REQUIREMENTS: Compatible with iPhone, iPod touch, and iPad.
Requires iOS 3.2 or later
NB: Terms HD
It is a common 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, leaving him in a potentially vulnerable position.
The businessman is surprised to find out that INCOTERMS, the document that the International Chamber of Commerce (ICC) has worked out for international trade, is unknown to him in detail.
The idea of INCOTERMS is to make international trading easier. International commercial terms are used to divide costs and responsibilities between the buyer and the seller.
There are many books in which authors explain how to use and understand this important publication. In these books, proper attention is not 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 outline the problem in clear terms and recommend what kind of clarifications should 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;
• a scheme (picture) that describes cost and responsibility split between the buyer and the seller for each term is included;
• these facilities are aimed at businessmen, solicitors and commercial bank employees.
*NB is a well known abbreviation for “nota bene” (Latin), which is used to draw attention to something particularly important.