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1、Episode 16 Terms of Contract Question: 1 what doess FOB means? 2 When does the demurrage or dispatch happen? Trade Terms: It is a certain kind of international trade practice that divides up the costs, risks and responsibilities of the transport of the goods between the buyer and the seller. Interna
2、tional Rules for the Interpretation of Trade Terms (INCOTERMS) The seller must: 1 Supply the goods in conformity with the contract. 2 Deliver the goods on board the vessel named by the buyer, at the named port of shipment with the time of shipment, and notify the buyer, without delay, that the goods
3、 have been delivered on board. 3 At his own risk and expense obtain any export license or other governmental authorisation necessary for the export of the goods. 4 Bear all costs and risks of the goods until the goods pass over the ships rail at the named port of shipment. 5 Provide the buyer on req
4、uest and at buyers expense with the Certificate of Origin, and offer any assistance to obtain Bills of Lading and other necessary documentation. The buyer must: 1 At his own expense, charter a vessel or reserve the necessary space on board a vessel and give the seller due notice of the name, loading
5、 berth of and delivery dates to the vessel. 2 Bear all costs and risks of the goods from the time when they pass over the ships rail at the named port of shipment, and pay the price as specified in the contract. 3 Pay all cost to the seller to obtain Bills of Lading , Certificate of Origin and any o
6、ther documentation required. 4 Bear any additional costs and all the risks of goods incurred because the vessel named by the buyer shall have failed to arrive on the stipulated date, or shall be unable to take the goods. Variants of FOB Terms FOB Liner Terms It means that all the loading and unloadi
7、ng expenses are to be borne by the party who pays the freight. FOB Under Tackle This terms only requires the seller to send and place the goods on the wharf within the reach of the ships tackle. FOB Stowed It denotes that the seller pays the loading expenses including stowing expense. FOB Trimmed Th
8、is term signifies that the seller pays all the loading expenses including trimming expense. Contract No. CE13 Date:2003/11/ 5 The Buyer: China National Chemical Imp &Exp Corp. The Seller: Smith & Sons Co. Ltd. This contract is made by and between the Buyer and the Seller, whereby the Buyer agrees to
9、 buy and the Seller agrees to sell the under-mentioned goods subject to the terms and conditions stipulated below: Name of Commodity: Lithophone Specification: ZnS content 28% min Quantity: 50 M/T, 5% more or less allowed at the sellers option ( to settled as the mean international price at the time
10、 of delivery) Unit Price: RMB￥1,000 per M/T CIFC3 Singapore Total Value: RMB ￥50,000 (say Renminbi Fifty Thousand Only) Packing: Packed in 50 kilo glass-fibre bag lined inside with plastic bag Time of Shipment: In Jan. 2004, allowing partial shipment and transhipment. Port of Loading: Xingang, Tianj
11、in, China Port of Destination: Singapore Shipping Mark: At sellers option Insurance: To be covered by the Seller for 110% of the invoice value against All Risks and War Risk as per the Ocean Marine Cargo Clauses of PICC. Terms of Payment: The buyer shall open, with a bank acceptable to the sellers,
12、an irrevocable Letter of Credit payable by draft as sight, to reach the sellers 30 days before the time of shipment and to remain valid for negotiation in China until the 15th day after the date of shipment. THE SELLER THE BUYER General Terms and Conditions 1 Shipping Documents: The Seller Shall pre
13、sent the following documents to the paying bank for negotiation: (a) Full set clean-on-board shipped Bill of Lading (b) Commercial Invoice (c) Packing list (d) Inspection Certificate on Quality and Inspection Certificate on Weight (e) Certificate of Origin 2 Inspection: In case the quality, quantity
14、 or weight of the goods be found not in conformity with those stipulated in this Contract after re-inspection by _ within 60 days after arrival of the goods at the port of destination, the Buyer shall return the goods to or lodge claims against the Seller for compensation of losses upon the Inspecti
15、on Certificate issued, with the exception of those claims for which the insures or owners of the carrying vessel are liable. All expenses (including inspection fees) and losses arising from the return of the goods or claims should be borne by the Seller. 3 Force Majeure: The Seller shall not be responsible for late delivery or non- delivery of the goods owing to “Force Majeure” causes, such as war, flood, fire, storm, heavy snow, earthquake, seaquake, etc. However, in such case, the Seller shall immediately not
