WAEC Commerce 2009 Theory question 105

Theory question 105

Foreign Trade Documents

Commerce 2 (essay)
Describe each of the following documents and state one use of each:
(a) consular invoice;
(b) bill of lading;
(c) certificate of origin;
(d) bill of sight

Show the model answer
Model answer

(a) Consular invoice – an invoice certified by the importing country's consul in the exporting country; used to confirm the value of goods for customs duty.
(b) Bill of lading – document issued by the shipowner listing goods shipped; used as a receipt, evidence of the contract of carriage and a document of title to claim the goods.
(c) Certificate of origin – document stating the country where the goods were made; used to fix duty or claim preferential tariffs.
(d) Bill of sight – a provisional declaration made by an importer who cannot fully describe the goods; used to allow customs to inspect them before full entry is made.

Explanation

Give both a description and one use for each document.