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FAQs

  • API/INTERMEDIATE
  • FDFs
  • INCOTERMS AND PAYMENT TERMS
  • What is API?

    A substance used in a finished pharmaceutical product (FPP), intended to furnish pharmacological activity or to otherwise have direct effect in the diagnosis, cure, mitigation, treatment or prevention of disease, or to have direct effect in restoring, correcting or modifying physiological functions in human beings. It is the biologically active component of a drug product that produces the intended effects.

  • What range of APIs does NEWEDGE supply?

    NEWEDGE Overseas provides APIs in many therapeutic categories, such as Anesthetics, Analgesics, Anti-cancer, Anti-biotics, Antifungals, Antihistamines, Anti-psychotics, Anti-malarial, Antiretroviral, Vitamins, Cardiovascular, NSAIDS, etc.

  • What are Intermediates?

    An intermediate is a molecule that is formed from two or more reactants and then reacts further to give products. Most chemical reactions require more than one step, and an intermediate is the product of each step, except for the last one, after which the final products are produced.

  • What is CAS Number or CAS Registry Number?

    Chemical compounds can be described in many different ways, such as molecular formulas, structure diagrams, systematic names, proprietary or trade names etc. A CAS Number, however, is unique and specific to only one substance regardless of how many other ways the substance can be described. Governmental agencies have found CAS Registry Numbers ideal for keeping track of substances because they are Unique, Validated quickly and reliably internationally recognized.

  • What is DMF?

    A drug master file is a document submitted to governmental bodies that contains all details of the manufacturing process of an API or medicine. This includes information on chemical properties of the API, the facilities used, the processes used, details on packaging, storage, et cetera. In order to protect the intellectual property of the manufacturer, this document is confidential.

  • What is CEP?

    A CEP (also known as COS) is a certificate that proves that an API qualifies to the relevant monograph of the European Pharmacopoeia. It links the monograph in the Ph.Eur. to the API itself. A CEP is submitted by the manufacturer of the API as part of the market authorization process, and they will become the CEP holder of the document. Being a European certificate, the CEP is granted by the EDQM but is recognized by other countries or institutes such as the FDA in the US. Furthermore, just like the DMF, the data as submitted in the CEP is handled strictly confidential and provides a centralized system recognized by many countries.

  • What is Pharmacopoeia Standards?

    Pharmacopoeia standards help ensure the quality and safety of essential medicines by providing analytical methods and appropriate limits for testing and assessing the active pharmaceutical ingredients, excipients and finished products. Type of pharmacopoeia grades for APIs are as below:

    • European Pharmacopoeia (EP)
    • British Pharmacopoeia (BP)
    • United States Pharmacopeia (USP)
    • Indian Pharmacopoeia (IP)
    • Japanese Pharmacopoeia (JP)
    • Chinese Pharmacopoeia (ChP)
  • What are different regulatory approvals required for API registrations?

    The regulatory approvals for API registrations varies from country to country and are controlled by the regulatory body in the importing country.

  • Why regulate active ingredients?

    The quality of active ingredients in a drug has a direct effect on the safety and efficacy of that drug. Poorly manufactured and contaminated active ingredients have been associated with negative health outcomes, including death, in a number of incidents over the past decades.  For this reason, most countries around the world are now regulating active ingredients.

  • Do narcotic APIs needs export/import NOC from concern Narcotic Departments?

    Yes, NOC is required for export/import of Narcotic APIs from the concerned Narcotic Departments.

  • Why should I use a contract manufacturer?

    Contract manufacturing lets you access specialized facilities and equipment that you otherwise wouldn’t be able to access. If you’re looking to scale up production or need state-of-the-art processes, a contract manufacturing partner is a great way to ensure quality without your own plants.

    Beyond that, a highly qualified partner has specific pharmaceutical expertise acquired through years of developing, manufacturing and scaling a variety of drugs. That experience can help you avoid or quickly solve challenges that would otherwise increase costs and affect time to market.

  • What criteria should drug manufacturers consider when choosing API sourcing partners?

    Generally speaking, manufacturers need to think about the long-term stability of their partner. Can they offer sustained supply of a high-quality product at a competitive price and is their service flexible enough to meet your requirements?

    Quality is one of the most important factors when sourcing APIs. Drug manufacturers should be looking for partners with strong cGMP compliance records. Pricing is also important, however it’s vital to strike the right balance, namely getting the highest quality for the best price. The cheapest price is not always the most cost-effective option as non-compliant product can be costly further down the line. As such, manufacturers should prioritize other criteria ahead of the initial costs.

