INCOTERMS UIA Annual Congress. International Sales Commission. Melina Llodra
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1 INCOTERMS 2010 UIA Annual Congress International Sales Commission Melina Llodra Valencia, 30 October 2015
2 What INCOTERMS do? Set out obligations of seller/buyer in terms of transport of goods, documents, carriage, insurance arrangements Risk Costs Government authorizations and export licenses 2
3 What INCOTERMS do not do? Property regime: who owns the goods Contract of sale (price, payment method) Consequences of breach of contract Contract with the carrier Contract with the insurer Look at sale contract, transport documents (e.g. bill of lading) and applicable law 3
4 Changes introduced by new INCOTERMS 2010 Application for international and domestic trade Reduced from 13 to 11 INCOTERMS: DAT and DAP have replaced former DAF, DES, DEQ and DDU Divided in two categories: Delivery by any mode of transport (sea, road, air, rail): can be used irrespective of mode of transport and whether one or more modes of transport are employed: EXW, FCA, CPT, CIP, DAT, DAP, DDP Delivery by sea and inland waterways transport: the point of delivery and destination are both ports: FAS, FOB, CFR, CIF. In FOB, CFR and CIF, the ship s rail as the point of delivery is replaced by goods «on board» the vessel 4
5 Changes introduced by new INCOTERMS 2010 (cont.) New security-related clearance obligations: seller and buyer are compelled to cooperate (e.g. supply information in order to obtain export and import clearance) String sales recognized: multiple sales of goods during transit. Seller in the middle of a string sale has an obligation to «procure goods shipped» and not to «ship» the goods Electronic means same effect as paper communication Terminal handling charges clarified: Amendments to CPT, CIP, CFR, CIF, DAT and DDP (seller makes arrangements for the carriage of the goods) reduce the potential for buyer to be charged twice for terminal handling charges Insurance coverage: Reflects revisions made to the Institute Cargo Clauses in Clearer language regarding parties obligations. CIF and CIP only require minimum coverage 5
6 Delivery and risk transfer Named place: where delivery takes place and where risk passes from seller to buyer Named place: destination to which carriage is paid. Place of delivery: where risk passes from seller to buyer EXC FCA DAT DAP CPT CIP CFR CIF DDP FAS FOB 6
7 EXW (EX WORKS) Any mode of transport Delivery when seller places goods at buyer s disposal at seller s premises or at another named place (risk passes) Minimum seller obligation Buyer loads goods onto collecting vehicle Buyer pays transport Buyer responsible for export where applicable Best used for domestic/intra-trading bloc contracts Parties to identify as precisely as possible the named place of delivery 7
8 FCA (Free Carrier) Any mode of transport Delivery when seller delivers goods to carrier or other nominee of buyer at seller s premises or other named place (risk passes) Buyer arranges and pays for transport BUT If commercial practice or at buyer s request, seller may (but is not required to) arrange transport at buyer s cost and risk Seller responsible for export, where applicable Buyer responsible for import, where applicable Parties to identify as precisely as possible the named place of delivery 8
9 CPT (Carriage Paid to) Any mode of transport Risk and cost shift to buyer at different places Delivery when seller hands goods over to carrier (risk passes) BUT Seller pays for transport (but does not bear risk of transport) Seller responsible for export, where applicable Buyer responsible for import, where applicable Parties to identify as precisely as possible both place of delivery (where risk passes to buyer) and named place of destination to which seller must contract for carriage. 9
10 CIP (Carriage and Insurance Paid to) Any mode of transport Risk and cost shift to buyer at different places Delivery when seller hands goods over to carrier (risk passes) BUT Seller pays for transport (but does not have risk of transport) Seller contracts for minimum cover insurance against buyer s transport risk Seller responsible for export, where applicable Buyer responsible for import, where applicable Parties to identify as precisely as possible both place of delivery (where risk passes to buyer) and named place of destination to which seller must contract for carriage. 10
11 DAT (Delivered at terminal) Any mode of transport Delivery when seller unloads the goods and places them at buyer s disposal at named terminal (any place: quai, wharehouse, container yard, rail or air cargo terminal) Seller pays for transport Seller responsible for export, where applicable Buyer responsible for import, where applicable Replaces DEQ (delivery ex quay at named port of destination) Parties to identify as clearly as possible terminal, and if possible, a specific point within terminal 11
12 DAP (Delivered at Place) Any mode of transport Delivery when seller places the goods at buyer s disposal not unloaded on arriving means of transport at named place (risk passes) Seller pays for transport Seller responsible for export, where applicable Buyer responsible for import, where applicable Replaces DES (delivered ex ship named port of destination), DAF (delivered at frontier named place) and DDU (delivered duty unpaid named place of destination) Parties to clearly specify the point within the agreed place of destination 12
13 DDP (Delivered Duty Paid) Any mode of transport Delivery when seller places the goods, cleared for import, at buyer s disposal not unloaded on arriving means of transport at named place of destination (risk passes) Seller pays for transport Seller responsible for export, where applicable Seller also responsible for import, where applicable Maximum obligations for seller: all costs and risks until place of destination Parties to specify as clearly as possible named place of destination 13
