Commerce department international trade



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Incoterms obviously save a great deal of work in contract drafting. Compare the two versions of the delivery clause below:

The equipment listed in Annex 1 shall be delivered FOB (Beira) (Incoterms 1990).

For the equipment listed in Annex 1 the price is for delivery free on board the carrying vessel designated by the Buyer at the port of Beira including the cost of packing, as well as expenses incurred before loading the equipment on board the carrying vessel.

The first wording—using an Incoterrrt—is more than simple shorthand: it incorporates six pages of the ICC booklet Incoterms 1990 specifying numerous duties of both buyer and exporter. The exporter, for example, must "Deliver the goods on board the vessel named by the buyer..." and 'pay all costs relating to the goods until such time as they have passed the ship's rail."36

A word of caution on Incoterms: the 1990 Incoterms are radically new. Some old terms have disappeared: FOT and FOR (Free On Truck and Free on Rail) have been replaced by FCA; C&F has been renamed CFR. Further, some traditional terms now have very restricted meanings: FOB, for example, applies only to transport by ship; for other means of trans­port, the correct "FOB equivalent" is now FCA. Also remember that Incoterms apply only to international trade; for trade within a country, Incoterms are not appropriate.

Two questions often arise about Incoterms: first, is it necessary to state in the contract that FOB, CIF, and so on are Incoterms? And secondly, what happens if the "small print" of Incoterms 1990 conflicts with a provision of the contract? Let's look at these issues.

Specifying Incoterms

Is the specification, "Incoterms 1990," really needed? In fact, it is neces­sary because FOB and CIF are also common terms in many countries with different commercial traditions, for example in the United States.37 Unfortunately, American and ICC usage of the terms do not agree: for example in the U.S.:

The term FOB or "free on board," may be used with reference to the seller's city, the buyer's city, or an intermediate city. It may also be used with reference to a named carrier, vessel, car or other vehicle.38



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36 Incoterms pp. 138-140.

37 See UCC §2-320 to 322. The UCC is the Uniform Commercial Code of the United Slates. It will be referred to many times in the following pages. For more information on the Code, see Chapter 4. Section 2.

38 Anderson, p. 349.

FURTHER READING



INCOTERMS 2010

The new INCOTERMS® 2010 became effective January 1, 2011.

Incoterms--which is an abbreviation for International Commercial terms--are a series of sales terms.

They are published by the International Chamber of Commerce (ICC) and are widely used in commercial transactions.

In addition to providing a set of rules for the interpretation of commonly used trade terms, INCOTERMS® 2010 accomplish the following:

(a) significantly revises Group D listed in INCOTERMS® 2000;

(b) reduce Incoterms from four groups to two groups, allowing trade experts to choose the most suitable rule related to the mode of transport; and

(c) reduce the absolute number of Incoterms from 13 to 11.

Moreover, INCOTERMS® 2010 offer additional guidance which assists users in selecting the most appropriate Incoterm for each transaction.

The revised terms also spell out rules regarding the use of electronic procedures; detail information on security-related clearances for shipments; and offer advice with respect to domestic trade.




INCOTERMS 2010
INCOTERMS 2010 có hiệu lực từ ngày 1 -1- 2011.

Incoterms - đó là một từ viết tắt với các điều kiện thương mại quốc tế - là một loạt các điều khoản bán hàng.

Incoterms được công bố bởi Phòng Thương mại quốc tế (ICC) và được sử dụng rộng rãi trong các giao dịch thương mại.

Ngoài việc cung cấp một bộ quy tắc để giải thích các điều kiện giao hàng thường được sử dụng, INCOTERMS ® 2010 hoàn thành sau đây:

(a) điều chỉnh lại bảng D hợp lý hơn so với INCOTERMS ® 2000,
(b) giảm Incoterms từ bốn nhóm còn hai nhóm, cho phép thương mại các các nhà xuất nhập khẩu để lựa chọn các quy tắc thích hợp nhất liên quan đến phương thức vận tải; và

(c) làm giảm số lượng của Incoterms từ 13 xuống còn 11 điều khoản.


Hơn nữa, INCOTERMS ® 2010 cung cấp hướng dẫn bổ sung này sẽ hỗ trợ người dùng trong việc lựa chọn các Incoterm thích hợp nhất cho mỗi giao dịch. Các điều khoản sửa đổi cũng giải thích rõ ràng các quy tắc liên quan đến việc sử dụng các thủ tục điện tử, thông tin chi tiết liên quan đến an ninh thông quan cho các lô hàng và cung cấp lời khuyên đối với thương mại trong nước.

What are Incoterms?

Incoterms or International Commercial terms are a series of sales terms. They are published by the International Chamber of Commerce (ICC) and are widely used in international commercial transactions. The purpose of Incoterms is to provide a set of international rules for the interpretation of commonly used trade terms in international transactions. They closely correspond to the U.N. Convention on Contracts for the International Sale of Goods. The first Incoterms were issued in 1936. The most recent Incoterms were updated in 2010 and became effective January 1, 2011.

Who needs to understand Incoterms?

Government trade officials as well as many private sector parties should understand Incoterms. Such private sector parties include: exporters, importers, trade finance professionals, export compliance specialists, customs brokers, freight forwarders, insurers, international credit professionals, and sales and purchasing managers.



Incoterms là gì? Incoterms hoặc các điều khoản thương mại quốc tế là một loạt các điều khoản bán hàng. Họ được công bố bởi Phòng Thương mại quốc tế (ICC) và được sử dụng rộng rãi trong các giao dịch thương mại quốc tế. Mục đích của Incoterms là cung cấp một tập hợp các quy tắc quốc tế cho việc giải thích các điều kiện thương mại thường được sử dụng trong các giao dịch quốc tế. Họ chặt chẽ tương ứng của Công ước Liên hợp quốc về Hợp đồng Mua bán Quốc tế Hàng hoá. Incoterms đầu tiên đã được ban hành vào năm 1936. Incoterms gần đây nhất đã được cập nhật trong năm 2010 và trở thành có hiệu lực từ ngày 01 tháng 1 năm 2011. Ai cần hiểu Incoterms? Chính phủ quan chức thương mại cũng như nhiều bên khu vực tư nhân nên hiểu Incoterms. Như vậy bên khu vực tư nhân bao gồm: xuất khẩu, nhập khẩu, các chuyên gia tài chính thương mại, các chuyên gia phù hợp xuất khẩu, môi giới hải quan, giao nhận vận tải hàng hóa, công ty bảo hiểm, các chuyên gia tín dụng quốc tế, và doanh số bán hàng và quản lý thu mua.

What are Incoterms used for?

Incoterms assist trade practitioners in interpreting the most commonly used international trade terms. Using correct Incoterms in an international transaction reduces considerably uncertainties arising from the different interpretation of such terms in different countries. They apportion international trade transaction costs and responsibilities between buyers (importers) and sellers (exporters) and reflect modern-day transportation practices. Incoterms assist in significantly reducing misunderstandings among traders and thereby minimizing trade disputes and litigation. However, their scope is limited to matters related to the international rights and obligations of the parties involved in the contract of sale with respect to the delivery of the goods sold. Thus, they apply to the contract of carriage, not the contract of sale.