    Companies should also consider how important the project is to their API partner and how responsive they are during the inquiry stage. This will give an indication of the level of service they can expect during drug product development and commercialization process.

    For future generic molecules that are still under patents it is also important to select a supplier who can adopt the appropriate approach and handle collaboration across multiple partners, while fully respecting third party´s intellectual property rights.

  • What are your customers’ main concerns when deciding to source APIs from a particular supplier?

    Often the biggest concern for a CDMO’s customers is sustainability of supply. As a result, CDMOs with in-house raw materials capacity or strong links with suppliers are sought after by drug manufacturers because they can reduce the likelihood of there being shortages and ensure on-time delivery. These CDMOs also streamline supply chains, which can speed up the API manufacturing process.

    The pharmaceutical industry is highly regulated, particularly in markets such as the US, Australia, Japan and Europe. As such, another big challenge that companies face when sourcing APIs is ensuring their suppliers can offer high quality APIs at a reasonable price and that they can supply all the relevant documentation to ensure compliance. If an API manufacturer fails to meet any of these parameters, it can have an impact on supply to market.

  • What steps do drug companies need to consider when arranging to have APIs shipped to their facilities?

    The first thing to consider is qualifying your supplier and determining whether it has the capacity to produce your API to the desired specifications. The best way to do this is to provide a trial quantity for testing.

    The supplier also needs to provide its registration documentation in order to get included into a marketing authorization (MA) before commercial supply can be initiated. This registration documentation can be either a Certificate of Suitability of the Monographs of the European Pharmacopeia (CEPs), an Active Substance Master File (ASMF) or a Drug Master File (DMF), depending on the market for which the product is intended.

    Additionally, if the API in question is an opioid, customers (or their CDMO) need to make sure that they have a controlled substance license for general handling in place, as well as arrange for import and export permits for each shipment, as these are essential for international trade with opioids.

    Stability studies are also a vital part of determining the type of packaging material and transportation or shipping conditions and must be carried out as standard. All this information must then be stored in the Active Substance Master File so that it can be accessed at any time during a product’s journey through the supply chain.

  • Campaigning group sum of US and others have called on drug companies to consider the environmental credentials of potential API suppliers. What impact would this have on the way Western drug firms source APIs?

    In recent years, an API supplier’s environmental credentials have become increasingly significant for pharmaceutical firms. This means that many drug firms, particularly in the western world where the environmental impact of operations is being heavily discussed, are starting to include specific accreditations within requests for proposals (RFPs).

    A growing number of customers routinely ask potential CDMOs what steps are being taken to maximize energy efficiency, reduce carbon footprint and convert manufacturing processes to incorporate greener chemistries. As a result, CDMOs seek accreditations such as the ISO14001 qualification as a matter of course.

  • What is FDF?

    FDF stands for Finished Dosage Form, and it refers to the actual finalized drug product that is meant for consumption. Finished Dosage Form(s) means with respect to a Product, the finished package form of such Product ready for sale to wholesalers, hospitals or end users.

  • What are the different forms of FDFs?

    FDFs are available in different forms based on physical state that includes Solid (Tablets, Capsules, Powder), Semi Solid (Cream, Paste, Gel, Suppositories), Liquid (Syrup, Solution, Emulsion, Suspension), Gas (Inhaler, Aerosols).

  • Which regulatory body is responsible for registration of Pharmaceutical Products in India?

    Central Drugs Standard Control Organization (CDSCO) is the regulatory body responsible for registration of Pharmaceutical Products in India. The CDSCO is commonly referred to by the title of its head official, the Drugs Controller General India (DCGI).

  • What is Registration Dossier?

    Registration Dossier of the pharmaceutical product is a document that contains all the technical data (administrative, quality, nonclinical and clinical) of a pharmaceutical product to be approved / registered / marketed in a country.

  • Which are the common types of dossiers widely used in Pharma Industry?

    Common types of dossiers used are CTD dossier, ACTD dossier, eCTD dossier or Country specific registration dossier.

  • What is GMP? (Good Manufacturing Practices)

    GMP stands for Good Manufacturing Practices and is defined as “a system of manufacturing that guarantees reproducibility of product quality to set specifications”. Basically, it means being able to consistently output a product with certain specifications and to have documented all steps in the process of doing so.

