Company Policy - Saturn Worldwide Impex

Terms & Conditions

1	Payment terms	We accept payment by TT / Irrevocable Letter of credit at sight as per the details given below : 1. If Customistaion 100% Advance 2. 100 % Advance Payments Against Confirm Order 3. 30 % Advance Against Confirmed Purchase Order And Remaining 70 % Before Loading At Warehouse 4. 40 % At Order By T/T In Advance, 60 % Remaining Paymnet By T/T Right After Receiving The Copy Of B/L By Fax Or Email 5. 30 % Advance Against Confirmed Purchase Order And Remaining 70 % By Irrevocable Confirm Letter Of Credit At Sight 6. 100 % Irrecocable Confirm Lc At Sight 7. 40 % Advance Against Confirmed Purchase Order And Remaining 60 % By Document Against Paymnets Through Bank 8. 100 % Confirm Usance Lc.
2	Pricing	In U.S Dollar / Euro/GBP/ INR
3	Bank charges	All bank charges outside India including reimbursing the bank’s charges /commission, postage ,etc .to the buyer’s account
4	Packing	In export – worthy packing of shipment by sea/air.
5	Delivery	Within 45 days from the date of receipt of an order confirmation or as agreed at the time of the final order
6	Freight & Insurance (sea/air)	As agreed in pricing for FOB Port / C&F/ CIF Price
7	Storage & warranty	Products should be stored in cool and dry place i.e. below 35°C ( 95° F) temperature and should not be exposed to direct heat / sunlight. The warranty is for our products only and not for eventual claims for consequential damages (as per as P.I. terms)
8	Return policy	There is not refund and return policy once the order confirm.
9	Certificate of quality	ISO 9001:2015 quality management System our products are manufactured under strict quality control standards. Quality control of products includes long terms tests
10	Patents/Trade Marks etc	The seller shall be free from any dispute regarding infringement of the patent(s), designs, trademarks or copyright of the good contracted.
11	Validity	The offer is valid for acceptance within 7 days from the date of the sales contract for acceptance and thereafter subject to our re- confirmation in writing.
12	Arbitration	In case of disputes and differences between the parties, the same shall be settled through the Indian council of Arbitration, New Delhi, India .

The Terms of Payments :

In export trade the terms of Payment are one of the largest single factors which influence the traders being placed with particular exporter, everyone who buys Goods want to defer the Payment, and everyone who sells prefer payment on call. The Law in India Requires that the payment for all export goods must be finalized with 6 Month from the date of the shipment and hence terms of payment in any case cannot be more than 180 days.

However, exporter want to be sure as to when shall be able to realize the payment for the goods exported and now safe is the transaction and what is level of surety for receiving the payment and most of the time, they insist on opening of an irrevocable letter of credit of credit in their Favor with a bank of choice on confirmation of acceptance of the export order.

Letter of credit, part advance e payment and the balance of payment through the banking channels are the safest method of Payment.

Advance Payment :

In this method, the payment is made either at the time of acceptance of order, or at the same time before the shipment.

this the safest method from h exporter side. But this is not favoured by the buyer.

Advance payment is usually seen in domestic sales. but when we talk about export advance payment is rarely used.

Situation when advance payment Is used :

1. Limited goods for export

2. Importers urgently needs goods.

Documentary credit :

(Letter of credit)

Any arrangement whereby a bank acting at the request and in accordance with the instruction of a customer(importer) undertakes to takes payment to or to the order of a third party (exporter) against stipulated documents and compliance with stipulated terms and condition.

Parties in Documentary credit :

1. Importers

2. Importers banks (opening or issuing banker)

3. Advising bank

4. confirming bank

5. Negotiating bank

6. Exporter

Details Included in letter of credit :

1. Name of the issuing bank & type of credit with number and date

2. On whose behalf the credit is issued (buyer).

3. The amount.

4. The Date up to which the credit is Valid. Last date of shipment also be specified.

5. Since the beneficiary is usually required to draw a Bill of exchange.

6. Brief details of the goods.

7. Export all Document.

8. Port of shipment and Destination of shipment.

9. Price and terms of shipment.

10. Whether the part shipment or shipment permitted.

11. Any other condition applicable for credit.

12. Certificate as the issuing bank responsibility in the credit.

13. statement that the credit is subject to the Provisions of the uniform customs & practice for Documentary credit.

Document required Under letter of credit :

1. Bill of exchange

2. Commercial Invoice or Performa Invoice

3. Packing list

4. Transport document

5. Inspection Certificate

6. Insurance Policy

Documentary collection :

Document against Payment (DP)

An Arrangement under which the importer is called upon to pay against documents relating to shipment.

Documentary collection :

Document against acceptance

An arrangement whereby the bank is Instructed by the exporter to handover the document to the importer against acceptance of the bill Presented to him.

Open account with Provision for Periodic Settlement :

In this method the exporter arranges all the finance for Goods exporting to importer. Exporting on open account basis requires special permission of the Reserve bank of India. Normally, it is available only to foreign Companies operating in India.

Shipment on Consignment Basis :

Importer Pay according the sales of export goods in consignment basis.