Incoterms dùng để làm gì? Incoterms hỗ trợ học viên thương mại trong việc giải thích các điều khoản thương mại quốc tế được sử dụng phổ biến nhất. Sử dụng Incoterms chính xác trong một giao dịch quốc tế làm giảm đáng kể sự không chắc chắn phát sinh từ việc giải thích khác nhau từ ngữ như vậy ở các nước khác nhau. Phân bổ chi phí giao dịch thương mại quốc tế và trách nhiệm giữa người mua (nhập khẩu) và người bán (xuất khẩu) và phản ánh tập quán vận tải hiện đại. Incoterms giúp giảm đáng kể sự hiểu lầm giữa các thương nhân và do đó giảm thiểu tranh chấp thương mại và tranh chấp. Tuy nhiên, phạm vi của họ được giới hạn trong các vấn đề liên quan đến quyền và nghĩa vụ quốc tế của các bên tham gia vào hợp đồng mua bán đối với việc cung cấp các hàng hoá đã bán. Vì vậy, họ áp dụng đối với các hợp đồng vận chuyển, không phải là hợp đồng mua bán.

Why were the INCOTERMS® 2000 revised?

INCOTERMS® 2010 are the updated version of INCOTERMS® 2000. INCOTERMS® 2010 have been developed as a result of an extensive review of current shipping practices and trends in an effort to keep up with the rapid expansion of world trade. The key drivers for this update include: a need for improved cargo security, changes to the Uniform Commercial Code in 2004 that resulted in a deletion of U.S. shipment and delivery terms, and new trends in global transportation.




Tại sao các INCOTERMS ® 2000 sửa đổi? INCOTERMS ® 2010 là phiên bản cập nhật của INCOTERMS ® 2000. INCOTERMS ® 2010 đã được phát triển như là kết quả của một sự xem xét mở rộng hoạt động vận chuyển hiện tại và xu hướng trong một nỗ lực để theo kịp với sự mở rộng nhanh chóng của thương mại thế giới. Các trình điều khiển cho bản cập nhật này bao gồm: một nhu cầu để cải thiện an ninh hàng hóa, thay đổi luật thương mại thống nhất vào năm 2004 dẫn đến việc xóa một lô hàng của Mỹ và các điều khoản giao hàng, và xu hướng mới trong giao thông vận tải toàn cầu.

How do INCOTERMS® 2010 differ from INCOTERMS® 2000?

In addition to providing a set of rules for the interpretation of commonly used trade terms, INCOTERMS® 2010 significantly revise Group D listed in INCOTERMS® 2000.

The five INCOTERMS® 2000 listed in Group D included the following:

DAF Delivered At Frontier

DES Delivered Ex Ship

DEQ Delivered Ex Quay

DDU      Delivered Duty Unpaid

DDP       Delivered Duty Paid

INCOTERMS® 2010 contain the following categories:



DAT        Delivered At Terminal

DAP        Delivered At Place

DDP        Delivered Duty Paid

Moreover, INCOTERMS® 2010 reduce the number of Incoterm groupings from four to two, allowing trade experts to choose the most suitable rule related to the mode of transport.

The 13 INCOTERMS® 2000 contained four essential categories of Incoterms. They were:

Group E – Departure

Group F – Main carriage unpaid

Group C – Main carriage paid

Group D – Arrival.

The two main categories of INCOTERMS® 2010 are now organized by modes of transport. Used in international as well as in domestic contracts for the first time, the new groups aim to simplify the drafting of contracts and help avoid misunderstandings by clearly stipulating certain obligations of buyers and sellers.



Group 1. Incoterms that apply to any mode of transport are:

EXW       Ex Works

FCA         Free Carrier

CPT         Carriage Paid To

CIP          Carriage And Insurance Paid To

DAT        Delivered At Terminal

DAP        Delivered At Place

DDP        Delivered Duty Paid

Group 2. Incoterms that apply to sea and inland waterway transport only:

FAS          Free Alongside Ship

FOB         Free On Board

CFR         Cost And Freight

CIF          Cost, Insurance, and Freight

Further, the two new groupings listed above note a reduction of the number of Incoterms from 13 to 11.

Finally, INCOTERMS® 2010 provide additional helpful guidance and clarify obligations. For instance, the revised terms also spell out rules regarding the use of electronic procedures; detail information on security-related clearances for shipments; and offer advice with respect to domestic trade.


Làm thế nào để INCOTERMS ® 2010 khác nhau từ INCOTERMS ® 2000? Ngoài việc cung cấp một tập hợp các quy tắc cho việc giải thích các điều kiện thương mại thường được sử dụng, INCOTERMS ® 2010 đáng kể xem xét lại bảng D được liệt kê trong INCOTERMS ® 2000. Năm INCOTERMS ® 2000 được liệt kê trong bảng D bao gồm những điều sau đây: DAF Giao tại biên giới DES Delivered Ex Ship DEQ Delivered Ex Quay DDU Delivered Duty DDP chưa trả INCOTERMS Delivered Duty Paid ® 2010 bao gồm các loại sau: DAT Giao Tại ga DAP Giao Tại Nơi DDP Delivered Duty Paid Hơn nữa, INCOTERMS ® 2010 giảm số lượng các nhóm Incoterm 4-2, cho phép các chuyên gia thương mại để lựa chọn các quy tắc thích hợp nhất liên quan đến phương thức vận tải.

13 INCOTERMS ® 2000 có bốn loại thiết yếu của Incoterms. Đó là: Tập đoàn E - F Tập đoàn khởi hành - vận chuyển chưa thanh toán chính nhóm C - vận chuyển trả Nhóm D - Lượt. Hai loại chính của INCOTERMS ® 2010 được tổ chức theo các phương thức vận tải. Được sử dụng trong quốc tế cũng như trong hợp đồng lần đầu tiên trong nước, các nhóm mới nhằm mục đích đơn giản hóa việc soạn thảo hợp đồng và giúp tránh những hiểu lầm bằng cách quy định rõ nghĩa vụ nhất định của người mua và người bán.


Nhóm 1. Incoterms mà áp dụng cho bất kỳ phương thức vận tải là: EXW Ex Works FCA CPT nhà cung cấp miễn phí vận chuyển trả tiền vận chuyển CIP và bảo hiểm trả tiền DAT Giao Tại DAP ga Giao Tại Đặt DDP Delivered Duty Paid Nhóm 2. Incoterms có áp dụng đối với biển và vận tải đường thuỷ nội địa chỉ: FAS miễn phí Cùng với tàu FOB Free On Ban CFR Chi phí và vận tải chi phí CIF, bảo hiểm, và vận tải Hơn nữa, hai nhóm được liệt kê ở trên lưu ý giảm số lượng Incoterms 13-11 . Cuối cùng, INCOTERMS ® 2010 cung cấp thêm hướng dẫn hữu ích và làm rõ nghĩa vụ. Ví dụ, các điều khoản sửa đổi cũng giải thích rõ ràng quy định về việc sử dụng các thủ tục điện tử, thông tin chi tiết liên quan đến an ninh thông quan cho các lô hàng và cung cấp lời khuyên đối với thương mại trong nước.

Can I still use the INCOTERMS® 2000?

According to the International Chamber of Commerce, all contracts made under INCOTERMS® 2000 remain valid even after 2011. In addition, although the ICC recommends using INCOTERMS® 2010 after 2011, parties to a contract for the sale with respect of the delivery of goods can agree to use any version of Incoterms after 2011. It is important, however, to clearly specify the chosen version INCOTERMS® 2010, INCOTERMS® 2000, or any earlier version.

Where can I obtain a copy of the new INCOTERMS® 2010?

You can purchase a copy of the new INCOTERMS® 2010 from the ICC website.

Where can I learn more about the new Incoterms?



There are a number of private sector and government organizations that offer workshops, webinars, and seminars related to the new Incoterms. For webinars and other events related to Incoterms and many other topics of tradecraft education that are being offered by the U.S. Commercial Service and its partners in support of the President’s National Export Initiative, you may visit our Trade Events Search Database.