    If there wasn’t such a system implemented, there would be no way of telling if a certain API or medicine has been produced according to the industry-set quality standards. That’s why the GMP system was introduced and is now the main standard in the pharmaceutical industry worldwide.

    Different kinds of GMP

    1) cGMP (current GMP)
    Current GMP means that the company complies with the most recent requirements/version of GMP.

    2) WHO GMP (World Health Organization GMP)
    The WHO has its own guideline for GMP. More than 100 countries have incorporated the WHO GMP provisions into their national medicine law, and many more countries have adopted its provisions and approach in defining their own national GMP requirements.

    3) Local/EU/US GMP
    Just as with the WHO GMP, It specifies the authority that has audited the company. For example, to know the difference between a Chinese GMP certificate and an EU-GMP certificate, you have to check the difference in GMP requirements of both authorities.

  • What is FDA? (Food and Drug Administration)

    The Food and Drug Administration is a federal agency of the United States Department of Health and Human Services, one of the United States federal executive departments.

    FDA is important because it is intended to have companies produce their goods to certain standards and it presents this fact in a clear overview using FDA certificates. When a company is (US) FDA approved, it shows the American government has declared the API or medicine as safe and it can be sold, imported, or used in the United States.

    The USA is not the only country with a regulatory agency like FDA. Most other countries have agencies that are responsible for the national safety of pharmaceutical products.

  • What is ISO? (International Organization for Standardization)

    ISO is the international organization for standardization. The organization promotes worldwide proprietary, industrial and commercial standards. Organizations use the standard to demonstrate the ability to consistently provide products and services that meet customer and regulatory requirements. The ISO system pays more attention to the management of the firm and places a number of reporting loops in the firm to ensure attention to issues.

    Different kinds of ISO:

    • ISO 9001:2015 (is a standard that specifies requirements for a quality management system)
    • ISO 14001:2015 (is a standard that focusses on managing environmental responsibilities)
    • ISO 22000:2018 (is a sector-specific standard that describes a specific process to develop a food safety management system)
    • ISO 45001:2018 (is a new standard published in March 2018 that focuses on occupational health and safety. It is based on- and will be replacing the OHSAS 18001 standard over the period of 2018 – 2021)
  • What is a CoA? (Certificate of Analysis)

    A CoA is a document issued by a companies’ QA/QC-department that confirms that a product meets its product specification and is part of the quality control of a product batch. The CoA commonly contains results obtained from laboratory tests of an individual batch of a product.

  • What does GMO (Genetically Modified Organisms) mean?

    Genetically Modified Organisms (GMO), are living organisms and their genetic material has been artificially manipulated in a laboratory through genetic engineering. This creates combinations of plant-, animal-, bacteria-, and virus genes that do not occur in nature or through traditional breeding methods. Livestock and crops are the most common GMO’s today, for example, livestock will be bred to develop more muscle or fat and crops to grow larger and faster

    Pharmaceutical and chemical companies that manufacture Non-GMO raw materials, are required to have a statement ensuring the validity of all Non-GMO raw materials.

  • What is Contract manufacturing?

    Contract manufacturing involves production of goods by firm, under the label or brand of another firm. Contract manufacturers provide such service to several firms based on their own or consumers’ designs, formulas, and or specifications. The pharmaceutical industry is having major share in contract manufacturing. The reason is that buying equipment for mass production of certain chemicals is very costly, and some companies can’t do it. So they enter into a contract with a manufacturer to produce certain chemicals for them so they can combine those chemicals with what they have to produce the end result.

  • What is Loan License?

    According to Drug and Cosmetic Act & Rules, A Loan license is defined as “For the purpose of this rule a loan license means a license which a licensing authority may issue to an applicant who does not have his own arrangements for manufacture but who intends to avail himself of the manufacturing facilities owned by a licensee in form 25 or in form 28 as the case may be’’. Loan licensing is like to start own manufacturing without setting up manufacturing unit.

  • What is private label brand?

    Private Label Product is manufactured by a contract or third-party manufacturer and sold under another company’s brand.

  • What are generic drugs?

    A generic drug is a medication created to be the same as an already marketed brand-name drug in dosage form, safety, strength, route of administration, quality, performance characteristics, and intended use. These similarities help to demonstrate bioequivalence, which means that a generic medicine works in the same way and provides the same clinical benefit as the brand-name medicine.

  • Why should I use a contract manufacturer?

