytime is the total time (number of hours or days)allowed through an agreement between the ship-owner and the charterer for loading and/or unloading the cargo.Within that time,the ship-owner bears the expense for the vessel to be on berth.Over that time,the charterer pays for any hours as demurrage,the cost of delaying a ship,to the ship-owner.If the loading and/or unloading can be completed in less time allowed in the voyage charter party,dispatch money is paid by the ship-owner to the charterer as an amount of compensation.Interest of the other……to correct mistaken……the law permits……insurance is an exception……under an obligation……contract can be annulled……since it is the assured……description that the insurer……clearly upon the assured……duty of the assured……every material……a material circumstance……could influence the judgment……a prudent insurer。