Tôi có thể vẫn sử dụng INCOTERMS ® 2000? Theo Phòng Thương mại quốc tế, tất cả các hợp đồng được thực hiện theo INCOTERMS ® 2000 vẫn có hiệu lực ngay cả sau năm 2011. Ngoài ra, mặc dù ICC khuyến cáo sử dụng INCOTERMS ® năm 2010 sau khi năm 2011, các bên tham gia hợp đồng bán hàng đối với việc giao hàng có thể đồng ý sử dụng bất kỳ phiên bản của Incoterms sau năm 2011. Điều quan trọng là, tuy nhiên, quy định rõ INCOTERMS phiên bản lựa chọn ® 2010, INCOTERMS ® 2000, hoặc bất kì phiên bản nào trước đó. Tôi có thể có được một bản sao của INCOTERMS mới ® 2010? Bạn có thể mua một bản sao của INCOTERMS mới ® 2010 từ trang web của ICC. Tôi có thể tìm hiểu thêm về Incoterms mới? Có một số của khu vực tư nhân và các tổ chức chính phủ cung cấp hội thảo, hội thảo, hội thảo liên quan đến Incoterms mới. Đối với các hội thảo và các sự kiện khác liên quan đến Incoterms và nhiều chủ đề khác tradecraft giáo dục đang được cung cấp bởi thương mại Hoa Kỳ và các đối tác trong hỗ trợ của Sáng kiến ​​xuất khẩu quốc gia của Tổng thống, bạn có thể truy cập vào cơ sở dữ liệu thương mại Sự kiện Tìm kiếm của chúng tôi.

INCOTERMS AND THE EXPORTER

International Commercial Terms, known as “Incoterms”, are internationally accepted terms defining the responsibilities of exporters and importers in the arrangement of shipments and the transfer of liability involved at various stages of the transaction. Incoterms do not cover ownership or the transfer of title of goods. It is crucial to agree on an Incoterm at the start of a negotiation/quotation of a sale, as it will affect the costs and responsibilities involved in shipping, insurance and tariffs. The new Incoterms 2010 rules were revised by the International Chamber of Commerce and will become effective January 1, 2011. Four terms were eliminated (DAF, DEQ, DES, DDU) and two were added: Delivered at Place (DAP) and Delivered at Terminal (DAT).

The modifications affect obligations, risk transfer, and cost sharing for the seller and buyer, resulting in better clarification and application of the eleven (11) Incoterms, and consistent with the way global trade is actually conducted since the last update in 2000.
In any sales transaction, it is important for the seller and buyer to agree on the terms of sale and know precisely what is included in the sale price. Exporters should choose the Incoterm that works best for their company, but also be prepared to quote on other terms.

See VEDP FastFacts- Responding to Inquiries

Inexperienced exporters may want to use the Incoterm “Ex Works” (EXW), because this term carries the least burden for them. Under EXW, an exporter’s responsibility ends at their facility’s loading dock, which includes making the goods available for pick up and providing any product information needed for filing the Electronic Export Information (EEI). The importer’s agent (i.e. their designated U.S. freight forwarder) will arrange and pay for the pre-carriage, shipping, insurance and any additional costs from the exporter’s door. A sale based on the Incoterm “CIF”, on the other hand, requires the exporter to arrange and pay for the pre-carriage, shipping, and insurance to a named port. In this case, the sale price (invoice) includes not only the (C)ost of goods, but also (I)nsurance and (F)reight costs that the importing buyer pays the exporting seller.
When designating the Incoterm on a commercial invoice or a quotation to the buyer, the term should be followed by the city or port of load/discharge, such as “EXW Factory, Richmond, VA” or “CIF Rotterdam”. Using the actual address is better to avoid any confusion or misinterpretation. Communication throughout the entire process is crucial. For example, under Ex Works, the shipper should notify the importer when the goods are ready and after they have been picked up by the importer’s selected carrier. The exporter’s freight forwarder often provides the vessel and sail date, or air cargo service used, and any ocean bill of lading or airway bill number to keep the parties informed of the arrangements and status of the shipment (even though technically under Ex Works the exporter’s responsibility ends at their loading dock).

The most burdensome Incoterm for the exporter is Delivered Duty Paid (DDP), because all arrangements and costs are borne by the exporter, usually with the assistance of agents (freight forwarders and customs house brokers). With DDP, the exporter bears all risks and costs of transportation, including duties and tariffs, until the goods are received by the importer, usually at the importer’s factory or warehouse. Since DDP represents the maximum obligation to the seller, it is not recommended for companies that are new-to-export.


INCOTERMS VÀ CÁC hiện xuất khẩu thương mại quốc tế, được gọi là "Incoterms", được quốc tế chấp nhận các điều khoản xác định trách nhiệm của các nhà xuất khẩu và nhập khẩu trong việc bố trí các lô hàng và chuyển giao trách nhiệm tham gia ở các giai đoạn khác nhau của giao dịch. Incoterms không bao gồm quyền sở hữu hoặc chuyển giao quyền sở hữu hàng hoá. Điều quan trọng là đồng ý trên Incoterm một sự khởi đầu của một cuộc thương lượng / báo giá bán, vì nó sẽ ảnh hưởng đến chi phí và trách nhiệm tham gia bảo hiểm, vận chuyển và thuế quan. Các Incoterms 2010 quy định được sửa đổi, bổ sung do Phòng Thương mại quốc tế và sẽ trở thành có hiệu lực từ ngày 1 tháng 1 năm 2011. Bốn điều kiện đã được loại bỏ (DAF, DEQ, DES, DDU) và hai được thêm vào: Giao tại Place (DAP) và Giao tại Terminal (DAT). Các thay đổi ảnh hưởng đến nghĩa vụ, chuyển giao rủi ro, và chia sẻ chi phí cho người bán và người mua, kết quả là làm rõ và ứng dụng (11) Incoterms mười một, và phù hợp với thương mại toàn cầu là thực sự thực hiện kể từ khi cập nhật cuối cùng trong năm 2000.
Trong bất kỳ giao dịch bán hàng, điều quan trọng là người bán và người mua đồng ý về các điều khoản của bán hàng và biết chính xác những gì được bao gồm trong giá bán. Xuất khẩu nên chọn Incoterm làm việc tốt nhất cho công ty của họ, nhưng cũng được chuẩn bị để trích dẫn các điều khoản khác. Xem VEDP FastFacts-Đáp ứng Yêu cầu xuất khẩu thiếu kinh nghiệm có thể muốn sử dụng "Ex Works" Incoterm (EXW), bởi vì thuật ngữ này mang gánh nặng cho họ. Theo EXW, trách nhiệm của xuất khẩu kết thúc tại dock tải cơ sở của họ, trong đó bao gồm hàng hoá có sẵn để nhận và cung cấp bất kỳ thông tin sản phẩm cần thiết cho việc nộp đơn Thông tin xuất khẩu điện tử (EEI). Các đại lý nhập khẩu (tức là chỉ định Mỹ giao nhận vận tải hàng hóa) sẽ sắp xếp và chi trả cho tiền vận chuyển, bảo hiểm, vận chuyển và các chi phí bổ sung từ cửa xuất khẩu. Bán dựa trên Incoterm "CIF", mặt khác, đòi hỏi nhà xuất khẩu để sắp xếp và trả tiền cho việc vận chuyển tiền, vận chuyển và bảo hiểm cho cảng. Trong trường hợp này, giá bán hàng (hoá đơn) bao gồm không chỉ là ost (C) của hàng hoá, nhưng cũng có (I) nsurance và (F) reight chi phí mà người mua nhập khẩu trả tiền cho người bán xuất khẩu.
Khi chỉ định Incoterm trên hoá đơn thương mại hoặc báo giá cho người mua, thời hạn phải được theo sau bởi thành phố hoặc cảng nạp / xả, chẳng hạn như "Nhà máy EXW, Richmond, VA" hay "CIF Rotterdam". Sử dụng địa chỉ thực tế là tốt hơn để tránh bất kỳ sự nhầm lẫn hoặc hiểu sai. Thông tin liên lạc trong suốt toàn bộ quá trình là rất quan trọng. Ví dụ, trong tác phẩm Ví dụ, người gửi hàng phải thông báo cho nhà nhập khẩu khi hàng hoá đã sẵn sàng và sau khi họ đã được chọn bởi nhà cung cấp dịch vụ lựa chọn của nhập khẩu. Giao nhận vận chuyển hàng hóa của người xuất khẩu thường xuyên cung cấp tàu và ngày đi thuyền, hoặc dịch vụ vận chuyển hàng hóa không sử dụng, và hóa đơn bất kỳ đại dương của vận đơn hoặc số hóa đơn đường hàng không để các bên thông báo các thỏa thuận và tình trạng lô hàng (mặc dù về mặt kỹ thuật theo Ex Works các nước xuất khẩu của trách nhiệm kết thúc tại bến tàu bốc xếp,). Incoterm nặng nề nhất đối với xuất khẩu là Delivered Duty Paid (DDP), bởi vì tất cả các thỏa thuận và chi phí của nhà xuất khẩu chịu, thường là với sự hỗ trợ của các đại lý (chuyển hàng hóa và các nhà môi giới hải quan).

