pre-shipment inspection

Pre-shipment inspection can greatly avoid this risk and ensure clients get quality products from suppliers.

In January 2007, the Government enlarged the scope of the exports pre-shipment inspection scheme to include crude oil and gas.

Usually, countries where PSI applies have appointed one dedicated agency to perform the pre-shipment inspection.

The World bank recommends pre-shipment inspections (PSI) as a means to fight corruption especially in developing countries.

The pre-shipment inspection is normally agreed between a buyer, a supplier, and a bank, and it can be used to initiate payment for a letter of credit.

In October 2004, there was the reintroduction of pre-shipment inspection of exports which was suspended in March, 1999.

Pre-shipment inspection (PSI)

Since the scheme came into operation on October 2004, the company charged with the responsibility for exports Pre-shipment inspection has opened a number of offices across the country.

The Pre-shipment Inspection Agents were contracted by the Federal Government of Nigeria to examine the quality, quantity and value of goods imported into the country.

"Pre-Shipment Inspection Programs and Trade," with Olivier Cadot and Irina Velea.

With effect from January 1, 2006, the Federal Government introduced Destination Inspection to replace the Pre-shipment Inspection which had been in operation for over 25 years.

INSPECTION In international trade several destination countries require Pre-shipment inspection.

In order to avoid argument, buyers and sellers agree on an AQL standard, chosen according to the level of risk each party assumes, which they use as a reference during pre-shipment inspection.

Consequently, the Federal Government of Nigeria appointed Messrs Cobalt International Services Limited as the Pre-Shipment Inspection Agent for non-oil exports in October 2004.

Tax administrations use various means to reduce evasion and increase the level of enforcement: for example, privatization of tax enforcement, tax farming, and Pre-Shipment Inspection (PSI) agencies.

Oftentimes, services provided by sourcing companies can include market research, vendor / supplier selection, price negotiation, quality assurance, quality control, raw materials pre-positioning, shipping and logistics, pre-shipment inspection, customs clearance, etc.

Pre-shipment inspection, also called preshipment inspection or PSI, is a part of supply chain management and an important and reliable quality control method for checking goods' quality while clients buy from the suppliers.

Import Trade Transactions Another development is the newly introduced Destination Inspection Scheme which is to replace the old arrangement of Pre-shipment Inspection Scheme (PIS).

Pre-shipment inspection (PSI) agencies are companies that carry out physical inspection of the cargo and certify the value of the consignment after verification of the declared price against the ruling international price.

Under the Pre-shipment Inspection (PI), Pre-shipment Inspection Agents (PIAs) under take the inspection of goods imported into the country.

"The original inspection certificate shall be issued by independent third party pre-shipment inspection company not sooner than the bill of lading date and the inspection shall be done by "the name of inspection agency" and certifying that:

On Oct. 24 discussion continued on rules of origin, on pre-shipment inspection (PSI) procedures, and on fees, dues and other charges on imports, and a draft agreement on PSI was tabled by Zaire on Nov. 30.

Some buyers hire the inspection agencies only for Pre-Shipment inspections i.e. visual quality, quantity, packing, marking and loading inspections and some others request for higher level inspections and ask inspection agencies to attend in the vendor shops and inspect commodities during manufacturing processes.

"The quality, quantity, and the packing of the goods dispatched are strongly conforming with provisions of the goods stated in the associated proforma invoice (PI), the terms of Letter of Credit and any attachments built thereto as submitted to "name of third party pre-shipment inspection agency" by the buyer".

This has occurred by way of engagement of Pre-shipment Inspection Agencies who examine the cargo and verify the declared value before importation is effected and the nation Customs is obliged to accept the report of the agency for the purpose of assessment of leviable duties and taxes at the port of entry.