The International Chamber of Commerce published revisions to the International Commercial Terms (INCOTERMS) that take effect on January 1, 2011. The revisions include reducing the number of terms from 13 to 11, eliminating some terms and adding two new terms. INCOTERMS define obligations and risks involved in delivering goods internationally. They do not constitute a contract or define title transfer or payment terms - those are defined in the sales contract. The revised INCOTERMS 2010 are grouped into terms for any transport mode and maritime-only terms.
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.
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.
Basic Shipping Documentation.
- An induction on the container transport, and its driving forces.
- Outlines of the parties and sectors who involve in the business.
- Outlines of the operation, and
- Introduction of the various key documents associated with each sector of the business, and their significance.
What documents are produced in facilitating the shipment cycle:
- Apart from the physical transportation of the goods from the buyer to the seller, there are various kinds of documents involved.
- This presentation aims at providing a basic knowledge on the key documents.
- For details on the documents, you may need to refer to the relevant text.
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
Carriage of goods, in law, the transportation of goods by land, sea, or air. The relevant law governs the rights, responsibilities, liabilities, and immunities of the carrier and of the persons employing the services of the carrier.
Basic Shipping Documentation.
- An induction on the container transport, and its driving forces.
- Outlines of the parties and sectors who involve in the business.
- Outlines of the operation, and
- Introduction of the various key documents associated with each sector of the business, and their significance.
What documents are produced in facilitating the shipment cycle:
- Apart from the physical transportation of the goods from the buyer to the seller, there are various kinds of documents involved.
- This presentation aims at providing a basic knowledge on the key documents.
- For details on the documents, you may need to refer to the relevant text.
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
Carriage of goods, in law, the transportation of goods by land, sea, or air. The relevant law governs the rights, responsibilities, liabilities, and immunities of the carrier and of the persons employing the services of the carrier.
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.
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.
Some of the documents required in export transaction are preliminary inquiry and offer, confirmation of order, export license, finance among others. There are two dozen commercial and regulatory documents that are involved in the pre-shipment stage of an export transaction.
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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.
The knowledge of INCO terms is very essential for those who are in export import business on the other hand it is also useful for the students of commerce and management.
INTERNATIONAL SHIPPING TERMS , INCOTERMSAman Dwivedi
INTERNATIONAL SHIPPING TERMS (INCOTERMS)
1. EXW – Ex Works (named place of delivery)
2. FCA – Free Carrier (named place of delivery)
3. CPT – Carriage Paid To (named place of destination)
4. CIP – Carriage and Insurance Paid to (named place of destination)
5. DAT – Delivered At Terminal (named terminal at port or place of destination)
6. DAP – Delivered At Place (named place of destination)
7. DDP – Delivered Duty Paid (named place of destination)
8. FAS – Free Alongside Ship (named port of shipment)
9. FOB – Free on Board (named port of shipment)
10. CFR – Cost and Freight (named port of destination)
11. CIF – Cost, Insurance & Freight (named port of destination)
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Cultivating and maintaining discipline within teams is a critical differentiator for successful organisations.
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It is a sample of an interview for a business english class for pre-intermediate and intermediate english students with emphasis on the speking ability.
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Memorandum Of Association Constitution of Company.pptseri bangash
www.seribangash.com
A Memorandum of Association (MOA) is a legal document that outlines the fundamental principles and objectives upon which a company operates. It serves as the company's charter or constitution and defines the scope of its activities. Here's a detailed note on the MOA:
Contents of Memorandum of Association:
Name Clause: This clause states the name of the company, which should end with words like "Limited" or "Ltd." for a public limited company and "Private Limited" or "Pvt. Ltd." for a private limited company.
https://seribangash.com/article-of-association-is-legal-doc-of-company/
Registered Office Clause: It specifies the location where the company's registered office is situated. This office is where all official communications and notices are sent.
Objective Clause: This clause delineates the main objectives for which the company is formed. It's important to define these objectives clearly, as the company cannot undertake activities beyond those mentioned in this clause.
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https://seribangash.com/promotors-is-person-conceived-formation-company/
Capital Clause: This clause specifies the authorized capital of the company, i.e., the maximum amount of share capital the company is authorized to issue. It also mentions the division of this capital into shares and their respective nominal value.
Association Clause: It simply states that the subscribers wish to form a company and agree to become members of it, in accordance with the terms of the MOA.