Với DDP, xuất khẩu phải chịu mọi rủi ro và chi phí vận chuyển, bao gồm cả nhiệm vụ và thuế quan, cho đến khi nhận hàng thì người nhập khẩu, thường là tại nhà máy hoặc kho của nhà nhập khẩu. Kể từ khi DDP đại diện cho các nghĩa vụ tối đa cho người bán, nó không được khuyến cáo cho các công ty mới để xuất khẩ





Case Study

TERMS OF TRADE

Which of the following terms are correctly used according to Incocerms 19907 If your answer is "No," give your reasons. (Note: .There may be more than one correct answer in each section.

1. A contract requiring the exporter to send the conntact goods by road from Kenva to Zambia with freight paid by the exporter.

a. C&F Lusaka YES NO

b. CFR Lusaka YES NO

c. CPTLusaka YES NO

d. CFR Nairobi YES NO

e. FOT Nairobi YES NO


2. A contract requiring an exporter in Mozambique to deliver the contract goods in Beira. Mozambique, for shipment by sea to Dares Salaam, Tanzania.

a. FAS Beira YES NO

b. FOB Beira YES NO

c. FCA Beira YES NO

d. FOB Dares Salaam YES NO
3. A contract requiring an exporter in Ethiopia to send the contract goods by air for delivery in Windhoek, Namibia

a. CIF Windhoek YES NO

b. CIP Windhoek YES NO

c. DDU Windhoek YES NO

d. DES Windhoek YES NO
1. a. No. Not a 1990 Incoterm b. No. Ship term only

c. Yes d. No. CFR is not to Nairobi e. No. Not an Incoterm

2. a. Yes b. Yes c. Yes d. No. Shipment is in Beira

3. a. No. Shipment only term b. Yes c. Yes d. No. Ship only term
Delivery where?


Translate into Vietnamese

Sample 2. CONTRACT FOR LUBRICANTS.

CONTRACT No 01292

Singapore December 29th, 19..

This contract is made between Vietnam National Petroleum Export Import Corporation (PETROLIMEX) 1, Kham Thien, Hanoi (Socialist Republic of Vietnam) Cable address: "Petrolimex Hanoi" (hereinafter reference to as BUYER) and AGIP PETROLI S. p. A. – Singapore Branch (reference to as SELLER) whereby it is agreed as follows:
1. Object of the Contract

SELLER undertakes to deliver lo BUYER in Vietnam .on CFR basis the following lubricants:




Item

Lubricants

Quantity

CFR HCM

CFR HP

01

GRMU3

858 DRUMS x

850







180 KG

USD/MT







(154.44 MT)





02

CRMU3

858 DRUMS x



870USD/MT





180 KG









(154.44 MT)




The above prices are expressed in US dollars per metric ton net CFR port of Vietnam, deliveries as per Art. 6 below, and remain fixed during the term of this contract and provided that an Irrevocable L/C in respect thereof has been notified to Seller by Singapore Indosuez Bank prior to 31/10/19 ..



2. Specification of Lubricants

The specification of lubricants in drums supplied under this Contract shall conform to the specifications set out in Appendix 1 attached to hereto, which is an integral part of this Contract; Origin of products will be Italy, Holland or Singapore at SELLER'S option.



3. Packaging

Packaged products will be delivered in AGIP standard new steel drums, of about 1.2/1.0 mm thickness. The drums will be filled at 180 kg not weight.

4. Payment

4.1. SELLER will be paid by .Irrevocable L/C opened by Vietcombank'Hanoi and advised to Seller through Indosuez Bank in Singapore payable at sight against first presentation of full set of shipping documents

4.2 SELLER shall effect first shipment within 30 days from date SELLER receives notification of irrevocable L/C

4.3. All costs of L/C in Singapore shall be for SELLER'S account

4.4. All L/C amendment's cost (if any) caused by the failure of the Buyer to follow the terms and conditions of payment will be for BUYER'S account

4.5. The under mentioned documents will be forwarded to buyer's Bank immediately after loading date

a) Signed commercial invoice in 3 originals

b) Clean "Shipped on Board" Ocean Bill of Lading in complete set of at least 3 original 3 non- negotiable copies signed made out to order of "Vietcombank" Hanoi

c) Quality/Quantity certificate issued by the Chamber of Commerce in triplicate

d) Packing List in triplicate

e) Confirmation of cable advise for shipment in triplicate

f) Receipt of shipmaster acknowledging due receipt of all documents in triplicate non - negotiable copies of each document, for handing same over to PETROLIMEX Haiphong or PETROLIMEX Hochiminh City



5. Penalties

In case of delay in payment (if any), BUYER shall remit to SELLER interest calculated from the date of presentation of documents to the bank in Singapore to the date of effective receipt of due amount. The interest will be calculated at LIBOR RATE (6 months) plus 1.5 per cent



6. Deliveries

Products will be delivered in partial shipments to be agreed upon.

In case of, transshipment SELLER shall give to BUYER all necessary detail and information

7. Insurance

Insurance shall be effected by BUYER.

8. Delivery Terms

CFR Vietnamese ports as per Art. 1. Goods to be delivered in partial shipments accordance with Art. 6



9. Claims

In case of non - conformity of the quality of the products actually delivered by SELLER with the Contract specifications, any claim concerning the quality of the goods must be presented to SELLER within three months from the date of delivery.

No claims shall be accepted by SELLER party after expiry of the above period

20. Contingencies

Should any circumstances arise which prevent the complete or partial fulfillment by any of the parties of their respective obligations under this contract, namely: fire, ice conditions or any other acts of the elements, war, military operations of any character, blockade, prohibition of export or import or any other circumstances beyond the control of the parties, the time stipulated for the fulfillment of the obligations shall be extended for a period equal to that during which such circumstances last.

If the such circumstances last for more than 20 days, any delivery or deliveries which are to be performed under this contract within that period may be cancelled on the declaration of either party, and if the above circumstances last for more than. 40 days, neither party shall have the right to make a demand upon the other Party for compensation for any possible damage.

A party unable to meet its obligations under this Contract shall immediately advise the other party the time of commencement and the termination of the circumstances preventing the fulfillment of its obligations.

