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Full service trade system

  • US 5,717,989 A
  • Filed: 10/13/1994
  • Issued: 02/10/1998
  • Est. Priority Date: 10/13/1994
  • Status: Expired due to Term
First Claim
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1. A method of facilitating international trade in goods which avoids the use of a letter of credit and the presentation and manual processing of documentation for compliance therewith, comprising the steps of:

  • comparing in a data processing system first proposed contract data transmitted internationally from at least one of a buyer and a seller and second proposed contract data transmitted by the other thereof with acceptable contract data stored in the data processing system;

    establishing a contract for international shipment of goods based on the comparison of the first and second proposed contract data;

    producing data in the data processing system representing a payment guarantee to the seller for payment under the contract;

    storing in the data processing system, purchase order data representing selected terms of the contract for international shipment of goods;

    receiving in the data processing system shipping data from a party other than the buyer and the seller representing an international shipment of goods in fulfillment of the contract;

    determining by means of the data processing system whether the selected terms of the contract have been satisfied based at least in part on the shipping data; and

    producing payment-due data by means of the data processing system based on the determination that the selected terms of the contract have been satisfied based at least in part on the shipping data.

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