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Foreign Trade Contracts and Documents

Foreign Trade
Foreign trade is nothing but trade between the different countries of the world. It is also called as International trade, External trade or Inter-Regional trade. It consists of imports, exports and entrepot. The inflow of goods in a country is called import trade whereas outflow of goods from a country is called export trade. Many times goods are imported for the purpose of re-export after some processing operations. This is called entrepot trade. Foreign trade basically ta es place for mutual satisfaction of wants and utilities of resources. This happens under what in economic terms is called the law of comparati!e cost or ad!antage. Further, the price at which goods are traded between two countries depends on the extent and sufficiency of demands for the goods to be imported and exported" this is expressed in economic terms as the law of reciprocal demand.

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Foreign Trade Contracts and Documents

Types of Foreign Trade
Foreign Trade can be di!ided into following three groups&#. Import Trade Import trade refers to purchase of goods by one country from another country or inflow of goods and ser!ices from foreign country to home country. '. Export Trade Export trade refers to the sale of goods by one country to another country or outflow of goods from home country to foreign country. (. Entrepot Trade Entrepot trade is also nown as Re-export. It refers to purchase of goods from one country and then selling them to another country after some processing operations.

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Foreign Trade Contracts and Documents Need and Importance of Foreign Trade Following points explain the need and importance of foreign trade to a nation. !. resources are channelised for the production of only those goods which would gi!e highest returns. Division of Labour and Specialisation Foreign trade leads to di!ision of labour and specialisation at the world le!el. 1. In other words. %. ma ing allowances for transport and other mar eting expenses. They should export raw materials and import finished goods from countries which are ad!anced in s illed manpower. Thus there is rational allocation and utili+ation of resources at the international le!el due to foreign trade. This gi!es benefits to all the countries and thereby leading to di!ision of labour and specialisation. unproducti!e lines can be eliminated and wastage of resources a!oided. 2. It helps in ma ing a!ailable new !arieties to consumers all o!er the world. E"ualit# of $rices %rices can be stabilised by foreign trade. which in turn stabilises the prices. It helps to eep the demand and supply position stable. ($%age . )ome countries ha!e abundant natural resources. Optimum Allocation and Utilisation of esources *ue to specialisation. Availabilit# of &ultiple '(oices Foreign trade helps in pro!iding a better choice to the consumers.

i.insurance. the exporting countries ha!e to eep up the . people can impro!e their standard of li!ing. etc.e. /. 0$%age . 0acilitate Economic Development Imports facilitate economic de!elopment of a nation. aises Standard of Livin.Foreign Trade Contracts and Documents ). Thus .. etc. Assistance durin. This is because with the import of capital goods and technology. To maintain and increase the demand for goods. by increasing the mobility of labour and resources. 1. industry and ser!ice sector. a country can generate growth in all sectors of the economy. )uch as Industry.2atural 'alamities *uring natural calamities such as earth. Ensures *ualit# and Standard +oods Foreign trade is highly competiti!e. -y consuming new and better !arieties of goods.uality of goods.. famines. transport. the affected countries face the problem of shortage of essential goods. +enerate Emplo#ment Opportunities Foreign trade helps in generating employment opportunities. )er!ice )ector . ban ing..ua es. communication/. .uality and standardised goods are produced. floods. This is because people can ha!e a choice of new and better !arieties of goods and ser!ices. .of t(e $eople Imports can facilitate standard of li!ing of the people. It generates direct employment in import sector and indirect employment in other sector of the economy. agriculture.

13.g. &aintains 4alance of $a#ment $osition E!ery country has to maintain its balance of payment position. 12. 2apan has earned a lot of goodwill in foreign mar ets due to its exports of . For e. it also deals in export for the inflow of foreign exchange. e!ery country has to import.uality electronic goods. 4rin-s reputation and (elps earn +ood5ill 1 country which is in!ol!ed in exports earns goodwill in the international mar et. 3$%age . It facilitates transfer of technology and other assistance from de!eloped countries to de!eloping countries. It brings different countries closer due to economic relations arising out of trade agreements. )ince. $romotes 6orld $eace Foreign trade brings countries closer. Thus.Foreign Trade Contracts and Documents Foreign trade enables a country to import food grains and medicines from other countries to help the affected people. which results in outflow of foreign exchange. 11. foreign trade creates a friendly atmosphere for a!oiding wars and conflicts. It promotes world peace as such countries try to maintain friendly relations among themsel!es.

