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Incoterms , Its Implications in Contract
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Incoterms , Its Implications in Contract
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The use of Incoterms 2000Agreement to abide by a set of internationally applicable
rules in the arrangement & operation of international
transportation
A standard three-letter abbreviated terminology
Translated into various languages
Covers thirteen main options
The rules associated with each term clearly describe the
key obligations of sellers, buyers and carriers with regard
to:
Delivery of the Goods
Incoterms
Transfer of Risks
Transfer of Costs
M10:A:6.1-1
ITC
, Hierarchy of contractual terms
and clauses
CONTRACT FOR SALE OF GOODS
Terms, conditions and
applicable jurisdiction
Any specific clause relating
to carriage and delivery
INCOTERM
specified in the
§§§ contract
M10:A:6.1-2
ITC
, The difference between transfer of
ownership, title, delivery and risk
Transfer of Ownership:
Determined by clauses in the contract -
can happen at any time, even after
delivery
Transfer of Documents of Title:
Specified in Incoterms - linked directly
to the transfer of risk & delivery of the
goods
Note:
The title-holder bears the risks of loss or damage
Delivery = handing over the goods from one party to another
Transfer of title = Taking delivery & transfer of risk
M10:A:6.1-3
ITC
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