    Contract manufacturing lets you access specialized facilities and equipment that you otherwise wouldn’t be able to access. If you’re looking to scale up production or need state-of-the-art processes, a contract manufacturing partner is a great way to ensure quality without your own plants.

    Beyond that, a highly qualified partner has specific pharmaceutical expertise acquired through years of developing, manufacturing and scaling a variety of drugs. That experience can help you avoid or quickly solve challenges that would otherwise increase costs and affect time to market.

  • How do I choose a contract manufacturing partner?

    Reliability is absolutely critical in contract manufacturing. When you turn over the manufacturing of your drug, you need to be sure that it lands in trusted hands.

    A highly regarded partner with expertise in your project area is key, as that expertise will allow them to help you accelerate and improve production without major setbacks. A trusted partner can also help you navigate regulatory considerations all over the world.

  • What type of contract manufacturing does NEWEDGE perform?

    NEWEDGE has a strong heritage and position in different type of pharmaceutical dosage forms, Nutraceutical dosage forms.

    We can help you with both pharmaceutical/Nutraceutical development and manufacturing, and combine state-of-the-art facilities with one of the industry’s most trusted reputations for reliability.

  • What are clinical trials and why are they important?

    Clinical trials are research studies conducted with people who volunteer to take part in testing how well new medical approaches work. Each study answers scientific questions and tries to find better ways to prevent, screen for, diagnose, or treat a disease.

  • Who sponsors clinical trials?

    Clinical trials are sponsored or funded by a variety of organizations or individuals such as physicians, medical institutions, foundations, voluntary groups, and pharmaceutical companies, in addition to federal agencies.

    Trials can take place in a variety of locations, such as hospitals, universities, doctors’ offices, or community clinics.

  • How are participants protected in clinical trials?

    Research with people is conducted according to strict scientific and ethical principles. Every clinical trial has a protocol which acts like a “recipe” for conducting the trial. The protocol describes what will be done in the study, how it will be conducted, and why each part of the study is necessary. The same protocol is used by every doctor or research center taking part in the trial.

    To ensure the safety of those in the study various approvals are required; these vary depending on the country but usually include a central review by a government department and also locally. The review ensures participants are treated humanely and ethically and whether the likely benefit of the treatment is worth its risk.

  • Where do clinical trials take place?

    Clinical trials take place in doctors’ offices, medical centers, community hospitals and clinics. Clinical trials may include participants at one or two highly specialized centers, or they may involve hundreds of locations at the same time.

  • Does quality of medicines matter?

    Yes, it matters. Medicines including vaccines save lives and prevent diseases and epidemics only if they are safe, efficacious, of good quality and are used rationally. The use of unsafe, substandard, ineffective and Spurious/falsely-labelled/falsified/counterfeit medical products (SFFC) and vaccines can be harmful to the

    Health and wellbeing of the individual patient as well as to a wider section of the population. They also undermine confidence in the health service, health professionals who treat patients, prescribers, as well as those who manufacture, distribute and dispense/sale medicines. The purchase of unsafe, substandard, ineffective and SFFC medicines is a waste of money for the government, the individual patient and the public.

  • What should be done to ensure the safety, efficacy and quality of medicines?

    Governments must regulate the manufacture, export, import, storage, distribution, supply and sale of medicines to ensure the safety, efficacy and quality of medicines. Governments have to establish strong national medicines regulatory authorities (NMRAs). To enable the NMRAs to operate effectively, governments have to provide strong political support, adequate and sustainable human, financial and other resources, and legal power for enforcement. Ineffective regulation and control can result in the proliferation of unsafe, ineffective, substandard and SFFC medicines.

    In addition, manufacturers have to produce medicines in accordance with good manufacturing practice (GMP) requirements and distributors have to store and distribute medicines in accordance with good storage and good distribution practices as provided in the WHO guidelines (Guide to good storage practices for pharmaceuticals, Annex 9, WHO Technical Report Series 908, 2003: http://whqlibdoc.who.int/trs/WHO_TRS_908.pdf#page=135 and Good distribution practices for pharmaceutical products, Annex 5, WHO Technical Report Series 937, 2006: http://whqlibdoc.who.int/trs/WHO_TRS_937_eng.pdf#page=191 ).

  • What are spurious/falsely-labelled/falsified/ counterfeit medical products (SFFC)?

    SFFC medicines are defined differently in different countries. The definitions used in the various WHO Member States show that the nature of the problem of SFFC medicines varies from country to country.

