Get to know the vital terms of Logistics and Supply Chain Management.
A commercial invoice is part of an international trade process that provides details of shipped goods from a buyer to the seller. It provides a history of the transaction involved, an essential tool not only in clearing customs but also in making payment.
Important details on a commercial invoice
Items Description: The goods shipped are detailed precisely.
Quantity: The number of items is reported according to how many are shipped.
Prices: Unit price and total amount.
Terms of Transaction: Terms agreed on during the transaction, including delivery terms and payment terms.
Seller and Buyer Information: Contact information of sellers and buyers.
Date and Invoice Number: Date of the transaction and invoice number.
Clearance: The authorities in terms of customs charges and use duties on imported products.
The payment processing will have it recorded as a legal document by the buyer to make payment and by the seller for proof of sale.
Legal conformance: The shipping will be ensured for conformance to international trade regulations and documentation.
In a nutshell, a commercial invoice is one of the most critical documents in the shipping process which executes both the trade as well as customs processes with lots of smoothness.
