Documents Against Acceptance

 b) Documents Against Acceptance

Ans. In the documents against payment (D/P)-documents on payment (DOP or D/P)-The documents attached to the draft (bill) drawn by the exporter and needed to obtain goods are deliverable to the importer only after s/he has accepted the draft, for payment later. The documents against acceptance (D/A) apply to a term draft.

c) Responsibilities of Insured

Ans. It is the duty of the insured or his agents, in all cases, to take such measures as may be reasonable to avert or minimise a loss. Further, it is also his duty to protect rights of the insurer of recovery from the carriers, port authority and others. In particular, the duties of the insured or his agent are:

(1) Lodge claim on the carriers, port authorities and other intermediaries for any missing packages;

(2) If the loss or damage is apparent or visible, make an application to the agents of the carriers, port authority, customs authority and the insurer (or agent) to arrange joint survey within 3 days of discharge of cargo from the vessel (7 days in case of air consignment),

(3) If the loss was not apparent at the time of taking delivery of cargo, give notice in writing to the carriers and other parties within 3 days of delivery of cargo (7 days in case of air consignment);

(4) Lodge a proper monetary claim on carriers, port authority and customs authority;

(5) In case of any missing package, get a log entry made with the port authority and lodge a claim on carrier and port authority; 

(6) If missing packages are traced subsequently, clearance may be made only after a joint survey; and.

(7) The claims on carriers, customs and port authorities should be filed within the time limits prescribed under the relevant laws.

d) India Trade Promotion Organisation

Ans. India Trade Promotion Organisation has been formed by merging Trade Fair Authority of India and Trade Development Authority. This is the premier trade promotion agency of the Government of India with the headquarter in New Delhi. It has also set up offices abroad in New York, Frankfurt, Tokyo and Dubai. ITPO is a service organisation, which maintains close interaction with the trade, industry and the Government. The organisation serves the industry by providing marketing information and support for participation in fairs. It also helps in developing exports of new items and uses its network of offices in India and abroad for improved trade-related services. It has set up a Trade Information Centre at New Delhi. In specific term, the objectives of ITPO are:

(a) to organise trade fairs in India and abroad;

(b) to organise trade development and promotion through specialised programmes such as buyer-seller meets, contact promotion, promotion through departmental stores, exchange of business delegations, etc.

(c) to assist technically competent units in product development and adaptation;

(d) to encourage and involve medium scale and. small-scale industrial units in export promotion efforts,

(e) to conduct in-house and need-based research on trade and export promotion; and

(f) to enlist) the involvement and support of the State Governments in the promotion of India's foreign trade.

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