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International Trade International Trade TermsTermsChapter TwoChapter Two2.1 Three sets of ruleslWarsaw-Oxford Rules 1932lRevised American Foreign Trade Definitions 1941lInternational Rules for the Interpretation of Trade Terms 20002Warsaw-Oxford Rules 1932lInitially in 1928-“Warsaw Rules,1928”22 provisions governing the rights and obligations of the parties to a sale of goods on CIF(Cost,Insurance and Freight)contract terms.lRevised in 1932-the“Warsaw-Oxford Rules 1932”21 provisions again mainly about CIF3Revised American Foreign Trade Definitions 1941lDefines 6 terms:Ex Point of OriginFOB(free on board)FAS(free along side)l6 variants of FOBFOB(named inland carrier at named inland point of departure)FOB(named inland carrier at named inland point of departure)Freight Prepaid to(named point of exportation)FOB(named inland carrier at named inland point of departure)Freight Allowed to(named point of exportation)FOB(named inland carrier at named inland point of exportation)FOB Vessel(named port of shipment)Incoterms FOB FOB(named inland point in country of importation)C&F(Cost and Freight)CIF(Cost,Insurance and Freight)Ex Dock(Named Port of Importation)4International Rules for the Interpretation of Trade Terms 2000(Incoterms 2000)l1936-first created by International Chamber of Commerce(ICC)lThe purposes of incoterms:To give the businessmen a set of international rules for the interpretation of the most commonly used trade termsTo clarify the obligations of the buyer and the sellerTo simplify the contract negotiations To save time and costlRevised in 1953、1967、1976、1980、1990、2000lIncoterms 2000 includes 13 terms under 4 groups52.2 Basics of Incoterms 20002.2.1 Scope of Governance lParties involved:concerning only 2 parties-seller&buyerlDocument applied:only to the contract of salelSpecific aspects governed:only settle matters concerning the delivery of tangibles goods sold Focusing only on the delivery of tangible goodsDelivery also indicating the transfer of obligations,cost and risk distribution between the parties62.2.1 Scope of Governance lObligationObligation-a legal duty to do something according to a certain agreement.universally accepted obligation,eg:lthe seller-provide goods in conformity with the contractlThe buyer-pay the price as stipulated in the contractother obligations:handle the customs clearance,carriage of goods,insurance72.2.1 Scope of Governance lCost local and overseas transportation and insurance costsgoods checking and inspection expenses,customs clearance charges loading and unloading charges of the goods at some particular transport points lTransfer of risk“Risk”refers to accidental damage to the goods.time:when does the risk pass from the sellers to the buyers?82.2.2 Categorization of Termsl13 terms into four categories E-termthe seller only makes the goods available to the buyer at the sellers own premises.F-terms the seller is called upon to deliver the goods to a carrier appointed by the buyer.C-terms the seller has to contract for carriage,but without assuming the risk of loss or damage to the goods or additional costs due to events occurring after shipment or dispatch.D-terms the seller has to bear all costs and risks needed to bring the goods to the place of destination.9Incoterms 2000Group E DepartureEXWEx Works(named place)工厂交货（指定地点）Group F Main Carriage unpaidFCAFree Carrier(named place)货交承运人（指定地点）FASFree Alongside Ship(named port of shipment)船边交货（指定装运港）FOBFree on Board(named port of shipment)船上交货（指定装运港）Group C Main Carriage paidCFRCost and Freight(named port of destination)成本加运费（指定目的港）CIFCost,Insurance and Freight(named port of destination)成本、保险费加运费（指定目的港）CPTCarriage Paid to(named place of destination)运费付至（指定目的地）CIPCarriage and Insurance Paid to(named place of destination)运费保险费付至（指定目的地）Group D ArrivalDAFDelivered at Frontier(named place)边境交货（指定地点）DESDelivered Ex Ship(named port of destination)目的港船上交货（指定目的港）DEQDelivered Ex Quay(named port of destination)目的港码头交货（指定目的港）DDUDelivered Duty Unpaid(named place of destination)未完税交货（指定目的地）DDPDelivered Duty Paid(named place of destination)完税后交货（指定目的地）10112.2.3 Brief of IncotermsThe“E”term(EXW)lSellers obligation min.lPlacing the goods at the disposal of the buyer at the agreed place usually his own premiseslIn practice,also including assisting the buyer in loading the goods on the buyers collecting vehicle without charging a loading fee lFor the buyer to get lower price,but too demanding for him,therefore only applied to buyers having offshore branches 12EXWlDelivery:at sellers premiseslTransfer of risks:goods at the disposal of the buyerlPackaging and loading:Usu.seller no obligation for export packaging and loading;lExport customs clearanceUsu.buyers responsibility,sometimes buyer do it for buyer,but bear no risks 13The“F”terms(FCA,FAS,FOB)lShipment contractlSeller delivers the goods for carriage as instructed by the buyerlbuyer pays freight and signs carriage contract with carrier and notify sellerlFAS&FOB only for sea