14 FAS (Free Alongside Ship) Sea or inland waterway transport only Delivery when goods are placed alongside vessel at port of shipment (risk passes) Seller may also deliver by procuring goods already delivered as above (a «string sale») Buyer pays transport If commercial practice or at buyer s request, seller may (but is not required to) arrange transport at buyer s cost and risk Seller responsible for export where applicable Buyer responsible for import where applicable Parties to specify as clearly as possible the loading point of the named port of shipment 14
15 FOB (Free on Board) Sea or inland waterway transport only Delivery when goods are placed on board vessel at port of shipment (risk passes) Seller may also deliver by procuring goods already delivered as above (a «string sale») Buyer pays transport If commercial practice or at buyer s request, seller may (but is not required to) arrange transport at buyer s cost and risk Seller responsible for export, where applicable Buyer responsible for import, where applicable Parties to clearly specify (i) port of shipment and (ii) vessel 15
16 CFR (Cost and Freight) Sea or inland waterway transport only Risk and cost shift to buyer at different places Delivery when goods are placed on board vessel at port of shipment (risk passes) BUT Seller must contract and pay the costs of transport to port of destination (no risk of transport) Seller may also deliver by procuring the goods already delivered as above (a «string sale») Seller responsible for export, where applicable Buyer responsible for import, where applicable Parties to clearly specify (i) port of shipment, and (ii) port of destination 16
17 CIF (Cost Insurance and Freight) Sea or inland waterway transport only Risk and cost shift to buyer at different places Delivery when goods are placed on board vessel at port of shipment (risk passes) BUT Seller must contract and pay cost of transport to port of destination (no risk of transport) Seller may also deliver by procuring the goods already delivered as above (a «string sale») Seller must contract for minimum cover insurance against buyer s transport risk Seller responsible for export where applicable Buyer responsible for import where applicable Parties to clearly specify (i) port of shipment, and (ii) port of destination 17
18 Incoterms 2010 Costs & Risks Seller Factory Loading Transport Loading platform Loading Main carriage Unloading Unloading platform Transport Company Buyer EXW FCA Any mode of transport CPT CIP* DAT DAP DDP ** Sea & inland waterway transport FAS FOB CFR CIF* * Insurance for seller s account Costs Seller s account Risks Incurred by seller 18 ** With import clearance Buyer s account Incurred by buyer
19 Some practical cases to discuss If a contract between an English seller and a German buyer is described as «EXW (London) Incoterms 2010 rules» and stipulates for arrival of the goods in Frankfurt, and if the goods are lost or damaged on the way to Frankfurt, who bears the risk of that loss or damage? And if it were «EXW (Frankfurt) Incoterms 2010 rules»? 19
20 Some practical cases to discuss Goods sold on FOB terms are destroyed by a fire in a warehouse in the port of loading. Must buyer pay the price? And if it were FAS or FCA? 20
21 Some practical cases to discuss Seller sells under DAT Incoterms 2010 rules. Goods were carried in containers. It is now a week since the goods were removed by buyer from the agreed terminal. Buyer discovers today that the goods in two of the containers were damaged. Can buyer claim the whole or part of the price back from seller or can buyer claim the equivalent in damages? 21
22 Some practical cases to discuss A buyer takes delivery of a cargo of seeds purchased CIF Singapore. When the goods have been cleared for customs in Singapore, buyer has the seeds inspected and finds them to be different to specification in the sale contract. Buyer has not yet paid for the goods. Is buyer entitled to refuse payment? 22
23 CONCLUSIONS INCOTERMS do not provide a complete sale of goods contract Parties to specify: Type and set of INCOTERMS (CIF, FOB, DAT, etc); INCOTERMS 2010 Named place/port as precisely as possible (e.g. «FCA, Mitre 248, Rosario, Argentina, Incoterms 2010») For CPT, CIP, CFR and CIF identify named place of delivery and named place of destination 23
24 Contact Melina LLODRA LALIVE LALIVE IN QATAR LLC 35 Rue de la Mairie QFC Tower 1 P.O. Box 6569 P.O. Box CH-1211 Geneva 6 Doha Switzerland Qatar mllodra@lalive.ch mllodrae@lalive.ch Phone: Phone: Mobile: Mobile: Melina Llodra joined LALIVE in 2008 after several years of practice in corporate and commercial law in Argentina. She specialises in international business law, including mergers and acquisitions, joint ventures, cross-border transactions, international sales of goods, international projects, government licensing and concessions and public procurement. Melina Llodra is a member of several professional associations, including the Association of International Business Lawyers (of which she is a member of the Executive Committee), the Foreign Lawyer's Section of the Geneva Bar Association, the Rosario Bar Association (Argentina), the Swiss Argentine Chamber of Commerce, the Union Internationale des Avocats, the Swiss-Latin American Business Forum (of which she is president) and the Spanish Business Council in Qatar. She is also a guest lecturer at the Fribourg University School of Law, Master of Laws (LL.M.) in Cross-Cultural Business Practice in relation to International Joint Ventures and International Agency and Distributorship Agreements. 24
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