Dos and Don'ts in Export Transactions: A Practitioner's Guide for SMEs?

Dos and Don'ts in Export Transactions: A Practitioner's Guide for SMEs?

Being successful in export business transactions constitutes a great challenge for export newcomers. Entering a new foreign market, export newcomers must take into consideration many additional risks and pitfalls even if they are world‐class in their technology field in their domestic market. Besides the knowledge of common risks and pitfalls, experience in international project management is a must!Good contracts are to be carefully drafted, especially key project execution issues like timeschedules, starting point of deadlines, scope of supplies and services and its limits. If this is properly done, contracts may be used like a checklist for project execution and help the exporter to provide evidence on their contractual performance at any stage.Besides project execution topics, financial risk management has to be taken into account. Although – very hopefully ‐ not needed, legal / legal enforcement issues need to be drafted equally cautiously. Small and medium‐sized companies are well advised to organize expertise and support, if needed.

 

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