INCOTERMS 2010 Lecturer : Bui Thanh Trang‚ Ph.D INCOTERMS 2010 • • • • What are Incoterms? What is purpose of Incoterms? Scope of Incoterms? Structure of Incoterms? What are INCOTERMS? A set of rules for the interpretation of trade terms‚ in a contract of sale. ICC official rules for the interpretation of the trade terms INCOTERNS 1936 is first published by ICC‚ amendments and additions were made in 1953‚ 1967‚ 1976‚ 1980 ‚ 1990‚ 2000 and 2010. I. PURPOSE OF INCOTERMS
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New Incoterms 2010 – a summary of the principal changes to Incoterms 2000 Introduction On 1 January 2011‚ the ICC’s Incoterms 2010 come into force. These are the eighth revision of the Incoterm Rules‚ with the last revision dating back to 2000. The new Rules have been revised to take into account developments in international trade over the past ten years as the volume and complexity of global sales has increased‚ to address security issues arising in recent times and to provide for the ongoing
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Project‚ Assignment 7: This week: Content of the CISG‚ obligations of buyer and seller. NB! - Art 6 – “opting out” Check if the company did not exclude the CISG! Articles needed for the assignment: 1. Article 30 CISG: 3 Obligations of the Seller – deliver the goods (most important one)‚ hand over any documents relating to them‚ transfer the property to customer’s name. Where should it be delivered to? 2. Article 31 CISG: (where?) * As agreement in the contract; * Art. 31 b: certain
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Incoterms 2010 – ICC rules for the use of domestic and international trade terms The Incoterms rules are a series of pre-defined commercial terms published by the International Chamber of Commerce (ICC) widely used in international commercial transactions. The Incoterms rules are intended primarily to clearly communicate the tasks‚ costs and risks associated with the transportation and delivery of goods. The Incoterms rules are accepted by governments‚ legal authorities and practitioners worldwide
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Final Written Seminar A case study of CISG and WIPO By (Group 21) Jinaan Toaha (8904085068) Hongyu XUE We can examine the case scenario in terms of following breaches: * Minor breaches * Material breaches * Fundamental breaches Under the CISG‚ the remedies that are available to the aggrieved party are: 1. Damages 2. Specific Performance by the liable party 3. Price Reduction 4. Avoidance of contract Case Analysis Price: This aspect of the trading purchase
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premises or at another named place (i.e.‚ works‚ factory‚ warehouse‚ etc.). The seller does not need to load the goods on any collecting vehicle‚ nor does it need to clear the goods for export‚ where such clearance is applicable. Basic overview of Incoterms® 2010 FCA „Free Carrier“ means that the seller delivers the goods to the carrier or another person nominated by the buyer at the seller‘s premises or another named place. The parties are well advised to specify as clearly as possible the point within
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INCOTERMS USE FOR SHIPPING TERMS Incoterms rules are international trade terms promulgated by the International Chamber of Commerce (ICC). Though used primarily in international trade‚ they are seeing increasing use in domestic trade. When used‚ they should specify the specific shipping term‚ the location‚ Incoterms‚ and the edition. An example is “DAT Pier 82 Port of Philadelphia Incoterms® 2010.” Incoterms rules specify the point at which risk of loss occurs‚ but not‚ strictly speaking‚
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The first sentence of Article 4 CISG defines broadly the two main areas of law governed by the CISG‚ the “formation of the contract” and the “rights and obligations of the seller and the buyer”. The wording of the first sentence of Article 4 has been criticised as being too narrow‚ since it does not mention matters clearly covered by the Convention such as the interpretation of statements regulated in Article 8 or the modification of contracts mentioned in Article 29.9 At the same time‚ matters
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Main features of the Incoterms® 2010 rules 1 Two new Incoterms rules – DAT and DAP – have replaced the Incoterms 2000 rules DAF‚ DES‚ DEQ and DDU The number of Incoterms® rules has been reduced from 13 to 11. This has been achieved by substituting two new rules that may be used irrespective of the agreed mode of transport – DAT‚ Delivered at Terminal‚ and DAP‚ Delivered at Place – for the Incoterms® 2000 rules DAF‚ DES‚ DEQ and DDU. Under both new rules‚ delivery occurs at a named destination:
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INCOTERMS- AN INTRODUCTION The trade term is one of the most important terms to be negotiated in an export or import contract. The rules for interpreting trade terms are of primary importance in international sale of goods transactions. Trade terms are used to allocate the costs of freight and insurance‚ along with stating the time that the risk of loss passes to the purchaser. The rules of interpretation of trade terms also determines who is responsible for dealing with custom agents and the
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