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TCM Annual General Meeting
Save the Date - May 16, 2011
We are pleased to inform you that our next
TCM Annual General Meeting (AGM) will be held in Prague, Czech
Republic. The dates for our event are Monday, May 16, 2011 through
Sunday, May 22, 2011. The planned weekend programs are optional
for those needing to return home at an earlier time.
Our
meeting this year will include many exciting and informative topics, a
tour of the beautiful city of Prague and evening programs. The tentative
schedule for our meeting is:- Monday, May 16, 2011 - Director's Meeting & welcome evening
- Tuesday, May 17, 2011 - TCM AGM & evening program
- Wednesday, May 18, 2011 - TCM AGM & evening program
- Thursday, May 19, 2011 - TCM AGM & evening program
- Friday, May 20, 2011 - Director's Meeting & city tour
- Saturday, May 21, 2011 - optional weekend program
- Sunday, May 22, 2011 - optional weekend program
Additional information related to travel (hotel accommodations,
transportation, etc.) will be communicated to the group at a future
time. We look forward to seeing everyone in Prague. You
won't want to miss this exciting event!Yours sincerely, Amir Erez Chairman TCM Group
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TCM China & TCM Belgium attend
seminar in Brugge, Belgium
 | | TCM China / TCM Belgium Members |
TCM Belgium and TCM China joined together to attend a seminar
held in Brugge, Belgium. The seminar was hosted and organized by
Flanders - China Chamber of Commerce. TCM members delivered a
presentation on the Legal Environment and how to prevent payment
delinquency in China.
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TCM Regional Meeting in São Paulo
 | | TCM Regional Meeting in São Paulo, Brazil, Nov. 8, 2010 |
The TCM Latin-American Regional Meeting was held November 8th, at Way
Back - TCM Brazil headquarters, with participation of partner offices
from Brazil, Bolivia, Colombia, Chile, Argentina and Dominican Rep. The
event also included the TCM Agent for Uruguay, Mr. Marcelo Casciotti,
via Skype.
During the event, the attendants had the opportunity
to make a valuable benchmark of commercial and operational techniques,
to discuss tendencies and news in the C&C world and to debate how to
increase the volume of business among the Latin-American group members,
which today has Brazil as its main business generator in the region
(average/year of USD 1.514 million of sent accounts to TCM agencies in
Latin-America).
As an invite from Way Back - TCM Brazil
team, the delegations took the opportunity to participate in the 8th
C&C Latin-American Congress (www.cmseventos.com/brasil_2010)
also held in São Paulo, during the days of the 9th and 10th. Mr.
Horacio Manfredi (TWS - TCM Chile) made a presentation of the TCM Group
to the Latincob Members (Association of Collection companies from Latin
America that were gathered in their Assembly during mentioned Congress).
The
experience as a whole reached such a productive outcome that the
Latin-American members have started planning the 2011 Regional Meeting,
which is expected to be held in Chile or Bolivia.
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TCM Group Fact Corner
Logistics represents 10.1% of US GDP. This compares to 22.3% in China and 17% in India.
Source: Council of Supply Chain Management Professionals / globalEDGE Newsletter |
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Around the Web
(Our search of the web to bring you interesting info)
International Trade Terms (Part 2)
This month, we are including part two of important international trade terms to help in your day-to-day business dealings.
ICC: International Chamber of Commerce
ICC 322: Uniform Rules for Collections
ICC 323: Standard Forms for Issuing Documentary Credits
ICC 420: Guide to the Prevention of International Trade Fraud
ICC 460: Incoterms 1990
ICC 500: Uniform Customs and Practice for Documentary Credits (1993 revision)
ICC 522: Uniform Customs and Practice for Documentary Credits
Import License: A permit issued by the importing country's authorities for goods that are subject to import licensing restrictions.
Import Line: Finance facilities for importers covering documentary credits (DC), bills receivables (BR), and import loans (LAI).
Incoterms: Shipping Terms
International Chamber of Commerce (ICC):
The international body which promotes and facilitates world trade, and
which codifies world trade practices in various publications.
Inward BC: A bill received by the import department of the collecting bank (IBC)
Issuing Bank: The bank that opens a documentary credit at the request of its customer, the applicant.
Letter of Credit (L/C): Out of date term for documentary credit. Avoid using it, as it now has other meanings.
Letter of Hypothecation:
Loan-holders for goods imported on a collection basis must provide a
letter of hypothecation, which is a promise to hold goods as security.
Loan Against Imports (LAI): Loans granted to Imports customers for payment of bills, usually bills under our DC.
