![]() In HSS contracts the HSS seller may not like to disclose the import value to the HSS buyer. In respect of air shipment, HSS seller should write to the airline / consol agent informing that a HSS agreement has been established with the HSS buyer and that the carrier document should therefore be considered as endorsed in favour of the HSS buyer and further the Import General Manifest should be filed by the carrier in the name of the HSS buyer. Title of goods is transferred to high sea sale buyer, once Bill of lading endorsement procedures completes. Bill of lading endorsement and other required procedures on bill of lading has to be completed with carrier before arrival of goods. ![]() If the HSS seller need not want to disclose the existing selling rate of original sales, he can issue a new invoice mentioning the high sea sale value. The value of invoice can be either existing invoice value or new high sea sale value depends up on the understanding between high sea sale buyer and seller. All documents need to be mentioned as ‘on high sea sale bases’ including packing list and new invoices. The details of goods sold with rate and total invoice value is mentioned in such commercial invoice under High Sea Sale. Commercial invoice under high sea sale must be in local currency of importing country, and not in foreign currency. So, the date of issue of such legal document should not be reflected the date after arrival of goods. While issuing legal document, carries a date of issue of such document which is done mandatory by the authorities. ![]() A legal contract on high sea sale has to be entered between high sea buyer and high sea seller. High seas sales(HSS) contract/ agreement should be signed after dispatch of goods from origin & prior to their arrival at destination. Buyer delivers endorsed original Bill of lading (or airway bill), his invoice in local currency along with import invoice, packing list, certificate of origin, insurance certificate and other necessary documents if any for import clearance duly endorsed. The Bill of Lading or airway bill is endorsed by Buyer(Importer) and transfers the title of goods in favour of third party (new) buyer. In case of credit arrangements with Exporter (seller), Buyer remits invoice value of goods to Seller as per the arranged credit period. If the payment terms are on sight LC or DP, Buyer remits invoice value of goods to Seller before collecting documents from bank. Buyer accepts documents from his bank which has been sent by Exporter (Seller) through his bank. Such sales are duly accepted and acknowledged under trade control regulations. In simple words, the ownership of goods is transferred, when goods are on transit. High Sea sales (HSS) is a sale carried out by importer (buyer) to another buyer(third party) while the goods are yet on high seas or after their dispatch from the port/ airport of origin and before their arrival at the port / airport of destination.
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