This presentation summarises some practical aspects of Incoterms 2010.
It was given at a PricewaterhouseCoopers and Irish Exporters Association customs and trade seminar held in Cork, Ireland on 23 February 2011.
COMPARATIVE STUDY OF VARIOUS INCOTERMS USED IN SALE-PURCHASE CONTRACTS [MAY 2...Fahad Mahmud Mirza
INCOTERMS (International Commercial Terms) are the Trade terms, published by the International Chamber of Commerce (ICC). These terms are commonly used in international contracts and are of the principle to lay down the rules to characterize the role and the compulsions (both financial and legal responsibilities) between the Sellers and the Buyers, involved in an international commercial transaction involving carriage of merchandise, globally from one place to another. The paper discusses the proportional responsibilities and liable obligations on the Seller and the Buyer under INCOTERMS groups and statements, and how effective the terms can play their role on making the trade communication of legalities easier.
An in-depth presentation about International Commercial Terms that helps you understand this trade standard with the aid of intuitive pictures, charts and graphical interpretations.
In this installment in Trade Risk Guaranty's webinar series, we are joined by one of our marine cargo insurance experts to discuss an introduction to incoterms for United States importers.
The following topics are covered in detail:
- What are Incoterms?
- The 5 Most Common Incoterms
- Identifying Your Incoterms
- Advice from an Expert
DOWNLOAD A FULL INCOTERMS EBOOK: http://bit.ly/2HXGbUD
Watch the full webinar here: https://youtu.be/IZC5NgukKio
COMPARATIVE STUDY OF VARIOUS INCOTERMS USED IN SALE-PURCHASE CONTRACTS [MAY 2...Fahad Mahmud Mirza
INCOTERMS (International Commercial Terms) are the Trade terms, published by the International Chamber of Commerce (ICC). These terms are commonly used in international contracts and are of the principle to lay down the rules to characterize the role and the compulsions (both financial and legal responsibilities) between the Sellers and the Buyers, involved in an international commercial transaction involving carriage of merchandise, globally from one place to another. The paper discusses the proportional responsibilities and liable obligations on the Seller and the Buyer under INCOTERMS groups and statements, and how effective the terms can play their role on making the trade communication of legalities easier.
An in-depth presentation about International Commercial Terms that helps you understand this trade standard with the aid of intuitive pictures, charts and graphical interpretations.
In this installment in Trade Risk Guaranty's webinar series, we are joined by one of our marine cargo insurance experts to discuss an introduction to incoterms for United States importers.
The following topics are covered in detail:
- What are Incoterms?
- The 5 Most Common Incoterms
- Identifying Your Incoterms
- Advice from an Expert
DOWNLOAD A FULL INCOTERMS EBOOK: http://bit.ly/2HXGbUD
Watch the full webinar here: https://youtu.be/IZC5NgukKio
The Incoterms, those rules that define the responsibilities of the buyer and seller in transportation of goods, will be updated in 2020, so some possible changes are expected.
INCOTERMS are a set of three-letter standard trade terms used worldwide in international and domestic contracts for the sale of goods. Learn their definitions and how they are used. AFC International can help you import your goods bound for the U.S. quick and easy. Visit http://www.afcinternationalllc.com/ to get started.
INCOTERMS And CISG, (CONTRACT FOR THE INTERNATIONAL SALE OF GOODS)
LAW8118-INTERNATIONAL BUSINESS LAW
Examines the impact of the law on the enterprises that conduct international business and on particular transactions entered into by such enterprises. The law concerning the formation and some other aspects of international sales contracts especially pursuant to the CISG as well as the law relating to the international transport of goods by sea and international payments (documentary credits) will be examined. The course will also explore selected legal aspects of one particular regional grouping (namely the European Union). In addition, a study will be made of the law concerning some of the methods by which private international legal disputes are resolved with the focus being on international commercial arbitration.
The Incoterms, those rules that define the responsibilities of the buyer and seller in transportation of goods, will be updated in 2020, so some possible changes are expected.
INCOTERMS are a set of three-letter standard trade terms used worldwide in international and domestic contracts for the sale of goods. Learn their definitions and how they are used. AFC International can help you import your goods bound for the U.S. quick and easy. Visit http://www.afcinternationalllc.com/ to get started.
INCOTERMS And CISG, (CONTRACT FOR THE INTERNATIONAL SALE OF GOODS)
LAW8118-INTERNATIONAL BUSINESS LAW
Examines the impact of the law on the enterprises that conduct international business and on particular transactions entered into by such enterprises. The law concerning the formation and some other aspects of international sales contracts especially pursuant to the CISG as well as the law relating to the international transport of goods by sea and international payments (documentary credits) will be examined. The course will also explore selected legal aspects of one particular regional grouping (namely the European Union). In addition, a study will be made of the law concerning some of the methods by which private international legal disputes are resolved with the focus being on international commercial arbitration.
