23 Sep Hss Agreement
“B” enters into a contract of sale on the high seas with C, once after the transport of goods from the exporter`s territorial border, but before the goods arrive at the territorial border of India. 14. Sometimes HSS buyers purchase goods after arrival. This kind of sale is not HSS. The stamp document on which the HSS contract is executed must not bear the date of purchase of the stamp paper as the date of arrival after the cargo. Such a case can be easily recognized by customs as a sale after arrival. 9. There is no lock for the same goods to be sold more than once on the high seas. In such cases, the last value of the HSS shall be withdrawn from the duty for the purpose of collecting customs duties. The latest HSS agreement should provide guidance on past transfers of ownership. The last buyer of HSS should also receive copies of the previous HSS agreement, as these documents can be recovered by customs.
High Sea Sale Transaction means a sale transaction carried out when goods are actually on the high seas, i.e. during maritime transit between the port of loading and the port of unloading. The date of the transaction (agreement) must be between the date of the bill of lading and the date of arrival of the ship at the port of discharge. Selling on the high seas is mainly carried out by traders who buy in large quantities and then look for buyers in the destination country. The advantages of HSST are such that (1) products are available in a short time to end buyers, (2) Even instead of buying the entire shipment, small quantities can also be purchased for end buyers and (3) First-time buyers can buy large quantities of goods at advantageous/reasonable prices and sell them at the best price to end buyers. The disadvantages of HSST are such as (1) complicated documentation/procedures and (2) loading prices for customs duty assessment. Sales on the high seas are sales made by the beneficial owner (d. h.dem consignee indicated in the bill of lading) to another buyer, while the goods are located on the high seas or after they have been dispatched from the port of loading and before they arrive at the port of unloading. For example, when a buyer in India buys iron waste from the United States and the shipment is by transport, the goods are sold to another person, the transaction is called the sale on the high seas. Therefore, the contract / contract of sale on the high seas should be signed after the shipment of goods from the origin and before their arrival at the place of destination.
When concluding the purchase contract on the high seas, the bill of lading should be confirmed in favour of the buyer. . . .