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NATURE OF EXPORT SALES CONTRACT: Contract is a legal concept. It has been defined in the Section 2(h) of the Indian Contract Act, the other party without any qualification. This process of contract formation is valid all over the world.
Though the offer-acceptance sequence appears logical and simple, sometimes complexities can arise. Let us consider a common situation in export business. An exporter sends his offer in a preformed commercial invoice along with his standard conditions of sales. The importer' accepts the offer but refers to his own standard conditions of purchase. Since these two sets of conditions are different no contract is formed. Importer acceptance will not be considered legally as acceptance but only as a counter-offer. If the exporter in turn confirms his acceptance without referring again to his standard conditions, a contract is formed.
Scope of the Act : The Foreign Exchange Regulation Act covers the types of transaction having international financial implications. Broadly the Exchange Control regulates the fo
Problem formulation process mainly consists of studying situation environment hypothetical solutions or actions and choice of most appropriate course of actions. These studies can
identifying major alternative
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Negotiation of Export Documents under Letters of Credit : Where the exports are under letter of credit arrangements, the banks will negotiate the export bills provided it is drawn
ORGANIZATION OF THE REPORT Once you have selected a research problem, design the study to conduct it, deciding on the variables, methodology and the study population, you actu
Forward Rate : The rate quoted for delivery of foreign exchange in future at some agreed date, i.e., when the value date is more than two business days in future, is called the fo
OBJECTIVES After studying this unit, you should be able to: . 1. explain the basic significance and objectives of India's Export-Import policy 2. describe the rationale
POST-SHIPMENT FINANCE : It may be defined as "any loan or advance granted or any other credit provided by a bank to an exporter of goods from India from the date of extending the
Recoverable Expenses: An insurance company will pay expenses incurred by the insured for recovering loss for preventing it to the cargo. This is, however, subject to two condition
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