  • What are substandard medicines?

    “Substandard medicines are pharmaceutical products that fail to meet either their quality standards and specifications, or both. Each pharmaceutical product that a manufacturer produces has to comply with quality assurance standards and specifications, at release and throughout its shelf-life, according to the requirements of the territory of use. Normally, these standards and specifications are reviewed, assessed and approved by the applicable national or regional medicines regulatory authority before the product is Authorized for marketing.”

  • How do substandard medicines arise?

    They arise mostly due to the application of poor manufacturing practices by the producer or when a good quality medicine is stored and distributed under improper conditions leading to deterioration of the quality of the product.

  • Is it possible for a legitimate manufacturer to produce a substandard medicine deliberately?

    Why not? Anyone who has intention to make money unlawfully can produce a substandard medicine deliberately. There is nothing to prevent him/her from producing as so long as he/she can avoid detection and prosecution. It is more likely to happen in countries where medicine regulation is ineffective and/or law enforcement is weak.

  • Are there good quality SFFC medicines?

    No. There are no good quality SFFC medicines.

    By definition SFFC medicines are products whose true identity and or source are unknown or hidden. They are mislabeled with respect to identity and or source and are produced by criminals. It is true that, sometimes, a SFFC medicine may pass laboratory tests but this does not mean that it is a good quality medicine. GMP requires that the label on the container of a medicine should indicate, among others, the name of the active ingredient, the name of the manufacturer and the country of manufacture. If a manufacturer intentionally hides or gives wrong information regarding any of these the product becomes SFFC. It is, therefore, unwise to assume that there are good quality SFFC medicines. Counterfeiters should not be expected to produce good quality medicines since their motive is to make money unlawfully.

  • Where are SFFC medicines found?

    SFFC medicines have been reported to occur worldwide.

    The problem of SFFC medicines is not limited to developing countries only. They are also found in developed countries. But, the problem is more in countries where medicine regulation is ineffective, smuggling of medicines is rampant, clandestine manufacturing exists, sanctions are absent or very weak, and there is high corruption. No country is immune to the problem.

  • What are the different types of SFFC medicines that have been reported?

    SFFC medicines reported so far can be grouped into different categories.

    These are:

    1. Products without active ingredients;
    2. Products with inadequate quantities of active ingredients;
    3. Products with incorrect active ingredients; and
    4. Products with correct quantities of active ingredients but with the wrong name of manufacturer and/or country of manufacture indicated on the label.
  • What are Incoterms?

    The Incoterms rules are the world’s essential terms of trade for the sale of goods. Whether you are filling a purchase order, packaging and labelling a shipment for freight transport, or preparing a certificate of origin at a port, the Incoterms rules are there to guide you. The Incoterms rule provide specific guidance to individuals participating in the import and export of global trade on a daily basis.

  • Who publishes the Incoterms?

    International Chamber of Commerce (ICC) has been committed to the facilitation of international trade. Different practices and legal interpretations between traders around the world need a common set of rules and guidelines. As a response, ICC published the first Incoterms in 1936.

  • What are Incoterms used for?

    The purpose of Incoterms is to precisely define three aspects of international trade:

    • The allocation of logistics costs between sellers and buyer.
    • The transmission of risks in transporting the goods.
    • The documents and customs formalities necessary for export and import operations.
  • Who needs to understand Incoterms?

    The importance of Incoterms is due to its widespread use that makes them internationally known. Therefore, all professionals involved in foreign trade should understand Incoterms: exporters and importers, carriers and freight forwarders, customs brokers, insurers, international credit professionals, sales and purchasing managers, consultants, etc.

  • What is EXW – Ex Works?

    The Seller’s only responsibility is to make the goods available at the Seller’s premises.  Seller does not need to load the goods on any collecting vehicle, nor does it need to clear the goods for export. Buyer bear full cost and risks of moving the goods from there to destination.

  • What is FAS – Free Along Side Ship?

    In this term the cost of packaging, loading charges, inland transportation, export duty, taxes, custom clearance and terminal handling charges at port is to be paid by seller and further costs and risks are of buyer. Insurance is negotiable.

  • What is FCA – Free Carrier?

    The seller hands over the goods, cleared for export, into the disposal of the first carrier. The seller pays for carriage to the named point of delivery, and risk passes when the goods are handed over to the first carrier.

  • What is FOB – Free on Board?

    The seller delivers the goods on board the ship and clears the goods for export. From that point, the buyer bears all costs and risk of loss or damages.

