How to check the time of contract on high sea sale transaction?

 

How to check the time of contract on high sea sale transaction?

Contract time of high sea sale is important in High Sea Sale contract because the time of contract should not be before export takes place or after import takes place. As the terms ‘High Sea Sale’ means its grammatical understanding, the contract of sale should be at the time of transit of goods after exports but before imports.

How to check the time of contract on high sea sale transaction

Here, the question is - How to check the time of contract under high sea sale transaction? What would be the proof of contract of sale under High Sea Sale?

How can the authorities know, whether such high sea sale transaction was effected before arrival of goods at territorial border of importing country?

A legal contract on high sea sale has to be entered between high sea buyer and high sea seller. While issuing legal document, carries a date of issue of such document which is done mandatory by the authorities. So, the date of issue of such legal document should not be reflected the date after arrival of goods.

More over, the original bill of lading endorsement also should carry the date of transfer of title of goods before arrival of goods.

IGM on high sea sale also need to be filed before arrival of goods.

You may click here to read other articles about High Sea Sales :A simple tutorial on high sea sale procedures and formalities in India   Major Documents required under High Sea Sales,   How to hide invoice value of original contract under high sea sale transactions,   Can high sea sales possible under air shipment?,   Can high sea sale be effected more than two times?Is sales tax applicable on shipments effected under high sea sales?    Documentation procedures on high sea sale.   Yes, I am sure, once after going through that articles you will have a good knowledge about High Sea Sales under International business.

 

 

You may also read other articles about high sea sale in this website to have a clear idea about high sea sale business.

Have you satisfied with this article about time of contract under High Sea Sales?

Would you like to add more information about this subject under High Sea Sales?

Write below your experience and thoughts about High Sea Sale contract.

 Other post about import export cauching

Documents required for import clearance under high sea sale
How to hide invoice value of original contract under high sea sale transactions
Can high sea sales possible under air shipment
Is sales tax applicable on shipments effected under high sea sales
A simple tutorial on high sea sale procedures and formalities in India
Difference between IGM and Bill of Entry
What is Third Party Exports? Difference between manufacturer exporter and third party exporter.
How to start Export Business?
How to get Export Orders?
What are the risks and solutions in Export Business?
Click here to know India Trade Classification(ITC)
Click here to know HS code of other product/commodity
Service Tax - Click here to read complete notification under Budget 2014
What is Bank post shipment credit to exporters?
Types of export containers
Measurement of export containers
Exim Policy of India 2015-20
MEIS, Merchandise Exports from India Scheme
SEIS, Service Exports from India Scheme
Merge your Commercial Invoice and Packing List for all your future exports
Export procedures and documentation

 


Comments


Hariharan: Dear Sir, I have registered a Import & export firm recently at Hyderabad in India. I got an IEC code and VAT registration last month. I want to import the items through cargo ship at Mumbai, Kolkatta and Madras port. Is it necessary to register at all port of above for high sea sales? with regards Hariharan

Harishanker: If the High seas sale date /notary after the date of IGM and Customs clear the cargo means not correct. In this condition what can be do by the Audit officer and any penalty or documents cancellation.

Mihir Bhattacharya: I would like to know one thing that in case of HSS can we export the product to third country while the goods are in transit as per HSS law. Ex. I am based in India and importing some product from China, while it is in transit Can we sell the stuff to a vendor sitting in Mexico ? the entire transaction will be done in USD. May please advise

Admin: Hello Mihir Bhattacharya, Yes. You can resell the exported goods to another customer in anyother country. You may read our article TRIANGULAR SHIPMENT PROCEDURES in this website.

sachin gaikwad : i am interested in export but lack of my knowledge its not possible me to do that.so , can you help me in future?

Discussion Forum

You can also share your thoughts about this article.
Any one can answer on question posted by Readers