#INCOTERM -2010# By SN Panigrahi
The Incoterm Rules or International Commercial Terms are a series of pre-defined commercial terms published by the International Chamber of Commerce (ICC) (@iccwbo) widely used in international commercial transactions. First published in 1936 by International Chamber of Commerce
International Chamber of Commerce (ICC)
ustoms clearance is a necessary procedure before goods can be imported or exported internationally. If a shipment is cleared, then the shipper will provide documentation confirming customs duties that are paid and the shipment can be processed.
Does your business know what an international contract is and how to identify one?
Knowing how to spot an international contract is important for two reasons:
1) It will shape your involvement as the in-house lawyer. Is this a contract you can advise on or do you need to seek external advice? If the latter, this may have an impact on the timescales the business is working to and you may need to manage their expectations in this respect.
2) There will be some areas which the business should be looking into from the outset to avoid delays at a later date. For example, in an international distribution agreement where you are manufacturing the goods, you will need to consider the ownership of intellectual property early. Does your business own the IP rights in your brand name and goods in the territory you are hoping to have your goods distributed in? If not, can you get registration for your brand name/goods in that territory? Has the business checked whether someone has already registered your brand name/products in that territory?
Wragge & Co commercial partner, David Lowe, has prepared a checklist to help you consider the key issues which arise in international contracts for the supply of goods.
Incoterms are the internationally accepted definitions and rules of interpretation for most commercial terms. What do you need to know about them before you import goods?
Incoterms 2010 Hướng dẫn _ Guide
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2. What are Incoterms?
• International Commerce Terms
• Developed by the International Chamber of Commerce
(headquartered in Paris, France)
• Introduced in 1936 and updated several times up to 2000
• Most recent (eighth) edition is Incoterms 2010,
effective from 1 January 2011
• A set of rules governing key terms applicable
to international trade
• A well-established shorthand to describe those terms
2
3. How are Incoterms used?
• Incorporated in sale/purchase contracts by direct reference
• Examples of correct use:
- “FCA Port of Cork Incoterms 2010”
- “DDP Servisair Warehouse Cork Airport Cargo Terminal
Incoterms 2010”
• Standardised approach to a number of detailed and potentially
difficult commercial issues
• Significant guidance available from ICC and
experienced professionals
3
4. What issues do Incoterms 2010 address?
• Transfer of risk
• Export clearance
• Transport costs
• Insurance
• Use of carriers/forwarders
• Import clearance
• Security-related clearances
• Electronic freight documentation
• They do not deal with transfer of title and
this must be agreed separately
4
5. What are the 2010 Incoterms?
EXW Ex Works (named place)
FCA Free Carrier (named places)
FAS Free Alongside Ship (named loading port)
FOB Free on board (named loading port)
CFR Cost and Freight (named destination port)
CIF Cost, Insurance & Freight (named destination port)
CPT Carriage Paid To (named place of destination)
CIP Carriage & Insurance Paid (to) (named place of destination)
DAT Delivered At Terminal (named terminal)
DAP Delivered At Place (named destination place)
DDP Delivered Duty Paid (named destination place)
EXW is least and DDP is most onerous for seller.
5
6. How are Incoterms 2010 arranged?
• Incoterms 2010 arranged them into two groups:
(a) those suitable only for sea/inland waterway transport, and
(b) those suitable for all modes of transport.
• FOB, FAS, CIF and CFR are suitable only for waterborne
transport.
• Incoterms 2000 grouped them into four groups
(E, C, F and D) where:
- Group E is EXW (the most pro-seller term)
- Group F terms make buyer liable for main carriage
- Group C terms make seller liable for main carriage
- Group D terms make the seller liable for arrival
6
7. Key Exporter Obligations
• The EXW term is most favourable for sellers/exporters but does not
oblige buyer to provide any export information (which the seller
may need)
• By contrast the DDP term is most favourable for buyers/importers
and obliges the seller to pay all transportation costs (but not
insurance) and duties and to bear all risk in the goods until they are
delivered
• The remaining terms represent a spectrum of risk and
responsibility between EXW and DDP.
7
8. Advantages of Incoterms
• Speed of negotiation
• Common understanding
• Well designed mechanism
• Substantial caselaw applying various circumstances
• Comprehensive
• Efficient and effective shorthand
8
9. Disadvantages of Incoterms
• Can be misapplied/misunderstood by users
• Require active consideration of some potentially tricky issues
• Other than the above, none that we have yet come across
(but we’re still looking)!
9
10. Other important terms
• Variations from Incoterms should be clearly and unequivocally stated.
• Warranties/disclaimers as to quality, fitness for purpose and otherwise
should be clear and specifically agreed.
• Governing law and jurisdiction clauses (specifying appropriate governing
law and place to resolve disputes)
• Language clauses (specifying English as language of contract and disputes)
• Alternative dispute resolution (ADR) (principally arbitration and mediation)
10
11. Other resources
• Professional advice available both for specific queries and disputes
Venture Legal Services
• Article on IEA website: Incoterms Explained
• Wikipedia (useful summary/primer)
• International Chamber of Commerce website
11
12. Incoterms 2010: Key Issues
Peppe Santoro
Venture Legal Services
77 Sir John Rogerson’s Quay
Dublin 2
www.venturelaw.ie
@VentureLawIE
12