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1、,CHAPTER 18 IMPLEMENTATION OF INTERNATIONAL SALES CONTRACT (CIF, L/C) Cargo Readiness Examination of and Amendment to L/C Shipment, Insurance and Customs Clearance Documentation Settlement of Export proceeds in Foreign Exchange Verification and Writing-off of Export Proceeds in Foreign Exchange and
2、Export Tax Rebate,1 Cargo Readiness,Contractual quantity, quality and packing conformity requirements Contractual quantity requirement “100 M/T 5% more or less”, the buyer would be obliged to take delivery of any delivery between 95 M/T and 105 M/T. (2) Contractual quality, description and packing r
3、equirements Quality, description: the requirements in the contract will prevail. Packaging: sufficient to protect the goods.,2. Fitness for ordinary and particular purposes Fitness for ordinary purposes Canned fruits must be suitable for human consumption; Durable goods such as washing machines shou
4、ld remain durable (usable) for an “ordinary period of time”. A buyer who purchases for resale is entitled to expect goods resalable in the ordinary course of business.,(2) Fitness for a particular purpose A special purpose: to use such equipment in exceptional climatic conditions. Precondition: The
5、buyer must have reliance on the sellers skill and judgment, e.g. the seller is an expert in the manufacture or sale for the particular purpose intended by the buyer.,3. To timely fulfil the obligation to deliver The time of delivery is governed first by the provisions of the contract. The credit sti
6、pulates specific dates for the performance of partial shipments. If the beneficiary misses only one deadline for a partial shipment, he forfeits the right to claim payment under the credit for any subsequent deliveries.,4. Ensuring freedom from third party claims Ensure that the goods it delivers ar
7、e not subject to rights or claims by a third party. To ensure the goods he delivers do not infringe on the industrial property rights or other intellectual property rights of the third party. (The seller is not liable if the buyer “knew or could not have been unaware” the third partys right ),2 Exam
8、ination of and Amendment to the L/C,1. Urging the opening of L/C (1) The buyer fails to issue an L/C within the time stipulated in the contract. (2) Goods are ready for shipment, the seller may also urge the buyer to open the L/C in order to advance shipment.,2. Examining L/C The political backgroun
9、d and financial standing of the issuing bank. (2) The nature of the credit and the liabilities of the opening bank. “This credit is not effective until we receive the notification of import licenses”. (not acceptable) (3) The unit price and total amount. (4) The quality, quantity, packing clauses.,U
10、CP600 ARTICLE 30 (a): ” about ” or “approximately”,AMOUNT QUANTITY UNIT PRICE,10% (tolerance),UCP600 ARTICLE 30 (b):,NOT,1. Number of packing units 2. Individual items,if quantity, 5%,3. Total amount of the drawings the amount of the credit,(5) The latest date for shipment, date and place of credit
11、expiry. The expiry place is usually in the beneficiary place. (6) Partial shipments and/or drawings are permitted or allowed. (7) Transshipment is permitted or allowed. (8) The documents required are obtainable. (9) Other special clauses.,3. Amendment to L/C If the seller finds that the terms stipul
12、ated in the credit are not in line with those specified in the contract or not acceptable, he must immediately notify the buyer in the shortest possible time. Meanwhile he should also keep in mind that shipment could not be effected until the L/C amendment arrives. Partial acceptance of an amendment
13、 is not allowed and will be deemed to be notification of rejection of the amendment.,3 Shipment, Insurance and Customs Clearance,1. Shipment, shipping note,Shipper,Carrier, shipping order,Captain (Mate), mates receipt, mates receipt, bill of lading,2. Insurance The date of the insurance document sho
14、uldnt be later than the date of shipment. 3. Customs clearance Declaration of export goods shall be made 24 hours prior to loading unless otherwise specially approved by the Customs. Fill in customs declaration forms (报关单) Submit appropriate documents: commercial invoice, export license, copy of sal
15、es contract, and inspection certificates, shipping order, etc.,4 Documentation,1. Quality requirements for documents (1) Accuracy: Doctrine of strict compliance (2) Completeness: Types of documents, numbers of originals and copies, items for each document. (3) Promptness: Documents are ready when th
16、ey are needed to avoid any delay or confusion. (4) Conciseness: Not use redundant words or expressions. (5) Cleanness: No correction on the documents.,2. Period of time for presentation of documents (1) The expiry date of the credit. (2) The period of time for presentation specified in the credit. (3) 21 days after the date of shipment.,3. Types of documents required by the credit Draft: Draft drawn clause “drawn under XXX Bank L/C No. XXX
