Some Important Terms for Garments & Textile Merchandising

LC:

This means that the letter of credit. The letter or document issued by a bank that provides certainty to pay the price of products / goods for the buyer of these goods is called LC. LC is an important document on export import business.

Back to back LC:

If the raw materials are imported from a foreign country and the goods produced by these raw materials are still being exported to that country, while the LC open for business is called back to back LC. The raw materials are imported back to back LC can not be sold on the local / open market.

Invoice:

This is an important document in the business that is sent with the goods after taking. The bill includes elements descriptions, prices, number of cartoons, the number of elements in each cartoon, etc. Every item is prohibited without commercial invoice.

FOB:

FOB stands for “Free On Board”. This is a pricing system. If the price of the goods mentioned in the invoice without any transport costs, then this system is called FOB price.

C & F:

C & F means “Cost and Flight.” This is a pricing system. If the actual cost of goods and transportation costs are mentioned in the bill, then the system is called C & F price system.

CIF:

CIF means “Cost, Insurance and Flight.” This is a pricing system. If the actual cost of goods and transportation costs and insurance are mentioned in the bill, then the system is called C & F price system.

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