Book contents
- Frontmatter
- Contents
- Figures and Tables
- Preface
- Abbreviations
- Chapter 1 An Introduction to the Export and Import of Goods and Services
- Chapter 2 Contracts for the International Sale of Goods
- Chapter 3 Incoterms
- Chapter 4 Payment
- 5 Transport of Exported Goods
- Chapter 6 Cargo Insurance
- Chapter 7 Customs
- Chapter 8 Exporting through an Overseas Representative
- Chapter 9 Exporting via Licensing and Franchising Arrangements
- Chapter 10 Exporting via an Overseas Business Presence
- Chapter 11 Dispute Settlement
- Chapter 12 Exporters and the WTO
- Index
Chapter 3 - Incoterms
Published online by Cambridge University Press: 05 September 2012
- Frontmatter
- Contents
- Figures and Tables
- Preface
- Abbreviations
- Chapter 1 An Introduction to the Export and Import of Goods and Services
- Chapter 2 Contracts for the International Sale of Goods
- Chapter 3 Incoterms
- Chapter 4 Payment
- 5 Transport of Exported Goods
- Chapter 6 Cargo Insurance
- Chapter 7 Customs
- Chapter 8 Exporting through an Overseas Representative
- Chapter 9 Exporting via Licensing and Franchising Arrangements
- Chapter 10 Exporting via an Overseas Business Presence
- Chapter 11 Dispute Settlement
- Chapter 12 Exporters and the WTO
- Index
Summary
In a contract for the sale of goods, perhaps the most significant obligation on the vendor is to deliver the goods that are the subject of the sale. In return, the buyer has the obligation to pay the price that has been agreed. International sales of goods pose special problems for the vendor in fulfilling its delivery obligations. These include problems that might arise regarding the transport of the goods; clearing goods through customs in both the exporting and importing countries; the associated costs; and the point at which the risk of loss or damage to the goods passes from seller to buyer with consequent implications for insurance. A moment's reflection reveals that these various subparts of the delivery obligations can be combined in numerous ways, thereby making the drafting of a delivery clause in an international contract of sale a rather complex task which, if not performed well, could lead to many misunderstandings and potential disputes.
In order to introduce some standardisation into delivery obligations in international sales, the International Chamber of Commerce devised what is known as the ‘incoterms’ in 1936. The incoterms have been revised several times since then to reflect changes in international trade practice. The revisions tend to occur every ten years or so. The most recent version of incoterms was released in 2000. This version of the incoterms contains 13 different sets of delivery obligations.
- Type
- Chapter
- Information
- Australian ExportA Guide to Law and Practice, pp. 76 - 87Publisher: Cambridge University PressPrint publication year: 2006