Is it Legally possible?
This query is : Resolved
Ankit Goyal
(Querist)
09 February 2010
Our company is importing goods on CIF basis. Thus as per my understanding the ownership of goods is transferred in our name once the goods land at port.
My Question is whether we can effect high sea sales (As we are not having legal ownership of goods). Whether a high sea sale can only be affected in case of FOB billing?
Please answer only if you have something concrete to say, do not close the query by posting simple one word or one liner.
Thanking You
My Question is whether we can effect high sea sales (As we are not having legal ownership of goods). Whether a high sea sale can only be affected in case of FOB billing?
Please answer only if you have something concrete to say, do not close the query by posting simple one word or one liner.
Thanking You
RAMESH KUMAR VERMA
(Expert)
10 February 2010
DT:-10.02.2010
Dear Sir,
DEFINATION OF HIGH SEA SALE :- High Sea sales (HSS) is a sale carried out by the carrier document consignee to another buyer while the goods are yet on high seas or after their dispatch from the port/ airport of origin and before their arrival at the port / airport of destination.
ACCORDING RULES that High sea sale contract/ agreement should be signed after dispatch of goods from origin & prior to their arrival at destination. The agreement should be on stamp paper.
Second, yes, after the contract / agreement.
Fob basis HSS don‘t comply ON this case.
If the HSS does not mind disclosing original import values to HSS buyer, in such case it is better from custom clearance point of view for the seller to endorse the B/L, invoice , packing list in favour of the HSS buyer. The endorsement should read "Transferred on High Sea Sales basis to M/S -------- for a sales consideration of Rupees --------". Such endorsement should be stamped and signed by the HSS seller.
On concluding the HSS agreement, the B/L should be endorsed in favour of the new buyer. In respect of air shipment, HSS seller should write to the airline / consol agent informing that a HSS agreement has been established with the HSS buyer and that the carrier document should therefore be considered as endorsed in favour of the HSS buyer and further the IGM should be filed by the carrier in the name of the HSS buyer.
HSS contract/ agreement should be signed after dispatch of goods from origin & prior to their arrival at destination. The agreement should be on stamp paper.
HAVE U ANY QUERY, PLEASE TELL ME, CA FRIENDS CLUB REMAIN YOU,
Dear Sir,
DEFINATION OF HIGH SEA SALE :- High Sea sales (HSS) is a sale carried out by the carrier document consignee to another buyer while the goods are yet on high seas or after their dispatch from the port/ airport of origin and before their arrival at the port / airport of destination.
ACCORDING RULES that High sea sale contract/ agreement should be signed after dispatch of goods from origin & prior to their arrival at destination. The agreement should be on stamp paper.
Second, yes, after the contract / agreement.
Fob basis HSS don‘t comply ON this case.
If the HSS does not mind disclosing original import values to HSS buyer, in such case it is better from custom clearance point of view for the seller to endorse the B/L, invoice , packing list in favour of the HSS buyer. The endorsement should read "Transferred on High Sea Sales basis to M/S -------- for a sales consideration of Rupees --------". Such endorsement should be stamped and signed by the HSS seller.
On concluding the HSS agreement, the B/L should be endorsed in favour of the new buyer. In respect of air shipment, HSS seller should write to the airline / consol agent informing that a HSS agreement has been established with the HSS buyer and that the carrier document should therefore be considered as endorsed in favour of the HSS buyer and further the IGM should be filed by the carrier in the name of the HSS buyer.
HSS contract/ agreement should be signed after dispatch of goods from origin & prior to their arrival at destination. The agreement should be on stamp paper.
HAVE U ANY QUERY, PLEASE TELL ME, CA FRIENDS CLUB REMAIN YOU,
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