  • What is CFR – Cost and Freight?

    Seller must pay the costs and freight to bring the goods to the port of destination. However, risk is transferred to the buyer once the goods are loaded on the vessel. Insurance for the goods is NOT included. These terms are formerly known as C&F.

  • What is CIF – Cost, Insurance and Freight?

    Exactly the same as CFR expect that the seller must in addition procure and pay for the insurance. Sea transports only.

  • What is CPT – Carriage Paid To?

    The seller pays for carriage. Risk transfers to Buyer when seller pays destination terminal charge.

  • What is CIP – Carriage and Insurance Paid To?

    Exactly the same as CPT expect that the seller must in addition to pay for the insurance.

  • What is DAP – Delivered at Place?

    Seller pays for carriage to the named place, expect for cost related to import clearance, and assumes all risks prior to the point that the goods are ready for unloading by the buyer.

  • What is DDP – Delivered Duty Paid?

    Seller is responsible for delivering the goods to the name place in the country of the buyer, and pays all cost in bringing the goods to the destination including import duties and taxes. This term places the maximum obligations on the seller and minimum obligations on the buyer.

  • What is DPU – Delivered at Place Unloaded?

    In this term the seller will pay all the costs till the cargo delivers to its final destination expects the unloading cost of cargo. Insurance is negotiable.

  • What is LC (Letter of Credit) in Import-Export Business?

    Letter of credit is an assurance given by the buyer’s bank to remit the amount to the seller through seller’s bank on maturity, as per the terms and conditions of document based on the contractual agreement between buyer and seller.

    There are various types of letters of credits like Revocable, Irrevocable, Confirmed, Unconfirmed, Clean & Documentary, Fixed, Revolving, Transferable, Back to Back etc. Most common and safe LC is Irrevocable Letter of Credit.

  • Who are the parties involved in letter of credit?

    1. Applicant of Letter of Credit – The applicant arranges to open letter of credit with his bank as per the terms and conditions of Purchase order and business contract between buyer and seller.
    2. LC Issuing Bank – Letter of credit is created by issuing bank who takes responsibility to pay amount on receipt of documents from supplier of goods
    3. Beneficiary party – Beneficiary receives amount under letter of credit.
  • What is Advising Bank?

    Advising bank, as a part of letter of credit takes responsibility to communicate with necessary parties under letter of credit and other required authorities.

  • What is Confirming Bank?

    Confirming bank as a party of letter of credit confirms and guarantee to undertake the responsibility of payment or negotiation acceptance under the credit.

  • What is Negotiating Bank?

    Negotiating bank is the bank who verifies documents and confirms the terms and conditions under LC on behalf of beneficiary to avoid discrepancies

  • What do you mean by Documents against Payments (D/P) in International Trade?

    In this term, the exporter ships the goods and submits Shipping documents to their bank and Bank send that documents to Importer’s bank. And only after collecting payment of goods by importer to their bank they will dispatch documents which is mandatory for buyer to realise the goods.

  • What do you mean by Documents against Acceptance (D/A) in International Trade?

    D/A is a term in which the exporter ships the goods and submits Shipping documents to their bank and Bank sends that documents to importer’s bank. An exporter instructs a bank to discharge a documents to an importer only if the importer accepts the bill of exchange or draft by signing it and accept to pay after credit period mentioned in the draft. After signing the draft by importer bank will dispatch documents which is mandatory for buyer to realise the goods.

  • What is Revocable L/C?

    A revocable letter of credit is one which can be cancelled or amended by the issuing bank at any time and without prior notice or consent of the beneficiary.

  • What is Irrevocable L/C?

    An irrevocable letter of credit (ILOC) is a guarantee for payment issued by a bank, which cannot be cancelled during some specified time period.

  • What is Sight L/C?

    A sight letter of credit refers to a document that verifies the payment of goods or services, payable once it is presented along with the necessary documents.

  • What is Confirmed L/C?

    A confirmed letter of credit is a guarantee a borrower gets from a second bank in addition to the first letter of credit.

  • What is an Advance Payment in International Trade?

    Advance Payment is a payment done by an importer to the exporter before shipment. This method is most beneficial from exporter point of view as they receives funds in advance. However with an Importer’s point of view, advance payment carries little risk, as they pay before dispatch of goods. Advance payment of term in exports and imports is picked by a purchaser only when he knows the seller in details on genuineness as a seller.