(. the exporter of goods desires to ha!e ade. 4etter of 5redit can be defined as 6an underta ing by importer7s ban stating that payment will be made to the exporter if the re. shipment by appro!ed !essels with appro!ed flags pac ing. 8$%age . It is issued by the ban . The 4etter of 5redit also contains certain conditions such as date of bill.in the importer7s country/ in fa!our of the foreign supplier. It enables the exporter to ta e more initiati!e in promoting exports and earns foreign exchange for his country. It is for safety and security of the exporter as regards payment for the goods to be exported. Exporter gets safety and security of payment for the goods exported. The exporter gets discounting facility from the ban . -efore executing an export order.Foreign Trade Contracts and Documents Letter of Credit 4etter of 5redit is an important document in international trade. date for shipment. The ad!antages of the letter of credit to the exporters are many such as&#. 4etter of 5redit may also be issued on the strength of the business of the importer with the ban .uired documents are presented to the ban 6. etc. it contains a guarantee or an underta ing by one ban that the bill of exchange drawn on the importer will be honoured on presentation to the extent of the amount specified in the letter. '.uate proof regarding the credit worthiness of the importer.

certificate of insurance. .the third party/. the stated sum of money against submission of the re. certificate of origin/ within a specific period. or 4etter of 5redit . 9nder documentary credit arrangement .also called as letter of credit arrangement/ a ban . as per the terms of the *ocumentary 5redit.they are one and the same/.usually in the importer:s country/ underta es to pay for a shipment. is a legally binding underta ing gi!en by a -an on behalf of its customer.$%age .such as clean bill of lading. in fa!or of a third party. to ma e payment to him . Definition 1 *ocumentary 5redit .Foreign Trade Contracts and Documents Meaning *ocumentary 5redit is an International trade procedure in which the credit worthiness of an importer is substituted by the guarantee of a ban for specific transaction. .*5/.uired documents .uired documents.45/. pro!ided the exporter submits the re.

b. $a#ment %ayment at sight against compliant documents.Foreign Trade Contracts and Documents Mechanism of Letter of Credit 4etter of 5redit is usually sub<ect to the 9niform 5ustoms and %ractice for *ocumentary 5redits.The mechanism of letter of credit is as follows & 1. Usance 'redit %ayment at a future determinable date against compliant documents. 2e-otiation %ayment with or without recourse to the beneficiary or bona fide holder against compliant documents presented under the credit. Acceptance b# a Dra5ee 4an7 %ayment at a future determinable date against compliant documents. 1cceptance and *eferred ?$%age .uired .95% 8>>/.but not mandatory/ for presentation under a usance credit and is drawn on the Issuing -an . c. International 5hamber of 5ommerce %ublication =o. 1 tenor draft is normally re.uired for presentation under an acceptance credit and is drawn on the acceptance ban rather than the issuing ban . d. 9sance credit is a!ailable by =egotiation. 8>> . an 45 can be made a!ailable with& a. Availabilit# of Letter of 'redit 9nder 95% 8>>. 1 tenor draft is normally re.

Issuin.uest of the 45 applicant. A$%age . The 45 1pplicant normally maintains ban ing facilities with the Issuing -an . '.or sometimes nown as notifying ban / is the ban that ad!ises the 45 beneficiary that there is an 45 issued in his fa!our. L' 4eneficiar# 45 -eneficiary is normally the seller under the sales contract and the party who will recei!epayment under the 45 if it can fulfill all the terms and conditions of the credit. -y issuing an 45. 1 tenor draft is not re. D. The Issuing -an is normally located in the applicant:s country with established ban ing relationship with the applicant. the Issuing -an underta es to pay the beneficiary the !alue of the draft and@or other documents if all the terms and conditions of the 45 are complied with.or 45 opening ban / is the ban that issues the 45 in fa!our of a seller at the re. 4. L' Applicant8 45 1pplicant is normally the buyer under the sales contract and the party that initiates the re. Advisin.4an7 1n Issuing -an . 2. $arties in Letter of 'redit Transaction A.uired for presentation under a deferred payment credit.4an7 1n 1d!ising -an .uest to the Issuing -an to issue an 45 on its behalf.Foreign Trade Contracts and Documents %ayment.