Certificates issued by the respective Chamber of Commerce of seller's or buyer's country shall be sufficient proof of such circumstances and their duration.

11. Arbitration

All disputes and differences which may arise out of the present contract or in connection with it shall be settled, if possible, in an amicable way.

In the event that it is not possible to settle them in an amicable way, the parties shall refer the matter to Arbitration in the International Chamber of Commerce in Paris

12. Other Conditions

12.1 Neither Party is entitled to transfer is right and obligations under the present Contract to a third party without the other Party's previous written consent

12.2 After the signing of the present Contract, all previous negotiations and correspondence between the Parties in connection with it shall be considered null and void

12.3 All amendments and additions to the present Contract are valid only if they are made out in writing and signed by both Parties

12.4 All taxes, customs and other duties levied in Vietnam on the contracted Products shall be for buyer's account.

SELLER: BUYER:

AGIP PETROLI S.p.A PETROLIMEX

(Signed) (Signed)

Patrick FOK Nguyen Manh

Lubricants Manager Vice General Director


APPENDIX 1

Product: Agip Gr Mu3

NLGI consistency: 3

Worked penetration: 230 dmm

ASTM dropping point: 195 C degrees.


CHAPTER 2: NEGOTIATING PRICE & PAYMENT
2.1. Export Pricing Strategies
THE PROBLEM

In many negotiations, as soon as the exporter states a price, the buyer begins to demand concessions about delivery time, method of payment, and so on. Concessions that can quickly make the deal unprofitable. How can the exporter avoid the "price trap"?

Trong



THE PRINCIPLE

The exporter must perceive and preserve the interdependence of every aspect of an export negotiation. A price quotation is based on a set of assumptions about delivery, payment and warranty terms. The contract price must reflect any change in. or renegotiation of, these assumptions.


Nhà


IN MORE DEPTH

Exporting is not difficult; the problem is making money at it. Sometimes first-time exporters fail to understand how the many terms of a contract relate to each other: a longer warranty period, fur example, creates higher costs—the contract price should reflect these costs. An extension of the payment period creates higher costs— again the contract price should reflect the extension. In fact. virtually every problem that the two sides normally negotiate has a bearing on price. Mostly the buyer's suggestions tend to raise the price, but a lowering of the price is possible too. Let's use an example to study this relationship between price and other contract terms in more detail.




Scenario: Verbena Electric hopes to export its best-selling product: small domestic electric fans, from Verbena to Esperanza. A market study in Esperanza shows that fifteen brands of fan are available in Esperanza, none of them made in Esperanza itself. Models range from expensive, electronically controlled fans imported from Europe to cheap plastic products imported from Nonamia. In every case, the price strikes the export manager of Verbena Electric, John Royalstone as high: his own fans will be competitive. Royalstone begins discussions with the purchasing manager or Esperanza Electrical Importing, Alice Smart. Smart is particularly interested in one of Royalstone's products, a three-speed, 180 o revolving tan with a graceful, modem design. Negotiation begins.

Early on, Smart introduces the question of price: “What’s the price of a fan like that?” Royalstone is an old hand at negotiation: he knows that when he states a price, it must be for precisely denned goods delivered under precisely defined circumstances. He offers a unit price of $22 and makes it clear that this price is based on the following assumptions:

• The size of the order is 3.000 items:

• The specification of the fan is identical—except for color: 1.000 will be delivered in sold. 1.000 in black. 1.000 in red. ..

• No additional packaging or safely warnings are required beyond what is normal in Verbena;

• Delivery is FOB (Port Verbena):

• Payment is by irrevocable, confirmed, at-sight letter of credit;

• Delivery takes place three weeks from the dale that Royalstone receives advice that the letter of credit has been opened;

• The warranty period on the fans is three months from the date of delivery.

Smart sees that she is dealing with an experienced exporter. She begins to discuss the items on Royalstone's list.


Order Size

Smart is not sure she can handle 3,000 fans: she would prefer to order fewer, test the market, and order more later if things go well. Royalstone makes two points: first Smart's transport costs will increase on a smaller.order, because 3,000 units is one container load; second, the unit price will increase on a smaller order. An order of 1.000 fans for example would cost $25 each—not $22.
Specifications

Smart likes the color range, but she wonders if the price would be lower if she ordered only one color. Royalstone is ready to cut his price by 50c per fan if the whole order is the same color.



Packaging

Unfortunately, Esperanza has strict rules about packaging and safety: labeling of electrical products. Smart shows Royalstone the regulations. After a few phone calls, Royalstone calculates that meeting Esperanzan standards will add at least 40c to the cost of each fan.


Incoterm

Smart says that she would prefer CIF delivery, Esperanza City. Royalstone tells her that the cost of insurance and freight between Pon Verbena and Esperanza City is $520 on an order of 3,000 items: somewhat less on an order of 1,000. Smart also wonders what the effect would be of collecting the fans ex works; The EXW price, loaded in a coniainer is $21.75—a small saving,
Terms of Payment

Smart says that she dislikes letters of credit and prefers to trade on open account—30 days net, with a 2% discount for payment within ten days. Royalsione explains to her how trading on open account will increase his costs: he will need export credit insurance, and he will have to wait for Smart's check to clear. Based on experience, clearance will lake 45 days. His price will rise to $26 per fan on an order for 3,000, FOB Port Verbena.

Smart is unhappy both about the cost of the letter of credit and about Royalstone's additional price if she refuses to open one. She suggests that she pays 25% of the price with order, and the remaining 75% on open account. Royalstone has no ready answer to that proposal. He quickly recalculates his price: it would be below $26, probably by $1.10.
Date of Delivery

When Smart questions delivery three weeks after the opening of the letter of credit—Royalstone again replies with figures: if she wants the goods sooner, he can arrange it—but only by working an exrra shift with extra costs involved. His price would have to be somewhat higher.


Warranty Period

Royalstone is not worried about the quality of his fans, but he knows from experience thai a three-month warranty on an FOB delivery produces very few claims for defects—about two claims per thousand fans. A six-month warranty, however, is more costly—about ten claims per thousand fans. His normal policy is to mail a replacement fan in the event of a claim—which costs him about $40 for the fan, the packing and the postage. If Smart asks for a six-month warranty, it will add 30c per fan to Royalstone’s costs.


In this lengthy example, all negotiating decisions bear directly on the price of the product. Naturally other points are open to negotiation; this is just a sampling. But the general point is clear: a manager like Royalstone who knows his product and who has thoroughly analyzed his costs is unlikely to lose money on an export deal—unless, of course, he decides to do so. If Royalstone is eager to win Smart as a regular customer, he may be ready to sell to her at a loss first time around. Or his factory may be so short of work that he is prepared to accept any job—even a loss-maker. Or the Verbenan government may make exporting so attractive with export incentives that Royalstone can trade at a loss but still show a profit at the end of the day.

The general point is this: a good manager knows that almost every decision made during a negotiation influences price—an excellent manager can put a dollars--and-cents figure on this influence.
CASE STUDY

In a Jam

Gorm Trading exports canned foods from Verbena. Gorm is negotiating of 600 cases of apricot jam by road to a neighboring country. Gorm’s price per case is $20. The price is based on delivery FCA with no special packaging or labeling. The jam has a six-month expiry date stamped on the label. Payment will be by irrevocable, confirmed, at-sight letter of credit. Delivery date is two days after the opening of the credit. Decide what influence each change listed below will have on the price per case.

