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,单击此处编辑母版文本样式,第二级,第三级,第四级,第五级,*,*,单击此处编辑母版标题样式,International Trade Terms,Chapter Two,1,2.1 Three sets of rules,Warsaw-Oxford Rules 1932,Revised American Foreign Trade Definitions 1941,International Rules for the Interpretation of Trade Terms 2000,2,Warsaw-Oxford Rules 1932,Initially 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.,Revised in 1932-the “,Warsaw-Oxford Rules 1932,”,21 provisions again mainly,about CIF,3,Revised American Foreign Trade Definitions 1941,Defines 6 terms:,Ex Point of Origin,FOB (free on board),FAS (free along side),6 variants of FOB,FOB (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),4,International Rules for the Interpretation of Trade Terms 2000,(Incoterms 2000),1936- first created by International Chamber of Commerce (ICC),The purposes of incoterms:,To give the businessmen a set of international rules for the interpretation of the most commonly used trade terms,To clarify the obligations of the buyer and the seller,To simplify the contract negotiations,To save time and cost,Revised in 1953、1967、1976、1980、1990、2000,Incoterms 2000 includes 13 terms under 4 groups,5,2.2 Basics of Incoterms 2000,2.2.1 Scope of Governance,Parties involved: concerning only 2 parties - seller & buyer,Document applied:,only to the,contract of sale,Specific aspects governed: only settle matters,concerning the,delivery of tangibles,goods sold,Focusing only on the delivery of,tangible goods,Delivery also indicating the transfer of,obligations, cost and risk distribution,between the parties,6,2.2.1 Scope of Governance,Obligation,Obligation - a legal duty to do something according to a certain agreement.,universally accepted obligation, eg:,the seller - provide goods in conformity with the contract,The buyer - pay the price as stipulated in the contract,other obligations: handle the customs clearance, carriage of goods, insurance,7,2.2.1 Scope of Governance,Cost,local and overseas transportation and insurance costs,goods checking and inspection expenses, customs clearance charges,loading and unloading charges of the goods at some particular transport points,Transfer of risk,“Risk” refers to accidental damage to the goods.,time: when does the risk pass from the sellers to the buyers?,8,2.2.2 Categorization of Terms,13 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.,9,Incoterms 2000,10,11,2.2.3 Brief of Incoterms,The “E” term (EXW),Sellers obligation min.,Placing the goods at the disposal of the buyer at the agreed place usually his own premises,In practice, also including assisting the buyer in loading the goods on the buyers collecting vehicle without charging a loading fee,For the buyer to get lower price, but too demanding for him, therefore only applied to buyers having offshore branches,12,EXW,Delivery: at sellers premises,Transfer of risks: goods at the disposal of the buyer,Packaging and loading:,Usu. seller no obligation for export packaging and loading;,Export customs clearance,Usu. buyers responsibility, sometimes buyer do it for buyer, but bear no risks,13,The “F” terms (FCA, FAS, FOB),Shipment contract,Seller delivers the goods for carriage as instructed by the buyer,buyer pays freight and signs carriage contract with carrier and notify seller,FAS & FOB only for sea or inland waterway transportation mode,Sellers obligation, cost and risk transfers to buyer after delivery of the goods,Seller exporting license and export customs clearance,Buyer importing license and import customs clearance,14,FCA,Free Carrier (. Named place),Transfer of risks,goods at the disposal of the (1,st,) carrier,Delivery point,If 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 reloading,15,FAS,Free Alongside Ship (named port of shipment),Delivery point: at port of shipment,Transfer of risk:,goods put alongside the vessel,If,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,FOB,Free on Board ( named port of shipment),Delivery point: at port of shipment,Transfer of risks: goods pass over the ships rail,Cost and obligation: the seller is paying for the necessary handling of goods until they are loaded onboard the vessel.,Strictly speaking, transfer of risks,transfer of obligation and cost,17,The “C” terms （CFR, CIF, CPT, CIP）,Shipment contracts,Seller contract for carriage on usual terms at his own expense.,CFR & CIF only for sea or inland waterway transportation mode,Under CIF and CIP, seller also takes out insurance and insurance cost.,18,The “C” terms （CFR, CIF, CPT, CIP）,Two “critical” points,Port (place) of shipment to which the buyer takes over the risks,Port (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.,19,CFR,Cost and Freight ( named port of destination),Shares every feature with FOB except for ocean freight charge,Freight 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,place,Buyer take the risk of loss or damage to the goods and additional costs resulting from events occurring after the delivery of the goods,Obligation: sellers responsibility,for booking shipping space and getter goods ready for shipment in due time,to 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 CIF,20,CIF,Cost, Insurance and Freight ( named port of destination),One step forward from CFR,Insurance born by seller,Insurance for the buyer,The seller pays for the insurance, but he does not take the risk of the cargo.,Seller responsible for “min. coverage”,If required by buyer and at buyers expense, additional coverage such as war, strike can be added,Seller has no responsibility to guarantee the arrival of the goods at the destination.,21,CPT,Carriage Paid to ( named place of destination),CPT is similar to CFR,Differences:,Mode of transport,CPT any mode,CFR Sea or Inland Waterway,Delivery point,CPT inland place or port of shipment,CFR port of shipment,Transfer of risks,CPT goods delivered to carrier,CFR goods pass over ships rail,22,CIP,Carriage and Insurance Paid to ( named place of destination),CIP is similar to CIF,Differences:,Mode of transport,CIP any mode,CIF sea or inland waterway,Delivery point,CIP Inland place or port of shipment,CIF