uest of the Issuing -an . issue a deferred payment underta ing or accept drafts under the 45.normally also the 1d!ising -an / is the ban that adds its own underta ing to pay the 45 beneficiary if all terms and conditions of the credit are complied with. The 5onfirming -an will only confirm an 45 upon satisfactory e!aluation on the conditions of the Issuing -an and its domicile country. the 45 is deemed as freely negotiable and any ban s that recei!e documents from the 45 beneficiary are . it will become a 5onfirming -an . 2e-otiatin. negotiate. 'onfirmin. In such a case. 0.4an7 1 =egotiating -an is the ban that examines the drafts and@or documents presented by the 45 beneficiary and gi!es !alues to such drafts and@or documents. If the 45 does not specify a =ominated -an . 2ominated 4an7 1 =ominated -an is a ban authorised by the Issuing ban in the credit to pay. Its primary responsibility is to authenticate the 45 to ensure that the 45 comes from genuine source. E. )uch underta ing is in addition to that gi!en by the Issuing -an at the re.4an7 1 5onfirming -an . =egotiation could be in the form of purchasing or agreeing to purchase the drafts and@or documents presented.ualified to be a =ominated -an .Foreign Trade Contracts and Documents 1d!ising -an is normally located in the seller:s country and is either appointed by the Issuing -an or 45 applicant. +. 1 =ominated -an is not responsible to pay under the credit unless it has added its confirmation to the credit. #> $ % a g e .

## $ % a g e .4an7 1 Reimbursing -an is the paying agent appointed by the Issuing -an to honour claims submitted by the nominated or negotiating ban .Foreign Trade Contracts and Documents 9. eimbursin.

are able to manipulate the letter of credits or ma e any inds of corrections without informing the seller and getting permissions from him. Import:export Letter of 'redit It is said to the credit which buyer assigns i so that he imports a product to his own country and in general this credit is in another country and its !alue is export !alue. %. Irrevocable L' This type of 45.Foreign Trade Contracts and Documents Types of Letter of Credit 1. 2. This type of 45 is not used a lot.uire the permission and satisfaction of seller part. does not ac.uire the other ban 7s confirmation. return ability or none return ability. Unconfirmed L' This type of letter of credit. 1ccording to the last rules of international business room. the credit will be none returnable. !. 'onfirmed L' They are the guaranties that buyer will be gi!en so that. ). evocable Letter of 'redit In this type of credit buyer and the ban which has established the 45. #' $ % a g e . any inds of change and manipulations from the buyer part and the establisher ban re. the buyer will gi!e the guaranty from his own ban to any other !alid ban that the seller will desire it.

Untransferable L' It is said to the credit that seller cannot gi!e a part or completely right of assigned credit to somebody or to the persons he wants. to ta e the #( $ % a g e . This type of credit is a benefit for seller.5ompletely/ to the person or persons he decides. 13.. At Si-(t L' It is a ind of credit that the announcer ban after obser!ing the carriage documents from the seller and chec ing all the documents immediately pays the re.uires an indicated duration which is accepted by both of the buyer and seller. buyer will gi!e an opportunity to the seller to pay the re. is that the first time this credit is established by the assigner ban . Usance L' It is ind of credit that won7t be paid and assigned immediately after chec ing the !alid documents but paying and assigning it re. /. it is re. In reality.uired money after ta ing the related goods and selling them.Foreign Trade Contracts and Documents .. Transferrable L' It is said to the credit that the seller can gi!e a part or parts of credit . . The reason why it named so. 1. The first part of the credit is to attract the attention acceptor ban .uired that the credit will be untransferable. In international commerce.uired money. ed 'lause L' In this ind of credit assignment seller before sending the products can ta e the pre-paid and parts of the money from the ban .

