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TLDR;

This video provides a comprehensive overview of Incoterms 2020, standard transaction conditions, and their application in international trade. It explains the structure, scope, and key concepts of Incoterms, comparing them with CISG (Contracts for the International Sale of Goods). The video also covers various Incoterms rules, including EXW, FCA, and FAS, detailing the obligations of buyers and sellers under each rule.

• Incoterms 2020 are a set of 11 three-letter abbreviations that define the responsibilities of sellers and buyers in international trade transactions.
• Incoterms are not mandatory rules but are used when agreed upon by the parties in a contract.
• The video explains the differences between Incoterms and CISG, highlighting their complementary relationship.
• It also discusses the structure of Incoterms 2020, including the introduction, 11 rules divided into categories, and the obligations of sellers and buyers.

Incoterms 2020 Overview and Standard Transaction Conditions [0:16]

The video begins by explaining that Incoterms are standard transaction conditions used in international trade contracts to clarify the obligations of buyers and sellers. These terms, such as FCA and CIF, are abbreviations that define responsibilities related to transportation, risk, and costs. The use of standard trading conditions simplifies contracts by using short phrases that encapsulate complex meanings, but interpretations can vary regionally, necessitating unifying rules like Incoterms.

Financial Background and Revisions of Incoterms [6:15]

The history of Incoterms is discussed, noting that the first version was created in 1936, with the current version being Incoterms 2020, which has undergone eight revisions. Unlike other international trade rules that attach version numbers, Incoterms uses the year of release to distinguish versions. The video emphasizes that Incoterms 2020 is the latest version, but older versions like Incoterms 2010 can still be used if the parties agree.

Scope of Application and Structure of Incoterms 2020 [12:30]

Incoterms apply only to tangible goods and contracts for the delivery of goods, focusing on when risk and costs transfer from seller to buyer. These rules are not mandatory but are applied when explicitly stated in the contract, using phrases like "FOB Busan Incoterms 2020." The structure of Incoterms 2020 includes an introduction and 11 rules divided into those applicable to any mode of transport and those specific to sea and inland waterway transport. Each rule details the seller's and buyer's obligations, from A1 to B10.

Comparison of Incoterms and CISG [20:11]

The video compares Incoterms with CISG, noting that Incoterms are created by the International Chamber of Commerce (ICC), a private organization, while CISG is an international agreement. Incoterms are applied only when specified in a contract, whereas CISG is automatically applied if the requirements are met, unless explicitly excluded. CISG covers aspects like contract formation and remedies for breach, while Incoterms detail delivery specifics, risk transfer, and cost allocation. The two are complementary, with CISG providing comprehensive regulations from contract establishment to performance, and Incoterms filling in the specific implementation details.

E Condition: EXW (Ex Works) [27:03]

The E condition, specifically EXW (Ex Works), is detailed as the minimum obligation for the seller. EXW means the seller is only responsible for making the goods available at their premises, such as a factory or warehouse. The buyer is responsible for all further transportation costs, risks, export and import customs clearance. The seller does not need to load the goods onto any vehicle.

F Condition: FCA (Free Carrier) [45:54]

The F condition includes FCA (Free Carrier), where the seller delivers the goods to a carrier appointed by the buyer at a specified location. The seller is responsible for export customs clearance. The delivery location can be the seller's premises or another designated place. If the delivery occurs at the seller's premises, the seller must load the goods onto the buyer's transport. If the delivery occurs elsewhere, the seller must deliver the goods to that location, ready for unloading by the buyer's carrier.

FAS (Free Alongside Ship) [54:26]

FAS (Free Alongside Ship) requires the seller to deliver the goods alongside the ship at the named port. The seller is responsible for export customs clearance. This rule is suitable only for sea or inland waterway transport. The buyer must designate the vessel and bear all costs and risks of loss or damage to the goods from that moment.

FOB (Free On Board) [1:05:04]

FOB (Free On Board) requires the seller to load the goods on board the vessel nominated by the buyer at the named port. The seller is responsible for export customs clearance and all costs and risks until the goods are loaded on board the ship. This rule is also suitable only for sea or inland waterway transport.

Incoterms 2020 Introduction: Purpose and Application [1:09:02]

The video revisits the introduction to Incoterms 2020, emphasizing that these rules are designed to reflect current business-to-business transaction practices in sales contracts. Incoterms primarily deal with the obligations of the seller and buyer regarding the delivery of goods, the transfer of risk, and the allocation of costs. However, Incoterms do not constitute the entire contract of sale and do not cover aspects like transfer of ownership.

