...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...
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...SALES CONTRACT Whole Doc. No： Date： For Account of： Indent No： This contract is made by and between the Sellers and the Buyers；Whereby the Sellers agree to sell and the buyers agree to buy the undermentioned goods according to the terms and conditions stipulated below and overleaf： （1） Names of commodity （ies） and specification（s） （2） Quantity （3） Unit price （4） Amount TOTAL：__________% more or less allowed （5） Packing： （6） Port of Loading： （7） Port of Destination： （8） Shipping Marks： （9） Time of Shipment： Within ____________________days after receipt of L/C， allowing transhipment and partial shipment. （10） Terms of Payment： By 100% Confirmed， Irrevocable and Sight Letter of Credit to remain valid for negotiation in China until the 15th day after shipment. （11） Insurance： Covers all risks and warrisks only as per the Clauses of the People's Insurance Company of China for 110% of the invoice value. To be effected by the Buyer. （12） The Buyer shall establish the covering Letter of Credit before _________； failing which， the Seller reserves the right to rescind this Sales Contract without further notice， or to accept whole or any part of this Sales Contract， non-fulfilled by the Buyer， of to lodge claim for direct losses sustained， if any （13） Documents： The Sellers shall present to the negotiating bank，Clean On Board Bill of Lading， Invoice， Quality Certificate issued by the China Commodity Inspection Bureau or...
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...final destination. The seller does not load the goods on collecting vehicles and does not clear them for export. If the seller does load the goods, he does so at buyer's risk and cost. If parties wish seller to be responsible for the loading of the goods on departure and to bear the risk and all costs of such loading, this must be made clear by adding explicit wording to this effect in the contract of sale. The buyer arranges the pickup of the freight from the supplier's designated ship site, owns the in-transit freight, and is responsible for clearing the goods through Customs. The buyer is responsible for completing all the export documentation. Cost of goods sold transfers from the seller to the buyer. FCA - Free Carrier (named place of delivery)[edit] The seller to deliver goods to a named airport, terminal, or other place where the carrier operates. Costs for transportation and risk of loss transfer to the buyer after delivery to the carrier. When used in trade terms, the word "free" means the seller has an obligation to deliver goods to a named place for transfer to a carrier. Contracts involving international transportation often contain abbreviated trade terms that describe matters such as the time and place of delivery and payment, when the risk of loss shifts from the seller to the buyer, and who pays the costs of freight and...
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...Republic of the Philippines PROVINCE OF BUKIDNON Capitol Compound, Malaybalay City General Conditions of the Contract PEEDMO-BPH & PEEDMO-PHS (Val) 1. Definitions 1.1 In this Contract, the following terms shall be interrupted indicated: a) “The Contract “ means the agreement entered into between the PROCURING ENTITY and the Supplier, as recorded in the Contract Form signed by the parties, including all attachments and appendices thereto and all documents incorporated by reference therein. b) “The Contract Price” means the price payable to the Supplier under the Contract for the full and proper performance of its contractual obligations. c) “The GOODS” means all of the supplies, equipment, machinery, spare parts, other materials and or ground support services which the Supplier is required to supply to the PROCURING ENTITY under the Contract. d) “The Services” means those services ancillary to the supply of the GOODS, such as transportation and insurance, and any other incidental services, such as installation, commissioning, provision of technical assistance, training, and other such obligations of the Supplier covered under the Contract. e) “GCC” means the General Conditions of Contract. f) “SCC” means the Special Conditions of Contract. g) “The PROCURING ENTITY” means the organization purchasing the GOODS, as named in the SCC. h) “The PROCURING ENTITY’S country” is the Philippines. ...
