Commercial Transactions, International Trade
GDP wise Bangladesh is the 33th largest economy of the world. It is the 2nd largest Garments producer of the world. Certainly the country has made its name as Emerging Tiger in south East Asia contributing in developing all related service industries which includes Shipping, Freight Forwarding, Custom clearance, Commercial Banking and of course Legal service industries. Smooth Commercial Transaction and International Trade requires strong legal support by conducting due diligence on VAT, Tax, Custom related matters, determining terms and conditions of Sales contract or proforma Invoices, seeking compliance with local and international foreign exchange control regulation, international trade law, applicable INCO Terms, UCP 600 etc. Successful trade practice also requires Legal support at every stages of trade for example at the time of signing sales contract, vetting of Letter of Credit, verifying legality of documents submitted under Letter of Credit, verifying documents before releasing cargo etc.
We are as one of the Leading Law Firm advising and representing Clients on several international and local commercial matters for nearly a decade.
– Chambers & Partners, 2017
“Their response times are excellent and they make you feel generally very well informed.”
– Chambers & Partners, 2018
-Legal 500, 2017
“The ‘very responsible, responsive and knowledgeable’ Mohammed Forrukh Rahman heads the firm..”
-Legal 500, 2018
Rahman’s Chambers is a full service law firm for trade related matters. Besides dealing with Commercial Litigation matters, the firm provides all sorts of support to the business community over trade related issues for both local and foreign clients. We have provided assistance in the following matters:
We have advised Maersk Bangladesh Limited and also A.P. Moller –Maersk, Denmark by preparing templates for Letter of indemnity suitable for Bangladesh and also other jurisdiction for example India, Pakistan where there are exchange control regulation.
We have conducted due diligence over custom duties etc. on specific products for VVD, India and Godrej, India.
We have advised G.A.B Limited, a concern of Gildan Active-wear Bangladesh and a Multi National Company on different custom formalities involving bonded warehouse matters allowing exemption from import duty for 100% export oriented import and extension of bonded area in different locations.
We have conducted due diligence over VAT, Tax, Custom duties for Sojitz Machinery Corporation, a sogo shosha (General Trading Companies)based in Tokyo, Japan regarding import of Gantry Crane for Chittagong Port authority.
We have conducted due diligence for Samsung Engineering Company Limited of South Korea on several trade related issues involving Bangladesh.
We have vetted and drafted Sales contract and proforma Invoices for several Garments and Textiles for example Saturn Textiles Limited, How Are You Textiles Limited etc.
We have advised a major construction and engineering company form China named First Northeast Electric Power Engineering Co. (NEPC) on converting temporary import of equipment into permanent import.
We have vetted trade documents and LC documents for several Bank and Financial Institutions such as Dutch Bangla Bank Limited, First Security Islami Bank Limited etc.
The firm provides specialized services including drafting Sales contract and Proforma Invoices etc. Adding useful terms and conditions in sales contract have been proved valuable if the matter goes to court due to the lengthy process of recovery in Bangladesh.
The firm regularly advises both bankers and businessman on matters related to LC, DA, DP etc. We have specialized knowledge & experience on foreign exchange guidance, UCP600, and INCOTERMS 2010 etc.
Over the years, we have advised several carriers, banks, buyers, and sellers on issues related to Bill of Lading, Charter party, Indemnity, etc. Our expertise on carriage law is clearly evident from the reported landmark decision as reported on Freight Management and 16 others vs Bangladesh Bank 2 CLR (HCD) 586; 19 MLR (HCD)336
In recent years, we have advised Maersk Line, Denmark & Bangladesh in preparing indemnity letters, contracts with shippers, etc. The firm has in depth knowledge & experience in dealing with freight forwarding and C & F related issues. Our clients found it critical and very useful once they received advice from us while dealing with these matters. The landmark case Freight Management and 16 others vs Bangladesh Bank reported in 2 CLR (HCD) 586; 19 MLR (HCD)336 where the firm has successfully argued before Hon’ble court on the roles of freight forwarder and carrier under existing laws is a testimony of the firm’s ability.
We provide due diligence report to our client on trade related tax, vat and custom issues so that they can plan even before commencing trade. We have conducted due diligence for Samsung Engineering Co. Ltd., South Korea on these matters. The firm has successfully handled litigation over custom exemption. Besides, the firm has regular practice on tax, vat and custom issues concerning different transactions and business including trade.
The central bank custom houses under national Board of Revenue, port authorities under Department of Shipping operate under several laws, SRO, circulars, regulations, on which the firm has gathered its experience and expertise.
Our Related Clients
- LC Fraud (Hallmark case): Alvi Spinning Mills Ltd and others vs Govt. of Bangladesh.
- International Trade: Freight Management vs. Bangladesh Bank.
- Admiralty & Maritime: Marodi Services vs MV Swift Co.
- Freight and Charges: Maersk Bangladesh Limited vs Bangladesh