This course will develop and extend your knowledge of the contractual terms in details and how to apply them in a practical manner. You will learn how to use the terms to your advantage. You will also understand the rights and obligations of the buyer and seller. This course will show you how usage of contractual terms can be a powerful tool in your international business dealing.
1. Basic Law of Contract * What is a valid contract? * Conditions for offer and acceptance * Vitiating elements in a contract * What constitute a breach of contract?
2. Incoterms 2020 * Meaning of EXW, FCA, FOB, CFR, CIF, etc * Understanding the obligations of buyer and seller * Incorporation of the trade terms into contract
3. Shipping Documents * Understanding B/L and AWB and its implications * Operation of invoice and packing list * Certificate of origin and inspection
4. Payment Conditions * Open account and advance payment *Applications of DA and DP * Step-by-Step operation of L/C *Irrevocable L/C
5. Understanding UN-CISG * Scope of application * How a contract is formed? * Rules concerning the Sales of goods * Remedies of buyer and seller
6. ICC contract model * Specific and general condition of the contract * Meaning of title and limitations of liability * How disputes are settled in international trade * How to apply the Force majeure clause