Contents.docx

Contents.docx

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Contents

Contents

1.Introduction3

2.InternationalTradeTerms4

2.1Threesetsofrules4

2.2Defines6terms:

4

2.3InternationalRulesfortheInterpretationofTradeTerms2000（Incoterms2000）5

3.termsintofourcategories6

3.1Intercoms20006

3.2BriefofIncoterms8

3.2.1The“E”term（EXW）8

3.2.2The“F”terms（FCA,FAS,FOB）8

3.2.3The“C”terms（CFR,CIF,CPT,CIP）9

3.2.4The“D”terms（DAF,DES,DEQ,DDU,DDP）11

4.Threeofthemostpopularininternationaltradeoftradeterms14

4.1FOB14

4.2CIF15

4.3CFR16

5.ThreeCommonUsedTradeTerms18

5.1FCA18

5.2CPT19

5.3CIP19

Conclusion21

References22

Abstract

IntheforeigntradeinEnglish，somecommonlyusedthe"price"ofthephrase.Foreigntradealsooccursbecauseacountryoftendoesnothaveenoughofaparticularitemtomeetitsneeds.

Intoday’seconomicworld,neitherindividualsnornationsareself-sufficient.Nationshaveutilizeddifferenteconomicresourceswhilepeoplehavedevelopeddifferentskills.Thisisthefoundationofworldtradeandeconomicactivity.

Tradetermsstandforspecificobligationsofthebuyerandtheseller.Everycommercialtransactionisbaseduponasalescontract,andthetradetermsusedinthecontracthavetheimportantfunctionofnamingtheexactpointatwhichtheownershipofthemerchandiseistransferredfromthesellertothebuyer.Thesellerorthebuyershallhandleaseriesofcomplicatedformalities,whichincludecarryingoutcustomsformalitiesforthegoods,obtainingtheimportorexportlicense,charteringashiporbookingshippingspace,makinginsurance,askingforinspection,etc.andpayallkindsofchargesandexpenses,suchasfreight,loadingandunloadingexpenses,insurancepremium,warehousecharges,dutiesandtaxes,andothermiscellaneousexpenses.ThebuyershouldnotethatundertheCIPterm,thesellerisrequiredtoobtaininsuranceonlyonminimumcover.Shouldthebuyerwishtohavetheprotectionofgreatercover,hewouldneedeithertoagreeassuchexpresslywiththesellerortomakehisownextrainsurancearrangements.

Keywords:

foreigntrade,individuals,ownership,insurance

1.Introduction

Ininternationaltrade,pricetermliesatthecoreofthetermsandconditionsofacontractandoftenresultsinsomeofthekeyproblemsforwhichanexporterandanimporterhavetostrive.what`smore,sendinggoodsfromonecountrytoanother,aspartofacommercialtransaction,canbeariskybusiness.Iftheyarelostordamaged,orifdeliverydoesnottakeplaceforsomeotherreasons,theclimateofconfidencebetweenthepartiesmaygegeneratetothepointwherealawsuitisbrought.Thus,thepricingproblemanexporterandanimporterdealwithisfarmorecomplicatedthanthatindomestictrade.Besidesthecostcoveredinthecalculationofexportprice,thepricequotationinexporttradeshouldalsoindicatewhichpartyistobeartheexpensesoffreightage,insuranceandotherrelevantcharges,andwhichpartyistobeartherisksincaseofthegoodsbeingdamaged.Inordertocompletetheirdealssuccessful,thesellersandthebuyersininternationalcontractshadbetter,attheverybeginningofthedeal,makecleartoeachothertheirrespectiveobligationsandfindthefullexpressionofthoseinthepriceterms

2.InternationalTradeTerms

2.1Threesetsofrules

Warsaw-OxfordRules1932

RevisedAmericanForeignTradeDefinitions1941

InternationalRulesfortheInterpretationofTradeTerms2000

Warsaw-OxfordRules1932

Initiallyin1928---“WarsawRules,1928”

22provisionsgoverningtherightsandobligationsofthepartiestoasaleofgoodsonCIF（Cost,InsuranceandFreight）contractterms.

Revisedin1932---the“Warsaw-OxfordRules1932”

provisionsagainmainlyaboutCIF

RevisedAmericanForeignTradeDefinitions1941

2.2Defines6terms:

ExPointofOrigin

FOB（freeonboard）

FAS（freealongside）

6variantsofFOB

FOB（namedinlandcarrieratnamedinlandpointofdeparture）

FOB（namedinlandcarrieratnamedinlandpointofdeparture）FreightPrepaidto（namedpointofexportation）

FOB（namedinlandcarrieratnamedinlandpointofdeparture）FreightAllowedto（namedpointofexportation）

FOB（namedinlandcarrieratnamedinlandpointofexportation）

FOBVessel（namedportofshipment）≈Incoterms’FOB

FOB（namedinlandpointincountryofimportation）

2.3InternationalRulesfortheInterpretationofTradeTerms2000（Incoterms2000）

1936---firstcreatedbyInternationalChamberofCommerce（ICC）

Thepurposesofincoterms:

Togivethebusinessmenasetofinternationalrulesfortheinterpretationofthemostcommonlyusedtradeterms

Toclarifytheobligationsofthebuyerandtheseller

Tosimplifythecontractnegotiations

Tosavetimeandcost

Revisedin1953、1967、1976、1980、1990、2000

BasicsofIncoterms2000

3.termsintofourcategories

"E"-term—theselleronlymakesthegoodsavailabletothebuyerattheseller'sownpremises.

