International Trade


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Presented by Stephen Wyer, March 2011

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International Trade

  1. 1. Head Office 195 High Street, Cradley Heath, West Midlands, B64 5HW Tel: (01384) 410410 Fax: (01384) 820065 DX: 20752 CRADLEY HEATH Birmingham Office 43 Temple Row, Birmingham B2 5LS Tel: (0121) 237 6096 International Trade Presented by Stephen Wyer March 2011
  2. 2. <ul><li>International Chamber of Commerce (ICC) has published Incoterms rules since 1936 </li></ul><ul><li>Globally accepted contractual standard designed to facilitate the conduct of trade </li></ul><ul><li>New Incoterms 2010 came into operation on 1 st January 2011 </li></ul>Incoterms - What are they?
  3. 3. Incoterms - What are they? <ul><li>11 rules </li></ul><ul><li>Terms that allocate responsibility for obligations such as delivery and insurance </li></ul><ul><li>Selected Incoterm quoted appropriately incorporates these terms into contract without the need to set them out in full </li></ul>
  4. 4. <ul><li>Obligation to obtain relevant security clearances </li></ul><ul><li>Electronic communications given same validity as paper communications </li></ul>2010 Incoterms - Changes
  5. 5. <ul><li>Export and import formalities exist only where applicable </li></ul><ul><li>State more clearly which party is responsible for costs such as unloading and handling </li></ul>2010 Incoterms - Changes
  6. 6. <ul><li>Incoterms 2010 easier to use </li></ul><ul><li>Guidance includes greater detail and information </li></ul><ul><li>Make sure chosen Incoterm is incorporated as part of your contract. </li></ul>2010 Incoterms - Changes
  7. 7. <ul><li>Reference Incoterm as follows: </li></ul><ul><ul><li>State chosen rule (abbreviation of which is acceptable) </li></ul></ul><ul><ul><li>State precise address where delivery will take place (and where risk will transfer) followed by the wording “Incoterms 2010” </li></ul></ul><ul><ul><li>Eg. buying goods from George Green on an Ex Works basis: EXW George Green LLP’s premises at 195 High Street, Cradley Heath, B64 5HW, Incoterms 2010 </li></ul></ul>2010 Incoterms - Use
  8. 8. <ul><li>Choosing the right rule is important </li></ul><ul><li>Guidance is useful </li></ul><ul><li>Take care to read guidance or take legal advice </li></ul><ul><li>Make sure matters not referred to by Incoterms are dealt with elsewhere in your contract </li></ul>2010 Incoterms - Use
  9. 9. <ul><li>Implementation date delayed - no longer coming into force in April 2011 </li></ul><ul><li>However, will come into effect at some point in 2011 </li></ul><ul><li>Creates offences of offering, promising or giving a bribe; requesting, agreeing to receive or accepting a bribe; and specific offence of bribery of a foreign public official </li></ul><ul><li>Applies to activity in the UK and overseas </li></ul>Bribery Act 2010
  10. 10. <ul><li>If a bribe is paid by someone else on behalf of your business, your organisation may be committing an offence </li></ul><ul><li>Even if the payment is made without your knowledge </li></ul>Bribery Act 2010
  11. 11. <ul><li>Significant offence that can be committed by a commercial organisation: failing to prevent involvement in bribery by those that perform services on its behalf </li></ul><ul><li>Only defence is to demonstrate that organisation has adequate procedures in place to prevent bribery </li></ul>Bribery Act 2010
  12. 12. <ul><li>Think about supply chains and identify the links that are susceptible to bribery </li></ul><ul><li>Carry out suitable risk assessment </li></ul><ul><li>Put adequate anti-bribery procedures in place </li></ul><ul><ul><li>Communicate these internally and to relevant third parties - make sure procedures are fully understood </li></ul></ul><ul><ul><li>Conduct due diligence of associates’ own procedures </li></ul></ul><ul><ul><li>Make your organisation’s zero-tolerance policy clear </li></ul></ul>Bribery Act 2010
  13. 13. <ul><li>The government will issue official guidance on adequate procedures defence before the Act comes into force </li></ul><ul><li>Watch press and for updates </li></ul>Bribery Act 2010
  14. 14. <ul><li>Stephen Wyer </li></ul><ul><li>01384 340513 </li></ul><ul><li>[email_address] </li></ul>Contact Details