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Tax on Customer Vendor Advances

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We at Reachware always strive to provide the best and everything new in the world of technology and add our own mark in all the systems that we work with, and in order for us to provide services that suit the Saudi and Arab market, especially with international standards, we have developed

An LC contract is an instruction wherein a customer requests the bank to issue, advise or confirm a letter of credit, for a trade transaction linked with netsuite.

  • LC Types
    • Revocable.
    • Irrevocable, unconfirmed.
    • Irrevocable, confirmed.
    • Transferable.
  • Seller or Exporter
    • The Importer, to whom the loan is issued, is the buyer of goods, while exporter is the seller.
  • Seller or Exporter
    • The seller, or exporter, makes the goods available to the buyer, or importer at the seller's premises.
    • The buyer is responsible for all transportation costs, duties, and insurance, and accepts risk of loss of goods immediately after the goods are purchased and placed outside the factory door.
    • The Importer's bank will guarantee the payment to the Exporter either immediately upon receipt of the correct documents or at some future determinable date e.g. 60 days from sight (by the bank) of the shipping documents or 90 days from Bill of Lading date.
    • LCs are issued subject to the Uniform Customs and Practice for Documentary Credits issued by the International Chamber of Commerce.

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