"F"-terms—theselleriscalledupontodeliverthegoodstoacarrierappointedbythebuyer.

"C"-terms—thesellerhastocontractforcarriage,butwithoutassumingtheriskoflossordamagetothegoodsoradditionalcostsduetoeventsoccurringaftershipmentordispatch.

"D"-terms—thesellerhastobearallcostsandrisksneededtobringthegoodstotheplaceofdestination.

3.1Intercoms2000GroupAnalysis:

TradeTerms

PlaceofDelivery

DivisionofRisks

Ex.clearance

carriage

insurance

Im.clearance

Modeoftransport

EXW

Seller’spremises

Goodsatthedisposalofbuyer

B

B

B

B

Anymode

FCA

Inlandplaceorportofshipment

Goodsatthedisposalofcarrier

S

B

B

B

Anymode

FAS

Portofshipment

Goodsplacedalongsidethevessel

S

B

B

B

Seaorinlandwaterway

FOB

Portofshipment

Goodspasstheship’srail

S

B

B

B

Seaorinlandwaterway

CFR

Portofshipment

Goodspasstheship’srail

S

S

B

B

Seaorinlandwaterway

CIF

Portofshipment

Goodspasstheship’srail

S

S

S

B

Seaorinlandwaterway

CPT

Inlandplaceorportofshipment

Goodsatthedisposalofcarrier

S

S

S

B

Anymode

CIP

Inlandplaceorportofshipment

Goodsatthedisposalofcarrier

S

S

S

B

Anymode

DAF

Inlandplaceorportofshipment

Goodsatthedisposalofbuyer

S

S

S

B

Anymode

DES

Portofdestination

Goodsatthedisposalofbuyeronboardthevessel

S

S

S

B

Seaorinlandwaterway

DEQ

Portofdestination

Goodsatthedisposalofbuyeronthequay

S

S

S

B

Seaorinlandwaterway

DDU

Inlandplaceintheimportingcountry

Goodsatthedisposalofbuyer

S

S

S

B

Anymode

DDP

Inlandplaceintheimportingcountry

Goodsatthedisposalofbuyer

S

S

S

S

Anymode

3.2BriefofIncoterms

3.2.1The“E”term（EXW）

Seller’sobligationmin.

Placingthegoodsatthedisposalofthebuyerattheagreedplace–usuallyhisownpremises

Inpractice,alsoincludingassistingthebuyerinloadingthegoodsonthebuyer’scollectingvehiclewithoutchargingaloadingfee

Forthebuyertogetlowerprice,buttoodemandingforhim,thereforeonlyappliedtobuyershavingoffshorebranches

EXW:

Delivery:

atseller’spremises

Transferofrisks:

goodsatthedisposalofthebuyer

Packagingandloading:

Usu.sellernoobligationforexportpackagingandloading;

Exportcustomsclearance:

Usu.buyer’sresponsibility,sometimesbuyerdoitforbuyer,butbearnorisks

3.2.2The“F”terms（FCA,FAS,FOB）

Shipmentcontract:

Sellerdeliversthegoodsforcarriageasinstructedbythebuyer;buyerpaysfreightandsignscarriagecontractwithcarrierandnotifyseller

FAS&FOBonlyforseaorinlandwaterwaytransportationmode

Seller’sobligation,costandrisktransferstobuyerafterdeliveryofthegoods;Seller–exportinglicenseandexportcustomsclearance

Buyer–importinglicenseandimportcustomsclearance

FCAFreeCarrier（….Namedplace）

Transferofrisks:

goodsatthedisposalofthe（1st）carrier

Deliverypoint:

Ifatseller’ssite,sellerresponsibleforloading

Ifanywhereelse,sellerresponsiblefordeliveringthegoodstothepointrequired,butnotresponsibleforunloadingorreloading

FASFreeAlongsideShip（…namedportofshipment）

Deliverypoint:

atportofshipment

Transferofrisk:

goodsputalongsidethevessel

Ifvesselunabletoentertheportduetoforcemajeure,thesellerisresponsibleforarrangingandpayingforthelighterstosendthegoodsalongsidethevesseloffshore.（sellerpaysforlightercharges）

FOBFreeonBoard（…namedportofshipment）

Deliverypoint:

atportofshipment

Transferofrisks:

goodspassovertheship’srail

Costandobligation:

thesellerispayingforthenecessaryhandlingofgoodsuntiltheyareloadedonboardthevessel.

Strictlyspeaking,transferofrisks≠transferofobligationandcost

3.2.3The“C”terms（CFR,CIF,CPT,CIP）

Shipmentcontracts

Sellercontractforcarriageonusualtermsathisownexpense.

CFR&CIFonlyforseaorinlandwaterwaytransportationmode

UnderCIFandCIP,selleralsotakesoutinsuranceandinsurancecost.

The“C”terms（CFR,CIF,CPT,CIP）

Two“critical”points:

Port（place）ofshipment–towhichthebuyertakesovertherisks

Port（place）ofdestination–towhichthesellerisboundtoarrangeandbearthecostsofacontractofcarriage.Exceptionofcontainertransport:

thecontainershiphasnorail,deliveryisfulfilledwhenthegoodsarehandedovertothecontainercarrier.

CFRCostandFreight（…namedportofdestination）

ShareseveryfeaturewithFOBexceptforoceanfreightcharge

Freightatseller’scost:

Sellerpaythenormaltransportcostforthecarriageofthevesselbyausualrouteandinacustomarymannertotheagreedplace

Buyertaketheriskoflo