(A) NO CHANGE (E) MINIMAL DECREASE

(B) MINIMAL INCREASE (F) APPRECIABLE DECREASE

(C) APPRECIABLE INCREASE (G) LARGE DECREASE

(D) LARGE INCREASE

1. Reduction of the order from 600 cases to 300 cases.

2. Delivery EXW (Exporter must have the goods ready for collection in his warehouse.)

3. Replacement of single flavor (apricot jam( by a range of 10 flavors, some of which are “exotic.”

4. Change of labeling to show exact nutritional values and ingredients (not normally specified by Gorm).

5. Change of payment from letter of credit to open account payment due 45 days from date of invoice.

6. Replacement of a single delivery with delivery in ten installments of 60 cases over a period of one year.

7. Increase of the expiry period from six months from date of manufacture to two years.
1. C. 2. E 3. B-C 4. C 5. C 6. C 7. C
Translate into Vietnamese

FORM 3: ABC’S CONTRACT

ABC CORPORATION, as SELLER, confirms having sold to BUYER the following goods by contract made on the date below and on the terms and conditions SET FORTH HEREUNDER AND ON THE REVERSE SIDE HEREOF.

BUYER


DATE

CONTRACT NO

BUYER'S REFERENCE NO.

GOODS


QUANTITY UNIT PRICE TOTAL AMOUNT
SHIPMENT:

Time of Shipment Transshipments permitted/not permitted

Port of Loading Partial shipments permitted/not permitted

Port of Destination

PACKING: MARKING:

PAYMENT:

The letter of credit shall bear this Contract's number as reference

INSURANCE

To be covered by Buyer/Seller

Insured Amount Condition

INSPECTION:

OTHER TERMS & CONDITIONS:

ACCEPTED ON ....................20...

BY:


.............................................(BUYER)...;.......................(SELLER)

Please sign and return one copy.

SEE TERMS AND CONDITIONS ON REVERSE SIDE

1.October ABC'S CONTRACT

GENERAL TERMS AND CONDITIONS



1) Shipment or delivery Giao hàng

The obligations of Seller to ship or deliver the goods specified on the face of this Contract ("Goods") by the time or within the period specified on the face of this Contract shall be subject to the availability of the vessel or the vessel's space. Trách nhiệm của bên Bán chuyển giao hàng được ghi trong Hợp đồng (gọi là “hàng hóa”) đúng hay trong thời hạn quy định trong hợp đồng tùy thuộc vào tình hình thuê tàu hay diện tích chỡ hàng trên tàu.

If, under the terms of this Contract, Buyer is to secure or arrange for the vessel or vessel's space, Buyer shall secure or arrange for the necessary vessel or vessel's space on berth terms basis and give Seller shipping instructions within a reasonable time prior to shipment, including but not limited to the name and detailed schedule of the vessel. Theo điều kiện hợp đồng, nếu bên Mua lo việc thuê tàu hay mua chỗ trống trên tàu, thì phải bảo đảm giữ chỗ để hàng sát thành tàu và không chen với hàng hóa của người khác, đồng thời phải báo cho bên bán biết các chi tiết vận chuyển trong khoảng thời gian hợp lý trước khi chuyển hàng, trong đó bao gồm tên, lịch chi tiết của tàu biển, vv… If Buyer fails to give such instructions within a reasonable time prior to shipment, Seller may, at its sole discretion and at Buyer's risk and account, arrange for the vessel or the vessel's space and make shipment of the Goods, without prejudice and in addition to any other rights and remedies Seller may have under this Contract or at law or in equity or otherwise. Nếu bên mua không thông báo các thông tin vừa nói trong thời hạn hợp lý, bên bán có thể tùy nghi, và Bên mua sẽ chịu mọi rũi ro, chi phí, thuê tàu hay đặt chỗ trên tàu và vận chuyển hàng, mà bên kia không được khiếu nại và đòi thêm quyền hạn khác để bù đắp mà theo hợp đồng này hay theo luật định hay theo tập quán, vv…. bên bán có thể có.
Trong trường hợp chuyển giao hàng từng phần, bất cứ trường hợp trễ nải hay không giao một phần thì sẽ không bị xem là vi phạm hợp đồng này và không được suy ra là bên mua có quyền hủy hợp đồng hay từ chối chấp nhận toàn bộ những lần giao hàng khác.

In case of shipment or delivery installments, any delay or failure in shipment of one installment shall not be deemed a breach of this Contract giving rise to a right of Buyer to cancel this Contract or refuse to accept performance with respect to other installments.



2) Payment

If payment for the Goods shall be made by a letter of credit, Buyer shall establish, in favor of Seller, an irrevocable letter of credit through a prime bank of good international repute immediately after the conclusion of this Contract in a form and upon terms satisfactory to Seller. If Buyer fails to make any due payment, to establish a letter of credit or otherwise to perform its obligations hereunder, Seller may demand that Buyer provide, within a reasonable time, adequate assurance satisfactory to Seller of the due performance of this Contract and may delay delivery until such assurance is given.

Nếu thanh toán được thực hiện bằng L/C, bên mua phải mở L/C không thể hủy ngang mà bên bán là người thụ hưởng tại 1 ngân hàng hạng nhất có tiếng trên quốc tế ngay sau khi ký kết hợp đồng này theo hình thức và điều kiện đúng theo yêu cầu của bên bán.

Nếu bên mua không chịu thanh toán đúng hạn, mở tín dụng thư, hay nói cách khác, thực hiện những nghĩa vụ dưới đây, bên bán có thể yêu cầu bên mua, trong thời hạn hợp lý, cung cấp sự bảo đảm đầy đủ theo yêu cầu của bên bán và bên bán có thể hoãn giao hàng cho đến khi nào bên mua thực hiện bảo đảm thanh toán như đã nói.

Buyer shall pay the price specified on the face of this Contract without set-off counterclaim, recoupment or other similar rights which Buyer may have against Seller and which shall be exercised in separate proceedings between Buyer and Seller. Bên mua phải thanh toán giá ghi cụ thể trên hợp đồng này không được trả giá để thoái thác, hay những trường hợp tương tự mà bên mua có thể thực hiện để gây khó khăn cho bên bán, và những quyền này bên bán và bên mua chỉ được sử dụng trước khi ký kết hợp đồng mà thôi.

Any new, additional or increased freight rates, surcharges (bunker, currency, congestion or other surcharges), taxes, customs duties, export or import surcharges or other governmental charges, or insurance premiums, which may be incurred by Seller with respect to the Goods after the conclusion of this Contract shall be for the account of Buyer and shall be reimbursed to Seller by Buyer on demand. Nếu có thêm khoảng tăng giá cước vận chuyển, phụ thu (ụ để hàng, đổi ngoại tệ, tắc đường hay những phụ phí khác), thuế, thuế quan, phụ thu XNK hay các loại lệ phí đóng cho chính phủ, hay mua bảo hiểm liên quan đến hàng hóa, mà bên bán phải trả sau khi có hợp đồng này, mà lẻ ra bên mua phải chịu và phải được bên mua hoàn lại cho bên bán theo yêu cầu.

If Buyer fails to pay for the Goods in accordance with this Contract, Buyer shall pay to Seller as liquidated damages and not as a penalty overdue interest at the rate of the lower of eighteen percent (18%) per annum or the maximum interest rate permitted by the laws of Buyer's country, calculated from the date for such payment until the actual date of payment calculated on the 360 day-a-year basis for the actual number of days elapsed. Nếu bên mua không thanh toán theo đúng hợp đồng này, bên mua phải chịu bồi thường trên cơ sở hợp lý và không được phạt có tính chất răn đe hay phạt chiếu lệ theo kiểu ấn định mức phạt thấp hơn lãi suất 18% năm tính trên lãi suất thanh toán nợ quá hạn hay mức lãi suất tối đa mà luật pháp của nước người mua cho phép, tính kể từ ngày phải thanh toán cho đến ngày thực sự thanh toán theo năm lịch 360 ngày để biết số ngày thực tế quá hạn thanh toán.



