South Korea
Getting Paid and Paying in South Korea
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Getting Paid in South Korea
Incoterms
Exporters will find Incoterms 2000 a useful guide for specifying their obligations for delivering goods safely in international contracts. Incoterms provide guidance on the commonly used terms in international trade. It is a ‘must read’ for a company’s marketing and sales team.
Terms of payment
The payment terms you can normally expect in South Korea are “100 per cent Confirmed Irrevocable Letter of Credit,” and these are the terms you should quote. You are unlikely to obtain deposits with order, or prior to shipment, and it may be counterproductive to try to insist on them.
Letters of Credit are normally opened four to six weeks prior to the shipment date. The expiry date of the Letter of Credit will be geared very much to the promised delivery date. It is important, therefore, that delivery promises are fulfilled or the Letter of Credit will expire.
Koreans usually like to deal in US dollars because this is still the predominant currency in Asia. Sterling is an acceptable currency, but for price comparison purposes a sterling price will invariably be converted to US dollars, usually at a rate that is beneficial to the buyer. You may consider it appropriate, therefore, to quote in US dollars in the first instance.
Koreans are formidable negotiators, but they will pay a fair and competitive price. The price quoted should be on a FOB (Freight on Board) basis. Koreans usually like to organise the shipping themselves on the basis that they can negotiate more competitive rates.
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