)M-5 will issue a 4@5 for the intermediary company which is secured by the Export 4@5 . -ecause of that reason according to the credit which is opened for him. -ac -to-bac 4@5 is a type of 4@5 issued in case of intermediary trade. from that time it became famous with that name.Foreign Trade Contracts and Documents attention of the offered ban .uired to open 4@5s by supplier and recei!e Export 4@5s from buyer. the terms and conditions were written by red in . 11. 4ac7 to 4ac7 L' In this type of 45 consisted of two separated and different types of 45. This 4@5 is called 6-ac -to-bac 4@56.Master 4@5/. Intermediate companies such as trading houses are sometimes re. neither credit will be opened for another seller to pro!ide the desired goods and sends it. First one is established in the benefit of the seller that is not able to pro!ide the corresponding goods for any reasons. #0 $ % a g e .

pac aging. etc. pac ing. The loading of the goods on the ship is possible only after presentation of 7shipping order7. etc. #3 $ % a g e . In case of clean receipt. In short mate7s receipt is an ac nowledgement of the receipt of goods on board of the ship. Indent can be sent by the importer directly to the exporter or it may be sent through the indent agencies.Foreign Trade Contracts and Documents Documents Used in Foreign Trade 1. Mate7s receipt contains details regarding name of ship. mode of payment.e. Indent Indent is an order placed by the importers to the exports. It is . price of good. Bhen the price at which the goods are to be purchased by the importer is clearly stated in an order .uality.uantity. Mate Receipt may be clean or . conditions of cargo.ualified. insurance. &ate. This receipt is issued to the exporter who has to present the mate7s receipt in the office of shipping company by which he will get bill of lading. numbers and mar s on the pac ages. It contains the essential information regarding the goods to be imported i.s eceipt Mate7s Receipt is a receipt issued by 5aptain @ Master @ Mate of the ship. the cargo in good condition and the ad!erse remar is not mentioned. with no options to the exporter. in such case the captain ma es ad!erse remar on the receipt. If the prices are not mentioned by the importer and it is left to the discretion of the exporter. 2. . description of goods.Indent/. The Mate of the ship after recei!ing the goods on the board and after inspection of the goods issues this receipt. The bill of lading is always prepared on the basis of mate7s receipt. . then it is nown as 6Cpen Indent6. date on which the goods are loaded. then it called 65losed Indent6.ualified if there is some defect in the cargo loaded on the ship.

Mar description and number of pac ages. Dence. It is a document issued by the shipping company after the shipment of goods. %lace of loading and port of destination. -ill of lading is a document to title of goods and is transferable by endorsement and deli!ery. 3. Important functions of bill of landing are as follows&#. #>. . The bill of landing contains following information&#. The importer has to produce this receipt for securing the deli!er of goods. %ort at which the goods are to be discharged. -ill of lading is a contract between the exporter or the shipper and the shipping company for the carriage of gods from the port of loading to the port of destination. *ate of loading of goods on the ship. In simple. ?. #8 $ % a g e . 8. 1ny other rele!ant details. =ame and address of shipping company. Euantity. The bill of lading is prepared on the basis of mate7s receipt. =ame and address of the exporter and the shipper. 4ill of Landin-ill of lading is one important shipping document necessary and useful in export-import trade transactions.Foreign Trade Contracts and Documents !. A. It is useful to the importer for obtaining deli!ery of goods from the shipping company and port authorities. Freight paid or to be paid. '. weight and !alue of goods sent. it is a semi-negotiable instrument. 0. ##. )ignature of the issuing authority with date. =ame and address of importer or agent. (..

It is issued to the exporter. to get the benefit of sa!ing import duty the importer can use the 5ertificate of Crigin. 5onsular is a go!ernment officer ha!ing office in other countries. because the go!ernment of importing country grants concession in import duty to the importer on the basis of certificate of origin. the document certifies that certain goods are manufactured within a specific country only. It is issued by the Trade consulate of the importing country stationed in the exporters country. The goods imported from some other countries are sub<ect to less import duty.e. ). This document is showing or gi!ing the information of the fact that the goods which are exported are manufactured in a particular country i. 'ertificate of Ori-in 5ertificate of Crigin is an important shipping document sent by the exporter alongwith the other document to the importer. Thus. $ % a g e . %.Foreign Trade Contracts and Documents '. It is a proof about the origin of goods exported. 1 possessor of the bill of lading is entitled to ta e the deli!ery of goods. 1s a general rule the rate of import duty is not same for imports from all countries. This document is also obtained by the exporter and is sent to the importer along with other shipping documents. (. This certificate is generally issued by the 65hamber of 5ommerce6 or 6Export %romotion 5ouncil6 or 6Trade 1ssociation6 or 6)uch Cther recognised body6 on behalf of Fo!ernment. This in!oice is also useful for #. 'onsular Invoice 5onsular In!oice is an important document used in foreign trade. It is a document of title to goods. It is !ery useful document to sa!e custom@import duties. It is a proof of the fact that the goods are handed o!er to the shipping company for transportation to the port of destination. 3. 0. It is a legal document including the contract for carrying goods. It is a semi negotiable document and it is transferable by endorsement and deli!ery.