Marginal Deposit:
Money held by the Bank to secure the opening of a DC. Normally no
interest is paid on these deposits which are held in the Bank's name
whenever possible.
Master Credit: In back-to-back operations, the original export credit against which the second credit is opened.
Maturity: Payment due date of a usance bill or promissory note.
Net Weight: The weight of the merchandise before any packaging.
Non-DC Bills:
Bills not drawn under DC i.e. sent on a collection basis (D/P or D/A).
Non DC bills are financed collections and DC bills are non-financed
collections.
Non-Financed Bills: Bills sent on collection in which the remitting branch has no financial interest.
Outward BC: Bill received for collection by the (OBC) Remitting Bank, handled by the Exports Department.
Paying Bank: The bank that makes payment to the beneficiary of a payment DC after presentation to it of documents stipulated in the DC.
Perils of the Sea: These are accidents or casualties of the sea due to heavy or tempestuous weather.
Power of Attorney: Authority given to one party to act for another
Presentation: The act of requesting the importer's payment/acceptance of an import bill.
Presenting Bank: The bank that requests payment of a collection bill. This may be the collecting bank or its nominated branch.
Principal:
The initiator of a given transaction whose instructions are followed
at all stages. In collection transactions the principal is generally
the exporter. In other cases the principal may be the customer who
opens a DC.
Promissory Note: A signed statement containing a written promise to pay a stated sum to specified person at a specified date or on demand.
Recourse: The right to claim a refund from another party who has handled a bill at an earlier stage.
Red Clause Credit: A credit with a clause, which authorizes the advising bank to make an advance payment to the beneficiary.
Reimbursing Bank: The bank that the DC-issuing bank has named to pay the value of the DC to the negotiating or paying bank.
Remitting Bank: The exporter's bank, which remits the bill to the collecting bank.
Revolving Credit:
A credit that is automatically reinstated each time a draw takes place
or upon receipt of authorization from the DC-issuing bank.
Retirement: To pay or settle an outstanding bill or import loan. (ex: payment to the bank by the importer).
Revocable Credit: Credit that may be amended or canceled without notice to the beneficiary.
Shipment Date:
A bill of lading evidences that goods have been received on board.
Therefore the date that is entered on the B/L is considered to be the
shipment date for documentary credit purposes.
Self-Liquidating:
A transaction is said to be self-liquidating when there is a known
source of funds available for its settlement on the due date.
Standby Credit: Established as security for facilities granted at another branch or bank
Shipping Register:
The register that lists all goods for which the imports department is
handling documents, listed according to the ship carrying the goods.
Snags: Irregular bills, whether for import, or export.
Technical D/A: A D/P transaction in which the bank purchases bills but it does not control the goods.
Trade Financing General Agreement (TFGA): An agreement between the bank and all of its import and export customers that gives the bank recourse in all transactions.
Trade and Credit Information (TCI): The bank department that provides details of the creditworthiness and business background of traders and manufacturers.
Transferable Credit:
Permits the beneficiary to transfer all or some of the rights and
obligations of the credit to a second beneficiary or beneficiaries.
Trust Receipt (T/R): A T/R is issued for a TFGA transaction and is based upon the terms of the TFGA.
Transit Interest: The amount of interest that is incurred on a DC from the date of negotiation to the date that the bank receives reimbursement.
Usance Bill: A bill of exchange, which allows the drawee to have a usance (period of credit or term).
Undertaking:
A written promise to deliver a security within the time specified. An
undertaking is usually synonymous with the actual delivery of the
security.
Waive: A drawer
can waive the right to collect BC and/or interest charges under
circumstances as set forth in ICC 522, Uniform Rules for Collections.
(Excerpt of International trade terms from: http://www.economywatch.com/international-trade/terms.html)
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Introducing Our
Newest Shareholder
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Hubert Czapinski
Debtus
is now TCM Poland. Debtus is a Polish debt collection company
serving clients with a proven track record of reliable service since
1995.
Debtus specializes in
debt recovery for both commercial as well as individual consumer debts.
Among our clients are Industrial Companies, Medical Institutions,
Banks, Insurance Companies and others operating in Poland and in the
international market.
The Debtus head office is located in Warsaw Poland; we also cover Russia, Ukraine, Bulgaria and Romania.
The company founder, Mr. Hubert Czapinski, graduated from the Law and Administration Faculty of Warsaw University.
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TCM Group Commercial
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Past Newsletters
For your convenience and information, we are now hosting past newsletters on the Cedar Financial website.
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