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seller is responsible for claiming loss at insurance company. If it is on buyer’s side, it is buyer’s duty to do
so.
The rail of ship at port of loading
Incoterms published by ICC is most authoritative, the standard explanation
Gives legal effect to Incoterms by Incorporating them in sales agreement
Should refer to the full effect of Incoterms 1990 or 2000, ICC Publication
Two important terms of sales agreement
★Seller’s undertaking to provide the goods to buyer
★Buyer’s undertaking to pay the price in return
Continued
★ Other contracts involved in the international trade
The Sales Agreement Sale agreement between buyer and seller
Contract or
Buyer
Agreement
Seller
All the other agreements and procedures commonly used in Int’l trade result from the performance of this
On deck of ship at port of discharge At the front of two countries etc.
Where is the place at which seller hands goods over to buyer?
Seller’s premises
connected with the contract ★ Trade term applicable to contract indicates
- the point where risk transfers from seller to buyer - the point where charges transfer from seller to
So, we need a point of place for risk transfer.
It may be;
Seller’s premises
Port of loading
This point is the boundary of duty. If goods are damaged on seller’s side,
Those not mentioned should be borne by buyer.
Let’s summarize.
The INCOTERMS makes stipulations on the followings:
1. The point of place at which charges transfer from seller to buyer.
They are concerning with delivery of goods from seller to buyer. INCOTERMS tells us about them.
INCOTERMS
same understanding of the contents
Three letters abbreviation simplifies negotiation process
- who bears the risk of loss or damage to goods?
Seller
or
Buyer
claim
Crash !
claim
Insurance company
Who should go to insurance company to claim for the damage?
Seller is in charge of delivering the goods
to the front of two countries
Seller’s delivery cost includes carrying goods to the front of the country, customs clearance in exporting country and insurance within exporting country,etc.
Buyer
How is the transportation cost shared between seller and buyer?
Seller is in charge of delivering the goods
On deck of ship at port of loading
Seller pays for loading truck, carriage fee to to port of loading, export clearance, harbor charges and loading goods onto ship.
buyer - the point where responsibility of organizing
transportation transfers from seller to buyer
★ The most common method of covering most of these terms is by Incorporating International commercial terms(INCOTERMS) or trade terms.
There are currently 13 Incoterms in use and they are categorised in four groups, designated by the first letter of the term (acronym), as follows:
★ Trade terms are the contract clauses that specify:
- who is responsible for organizing transport ?
Seller
Or
Buyer
carrier Only those with transporting vehicle could be named “carrier”
◆ a carriage contract with carrier to transport goods from seller’s country to buyer’s country
Buyer
Carrier to arrange shipment
Seller
Continued The buyer arranges payment through bank
Seller is in charge of delivering the goods
On deck of ship at port of discharge
Seller’s delivery cost includes transporting goods to importing country (excluding unloading cost), insurance concerned and customs clearance in exporting country,etc.
2. The point of place at which risk transfer from seller to buyer.
3. The point of place at which seller deliver goods to buyer and buyer organizes transportation for next part of journey.
◆ which court or arbitration system has jurisdiction to hear any claims in the event of a dispute
Law and Dispute ★ there is no international law of trade ★ Applying the law of the country most closely
Port of loading
the ship of port of loading
the ship of port of discharge
take up goods at take up goods at take up goods on
take up goods on etc.
Buyer Buyer Buyer
Buyer
The buyer arrange payment of foreign exchange through banking system to seller
Seller
Arrange payment through its
Pay to
Bank
Transfer money or foreign exchange to
Seller’s Bank
Form of export contract
★Contract of this kind is concluded on the basis of an informal exchange of message, e.g. - telephone conversation - fax - e-mail - letters, etc.
★Often, exporter sends importer a proforma invoice indicating details of the goods and unit prices before the conclusion
Contract of Sale
★ The buyer and seller must agree on the goods to be sold and the price to be paid and ◆ the time period for delivery ◆ the method of payment ◆ how the goods are to be delivered
- who is to insure the goods in transit ?
Seller
or
Buyer
Go to buy transport insurance at
Insurance company
Generally speaking, the party with lower insurance price would take over the work.
Seller is in charge of delivering the Seller pays for all the charges incurred in the delivery, including carriage fees within exporting country, harbor and customs clearance charges of both importing and exporting country, loading and unloading charges, insurance premium and carriage fees within buyer’s country, etc.
so.