port of shipment,Transfer of risks,CIP goods at the disposal of carrier,CIF goods passing ships rail,Freight and insurance,CIP whole journey freight and insurance,CIF voyage freight and insurance,23,The “D” terms,（DAF, DES, DEQ, DDU, DDP）,Arrival 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.,Sellers responsibility max.,DES & DEQ only for sea or inland waterway transportation mode,Seller responsible for both export and import customs clearance under DDP,24,DAF,Delivered at Frontier ( named place),Only suitable for trade between neighboring countries who have inland borders.,Delivery point: inland place at frontier cleared stipulated in the contract,Transfer of risks: goods at the disposal of the buyer at frontier,25,DES,Delivered ex Ship ( named port of destination),DES similar to CIF,Differences:,Place of delivery,DES port of destination, CIF port of shipment,Transfer of risks,DES goods at the disposal of buyer on board the vessel at the port of destination,CIF goods pass over ships rail at the port of shipment,Obligation and cost,DES seller responsible for freight, insurance and any other costs until the goods arrive at the named port of destination,CIF seller only responsible for normal freight and min. insurance,26,DEQ,Delivered ex Quay ( named port of destination),One step forward from DES,Difference: Under DEQ, sellers must also unload the goods and place on the wharf (quay), so,Transfer of risks:,DEQ goods at the disposal of buyer,on the quay,at the port destination,DES goods at the disposal of buyer,on board,the vessel at the port destination,Obligation and cost,DEQ seller responsible for,unloading,charges from the vessel to the quay,DES no unloading is involved,27,Similar to CIP,Differences:,Place of delivery,DDU inland place in the,importing,country,CIP inland place in the,exporting,country,Transfer of risks,DDU goods at the disposal of,buyer,CIP goods at the disposal of,the carrier,Obligation and cost,DDU seller responsible for,all costs and risks,before the completion of delivery,CIP seller only responsible for,normal,freight and min. insurance,DDU,Delivered duty Unpaid ( named place of destination),28,DDP 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.,Unlike DDU, sellers must also responsible for import customs clearance and other payments of domestic duties in the importing country,Applied unless the seller has the resources and capability to handle all the procedures.,DDP,Delivered Duty Paid ( named place of destination),29,Trade Terms,Place of Delivery,Division of Risks,Ex. clearance,Contract of,Im. clearance,Mode of transport,carriage,insurance,EXW,Sellers premises,Goods at the disposal of buyer,B,B,B,B,Any mode,FCA,Inland place or port of shipment,Goods at the disposal of carrier,S,B,B,B,Any mode,FAS,Port of shipment,Goods placed alongside the vessel,S,B,B,B,Sea or inland waterway,FOB,Port of shipment,Goods pass the ships rail,S,B,B,B,Sea or inland waterway,CFR,Port of shipment,Goods pass the ships rail,S,S,B,B,Sea or inland waterway,CIF,Port of shipment,Goods pass the ships rail,S,S,S,B,Sea or inland waterway,CPT,Inland place or port of shipment,Goods at the disposal of carrier,S,S,B,B,Any mode,CIP,Inland place or port of shipment,Goods at the disposal of carrier,S,S,S,B,Any mode,DAF,Inland point or place at the frontier,Goods at the disposal of buyer,S,S,S,B,Any mode,DES,Port of destination,Goods at the disposal of buyer on board the vessel,S,S,S,B,Sea or inland waterway,DEQ,Port of destination,Goods at the disposal of buyer on the quay,S,S,S,B,Sea or inland waterway,DDU,Inland place in the importing country,Goods at the disposal of buyer,S,S,S,B,Any mode,DDP,Inland place in the importing country,Goods at the disposal of buyer,S,S,S,S,Any mode,Intercoms 2000 Group Analysis,30,Variation,FOB Liner Terms,(FOB班轮条件）,FOB Under Tackle,(FOB吊钩下交货）,FOB Stowed & Trimmed,(FOB理舱，平舱费在内）,CFR/CIF Liner Terms,（班轮条件）,CFR/CIF Landed,（卸至码头）,CFR/CIF Ex Tackle,（吊钩下交接）,CFR/CIF Ex Ships Hold,（舱底交接）,Seller pays:,Least,Most,Most,Least,31,Important Note,The variation of transport cost bearing,DOES NOT,change the nature of the term: the risk implication remains same all the time.,32,2.3 Application issues,2.3.1 Customs Clearance,Referring to both the payment of duty and the performance of any administrative matters,EXW - buyers for both import and export customs clearance,DDP - sellers for both import and export customs clearance,For other terms, buyers for import customs clearance while sellers for export customs clearance,33,2.3 Application issues,2.3.2 Quality Confirmation,Sellers expense to cover checking operations: quality control during the production, measuring, weighing and counting a the time of delivery,Buyers necessity to inspect the goods before taking delivery, hence he must pay pre-shipment inspection,Seller pay any costs of inspections mandated by the local authorities which is normally part of customs clearance,34,2.3 Application issues,2.3.3 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,to identify the goods by using the unique shipping marks provided by the buyer.,35,2.3 Application issues,2.3.4 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.,36,2.3 Application issues,2.3.5 Shipment Contract term vs. Arrival Contract term,Shipment contract term:,Under which the delivery will happen at the time or before the time of shipment,seller not responsible for loss or risk of goods being carried after,the time of shipment,Arrival Contract term,:,Which specifies the seller to deliver at the time of arrival,seller responsible for all risks before the arrival of the goods carried,37,2.3 Application issues,2.3.6 Symbolic delivery vs. Actual delivery,SD: delivery completes when seller submits the shipping documents (eg. B/L) to buyer,AD: delivery completes when seller physically delivers the goods to buyer,38,2.4 Choice of Trade Terms,Determined by the acceptance of cost, obligation and risk,Other factors to consider:,Exporting & importing possibilities,Pricing purpose,Transport availability,Ability of risk control,39,
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