INCOTERMS© in international trade When merchants conclude a contract for purchase and sale of goods, they are entitled to freely negotiate the special terms with regard to price, quantity, properties, etc., as well as carriage, risks and surrender of the goods. Businesses involved in exports, however, are frequently faced with different interpretations of identical formula and national commercial practices. To counteract the resulting imponderables, the parties to the contract can use what are
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INCOTERMS – 2010 Purpose, History and Definition Incoterms are generally accepted commercial terms defining the respective roles and responsibilities of the buyer and seller in arrangement of transportation and other obligations. These are also referred as Terms of Sale. These are standard trade definitions, most commonly used in international sales/purchase contracts and assisting buyers and sellers to understand each other’s expectations and responsibilities. These are devised, published and
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Question 1 Choice of relevant incoterms available to parties From the facts of the given case, it is apparent that the buyer, Bai Yun Incorporated, located in Beijing, China intends to iniatiate a sale of goods contract with the seller, Susie Seller located in Melbourne, Australia. Although neither party made any mention to the type of incoterm to be used, the buyer in this instance specifically requested that the terms of contract provide for main carriage to be arranged for and borne by the buyer
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“ИНКОТЕРМС-2010” “БҮХ ТӨРЛИЙН ТЭЭВЭРТ АШИГЛАГДДАГ НӨХЦЛҮҮД” I. EXW-Ex Works (named place) буюу EXW-үйлдвэрээс (нэрлэсэн газар ) Энэ нөхцлөөр худалдагч/экспортлогч/ үйлдвэрлэгч нь ачаа барааг худалдагчийн “нэрлэсэн газарт” худалдан авагчийн мэдэлд хүлээлгэн өгнө.Худалдагчийн нэрлэсэн газар нь худалдагчийн зөвшөөрсөн газар байх бөгөөд түүний агуулах, үйлдвэрийн газрын аль нэг байж болно. Тус нөхцлийг тээврийн бүх төрөлд болон холимог тээвэрт ашиглах бөгөөд голчлон дотоодын худалдаанд түлхүү ашигладаг
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SEARIDERS BROKERAGE CORPORATION Any Mode or Modes of Transport Sea and Inland Waterway Transport CIP Carriage & Ins. Paid To Who Pays INCOTERMS EXW Ex:Works Who Pays FCA Free Carrier Who Pays CPT Carriage paid To Who Pays DAT DAP DDP FAS Free Alongside Ship Who Pays FOB Free On Board Who Pays CFR Cost & Freight Who Pays CIF Cost Insurance & Freight Who Pays 2011 SERVICES Export Packing Marking/Labeling Block & Brace Export Documents License AES EE Freight
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RULES FOR ANY MODE OR MODES OF TRANSPORT EX WORKS EXW (insert named place of delivery) Incoterms 2010 GUIDANCE NOTE This rule may be used irrespective of the mode of transport selected and may also be used where more than one mode of transport is employed. It is suitable for domestic trade, while FCA is usually more appropriate for international trade. “Ex Works” means that the seller delivers when it places the goods at the disposal of the buyer at the seller’s premises or at another
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INCOTERMS – INternational COmmercial TERMS 2010 1. Introduction Incoterms are conditions of sale that define minimum rights and obligations for buyer and seller in terms of logistics costs and risks. They consider aspects as: * freight * insurance * customs clearance * handling in terminals * etc. .. Incoterms: * are expressed by three-letter acronym * must desirably be included in international sale contracts * have legal force if used correctly in sales contracts
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INCOTERMS® 2010 INCOTERMS AND THE EXPORTER International Commercial Terms, known as “Incoterms”, are internationally accepted terms defining the responsibilities of exporters and importers in the arrangement of shipments and the transfer of liability involved at various stages of the transaction. Incoterms do not cover ownership or the transfer of title of goods. It is crucial to agree on an Incoterm at the start of a negotiation/ quotation of a sale, as it will affect the costs and responsibilities
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INCOTERMS® 2010 INCOTERMS AND THE EXPORTER International Commercial Terms, known as “Incoterms”, are internationally accepted terms defining the responsibilities of exporters and importers in the arrangement of shipments and the transfer of liability involved at various stages of the transaction. Incoterms do not cover ownership or the transfer of title of goods. It is crucial to agree on an Incoterm at the start of a negotiation/ quotation of a sale, as it will affect the costs and responsibilities
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Overview on International Commercial Terms 1.1. Concept Incoterms are rules for interpretation of trade terms which clarify the distribution of functions, costs and risks relating to the transfer of goods from the seller to the buyer. 1.2. Evolution of Incoterms rules 1936, 1953, 1967, 1976, 1980, 1990, 2000, 2010 To reflect trade practice more precisely GV Nguyễn Thị Minh Hà 1 INTERNATIONAL COMMERCIAL TERMS 1.3. Content of Incoterms rules Seller’s obligations Buyer’s obligations
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