3) Force Majeure

If the performance by Seller of its obligations hereunder is directly or indirectly affected or prevented by force majeure, including but not limited to Acts of God, flood, typhoon, earthquake, tidal wave, landslide, fire, plague, epidemic, quarantine restriction, perils of the sea, war declared or not or threat of the same civil commotion, blockade, arrest or restraint of government, rulers or other labor dispute, explosion, accident or breakdown in whole or in part of machinery, plant, transportation or loading facility, governmental request, guidance, order or regulation, unavailability of transportation or loading facility, bankruptcy or insolvency of the manufacturer or supplier of the Goods, or any other causes or circumstances whatsoever beyond the reasonable control of Seller or manufacturer or supplier of the Goods, then Seller shall not be liable for loss or damage, or failure of or delay in performing its obligations under this Contract and may, at its option, extend the time of shipment or delivery of the Goods or terminate unconditionally and without liability the unfulfilled portion of this Contract to the extent so affected or prevented.

4) Default
Because S + V …

Because of Noun phrase

Because the consignment was delayed, the seller had to be liable for compensation.

Because of the delayed consignment, the seller had to be liable for compensation.


In case that the consignment was delayed, the seller would be liable for compensation.

In case of the delayed consignment, the seller had to be liable for compensation.


In case of (i) Buyer's failure to perform any provision of this Contract; (ii) Buyer's inability to pay its debts generally as they become due; (iii) Buyer's bankruptcy or insolvency or (iv) appointment of a trustee, receiver or liquidator of Buyer of any material part of Buyer's assets or properties ("Events of Default"), Seller may, at its sole discretion, (i) terminate this Contract or any part thereof; (ii) declare all obligations of Buyer immediately due and payable; (iii) resell the Goods; (iv) hold the Goods for Buyer's account and risk; (v) pospone the shipment of Goods; or (vi) stop the Goods in transit, and Buyer shall reimburse Seller for all losses, damages arising directly or indirectly from such Events of Default.

The rights and remedies of Seller hereunder are cumulative and in addition to Seller's rights, powers and remedies existing at law or in equity or otherwise.



5) Intellectual property rights

Nothing herein contained shall be construed as transferring any patent, trademark, utility model, design, copyright, mask word or any other intellectual property rights in the Goods, as such rights being expressly reserved to the true and lawful owners thereof.

Seller shall be neither responsible nor liable for any infringement or unauthorized use with regard to any patent, trademark, utility model, design, copyright, mask work or any other intellectual property rights.

6) Warranty, claim

Unless expressly stipulated on the face of this contract, seller makes no warranty or condition, expressly or impliedly, 'as to the fitness or suitability of the goods for any particular purpose or use or the merchantability thereof.

If any warranty exists. Seller's liability shall be limited to replacement or repair of the defective Goods.

Any claim by Buyer of whatever nature arising under or in relation to this Contract shall be made by registered airmail within thirty (30) days after the arrival of the Goods at the port of destination, or solely in respect to a claim alleging the existence of a latent defect in the Goods, within six (6) months after the arrival of the Goods at the port of destination, and any such claim shall contain full particulars with evidence certified by an authorized surveyor.



7) Limitation

Seller shall not be responsible, whether in contract or warranty, tort or on any other basis, to Buyer for any special, incidental, consequential, indirect or exemplary damages, and in no event shall Seller's total liability on any or all claims from Buyer exceed the price of the Goods.



8) General

(1) All disputes, controversies or differences arising out of or in relation to this Contract or the breach thereof which cannot be settled by mutual accord without undue delay shall be settled by arbitration in Tokyo, Japan, in accordance with the rules of procedure of the Japan Commercial Arbitration Association; the award of arbitration shall be final and binding upon both parties, and judgment on sucli award may be entered in any court or tribunal having jurisdiction thereof; this Contract shall be, in all respects, governed by and construed in accordance with the laws of Japan; the trade terms herein used, such as FOB, CFR and CIF, shall be interpreted in accordance with "INCOTERMS 2000".

(2) The failure of Seller at any time to require full performance by Buyer of the terms hereof -shall not affect the right of Seller to enforce the same; the waiver by Seller of any breach of any provision of this Contract shall not be construed as a waiver of any succeeding breach of such provision or waiver of the provision itself.

(3) This Contract constitutes the entire agreement between the parties hereto and supersedes all prior or contemporaneous communications, agreements or undertakings with regard to the subject matter hereof; this Contract may not be modified or terminated except by a written agreement of Seller and Buyer.

(4) Buyer shall not transfer or assign this Contract or any part thereof without Seller's prior written consent.
2.2 THE FIVE STEPS IN NEGOTIATING PAYMENT
THE PROBLEM

For the exporter, the great fear is non-payment. Most developed countries offer export-insurance, to cover this and other risks, but such insurance is rare in developing countries. How can the exporter create payment terms that ensure payment?



THE PRINCIPLE

Payment is a more orderly process than delivery. Every successful payment provision stipulates the flow: When and Where of payment. In addition it specifies what delay in payment, if any, is excusable, and the consequences of unexcusabie delay.

Thanh toán cần phải tiến hành theo đúng trình tự hơn giao hàng.

Tất cả các quy định về thanh toán cần phải nêu rõ chi tiết: Thời gian và điểm thanh toán. Ngoài ra cũng cần phải ghi cụ thể khả năng thanh toán trễ, những trường hợp nào được miễn trừ trách nhiệm, và không miễn trừ trách nhiệm.




IN MORE DEPTH

In negotiating payment, the sxporter should keep five Steps in mind, five issues that the export agreement must adequately cover.




STEP 1

MODE OF PAYMENT

How will payment be made



STEP 2

TIMING


What is the date of payment?



STEP 3

PLACE OF PAYMENT

Where must the money be before payment is considered complete?



STEP 4

DELAY


What delay in payment is excusable?

STEP 5

RESULT OF DELAY

What are the results of non-excusable delay in payment



Step 1. Mode of Payment

Most international trade is conducted on a cash basis—goods against cash. Sometimes, however, goods are traded against goods (barter trade), and sometimes the exporter gives the buyer a credit—the buyer can pay by installments over a period of time. Barter and credit transactions are a subject in themselves. Here we shall look only at cash transactions.


Trade within a country is based on a mixture of trust and the close prox­imity of courts of law. International business is not so blessed: trust is rare, and courts are far away and unpredictable. Payment is. therefore, tightly controlled. Four approaches to payment are common:
♦ Payment on open account with no security;

♦ Payment on open account secured by export credit insurance;

♦ Payment on open account secured by a payment guarantee; and

♦ Payment by letter of credit.

In private life, small purchases (in a supermarket, for example) are sold cash on delivery. If you buy household furniture, you will usually receive the invoice with a certain amount of time to pay it—cash against invoice. Cash against invoice is the typical open account transaction. If, however, the furniture store distrusts you, it will ask for a 100% prepayment as security—cash with order: that way they are completely safe.
All these transactions have exact equivalents in export trade. Obviously, however, the word "cash" in the international context does not usually mean coins and notes. (Occasionally, perhaps, a buyer pays for goods by giving the exporter a briefcase full of money, but such payments generally reflect a wish to escape scrutiny by the central bank or other authorities.) To the exporter cash normally means checks (cheques) or bank transfers.

