Avoiding Common Mistakes in Foreign Trade

Video Transcript

"Nikolai Pankratz with American Resource Network for Expert Village. Just we've been through a lot of material today and I hope you took in as much as you could because this is just a scratch. Just show you, this is one, just one transaction, one transaction. And the common mistakes I just wrote down. Some of the mistakes I made for example and where you could possibly lose money. Don't make those mistakes. Make sure that the documents are presented properly and presented on time to the banks. Most common mistakes, the shipping, arise after the specified date. Partial shipment was not allowed but you did a partial shipment or he did. Presenting improper documents, not legalized documents, not obtaining the completed Bill of Lading or insurance that was specified in letter of credit. Make sure that you stick to the terms and make sure that everything is done properly. One of the big things that I ran into that cost me dearly and you learn from mistakes and that's why I'm giving it to you, is to make sure that you don't make the same mistakes. What has been agreed and what has been said and suddenly you get to the to the location after a lot of money has been sent and you see suddenly something like that. That is full wood. Obviously there was no manufacturer. There was all beaten up equipment that could not possibly even manufacture anything close to it. But a lot of money has been spent by that time and you know, suddenly you're out of thousands of dollars and you have nothing to show for it. Make sure you don't make that, those kind of mistakes. These are over the twenty years, this is just a small fraction of all the projects and trades and everything that we've made and we had to do that. And most of them were project weird. Say for example you build a communication project and the network, the telephone system, whatever, the communication network. Well, there's a lot of shipping that goes back and forth, letters of trade, etcetera, etcetera. So I gave you the basics but there's a lot to learn and you will learn a lot, so do you research and be smart and be wise. I'm Nikolai Pankrotz with American Resource Network for Expert Village. Good luck. "