Options The best option for the transport of goods on export will depend on the destination and on the type of goods concerned. The following options may be available: air freight; carriage by sea; roll on roll off ferry transport / transport by road; consolidation of consignments by a freight forwarder; express courier. The Irish […]
Bill of Lading A bill of lading is a multi-function document, commonly used in international maritime trade. It acts as a receipt for the goods by the carrier. It usually sets out the terms of carriage. It may incorporate the terms of the charter party (the lease) of the ship which carries the goods. It […]
Application of Conventions There are a number of different regimes applicable to air transport depending on whether the relevant states have ratified and implemented the particular Convention or or an amendment or protocol to it. Where the place of departure and destination under the contract or carriage are in two States party to the original […]
General The exporter will not wish to part with the goods until he has received payment, or at least confirmation that his draft has been accepted by a creditworthy entity such as a bank. The buyer on the other hand will wish to postpone payment until the goods or documents are in his possession control. […]
Bills of Exchange The key characteristic of a bill of exchange is that it is an unconditional obligation to pay. Payment cannot be refused because of some alleged failure to perform the transaction for which the Bill of Exchange is payment. A bill of exchange may be payable immediately or on or by a certain […]
Bank Guarantees A bank guarantee may be required in an export sale. The buyer may be required to obtain a guarantee in favour of the seller under the sale contract. It may be provided that the guarantee is to take effect if no letter of credit or equivalent assurance of payment is provided within a […]
Overview Letters of credit, often called bankers’ commercial credits are a common method of payment for goods in export sales. The buyer arranges for payment through a bank, usually in the seller’s country, on the presentation of specific documents usually the bill of lading and other transport documents and on the performance of any other […]
Insurance Obligations In an export transaction, the sale of goods contract should provide that the costs of and duty to effect, insurance during transit shall be paid for and undertaken by either the seller or buyer, as the case may be. The INCOTERMS may define who is to effect and pay the cost insurance. If […]