Exporters who are paid on open account are seriously at risk. The prob­lem is obvious: if anything goes wrong—if the check is not honored by the bank for example, or if the buyer files for bankruptcy or simply disap­pears—the exporter is in a poor position to claim payment. One solution is to ask for 100% prepayment—as in the furniture store example above. The buyer, however, is unlikely to agree to this arrangement.
There are two common approaches to providing the exporter with an acceptable level of security: one approach is to persuade a third party to pay the epxorter if the buyer fails to do so. A typical third party is a bank which may issue a bank guarantee, paid for by the buyer. An alternative third party is an insurance that issues an export credit insurance policy covering the risk of non-payment: in this case, the exporter pays the costs. The second approach is to position the money the money with a bank in the country of the xporter by means of letter of credit, and to allow the exporter collect the money when the goods are delivered. The letter of guarantee, export credit insurance, and the letter of credit – each of these approaches is complex enough to require a section in its own right.
Step 2. Timing

In negotiating any cash-against-invoice payment- whether secured or not- it is important to consider the time/payment structure. Payment against invoice is rarely made immediately. Most buyers wait a while before paying: the delay gives them use of what is, in fact, the exporter’s money. The exporter, of course, suffers from delay: he must borrow money, perhaps at a high rate of interest, until he is paid. To speed up payment, most exporters offer a discount for early payment, for example 1% discount if payment is made within 30 days of the date of invoice. This discount is often attractive for both buyer and exporter: the buyer saves on the invoice price, while the exporter substantially, improves his cash flow. If the parties say nothing at all, then payment is due, in most jurisdictions on delivery.

The date of payment for a single sale is simply regualated. In an ongoing contract- delivery involving partial shipments, periodic shipments, or a spare parts supply contract, for example- the aprties must negotiate a chain of dates. These are calendar dates (for example, 30th June) or interval times (for example, within 30 days of the date of invoice).
Step 3. Place of Payment

When Tony Mino instructs his bank in F.speranza to pay Double-A Ltd. in Verbena, he begins a chain of events that often takes months to complete. Perhaps the National Bank of Esperanza has no funds to make foreign transfers; perhaps inefficiency delays payment. To avoid the dangers of slow payment, exporters try to protect themselves with a clause like this:




Payment shall be deemed to have been made only when the contract is paid into the seller’s bank account and is at the seller’s full disposal.

In fact, this is not unreasonable: under the Vienna Sales Convention, for example, payment is normally deemed to be made onl\ when the cash is available at "the seller's place of business" (Article 57) Negotiators must work this out carefully -the conflicts of interest are clear:



POINT AT WHICH MONEY IS DEEMED TO BE PAID

When the buyer instructs the bank to pay?


When the buyer pays the money into his bank ?

When the buyer’s bank transfers funds?


When funds reach the seller’s bank account?

BUYER PREFERS SELLER PREFERS
The decision is important because late payment is subject to payment of interest: the cost of any delay along the payment route properly belongs to the buyer.
Step 4. Delay

As with delivery, delay in payment might be excused during a grace period, though this is unusual. More commonly, a force majeure event excuses delay. In fact, the force majeure excuse for delay seldom makes sense in the context of payment; most exporters try to resist it. In principle, any payment made after the agreed date of payment is in delay.


Step 5. Results of Delay.

What happens when payment is late? It is generally agreed in most legal systems that the exporter has a right to be compensated for losses due to late payment. What happens in practice depends on the payment agreement negotiated by the parties. Let's start with the worst case: payment on open account, with no security and with no agreement on late payment. In this case, the exporter tries to exert pressure on the buyer— but this is difficult. The exporter writes letters, makes telephone calls, waits and hopes. Every day that payment is late costs money—losses that the exporter can, in practice, do little about—without beginning legal action. Considerably better is the situation of the exporter whose contract with the buyer regulates late payment. A typical contract clause:

Delayed Payment

If payment of any sum payable is delayed, the Buyer shall be entitled to receive interest on the amount unpaid during the period of delay. The interest shall be at an annual rate three percentage points above the discount rate of the central bank in the Seller's count ry.

When the exporter is finally paid, the interest payable is simply added to the outstanding sum.

For force majeure, sec Chapter 1, Section 2. The force majeure clause suggested by the International Chamber of Commerce, for example, states that payment of interest on overdue sums payable to the seller is not excused by force majeure.


Even better for the exporter is an agreement with the buyer to strengthen the payment provisions with a payment guarantee. This guarantee, as you will see in Section 3 below, obliges a bank to pay if the buyer is more than a given time, say two months, in delay.
The best solution, of course, is to create a payment regulation which makes late payment impossible—the confirmed, irrevocable, at-sight letter of credit. Nothing is better for the exporter.
What You Should Know

1. Payment should be negotiated so that the exporter secures prompt, correct payment.

2. Payment on open account is often timed so that early payment secures a discount for the buyer; this benefits the exporter by improving cash flow.

3. The exporter prefers the place of payment to be his own bank account; payment is not deemed to be made until the money is at his disposal.

4. In most contracts nothing, not even force majeure, excuses late payment.

5. Late payment causes harm to the exporter—the bank interest he must pay while waiting For his money. This interest should be compensated to him by the buyer under the terms of the contract.


CASE STUDY

Missing Terms

Study the price and payment clause below. It is taken from an export contract that lost the exporter a great deal of money. What is missing?



The price payable for the Contract Goods as specdified in Annex A is $400,000.

1. Does the clause specify how payment will be made? YES NO

2. Does the clause specify when payment is due? YES NO

3. Does the clause say where the money must be before the buyer is deemed to have paid? YES NO

4. Does the clause define delay in payment? YES NO

5. Does the clause mention the consequences of delay? YES NO

6. What is payment due if the parties say nothing in their agreement?
The answer to questions 1-5 is “No.” A contract like this relies heavily on the applicable law to fill in the gaps: the exporter often finds himself very unhappy with the decisions that the law makes.

Question 6: If the parties say nothing, payment is usually due on delivery.
CONCEPT REVIEW

Below is the first part of a payment guarantee issued in standard bank form. Study it, and then answer the questions.



Payment Guarantee No. 76542/92

Reference is made to the order No. WEX 344 K placed with you as suppliers by Multi-Import for the supply of integrated circuits.

According to the conditions of this order, the Buyer has to furnish a payment guarantee in the amount of USD 500,000.

By order of the Buyer, we, Big Bank of Euroland, hereby establish this guarantee and undertake irrevocably to pay to you without request or inspection any outstanding amount not exceeding USD 600,00.

We say United States Dollar six hundred thousand only upon your first written demand stating that the Buyer has failed to effect the outstanding payment at maturity.

Our liability under this guarantee will expire as soon as this document is returned to us, latest however, by 31st December 2006.


GIẤY BẢO ĐẢM THANH TOÁN Số 76542/ 92

Giấy bảo đảm này được phát hành căn cứ vào đơn đặt hàng số WEX 344 K đã gửi cho quý Ngài, mà Multi-Import là nhà cung cấp vi mạch cho thân chủ của chúng tôi.

Theo các điều kiện của đơn đặt hàng này, bên mua phải cung cấp giấy bảo đảm thanh toán có giá trị 500,000 USD. Theo lệnh của bên mua, ngân hàng Big Bank of Euroland của chúng tôi nay phát hành giấy bảo đảm này và đảm trách không được thoái thác việc thanh toán cho quý ngài đối với bất cứ khoản tiền đáo hạn không vượt quá 600 USD mà không được thắc mắc hay tìm cớ trì hoãn.

Cụ thể văn bản yêu cầu đầu tiên thanh toán số tiền sáu trăm ngàn USD phải nêu rõ bên mua đã không thực hiện thanh toán khi đáo hạn. Tuy nhiên giấy bảo đảm này sẽ hết hiệu lực ngay khi chứng từ này được trả lại cho chúng tôi chậm nhất là ngày 31/12/2006.



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