Importance of Memorandum of Association:
Legal Requirement: The MOA is a legal requirement for the formation of a company. It must be filed with the Registrar of Companies during the incorporation process.
Constitutional Document: It serves as the company's constitutional document, defining its scope, powers, and limitations.
Protection of Members: It protects the interests of the company's members by clearly defining the objectives and limiting their liability.
External Communication: It provides clarity to external parties, such as investors, creditors, and regulatory authorities, regarding the company's objectives and powers.
https://seribangash.com/difference-public-and-private-company-law/
Binding Authority: The company and its members are bound by the provisions of the MOA. Any action taken beyond its scope may be considered ultra vires (beyond the powers) of the company and therefore void.
Amendment of MOA:
While the MOA lays down the company's fundamental principles, it is not entirely immutable. It can be amended, but only under specific circumstances and in compliance with legal procedures. Amendments typically require shareholder
RMD24 | Debunking the non-endemic revenue myth Marvin Vacquier Droop | First ...BBPMedia1
Marvin neemt je in deze presentatie mee in de voordelen van non-endemic advertising op retail media netwerken. Hij brengt ook de uitdagingen in beeld die de markt op dit moment heeft op het gebied van retail media voor niet-leveranciers.
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Tata Group Dials Taiwan for Its Chipmaking Ambition in Gujarat’s DholeraAvirahi City Dholera
The Tata Group, a titan of Indian industry, is making waves with its advanced talks with Taiwanese chipmakers Powerchip Semiconductor Manufacturing Corporation (PSMC) and UMC Group. The goal? Establishing a cutting-edge semiconductor fabrication unit (fab) in Dholera, Gujarat. This isn’t just any project; it’s a potential game changer for India’s chipmaking aspirations and a boon for investors seeking promising residential projects in dholera sir.
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1. New INCOTERMS effective January 1, 2011
The International Chamber of Commerce (ICC ) has published revisions to its International
Commercial Terms, also known as INCOTERMS®, that take effect on January 1, 2011.
The revised rules, designated "INCOTERMS 2010", contain a series of changes, such as a
reduction in the number of terms to 11 from 13. The DAF, DES, DEQ, and DDU designations
have been eliminated, while two new terms, Delivered at Terminal (DAT) and Delivered at Place
(DAP), have been added. INCOTERMS 2010 also attempt to better take into account the roles
cargo security and electronic data interchange now play in international trade.
WHAT INCOTERMS ARE - INCOTERMS are a set of three-letter standard trade terms most
commonly used in international contracts for the sale of goods. First published in 1936,
INCOTERMS provide internationally accepted definitions and rules of interpretation for most
common commercial terms. In the US, INCOTERMS are increasingly used in domestic sales
contracts rather than UCC shipment and delivery terms.
WHAT INCOTERMS DO - INCOTERMS inform the sales contract by defining the respective
obligations, costs and risks involved in the delivery of goods from the Seller to the Buyer.
WHAT INCOTERMS DO NOT DO - INCOTERMS by themselves DO NOT:
• Constitute a contract;
• Supersede the law governing the contract;
• Define where title transfers; nor,
• Address the price payable, currency or credit terms.
These items are defined by the express terms in the sales contract and by the governing law.
INCOTERMS 2010 are grouped into two classes:
1. TERMS FOR ANY TRANSPORT MODE
• EXW - EX WORKS (... named place of delivery)
o The Seller's only responsibility is to make the goods available at the Seller's
premises. The Buyer bears full costs and risks of moving the goods from there to
destination.
• FCA - FREE CARRIER (... named place of delivery)
o The Seller delivers the goods, cleared for export, to the carrier selected by the
Buyer. The Seller loads the goods if the carrier pickup is at the Seller's premises.
From that point, the Buyer bears the costs and risks of moving the goods to
destination.
• CPT - CARRIAGE PAID TO (... named place of destination)
o The Seller pays for moving the goods to destination. From the time the goods are
transferred to the first carrier, the Buyer bears the risks of loss or damage.
2.
• CIP - CARRIAGE AND INSURANCE PAID TO (... named place of destination)
o The Seller pays for moving the goods to destination. From the time the goods are
transferred to the first carrier, the Buyer bears the risks of loss or damage. The
Seller, however, purchases the cargo insurance.
