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SPECIAL TRADE TERMS AND MEANS OF PAYMENT TERMS OF QUOTING PRICE. CIF (Cost, Insurance and Freight): A price quoted CIF simply means that it includes the cost of goods insurance, carriage to the port of destination but exclude delivery from the dock to the purchaser’s premises. The importer is responsible for other charges. FOB (Free […]
Documents used in buying and selling of goods. When business transactions occur, certain documents are drawn up and passed from one person to another. These documents are used to effect transactions between buyers and sellers. The documents are explained below; TRADE JOURNAL: This is a publication devoted to a particular branch of retail and […]
Commodity can be defined as food or other agricultural products such as wheat or cocoa and natural resources such as oil, or gas and metal such as gold or silver. It can also be standardized goods which are traded in bulk and whose units are interchangeable. They are mostly output of the primary sector that […]
A cooperative society is any group found by individuals with common interest who contribute money in form of capital to promote the business interest of members. A cooperative society is a form of voluntary self-help business organization in which individuals, sole proprietors, traders or producers unite to foster their good and individual business interest. FEATURES […]
A company is an artificial person which is recognized in law as a separate legal entity. It is also referred to as joint stock Company that makes profit by producing or selling goods and services. It can only act though its organs like the board of directors and shareholders. NOTE: A company is an artificial […]
These are special organization set up by the government. Through the act of parliament, managed and controlled by the government to perform essential services to the citizens of the county. OR Public enterprises/corporation are businesses owned and run by the government in the public interest. OR Public corporation, also known as public enterprises or statutory […]
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