Fernando Jimenez

The OGEL is a one-time export licence to be granted to a company for a specific period which is two years initially. The person or organization applying for the license must have a mandatory Import-Export certificate. The items permitted under OGEL include components of ammunition & fuse setting device without energetic and explosive material; firing control & related alerting and warning equipment and related system; and body protective items. The countries allowed under the OGELs are: Belgium, France, Germany, Japan, South Africa, Spain, Sweden, UK, USA, Canada, Italy, Poland and Mexico.

A bank guarantee is a promise from a financial institution that ensures the bank will step up if a debtor can't cover a debt. Bank guarantees represent a significant contractual obligation for banks. Basically a bank guarantee, like a letter of credit, guarantees a sum of money to a beneficiary. The bank only pays that amount if the opposing party does not fulfill the obligations outlined by the contract. The guarantee can be used to essentially insure a buyer or seller from loss or damage due to nonperformance by the other party in a contract. Bank guarantees are just like any other kind of financial instrument—they can take on a variety of different forms. For instance, direct guarantees are issued by banks in both domestic and foreign business. Indirect guarantees are commonly issued when the subject of the guarantee is a government agency or another public entity. The most common kinds of guarantees include: shipping guarantees, loan guarantees, advanced payment guarantees, confirmed payment guarantees.

Dear Teresa! I have an excellent list of such books and I have already read 8 of them. Here they are: 1. The World that Trade Created by Kenneth Pomeranz; 2. Understanding Global Trade by Elhanan Helpman; 3. Rethinking International Trade by Paul Krugman; 4. Global Trade Policy: Questions and Answers by Pamela J. Smith; 5. International Trade Law by Peter Stone; 6. International Trade and Port Logistics by I.C.J. Veraart; 7. Essentials of Supply Chain Management, Third Edition by Michael H. Hugos; 8. Building an Import/Export Business by Kenneth D. Weiss; 9. How Small Business Trades Worldwide: Your Guide to Starting or Expanding a Small Business International Trade Company Now by John Spiers; 10. The Box: How the Shipping Container Made the World Smaller and the World Economy Bigger by Marc Levinson. I hope these books will help you broaden your understanding of global trade.

Thanks for your query! Proof of Funds (POF) is a letter or documentation that proves an individual, institution, or corporation has sufficient funds (money) to complete a transaction. A POF is typically issued by a commercial bank or custody agent to provide confidence or assurance to another party that the individual or entity in question has sufficient funds to complete an agreed-upon purchase.The purpose of the proof of funds document is to ensure that the funds needed to execute the transaction fully are accessible and legitimate. A proof of funds letter may be required from a bank. The letter will be used to verify that the party who claims to have the money actually has it. Items that must be included in a Proof of Funds Letter include: bank’s name and address; official bank statement; copy of money market statement and balance; balance of funds in checking and savings accounts; bank certified financial statement; copy of an online banking statement; signature of an authorized bank employee.

Freight insurance provides additional protection to your freight. It protects your customers and your business from financial losses resulting from freight that’s damaged or lost while in transit. There are different types of freight insurance: cargo insurance, shipping insurance, transport insurance and transit insurance. A business insurance package that includes freight insurance offers protection no matter who is at fault for the damage. While you must In addition, a good freight insurance policy may offer coverage excluded by carrier limitations, including civil commotion, strikes, and “acts of God.” The value of a package isn’t limited to the carrier’s bill of lading, nor do you have to bear the burden of proving that the damage or loss is the carrier’s fault. prove the value of the goods and the amount of the loss, there’s no requirement to prove carrier negligence. This type of insurance also covers lost packages. Having a freight insurance policy also prevents the need to make a claim against the business’s general liability insurance policy. This could help save money on applicable deductibles under both a legal liability policy for errors and omissions and a general liability policy.