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.
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.
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