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...basic items about the process of the negotiation and the results of the contract from the point of view of the writer. It is usually divided into several paragraphs. Paragraph one: pre-negotiation strategy prepared by each group. Goals: high priority items, bottom line and trading cards. Balance of power and the strategy used during the negotiation. Paragraph two: the order of discussion of the items. It is about what occurred during the negotiations, whether it followed your strategy and how successful it was. Paragraph three: the main points of the contract. Conclusion It is about what the writer thinks about the facts and how she interprets them Recommendation (if any): Recommendations are practical suggestions to deal with the situation and ideas for making sure contracts in the future are carried out more successfully. Long-range sporting Goods, Inc. of Elizabeth, New Yersey, has contacted Allsport Distributors as a possible agent for their golf clubs and bags in China. Long-range Sporting Goods: mid-to-luxury range of golf clubs, emphasis on up-market segment, quality, interested in penetrating your country’s market, rapid success in the US by sponsoring young golf pros sales moved from $10 million last year, unwilling to risk expansion at any price. Allsport Distributors: medium-size distributor of US sports equipment, do not distribute any major brands, 3-year contract with Tiger Sharks and Hurricane will expire at the end of this year,...
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...Fraud Order - 352152 This essay/coursework/dissertation was stolen from UK Essays, call 0115 966 7955 to speak to a Fraud Officer now for more details. We have made it available for use as a study resource. International Trade Law 1. The selection of an alternative dispute resolution mechanism is particularly pertinent in international trade cases because the parties are, by definition, domiciled in different nation states (Chuah, 2009). Since an agreement must therefore be reached on choice of law issues, it is common for parties to consider stepping outside standard litigation processes altogether and instead stipulating for arbitration to take place (Neipert, 2002). Arbitration offers several advantages over litigation. Typically, it is less expensive than litigation, since fewer legal professionals are required. It is also perceived to lead to a speedier resolution of disputes due to decreased formality, the removal of the need to schedule around the timetable of the formal court system, and, typically, the absence of a right of appeal (Schmitthoff, 2007). Arbitration allows the parties to control a number of variables in the dispute resolution process through prior agreement (Mustill & Boyd, 2008). These include the choice of an arbitrator with specialist knowledge of the relevant area, the scope of the arbitration, the location of arbitration and the choice of law. In addition, arbitration is a private rather than public procedure and therefore will not be subject...
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...INTERNATIONAL SUPPLY AGREEMENT Preamble This SUPPLY AGREEMENT (herein after the “Contract”) is entered into as of April 30, 2009, by and between the undersigned: BradiagaKrills Ltd ( hereinafter “ the Seller” or “Bradiaga”), a company organized under the laws of the Russian Federation, whose head office is located at ……………, Murmansk, Russian Federation, represented by Mr. ABC, acting as Chairman of Bradiaga. ON THE ONE HAND And: Blizzard Ltd (herein after “the Buyer” or “Blizzard”), a company organized under the laws of the United Kingdom, whose head office is located at ………………., Aberdeen, U.K, represented byMr XYZ, acting as Chairman of Blizzard. ON THE OTHER HAND Each of the the Seller and the Buyer is referred to herein individually as a “Party” and collectively as the “Parties”. Recitals WHEREAS the Seller is a major fishing company operating in the Antarctic sea who has expertise in manufacturing frozen seafood; WHEREAS the Buyer is the main European supplier of sea products to the pharmaceutical and cosmetic industry; WHEREAS the Seller wishes to sell the Products in European countries via a Highly Qualified Distributor with a large European network; WHEREAS the Buyer has been selected by the Seller and desires the Seller to manufacture and supply the Buyer with the freeze-dried krills (hereinafter “the Products”) and the Seller agrees to manufacture and supply such products under the terms and conditions herein. Agreement NOW...
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...Economics 2013-01-01 The RIAI Standard Form of Contract 2012 Edition: a Review Tony Cunningham Dublin Institute of Technology, tony.cunningham@dit.ie Follow this and additional works at: http://arrow.dit.ie/beschreoth Part of the Construction Law Commons, Contracts Commons, and the Real Estate Commons Recommended Citation Cunningham, Tony, "The RIAI Standard Form of Contract 2012 Edition: a Review" (2013). Other Resources. Paper 6. http://arrow.dit.ie/beschreoth/6 This Review is brought to you for free and open access by the School of Real Estate and Construction Economics at ARROW@DIT. It has been accepted for inclusion in Other Resources by an authorized administrator of ARROW@DIT. For more information, please contact yvonne.desmond@dit.ie, arrow.admin@dit.ie. This work is licensed under a Creative Commons AttributionNoncommercial-Share Alike 3.0 License THE RIAI STANDARD FORM OF CONTRACT - 2012 EDITION: A REVIEW Tony Cunningham Dublin Institute of Technology School of Real Estate and Construction Economics Introduction The RIAI „yellow‟ and „blue‟ Forms of Contracts have been recently amended and published as the 2012 edition. The yellow form where quantities form part of the contract is identical to the 2011 edition and has been republished as the 2012 edition. The 2011 version superseded the 2002 version. This paper reviews and synopsises the provisions of the 2012 RIAI „yellow‟ form of contract and identifies the changes to the 2002 edition. The...
