Incoterms, the transfer of risk and the title to sue are some of the issues that are discussed at length and detail across many platforms.. There is however a great deal of misunderstanding and miscommunication about this subject.. The latest TT Talk article from the TT Club discusses this issue in detail..
Watch Emily O’Connor, Executive-Secretary of the Incoterms Working Group explain the ins and outs of the Incoterms® 2010 Rules and their use for business..
This is the Story of a CIF contract and a Letter of Indemnity..
Seller is delivering CIF to Chinese port. The contract has an LOI provision if the original bill of lading should be lost..
The buyer’s bank refuses to make payment without original BOL and will not accept LOI..
What happens next..??
Everyone in the industry knows or have heard about or should know about Incoterms® which since being published first in 1936, has become the accepted and commonly used terms of trade in international trade accepted by governments, intergovernmental agencies including the United Nations, legal authorities and practitioners worldwide.. In order to discuss these terms further interactively, the International Chamber of Commerce (ICC) has … Read more here..