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    1. Administrator
    2. Sherlock Holmes
    3. Uncategories
    4. Monday, 26 June 2017

     


    It is not credit insurance. It is not Marine Insurance. Very simply it is contract Assurance. It is assurance that the buyer got what was ordered, when it was ordered for. It is also assurance that the seller does not find out after delivery that the buyer ordered something else. So it is firstly assurance that there will not be a dispute. But unlike retail sales, in a B2B transaction are more complex and the disputes are seldom cut and dry. Trade assurance bridges this complexity by providing a guarantee that the interest of the buyer and the seller is financially protected as long as certain conditions are met. These conditions are generally assured through inspections by an independent third party that the specifications, quality and quantity are as agreed. For FOB orders, the inspection can take place at the point of shipment – generally at the seller’s location while for CIF orders this can be at the buyers location. In practice, as orders get larger and more complex, the likelihood of this assurance being underwritten reduces.

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