The major benefits from High sea sale will be original importer can buy them at cheaper cost and can sell at profit, for original buyer he can buy goods in a short time, where importing from origin country will take more time, further he is not required to buy entire shipment, he can buy part shipment based on his …

What are sea sales?

1. High Sea sales (HSS) is a sale carried out by the carrier document consignee to another buyer while the goods are yet on high seas or after their dispatch from the port/ airport of origin and before their arrival at the port / airport of destination. 2. HSS is accepted under the import trade control regulation.

What is High Seas purchase and sales?

High sea sale Agreement: High sea sale agreement means, an agreement entered into by the original importer (Buyer) with the subsequent buyer, who finally takes delivery of the consignment goods after clearance by the Customs authorities.

What is the difference between open sea and high sea?

A term of international and maritime law; the open ocean, not part of the exclusive economic zone, territorial sea or internal waters of any state. “High seas refers to all parts of the sea not included in the territorial sea or in the internal waters of a state.

How does high sea sales ( HSS ) work?

HIGH SEA SALES. High Sea sales (HSS) is a sale carried out by the carrier document consignee to another buyer while the goods are yet on high seas or after their dispatch from the port/ airport of origin and before their arrival at the port / airport of destination. 2. HSS is accepted under the import trade control regulation.

What does high sea sales mean in India?

High Sea Sales from the point of view of an entity incorporated in India refers to the sale of goods which is made after the goods cross the Custom Barriers of the Foreign Nation but before crossing (entering) the Custom frontiers of India by way of transfer of document of title.

When does a high sea sale take place?

Transactions taking place before filing of bill of entry are termed as “high sea sale” transactions under common trade practice where the original importer sells the goods to a third person before the goods are entered for customs clearance.

When to use a high seas sale agreement?

The agreement should be on stamp paper. The word ‘Sea’ appearing in HSS should not be taken by it’s literal meaning. As long as the sale is formalized after dispatch from port of origin and before arrival at the first port of discharge at destination, such sale is considered as HSS.