Incorporating Incoterms into Contracts and Key Considerations [1:14:29]

To properly incorporate Incoterms into a contract, the parties must explicitly state which Incoterms rule applies, including the named place and the year of the version (e.g., CIF Shanghai, Incoterms 2020). The named place is crucial as it indicates where the risk and cost transfer from seller to buyer. The video also notes that while Incoterms are designed for international trade, they can be used for domestic transactions, particularly EXW.

Understanding Incoterms Groups and Practical Implications [1:18:04]

The video explains the traditional grouping of Incoterms into E, F, C, and D categories, highlighting that E and D represent the extremes of seller and buyer obligations. It also discusses the importance of choosing the appropriate Incoterms rule based on the mode of transport, cautioning against misusing rules like FOB for container transport. The video stresses that Incoterms are not merely price indicators but comprehensive conditions that define responsibilities and risks.

Incoterms Rules and Contractual Relationships [1:35:56]

Incoterms rules are attached to the sales contract and do not directly govern other related contracts such as transportation, insurance, or letter of credit agreements. However, these contracts must be coordinated to align with the Incoterms rule selected in the sales contract. The video emphasizes that the seller and buyer must ensure that all contracts are consistent to avoid discrepancies and ensure smooth execution of the trade transaction.

Maritime and Inland Waterway Transport Rules [1:38:09]

The video distinguishes between Incoterms rules applicable to all modes of transport and those specific to maritime and inland waterway transport. It cautions against misusing maritime-specific rules like FOB for non-sea transport. The video also explains the importance of understanding the underlying principles of each rule to avoid incorrect application, such as designating inland locations for FOB contracts.

Trade Contract Establishment Process and Market Research [1:47:03]

The video transitions to discussing the process of establishing a trade contract, starting with overseas market research and identifying potential business partners. It emphasizes the importance of understanding the context of each stage, particularly when dealing with English letters related to trade. The video also introduces the concept of a "Bisley" or business directory, which can be a valuable resource for finding reliable business contacts in foreign countries.

Inquiries, Credit Checks, and Subscription [1:51:36]

The video covers the stages of inquiry, credit checks, and subscription in establishing a trade contract. It explains that an inquiry is a request for information about potential trade terms, while a credit check is a crucial step to verify the reliability of a potential business partner. The video also defines subscription as a proposal to make a deal, distinguishing it from a restriction.

Types of Subscriptions and Key Distinctions [2:06:58]

The video details various types of subscriptions, including selling offers, buying offers, confirmed subscriptions, and uncertain subscriptions. It explains the legal implications of each type, noting that a confirmed subscription cannot be canceled during the validity period, while an uncertain subscription can be canceled before acceptance. The video also introduces the concept of a counteroffer, which is a rejection of the original offer and a new offer with modified terms.

Conditional Subscriptions and Market-Conditional Subscriptions [2:19:38]

The video discusses conditional subscriptions, such as "offer on approval," "offer on return," and "offer subject to being unsold." It also covers market-conditional subscriptions, which allow for price adjustments based on market fluctuations. The video emphasizes the importance of understanding the specific conditions attached to each type of subscription.

Effect of Subscription and Key Considerations [2:28:19]

The video explains that a subscription takes effect when it reaches the other party. It also discusses the concepts of withdrawal and cancellation, noting that withdrawal is possible before the subscription takes effect, while cancellation is possible only under certain conditions. The video also addresses the effect of a party's death on a subscription, noting that there is no mention of this in CISG.

Consent and its Requirements [2:37:50]

The video defines consent as the offeree's expression of intent to enter into a contract, which must be completely consistent with the terms of the subscription. It explains the "mirror image rule," which requires that the consent must be a precise reflection of the offer. The video also discusses the importance of giving consent within the specified validity period and the implications of delayed acceptance.

Delayed Acceptance and its Implications [2:56:15]

The video addresses the issue of delayed acceptance, noting that in principle, it has no effect. However, there are exceptions under CISG, such as when the subscriber notifies the offeree that the delayed acceptance is still valid or when the delay is due to circumstances beyond the offeree's control. The video also emphasizes that the subscriber must act in good faith and cannot take advantage of the delay to avoid the contract.

Additional Conditions and Practical Examples [3:03:34]

The video discusses the implications of adding conditions to the consent, noting that in principle, it constitutes a counteroffer. However, CISG provides an exception for minor changes that do not substantially alter the terms of the subscription. The video provides examples of what constitutes a material alteration, such as changes to price, payment method, quality, or quantity.

Review Questions and Key Takeaways [3:16:08]

The video concludes by reviewing several exam questions related to the concepts discussed, reinforcing the key takeaways and providing practical examples of how these concepts are tested. The video emphasizes the importance of understanding the nuances of CISG regulations and the distinctions between various types of subscriptions and consent.