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NB: Terms HD out now, made specially for your iPad!
It is well known situation when a businessman involved in international trade asks his lawyer to settle the problem with a foreign partner, and the lawyer explains the mistakes made by the businessman at the very beginning of the deal and therefore his position is rather weak.
The businessman is surprised to find out that INCOTERMS the document International Chamber of Commerce (ICC) has worked out for international trade is unknown for him in details.
The idea of INCOTERMS is to make international trading easier. International commercial terms are used to divide costs and responsibilities between buyer and the seller.
There are many books in which authors explain how to use and understand this important publication of ICC. In these books not proper attention is paid to the point that each term of INCOTERMS chosen by the partners to be added and clarified by the conditions of the sale contract related only to this term.
To fill the gap I propose my vision of the problem and recommend what kind of clarifications to be stipulated by the sale contract for each one of the following 13 terms of INCOTERMS chosen by the sellers and the buyers, i.e. (EXW, FCA, FAS, FOB, CFR, CIF, CPT, CIP, DAF, DES, DEQ, DDU, DDP).
• The structure for each term is as follows: description of a term, points that should be included in the sale’s contract;
• for the readers convenience glossary and international abbreviation dictionaries;
• scheme (picture) that describes cost and responsibility split between buyer and the seller for each term are included;
• mentioned above is aimed for businessmen, solicitors, commercial bank employees.
*NB is well known abbreviation for nota bene (Latin), which is used when somebody wants to pay attention for something important to be remembered.
Design issues resolved.