South Korea
Getting Paid and Paying in South Korea
Recent forum posts
-
Start your business in Dubai with Expert Consultants
Business Setup in Dubai made easy with expert guidance! Looking to establish a business in the vibrant city of Dubai? Our expert team can guide you through the entire process, from company formation to obtaining essential licenses and permits. We offer personalized solutions tailored to your specific needs, ensuring a seamless and efficient startup experience. Let us handle the complexities while
Total Posts: 2 Last post by goldenheritagetourism
-
Køb/bestil Zolpidem 10 mg uden recept.
Stjarnaapotek er det foretrukne apotek, når det kommer til at købe medicin online, fordi vi kun sælger førsteklasses medicin til en overkommelig pris. Vi sælger moderate og svære smertestillende midler, tabletter mod søvnforstyrrelser (søvnløshed), ADD/ADHD, vægttabsprodukter, angstdæmpende medicin, afhængighedsdæmpende medicin, antidepressiva, piller mod seksuel afhængighed og mange flere generis
Total Posts: 1 Last post by Vlayen
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.
Click here to Ask an Expert about Getting Paid and Paying in South Korea