or inland waterway transportation modelSellers obligation,cost and risk transfers to buyer after delivery of the goodslSeller exporting license and export customs clearancelBuyer importing license and import customs clearance14FCA Free Carrier(.Named place)lTransfer of risks goods at the disposal of the(1st)carrierlDelivery pointIf at sellers site,seller responsible for loading If anywhere else,seller responsible for delivering the goods to the point required,but not responsible for unloading or reloading15FAS Free Alongside Ship(named port of shipment)lDelivery point:at port of shipmentlTransfer of risk:goods put alongside the vesselIf vessel unable to enter the port due to force majeure,the seller is responsible for arranging and paying for the lighters to send the goods alongside the vessel offshore.(seller pays for lighter charges)16 Free on Board(named port of shipment)lDelivery point:at port of shipmentlTransfer of risks:goods pass over the ships rail lCost and obligation:the seller is paying for the necessary handling of goods until they are loaded onboard the vessel.lStrictly speaking,transfer of risks transfer of obligation and cost17The“C”terms（CFR,CIF,CPT,CIP）lShipment contractslSeller contract for carriage on usual terms at his own expense.lCFR&CIF only for sea or inland waterway transportation modelUnder CIF and CIP,seller also takes out insurance and insurance cost.18The“C”terms（CFR,CIF,CPT,CIP）lTwo“critical”points Port(place)of shipment to which the buyer takes over the risksPort(place)of destination to which the seller is bound to arrange and bear the costs of a contract of carriage Note:Exception of container transport:the container ship has no rail,delivery is fulfilled when the goods are handed over to the container carrier.19Cost and Freight(named port of destination)lShares every feature with FOB except for ocean freight chargelFreight at sellers cost Seller pay the normal transport cost for the carriage of the vessel by a usual route and in a customary manner to the agreed placeBuyer take the risk of loss or damage to the goods and additional costs resulting from events occurring after the delivery of the goodslObligation:sellers responsibilityfor booking shipping space and getter goods ready for shipment in due timeto notify to buyer about the delivery of goods(Shipping advice)so as to facilitate buyer to fulfill insurance procedures Note:notification is more important under CFR than under FOB and CIF20 Cost,Insurance and Freight(named port of destination)lOne step forward from CFRlInsurance born by seller Insurance for the buyerlThe seller pays for the insurance,but he does not take the risk of the cargo.Seller responsible for“min.coverage”lIf required by buyer and at buyers expense,additional coverage such as war,strike can be addedlSeller has no responsibility to guarantee the arrival of the goods at the destination.21CPT Carriage Paid to(named place of destination)lCPT is similar to CFRlDifferences:Mode of transportlCPT any mode lCFR Sea or Inland Waterway Delivery point l CPT inland place or port of shipmentl CFR port of shipment Transfer of risksl CPT goods delivered to carrier l CFR goods pass over ships rail22CIP Carriage and Insurance Paid to(named place of destination)lCIP is similar to CIFlDifferences:Mode of transportlCIP any mode lCIF sea or inland waterway Delivery point l CIP Inland place or port of shipment l CIF port of shipment Transfer of risksl CIP goods at the disposal of carrier l CIF goods passing ships railFreight and insurancelCIP whole journey freight and insurancelCIF voyage freight and insurance23The“D”terms（DAF,DES,DEQ,DDU,DDP）lArrival contracts seller bear all risks and costs in bringing the goods to the agreed place or point of destination at the border or within the country of import.lSellers responsibility max.lDES&DEQ only for sea or inland waterway transportation modelSeller responsible for both export and import customs clearance under DDP24DAF Delivered at Frontier(named place)lOnly suitable for trade between neighboring countries who have inland borders.lDelivery point:inland place at frontier cleared stipulated in the contract lTransfer of risks:goods at the disposal of the buyer at frontier 25DES Delivered ex Ship(named port of destination)lDES similar to CIFlDifferences:Place of deliveryl DES port of destination,CIF port of shipment Transfer of risksl DES goods at the disposal of buyer on board the vessel at the port of destinationl CIF goods pass over ships rail at the port of shipmentObligation and costlDES seller responsible for freight,insurance and any other costs until the goods arrive at the named port of destinationlCIF seller only responsible for normal freight and min.insurance 26DEQ Delivered ex Quay(named port of destination)lOne step forward from DESlDifference:Under DEQ,sellers must also unload the goods and place on the wharf(quay),so lTransfer of risks:DEQ goods at the disposal of buyer on the quay at the port destinationDES goods at the disposal of buyer on board the