Signing of export contract
After the agreement of contract terms with the foreign buyer, you should sign an export contract. Further, apply for opening a foreign currency account in a commercial bank (USD, EUR, etc.).
It is recommended to take seriously this procedure, as subsequent implementation of export processes depends on the quality of composed contract. All correspondence and negotiations lose their force after signing the contract!
You personally responsible for the contract until all obligation to the client is not fully completed.
In the contract list all your obligations as a seller of goods who transfers the ownership over product to the foreign buyer, also, all liabilities of the foreign buyer to take the product and pay for it a certain amount.
In drawing up the contract, pay special attention to:
- The absence of phrases that carries dubious value, fuzzy language and confusing terms.
- Specification of the mechanism of realization of each contract item.
- Prescribe the delivery basis in terms of Incoterms-2010, the rights and obligations of the parties under the contract of sale with regard to the supply of goods, and the establishment of the moment of performance by Seller of its obligations to deliver the goods and the transfer of risk of accidental loss or damage to the goods from the seller to the buyer, as well as costs that can arise.
- A detailed description of the item on the procedure for resolving disputes. Parties should specify a particular economic court, which will consider their disputes. The most acceptable for the Seller, is the resolution of the dispute on its territory with its national legislation.
- It is mandatory to obtain opinion of legal expert regarding your export contract’s legal examination, for the purpose of protection against unlawful actions of the foreign partner.
The contracts received on fax or e-mail are valid as their original ones.