2608164
Description
Mind Map by Emilie Schou, updated more than 1 year ago
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Created by Emilie Schou
about 9 years ago
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Standard trade terms
- I. Ex works
- S undertakes to have goods available for
collection by B at S's premises (factory,...)
- Commercial Fibres (Ireland) v Zabaida: likely that the contract
stipulates that S is to pack the goods for export at B's expense
- If parties have incorporated Ex Works INCOTERMS 2010, S is required
to provide 'at its own expense package the goods in the manner
appropriate for their transport, unless the buyer has notified S of
specific packaging requirements before contract of sale is concluded'
- Arrangements of cargo, insurance cover, obtaining export
licences and import licences have to be made by B
- S undertakes to have goods available for
collection by B at S's premises (factory,...)
- II. CIF contract (see
separate mindmap)
- III. C&F contracts
- S undertakes to contract for carriage of
goods but not insurance
- The Pantanasa: C&F contracts only differ from CIF
contracts in that S is not required to insure the goods for B
- S undertakes to contract for carriage of
goods but not insurance
- IV. FOB contracts (see
separate mindmap)
- Attempts to deal with cross-border
sale uncertainty issue
- CISG (see separate mindmap)
- INCOTERMS
- series of pre-defined commercial terms published by the
International Chamber of Commerce (ICC) widely used in
international commercial transactions
- They are a series of three-letter trade terms (FOB, CIF, FAS
...) related to common sales practices.
- INCOTERMS rules are intended primarily to reducing
uncertainty by setting out clearly the tasks, costs and risks
associated with the transportation and delivery of goods
- INCOTERMS >< UK trade terms
- series of pre-defined commercial terms published by the
International Chamber of Commerce (ICC) widely used in
international commercial transactions
- CISG (see separate mindmap)
- Documentary sales
- "… [T]he seller agrees to dispatch goods rather than deliver them at their
intended destination, and to procure for the benefit of the buyer the contract of
carriage and any other ancillary contracts that may be agreed, e.g. of marine
insurance, and make over to the buyer the contract documents or other
documents embodying the essential terms. Documentary sells involve as a
minimum the transfer to the buyer of documents of control over the goods -
typically a bill of lading or a warehouse warrant - to enable the buyer to sell or
pledge the goods while they are still in transit or in independent warehouse".
- Two key elements are, for the seller (in addition to
transferring property like in any normal sales):
- procure or help procure the contract for the carriage; and
- provide documents to the buyer for carriage and, as the case may be insurance
- procure or help procure the contract for the carriage; and
- Bill of lading
- Document signed by a carrier (a transporter of goods) and issued to a
consignor (the shipper of goods) that evidences the receipt of goods for
shipment to a specified designation and person
- 1) A receipt for delivery of goods
- The B/L acknowledges receipt of the goods by the
carrier. It “itemizes” the goods, and states that they
have been received in apparent good condition
- If the goods are not in good condition, then the carrier should say so
on the B/L, eg. “Some barrels leaking”, “packaging damaged” etc. In
that case, the B/L is said to be “claused” as opposed to “clean”.
- The B/L acknowledges receipt of the goods by the
carrier. It “itemizes” the goods, and states that they
have been received in apparent good condition
- 2) Contract of transport: It will contain the terms
of the contract for carriage, which normally be a
separate document.
- 3) Evidence of title over the goods
- Delivery by the carrier at the destination will be made against the
presentation by the buyer of the B/L. It proves that the buyer is the
right to person to whom the goods can be handed over
- In law the bearer or holder of the B/L will be deemed to be the owner of
the goods. The B/L is regarded, in law, as evidencing the rights of
ownership and possession over the goods, so that the holder may sell
the goods or pledge them during transport (that is, before delivery).
- Delivery by the carrier at the destination will be made against the
presentation by the buyer of the B/L. It proves that the buyer is the
right to person to whom the goods can be handed over
- Document signed by a carrier (a transporter of goods) and issued to a
consignor (the shipper of goods) that evidences the receipt of goods for
shipment to a specified designation and person
- Nature of documentary sales
- Two separate main obligations for the seller:
Delivery of Goods and Delivery of Documents
- The delivery of documents is entirely independent of the delivery of goods
- Two separate main obligations for the seller:
Delivery of Goods and Delivery of Documents
- What are the different types of transactions
that can be made under English law?
- Ex works: goods made available at the place of
the seller, no transport at all, no insurance (very
little responsibility on S)
- Delivered duty paid (DDP): Seller must pay for all of the costs related to
transporting the goods and is responsible in full for the goods until they have been
received and transferred to the buyer. This includes shipping, the duties and any
other expenses incurred while shipping the goods (very little responsibility on B)
- Ex works: goods made available at the place of
the seller, no transport at all, no insurance (very
little responsibility on S)
- "… [T]he seller agrees to dispatch goods rather than deliver them at their
intended destination, and to procure for the benefit of the buyer the contract of
carriage and any other ancillary contracts that may be agreed, e.g. of marine
insurance, and make over to the buyer the contract documents or other
documents embodying the essential terms. Documentary sells involve as a
minimum the transfer to the buyer of documents of control over the goods -
typically a bill of lading or a warehouse warrant - to enable the buyer to sell or
pledge the goods while they are still in transit or in independent warehouse".
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