vessel at the port destinationlObligation and costDEQ seller responsible for unloading charges from the vessel to the quay DES no unloading is involved27lSimilar to CIPlDifferences:Place of deliveryl DDU inland place in the importing country l CIP inland place in the exporting country Transfer of risksl DDU goods at the disposal of buyer lCIP goods at the disposal of the carrier Obligation and costlDDU seller responsible for all costs and risks before the completion of delivery lCIP seller only responsible for normal freight and min.insurance DDU Delivered duty Unpaid(named place of destination)28lDDP sellers obligation max.:seller provides a“door-to-door”delivery and bears the entire risk of loss until the goods are placed in the buyers premises.lUnlike DDU,sellers must also responsible for import customs clearance and other payments of domestic duties in the importing countrylApplied unless the seller has the resources and capability to handle all the procedures.DDP Delivered Duty Paid(named place of destination)29Trade TermsPlace of DeliveryDivision of RisksEx.clearanceContract of Im.clearanceMode of transportcarriageinsuranceEXWSellers premisesGoods at the disposal of buyerBBBBAny modeFCAInland place or port of shipmentGoods at the disposal of carrierSBBBAny modeFASPort of shipmentGoods placed alongside the vesselSBBBSea or inland waterwayFOBPort of shipmentGoods pass the ships railSBBBSea or inland waterwayCFRPort of shipmentGoods pass the ships railSSBBSea or inland waterwayCIFPort of shipmentGoods pass the ships railSSSBSea or inland waterwayCPTInland place or port of shipmentGoods at the disposal of carrierSSBBAny modeCIPInland place or port of shipmentGoods at the disposal of carrierSSSBAny modeDAFInland point or place at the frontierGoods at the disposal of buyerSSSBAny modeDESPort of destinationGoods at the disposal of buyer on board the vesselSSSBSea or inland waterwayDEQPort of destinationGoods at the disposal of buyer on the quaySSSBSea or inland waterwayDDUInland place in the importing countryGoods at the disposal of buyerSSSBAny modeDDPInland place in the importing countryGoods at the disposal of buyerSSSSAny modeIntercoms 2000 Group Analysis30Variation lFOB Liner Terms(FOB班轮条件）lFOB Under Tackle(FOB吊钩下交货）lFOB Stowed&Trimmed(FOB理舱，平舱费在内）lCFR/CIF Liner Terms（班轮条件）lCFR/CIF Landed（卸至码头）lCFR/CIF Ex Tackle（吊钩下交接）lCFR/CIF Ex Ships Hold（舱底交接）Seller pays:LeastMostMostLeast31Important NoteThe variation of transport cost bearing DOES NOT change the nature of the term:the risk implication remains same all the time.322.3 Application issues2.3.1 Customs ClearanceReferring to both the payment of duty and the performance of any administrative mattersEXW-buyers for both import and export customs clearanceDDP-sellers for both import and export customs clearanceFor other terms,buyers for import customs clearance while sellers for export customs clearance 332.3 Application issues2.3.2 Quality ConfirmationSellers expense to cover checking operations:quality control during the production,measuring,weighing and counting a the time of deliveryBuyers necessity to inspect the goods before taking delivery,hence he must pay pre-shipment inspectionSeller pay any costs of inspections mandated by the local authorities which is normally part of customs clearance 342.3 Application issues2.3.3 Appropriation Referring to the act of setting apart something for particular usage,to the exclusion of all other uses.One of the conditions for realizing the transfer of risks from the seller to the buyer.Ways of appropriation varies,the common one is lto identify the goods by using the unique shipping marks provided by the buyer.352.3 Application issues2.3.4 Shipment Notice The party arranges shipment shall provide his counterpart with sufficient notice related to the transportation.Necessary information include:the name of the carrier,the mode of transport,the date or period for delivery,etc.Inability to provide sufficient and prompt shipment notice to the counterpart may lead to the failure of transfer or advanced transfer of risk.Notification is especially significant under CFR.362.3 Application issues2.3.5 Shipment Contract term vs.Arrival Contract termShipment contract term:lUnder which the delivery will happen at the time or before the time of shipment lseller not responsible for loss or risk of goods being carried after the time of shipment Arrival Contract term:lWhich specifies the seller to deliver at the time of arrival lseller responsible for all risks before the arrival of the goods carried 372.3 Application issues2.3.6 Symbolic delivery vs.Actual deliverySD:delivery completes when seller submits the shipping documents(eg.B/L)to buyerAD:delivery completes when seller physically delivers the goods to buyer 382.4 Choice of Trade TermslDetermined by the acceptance of cost,obligation and risklOther factors to consider:Exporting&importing possibilitiesPricing purposeTransport availability Ability of risk control39
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