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International supply chains operate through efficient and secure processes, especially regarding the location and conditions under which the delivery of goods subject to sale will occur. To delineate their respective obligations, companies engaged in international transactions rely on a standardized set of terms and regulations known as the Incoterms rules. The International Chamber of Commerce (ICC) regularly revises and issues these rules to keep them current with industry practices. This manual explains in a didactic manner the effective use of the Incoterms 2020 rules and provides criteria for choosing the most appropriate rule for each sales transaction. The author offers valuable insights to minimize business risks, optimize costs, and facilitate operations in international markets. This book is aimed at professionals in international trade and freight transportation, as well as those involved in training in these fields. It includes examples, practical cases, and self-assessment tests to strengthen training and professional performance.
The Incoterms rules are used to define the rights and obligations of the selling and buying companies with respect to the delivery terms of the goods in an international sales transaction. These rules are essential to agree on five key issues: the obligations and costs borne by the selling and buying parties, who is responsible for customs clearance and insurance of the goods, the place and time of delivery of the goods and the risks on them. Since its first publication in 1936, the International Chamber of Commerce (ICC) regularly reviews these rules and adapts them to successive changes in the field of international trade. This contributes to legal certainty in international sale of goods transactions and to the standardization of their delivery terms. This guide will help you to answer questions and choose the most appropriate Incoterms rule for each international sales transaction, making it a practical reference tool for professionals involved in foreign trade and for those who have to be trained in this subject.
The Incoterms rules are a total of 11 terms published by the International Chamber of Commerce, which define costs, risks and obligations of buyers and sellers in international transactions. The purpose of this book is to provide companies and international trade executives with a practical guide that allows them to understand and use the Incoterms 2020 correctly at three levels: legally, logistically and commercially. This book analyses the 11 Incoterms 2020, providing in-depth explanations of concepts such as: place of delivery and reception of goods, loading/unloading, export/import procedures, transfer of risks in transport, insurance, methods of payment, allocation of costs between seller and buyer, etc. To help in understanding the texts, numerous graphs, summary tables and examples are included that explain the obligations of sellers and buyers. Moreover, for each Incoterm there is a practical advice section and examples of the international trade operations for which they are most suitable. The INCOTERMS® 2020 Obligations, Costs and Risks is an essential tool for exporters, importers, brokers and commercial agents, forwarders and logistics professional, bankers, insurers, consultants, international lawyers, trade associations, chambers of commerce as well as teachers and students of international trade.
International Standard Banking Practice (ISBP) for the examination of documents under documentary credits, answers the most relevant questions practitioners have concerning how UCP 500, ICC's universally used rules on documentary credits, are to be integrated into day-to-day practice. The product of more than two years of work by the ICC Banking Commission, ISBP is based on the official Opinions issued by the Banking Commission in response to queries submitted by users of UCP 500. The text provides responses to the key questions relating to the examination of drafts, multimodal transport documents, insurance documents, certificates of origin and a range of other documents associates with letters of credit. This publication reflects international standard banking practice for all parties to a documentary credit. Figures show that 60%-70% of credits are rejected for discrepancies on first presentation. The new ISBP, by encouraging a uniformity of practice worldwide, is expected to cut these figures dramatically and, by doing so, to facilitate the flow of world trade.
Global Trade Law Series, Volume 57 The internationally accepted trade terms known as Incoterms constitute a key instrument for supply chain management. Although the terms have been used worldwide in contracts of sale for nearly a century, there is surprisingly little practical legal guidance on how to use them properly to avoid mishaps and unnecessary disputes. This book – by an expert who has been active in the formal interpretation, drafting and application of the various versions of the Incoterms since the 1990s – thoroughly explains for sophisticated users the framing and implications of each term in the complex international trade and transport environment where English is the lingua franca. Fully detailing the use of Incoterms® 2020 in contracts of sale, interacting with contracts of transport, insurance, and finance, the author provides in-depth descriptions and analyses of each of the 11 Incoterms® 2020 in the logistical order of a sales transaction, along with practical notes about the use of each term. Issues covered include the following: at which stage of a supply chain the delivery of the goods takes place; when the risk of loss or damage to the goods passes from seller to buyer; how to treat delay from the risk point of view not expressly addressed by Incoterms® 2020; who contracts for or arranges carriage and who procures insurance; role of transport documents and other delivery documents and their electronic equivalents; clearing through customs, licences, authorizations, security clearances, and other formalities; checking, packaging, and marking of the goods; how the costs involved in delivery operations are divided between seller and buyer; delivery implications relating to other parts of the contract of sale; special deliveries with insight into container deliveries, deliveries of large objects, dangerous goods, deliveries including installations, deliveries through pipelines, deliveries of software, intra-group deliveries, courier deliveries and the interface with consumer law; challenges caused by logistic bottlenecks such as those deriving from the COVID-19 pandemic; consequences of delay in delivery; economic sanctions; and use of force majeure and hardship clauses. The presentation is richly supported with many illustrations and charts and numerous case studies. Managers or professionals responsible for sales or procurement or logistics in sale of goods, including transport, freight forwarding, and marine insurance, will greatly benefit from the book’s practical guidance, as will in-house lawyers, accountants, surveyors, and other experts involved in concluding sales contracts or settling disputes in connection with them. Academics and students concerned with commercial subjects will appreciate the author’s detailed and knowledgeable treatment of the subject.
In today’s developing world, international trade is a field that is rapidly growing. Within this economic market, traders need to implement new approaches in order to satisfy consumers’ rising demands. Due to the high level of competition, merchants have focused on developing new transportation and logistics strategies. In order to execute effective transportation tactics, decision makers need to know the fundamentals, current developments, and future trends of intercontinental transportation. The Handbook of Research on the Applications of International Transportation and Logistics for World Trade provides emerging research exploring the effective and productive solutions to global transportation and logistics by applying fundamental and in-depth knowledge together with current applications and future aspects. Featuring coverage on a broad range of topics such as international regulations, inventory management, and distribution networks, this book is ideally designed for logistics authorities, trading companies, logistics operators, transportation specialists, government officials, managers, policymakers, researchers, academicians, and students.
The ICC Guide to Export/Import is all you need in order to succeed in international markets. This easy-to-understand introduction to international trade is at the same time a detailed handbook for the experienced practitioner. Completely updated, the fourth edition of this much acclaimed volume contains an extended analysis of new rules and regulations including ICC¿s Incoterms® 2010, URDG and others as well as crucial topics like online documentation and e-commerce, customs and intellectual property.
The ultimate guide to navigating the increasingly complicated world of export and import guidelines. International business is more complex today than ever before, from customs and export control requirements, and distributors versus agents to payment mechanisms, insurance, and transportation. Featuring dozens of sample contracts, procedures, checklists, and ready-to-use forms, Export/Import Procedures and Documentation is an authoritative voice in the ever-changing, often-confusing world of international laws and regulations. This revised fifth edition contains new and expanded information on topics including: Corporate oversight and compliance Valuation The Export Control Reform Act Licensing requirements and exceptions International Commerce Trade Terminology The shifting definition of “Country of Origin” Specialized exporting and importing, and more! You no longer have to worry about all the dos, don’ts, and details of the vast world of importing/exporting. Export/Import Procedures and Documentation has done it for you already.