• DAT - DELIVERED AT TERMINAL (... named terminal at port or place of
destination)
o The Seller delivers when the goods, once unloaded from the arriving means of
transport, are placed at the Buyer's disposal at a named terminal at the named
port or place of destination. "Terminal" includes any place, whether covered or
not, such as a quay, warehouse, container yard or road, rail or air cargo terminal.
The Seller bears all risks involved in bringing the goods to and unloading them at
the terminal at the named port or place of destination.
• DAP - DELIVERED AT PLACE (... named place of destination)
o The Seller delivers when the goods are placed at the Buyer's disposal on the
arriving means of transport ready for unloading at the names place of destination.
The Seller bears all risks involved in bringing the goods to the named place.
• DDP - DELIVERED DUTY PAID (... named place)
o The Seller delivers the goods -cleared for import - to the Buyer at destination.
The Seller bears all costs and risks of moving the goods to destination, including
the payment of Customs duties and taxes.
2. MARITIME-ONLY TERMS
• FAS - FREE ALONGSIDE SHIP (... named port of shipment)
o The Seller delivers the goods to the origin port. From that point, the Buyer bears
all costs and risks of loss or damage.
• FOB - FREE ON BOARD (... named port of shipment)
o The Seller delivers the goods on board the ship and clears the goods for export.
From that point, the Buyer bears all costs and risks of loss or damage.
• CFR - COST AND FREIGHT (... named port of destination)
o The Seller clears the goods for export and pays the costs of moving the goods to
destination. The Buyer bears all risks of loss or damage.
• CIF - COST INSURANCE AND FREIGHT (... named port of destination)
o The Seller clears the goods for export and pays the costs of moving the goods to
the port of destination. The Buyer bears all risks of loss or damage. The Seller,
however, purchases the cargo insurance.
3.
PRACTICE POINTS
• BE SPECIFIC:
o If you use INCOTERMS in the Sales Contract or Purchase Order, you
should identify the appropriate INCOTERM Rule [e.g. FCA, CPT, etc.], state
"INCOTERMS 2010" and specify the place or port as precisely as possible.
• RECOGNIZE WHERE THE RISK OF LOSS TRANSFERS:
o A common misconception when the Seller pays the freight is that the Seller has
the risk of loss until the goods are delivered to the place or port specified on the
bill of lading or airway bill. Actually, when using INCOTERMS CPT, CIP, CFR or
CIF, risk transfers to the Buyer when the Seller hands the goods over to the
carrier at origin, not when the goods reach the place or port of destination.
o Understand that under CIP and CIF, the Seller is only obliged to obtain
• UNDERSTAND WHO HAS RESPONSIBILITY FOR LOADING AND UNLOADING CHARGES. FOR
EXAMPLE:
o DAT obliges the Seller to place the goods at the Buyer's disposal after unloading
at the named terminal at port or place of destination.
o DAP obliges the Seller to place the goods at the Buyer's disposal on the
delivering carrier ready for unloading at the named place of destination.
o CPT, CIP, CFR or CIF on the other hand, require the parties to identify as
precisely as possible the point at the agreed port of destination because the
costs up to that point are for the account of the Seller.
• UNDERSTAND WHO HAS RESPONSIBILITY FOR U.S. CUSTOMS ENTRY DECLARATIONS:
o DDP is the only INCOTERM where the Seller has responsibility for U.S. Customs
entry declarations.
o IMPORTANT NOTE: An important factor to be considered when asking the
Seller to be responsible for international carriage, is if the goods ship by Ocean
Freight, an Importer Security Filing (ISF) must be electronically submitted to
Customs 24 hours before the cargo is laden on the vessel bringing the cargo to
the U.S. The Buyer should specify in the contract either (a) the shipper is
responsible for the ISF or (b) the Seller is responsible for providing the required
data in a timely manner (i.e. 72 hrs before lading) to the Buyer’s appointed agent
(e.g. Customs Broker). In our experience, when the broker and the international
forwarder are unrelated parties, this requirement is honored more in the breach
than in the observance. The Buyer should indemnify against the penalties
(US$5,000) for filing a late, inaccurate or incomplete ISF. The ISF does not
apply at this time to airfreight shipments.
• DETERMINE THE IMPORTANCE OF SUPPLY CHAIN VISIBILITY
o When CPT, CIP, CFR or CIF are used the Seller fulfills its obligation to deliver
when it hands the goods over to the carrier, not when the goods reach the place
of destination.