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...INTERNATIONAL BUSINESS TRANSACTIONS OUTLINE – WINTER 2005 - SPANOGLE The book is designed around three types of transactions: 1) Sale of goods across borders; 2) Transfer of technology; a. Licensing production abroad; b. Franchising. 3) Direct Foreign Investment. There are two parts to making these deals: 1) Deal-making aspect; a. Allocating risks; 2) Government regulation Decisions and Risks in Trade – Analyze for each Problem! • The language in which the contract is executed. o They speak German- the purchase order is German; o Battle of the Forms (CISG) with another language, you have problem 4.1. (like the Chicken Frigalamenti case). o Even if the transaction is in English, there may still be communication difficulties. • Currency o How are they going to pay you, in Euros or in dollars? It’s important because the exchange rate changes, you may prefer to be paid in Euros rather than dollars because right now the dollar is doing badly. o What if the purchase order is from Laos instead of Germany? If you don’t know the name of the Laotian currency, you probably don’t want it. There are lots of currency problems that go beyond exchange. • Shipping – Import Regulations/Export Regulations handled by customs brokers. o German Customs o Import Duties; o Tariffs. o You might need a shipping broker. o Can’t bribe, “grease the wheels” due to the Foreign Corrupt Practices...
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... BONGANI FANA SURNAME: KHUMALO ID. NO: 31EMB 13510 PROGRAM: MBA, EVENING COURSE: BUSINESS LAW LECTURER: MR. MTAMBO INTAKE: 31, MBABANE QUESTION: What are the rules governing the passing of ownership and risk under the Roman Dutch Law? Do they differ from the rules under English law? CHAPTER ONE Introduction: Ownership does not, as in English law, pass on account of a mere agreement between the parties. Delivery of the goods is required. South African law adheres to the “abstract system” of passing ownership whereby the mere intention of the parties to transfer and accept ownership is sufficient, independent of the existence or non-existence of a valid underlying causa. Ownership will pass even if an underlying causa (like a contract of sale) is lacking, putative or invalid. Among the essential requirements of ownership, in which we are specifically interested include the conditions that (i) the delivery must be made by the owner of the goods, or by an agent of his/her who is expressly or by implication authorized to alienate them. This rule follows from two complimentary principles: (a) that which belongs to a person cannot be transferred without his own act – “id quod nostrum est, sine facto nostro ad alium transferri non potest,” (b) no-one can transfer to another a greater right than he himself has – “nemo plus juris ad alium transferre potest ipse harberet.” (ii) The transferor must have the intention of passing the ownership of the thing, and not merely of some...
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...CounterTrade University of Phoenix MGT 448 April 17, 2011 Since the beginning of civilization, trade has existed. For thousands of years, nations have traded silk, spices, precious metals as well as animals. As centuries pass, trade between nations has advanced in terms of products. Today, nations deal in trading countless types of products including electronics, liquor, and military equipment. One type of trading among nations is known as countertrade. Countertrade is an association between two parties in which goods and/or services are traded for goods and/or services as an alternative to money. These parties can be between companies as well as countries. For example, a large company in Europe can trade a local product as a form of payment to another company in the United States for a particular American product. If a nation’s currency is not exchangeable or no good overseas, they may offer a commodity or other product in place of cash (Gonzales, 2011). One of the most familiar events involving countertrade was between global soft drink giant, Pepsi and the former U.S.S.R. who had limited access to foreign currency due to its communist ideology. In 1972, Stolichnaya Vodka was used as payment to Pepsi by the Soviet nation for shipping syrup to the U.S.S.R. Pepsi became the first foreign product sold in the U.S.S.R. Because of this incident, Pepsi now has the marketing rights of all Stolichnaya Vodka in the United States (West, 1996). There are...
