Due to advancement in communication and technology, trading business has spread its wings internationally. The exporters transport their products to another country crossing the international borders. Presence of a restricted party may cause problems in the process. Checking the associated export parties and the vendors are very important to make trade legal. Treachery and crimes are quite common in the recent days. So, the exporters are finding ways how to screen trade parties.
In the earlier days, manual screening of trade partners was quite popular and sufficient practice. The number of companies is increasing almost exponentially. In such case, it is difficult to screen lots of companies, entities and their senior management members with the help of manual means. Thus, export software is useful for bulk screening and determining the trade license. There are many companies that offer online applications for the trade companies. These tools are effective and user-friendly. The services like license determination, export compliance, party screening are only possible with the help of the export online tools. There are several advantages of using these online tools. They are as follows:
It is one of the important parts in the export process. Trade partner screening is of two types, one is the denied party screening and the other is the restricted party screening. The exporters check the companies and persons, and their intermediates against the denied and restricted party lists. The parties falling under the denied/restricted party lists cannot be contacted for a business without a valid authorization and/or license from the responsible U.S. Government agency. Violating the export control regulations is a dreadful offense. The companies doing business with the denied party or person might end up paying large fines to the government. They might even lose their export privileges as well. With the help of a high-quality software application, the exporters can decide where they can export their products and, where they should not (without a valid license or license exception).Export License Determination:
Determination of the export license need is an essential step before proceeding for export. For every export transaction to the non-US entity, license determination must be done properly. The skilled export compliance consultants validate the export transaction and help the export companies to understand the complicated world of licensing authorizations. Every globally trading company should have a robust export classification and license determination process in place. Online solutions help checking the intermediate and final destination countries of the shipment while screening all of the trade partners involved.
Apart from license determination and party screening, there are several other benefits of the online applications. The exporters use them to manage the trade partners, maintaining the export regulation library and export classification. The online solutions are easy to operate and give results quickly.
About the Author:
Rajib KR Saha is a renowned author who loves to write articles on export compliance and regulations. He suggests the readers to use export software
in maintaining legal trade.
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