The rail of ship at port of loading
Incoterms published by ICC is most authoritative, the standard explanation
Gives legal effect to Incoterms by Incorporating them in sales agreement
Should refer to the full effect of Incoterms 1990 or 2000, ICC Publication
Two important terms of sales agreement
★Seller’s undertaking to provide the goods to buyer
★Buyer’s undertaking to pay the price in return
Continued
★ Other contracts involved in the international trade
The Sales Agreement Sale agreement between buyer and seller
Contract or
Buyer
Agreement
Seller
All the other agreements and procedures commonly used in Int’l trade result from the performance of this
On deck of ship at port of discharge At the front of two countries etc.
Where is the place at which seller hands goods over to buyer?
Seller’s premises
connected with the contract ★ Trade term applicable to contract indicates
- the point where risk transfers from seller to buyer - the point where charges transfer from seller to
So, we need a point of place for risk transfer.
It may be;
Seller’s premises
Port of loading
This point is the boundary of duty. If goods are damaged on seller’s side,
Those not mentioned should be borne by buyer.
Let’s summarize.
The INCOTERMS makes stipulations on the followings:
1. The point of place at which charges transfer from seller to buyer.
They are concerning with delivery of goods from seller to buyer. INCOTERMS tells us about them.
INCOTERMS
same understanding of the contents
Three letters abbreviation simplifies negotiation process
- who bears the risk of loss or damage to goods?
Seller
or
Buyer
claim
Crash !
claim
Insurance company
Who should go to insurance company to claim for the damage?
Seller is in charge of delivering the goods
to the front of two countries
Seller’s delivery cost includes carrying goods to the front of the country, customs clearance in exporting country and insurance within exporting country,etc.
Buyer
How is the transportation cost shared between seller and buyer?
Seller is in charge of delivering the goods
On deck of ship at port of loading
Seller pays for loading truck, carriage fee to to port of loading, export clearance, harbor charges and loading goods onto ship.
buyer - the point where responsibility of organizing
transportation transfers from seller to buyer
★ The most common method of covering most of these terms is by Incorporating International commercial terms(INCOTERMS) or trade terms.
There are currently 13 Incoterms in use and they are categorised in four groups, designated by the first letter of the term (acronym), as follows:
★ Trade terms are the contract clauses that specify:
- who is responsible for organizing transport ?
Seller
Or
Buyer
carrier Only those with transporting vehicle could be named “carrier”
◆ a carriage contract with carrier to transport goods from seller’s country to buyer’s country
Buyer
Carrier to arrange shipment
Seller
Continued The buyer arranges payment through bank
Seller is in charge of delivering the goods
On deck of ship at port of discharge
Seller’s delivery cost includes transporting goods to importing country (excluding unloading cost), insurance concerned and customs clearance in exporting country,etc.
2. The point of place at which risk transfer from seller to buyer.
3. The point of place at which seller deliver goods to buyer and buyer organizes transportation for next part of journey.
◆ which court or arbitration system has jurisdiction to hear any claims in the event of a dispute
Law and Dispute ★ there is no international law of trade ★ Applying the law of the country most closely
Port of loading
the ship of port of loading
the ship of port of discharge
take up goods at take up goods at take up goods on
take up goods on etc.
Buyer Buyer Buyer
Buyer
The buyer arrange payment of foreign exchange through banking system to seller
Seller
Arrange payment through its
Pay to
Bank
Transfer money or foreign exchange to
Seller’s Bank
Form of export contract
★Contract of this kind is concluded on the basis of an informal exchange of message, e.g. - telephone conversation - fax - e-mail - letters, etc.
★Often, exporter sends importer a proforma invoice indicating details of the goods and unit prices before the conclusion
Contract of Sale
★ The buyer and seller must agree on the goods to be sold and the price to be paid and ◆ the time period for delivery ◆ the method of payment ◆ how the goods are to be delivered
- who is to insure the goods in transit ?
Seller
or
Buyer
Go to buy transport insurance at
Insurance company
Generally speaking, the party with lower insurance price would take over the work.
Seller is in charge of delivering the Seller pays for all the charges incurred in the delivery, including carriage fees within exporting country, harbor and customs clearance charges of both importing and exporting country, loading and unloading charges, insurance premium and carriage fees within buyer’s country, etc.