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...exporter makes a contract of the sale or purchasing goods with people in other country and delivers the goods to other country, many factors will be considered into international commerce by an Australian importer or exporter. This paper identified six factors to illustrate what should be taken into account. * Goods described carefully in the contract of sale so that in the case of breach of contract the remedies are clear and the contract of sale makes it clear when and where the risk will pass to the buyer For example, in a case, Bowden Bros which was the plaintiff and appellant, operated business in Queensland and Japan and had an office branch in Sydney. Robert and Co was the defendant and respondent, operating business in Sydney. Under a contract of sale based on the CIF term to Sydney, Robert Little achieved an agreement to buy 450t of Japanese onions from Bowden Bros. The buyer found that the onions were unmerchantable when are shipped to Sydney and refused to accept and pay for them (Mo 2013). The seller sued the buyer for the unpaid price of the contract. The buyer argued that delivering the onions in Sydney was the sellers’ obligation under the contract. The seller argued that the contract was intended to delivering the goods at Kobe, Japan and marine risks should be responsible for the condition of the onions, not because of the seller’s breach of the implied term regard to merchantability under the relevant sale of goods legislation. Under the CIF term, the risk...
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...Costing An approach to the costing and monitoring of activities that involves tracing resource consumption and costing final outputs. (Source: Accounting for Non Accounting Students 4th Edition J.R Dyson, Pitman Publishing) ABC Management Application of Pareto’s Law of the 80/20 rule: ABC classifications are determined in ascending rank order of all products according to the product classification as a percentage of the total purchasing spend. Ranking can also be by volume, value, weight etc. ACH – Automatic Clearing House Electronic method of making routine payments, replacing traditional cheques. (Source: www.cips.org) Acquisition Often interchangeably with Purchasing. Acquisition involves all the processes from confirming the contract/order to the payment of the invoice. Act of God An extraordinary circumstance which could not have been foreseen and which could not have been guarded against....
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...1 CHAPTER 1: INTRODUCTION CONTRACT OF SALE – One of the contracting parties obligates himself to transfer the ownership of and to deliver a determinate thing, and the other to pay therefor a price certain money or its equivalent. A contract of sale may be absolute or conditional. SALES 1. Contract of sale (absolute) • real obligation – obligation to give • remedies available: a. specific performance b. rescission c. damages 2. Contract to sell (conditional) • personal obligation – obligation to do • remedies available: a. resolution b. damages ESSENTIAL REQUISITES OF A CONTRACT OF SALE 1. consent 2. subject matter 3. price CHARACTERISTICS OF CONTRACT OF SALE: 1. Nominate - law gave it a name 2. Principal - can stand on its own; unlike accessory contract 3. Bilateral - imposes obligation on both parties a. obligation of seller – transfer ownership & deliver b. obligation of buyer – pay for price Consequence: power to rescind is implied in bilateral contracts 4. Onerous – with valuable consideration • Consequence: all doubts in construing contract to be resolved in greater reciprocity of interest 5. Commutative – equal value is exchanged for equal value • Test: subjective – as long as parties in all honesty that he is receiving equal value then it complies with test & would not be deemed a donation; but must not be absurd. • Inadequacy of price or aleatory character not sufficient ground to cancel contract of sale; inadequacy can show...
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...Contract of Sale. By the contract of sale one of the contracting parties obligates himself to transfer the ownership of and to deliver a determinate thing and the other to pay therefore a price certain in money or its equivalent. |Contract of Sale |Contract to Sell | |Title over the property passes to the buyer upon delivery unless |Ownership is retained by the seller whether or not there is | |there is a contrary agreement |delivery. Ownership passes to the buyer only upon full payment of| | |the price | |Non-payment of the purchase price is a negative resolutory |The payment in full is a positive suspensive condition, meaning, | |condition, meaning the sale becomes ineffective upon the |if the purchase price is not paid, the obligation to deliver and | |happening of such condition |to transfer ownership on the part of the seller does not become | | |effective | |After delivery of the objective, the seller loses ownership over |Whether there is delivery or not, the seller retains the | |it. Unless, the contract is set aside, he cannot recover...
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