one copy is sent to the custom authorities of the importing country. Import 4icense number of importer. The bill of entry is di!ided into three classes&#. Entry for duty free goods. other is retained by port trust and the third is ept by the importer. all these entries are on the same form. )ometimes.Foreign Trade Contracts and Documents importer at the time of payment of importy duty. second copy is retained by the consulate office for reference and the third copy is gi!en to the exporter which is forwarded by exporter to the importer with other documents. To a!oid this. For obtaining document from the consular the exporter has to pay the prescribed fees. Entry for goods to be re-exported. Three different colours are used to prepare bill of entry. Entry of goods which are meant for consumption at home. '. *ue to which there is delay in clearing the goods from doc or port. In India.. . '. The customs office supplies this form which is prepared in triplicate. The contents of -ill of Entry are&#. Cne copy is retained by custom department. 4ill of Entr# -ill of entry is a document re.uired in case of import of goods.uantity are entering into the country from abroad. =ame and address of importer. the custom authorities desire to open the pac ages and scrutini+e the goods for the purpose of calculating custom duty. It is li e shipping bill in case of exports. This document contains information about goods and the !alue of goods. #? $ % a g e . (. 1 -ill of Entry is the document testifying the fact that goods of the stated !alue and description in specified .

*escription of goods.s eceipt *oc authorities issue doc 7s receipt once the goods are stored in the sheds at the doc s. The goods are then brought inside the doc s. *escription of goods .uality. It is the exporter7s bill for goods which the importer has to pay.. Galue of goods.Foreign Trade Contracts and Documents (.uired for preparation of all other documents. which is re. Galue of goods after discount. =et amount payable by the importer. Many-a-times immediate loading on ship is not possible. It contains all the information. if any. . =ame of port where goods are to be cleared. etc. rate. 0. The goods are then stored in sheds at the port or doc s. 0. . The goods may be loaded immediately on the ship./ (. 8. Terms and 5onditions of sale #A $ % a g e . The doc authorities then issues the doc receipt as an ac nowledgement for goods recei!ed in sheds.. . The 5arting Crder is the permission to cart the goods inside the doc s. Then he approaches the %ort Trust authorities and obtains the 5arting Crder. The 5learing and Forwarding agent clears the documents from the customs authorities.uantity. ?.weight. Doc7. Rate and amount of import duty payable. 3. =ame and address of exporter. /. 'ommercial Invoice 5ommercial in!oice is a basic export document. 3. '. 5ommercial in!oice contains the following information&#. . Cther rele!ant details. =ame and address of exporter and importer.

g. 0. -ill of lading number. =ormally an export in!oice would include& )eller:s name and address  -uyer:s name and address  Issue *ate  In!oice =umber  )hipping mar s and numbers  Term of )ale& e.uired by 4@5  5ountry of Crigin  4@5 number  Merchandise description. 3.  )hipping information  Info re.Foreign Trade Contracts and Documents Cther details of shipment to be included are&#. etc. The accounting document claiming payment from the buyer. unit price. These '> $ % a g e .C. )hipping terms and 5onditions. some countries do not allow the import of merchandise unless accompanied by a certificate issued by one of its officials in the exporter:s country. 4etter of 5redit =umber. 'onsular Invoice : <isaed Invoice For exchange control and balance of payments reasons. 8. %ac aging )pecifications. and total price  Info re. (. FC-. %.uired by 4@5 1. 4icense number of exporter. etc. '. number. =ame of ship on which goods are loaded.

'ertificates When a letter of credit calls for a document to be issued as a “certificate”. that document must be signed. 1 !isaed in!oice is an original or copy of an in!oice. which has been originally signed and@or stamped by a consulate official. we suggest that you contact your business insurance agent or freight forwarder as to who can pro!ide insurance on an as needed basisH or Iby blan et policyH on an annual basis. 'ertificate of Ori-in 1 signed statement certifying the country of origin of the goods being sold is sometimes re. L/C’s often require that certificates be issued by reputable third party inspection surveyors such as the ociete !enerale de urveillance " ! # or the $ %epartment of &griculture. 5ertificates should always be issued before the goods are shipped.uired by regulation in the buyer:s country. 't is important to remember that each certificate required by an L/C (ill increase the cost of goods sold. 13. This document may be as simple as a certificate signed by '# $ % a g e .Foreign Trade Contracts and Documents certificates e!idence that the shipment meets certain statutory or other regulations of the importing country. For more information on export insurance. Insurance $olic# O 'ertificate E!ery export sale should be co!ered by insurance. Certificates come in a many different forms depending on the product and the country of destination. 11. Insurance co!erage on exports is a complicated issue that we cannot fully co!er on this site. 5ertificates issued after the goods arri!ed in the country of import defeat the purpose of the letter of credit. Bho pro!ides the co!erage depends on the I=5CTERM used. 1. ome of the most common certificates are discussed belo(.

uire a IphytoH for fresh plants and plant products. This certificate states that the product has been inspected and is free of harmful pests and plant diseases. This is generally needed only if a IcertificateH is re. 5ertain countries may re. USDA Inspection 'ertificate This certificate is issued by the 9) *epartment of 1griculture and co!ers grade and condition for agricultural products. the criteria should be specifically spelled out in the letter of credit. Bhen an 4@5 is the method of payment. Inspection certificates should be based on . or be notari+ed. -. It pro!ides e!idence that the produce was in good condition at the date and time of inspection and can be useful in the e!ent of a damage claim. $(#tosanitar# 'ertificate =umerous foreign go!ernments and buyers re.Foreign Trade Contracts and Documents the seller. E. This document brea s down the shipment by weight. or !isaed by their Embassy or 5onsulate. '' $ % a g e . They are issued by the 9)*1 1nimal and %lant Dealth Inspection )er!ice. Inspection 'ertificate 1n independent firm would usually conduct the inspection to ensure that the merchandise conforms to the buyer:s criteria.uire it to be issued by a third party such a 5hamber of 5ommerce. 5. 6ei-(t List O 'ertificate =ot synonymous to a pac ing list.uired. legali+ed.uantifiable criteria. *.

It generally does not ha!e to be signed unless called for in the 4@5. the pac ing list omit prices. pac ages. etc. '( $ % a g e ..List 1 mirror of the merchandise co!ered by the in!oice. but itemi+es the merchandise by number of cartons. $ac7in. and the contents of each.Foreign Trade Contracts and Documents 12.

Dowe!er. The beauty of these credits is that they pro!ide appropriate protection. )ince they came into being in #A((. 9nder these circumstances operations are less complicated. The *5s ha!e acted as a sort of bridge between buyers and sellers of goods and ser!ices. etc. the cost for each operation. in the coming years. such as the opening of credit. 9sually. they are an important source of business and re!enues to the 5ommercial -an s. the seller7s -an . currencies. buyer.Foreign Trade Contracts and Documents Conclusion -an s. sending a letter of ad!ice. '0 $ % a g e . through the agency of the -an s. while extracting their share of responsibility under the transaction. o!ercoming the barriers of language. bringing them together. and are expected to grow e!en more in importance.uired. ultimately the purchaser of the credit will ha!e to reimburse the costs of all the authori+ed ban s. based in different countries. and the buyer7s -an . 1nd last. confirmation. by the seller. customs and practices. the examination of documents en!isaged by the credit to name but some of the procedures is determined in the form of a fixed interest on the amount of credit for any operation. but not the least. It could be concluded that documentary credit is a reliable and con!enient instrument of international settlement. The application of credit in export-import operations is complicated both in legal as well as economic terms. *5s ha!e no doubt played a significant role in cross border trade. It is also noteworthy that the ad!antage of credit is directly lin ed with the rele!ant experience of the participating ban s in this field and with the existence of a wide networ of correspondent ban s. If se!eral ban s participate in a settlement by credit. as re. as facilitators of international trade and commerce ha!e been ser!ed well by the mechanism of the *ocumentary 5redit. we ha!e to agree with those !iews expressed in legal literature that this type of payment is complicated and expensi!e.

'3 $ % a g e . *ocumentary 5redit Cperations -oo .Foreign Trade Contracts and Documents Bibliography %ersonal =otes of )J25.