WRITE THE RESEARCH PAPER FROM THE POINT OF VIEW OF IMPORTER OF CARS FROM UAE (DUBAI SPECIFICALLY) TO RUSSIA (Most likely FROM CRIMEA by sea and then by land transport for further distribution around the country) using SEA TRADE and DHL Sea Service.

THINGS TO TAKE INTO CONSIDERATION:

• Bill of Lading Act 1985
• CIF and FOB Contracts
• International Sales Contracts
• Letter of Credit
• Marine Insurance
• Charter Party Agreement

 

 

BILL OF LADING

• The key document of International Trade, serving three purposes:
  1. Contract of Carriage
  2. Receipt from Ocean Carrier
  3. Certificate of Ownership
• Key Points: Binding document on all 3 points. Other documents are reliant on BoL
• Relevant Laws:
  1. Bill of Lading Act 1855
  2. Carriage of Goods by Sea (1992 and earlier)
  3. Estoppel Doctrine

 

INTERNATIONAL SALES CONTRACTS

Reflected in Bills of Lading and other documents

Two Key Historical Types:

• FOB (Free on Board)
• CIF (Cost, Insurance and Freight)

But, With Other Variants under INCOTERMS 2010

• Acronyms and E-F-C-D classes

The type of contract is vital in determining the obligations, risks and responsibilities of the parties involved.

 

DRAFTS

 

• Also called Bank Drafts, Bills of Exchange or just Bills.  Another key document which serves as a negotiable order to pay.  It involves the drawer (seller) the drawee (buyer) as well as the issuing and corresponding banks.
• Like the Bill of Lading, Drafts serve as a ‘symbol’ of the goods.
• Key Laws:
  • Bill of Exchange Act (1882)
  • UCP 600
• Covered in Documentary Credits Lecture and Chapter 11 of Text

 

 

 

LETTERS OF CREDIT

• This is the Principal instrument of Payment in International trade.
• Usually Irrevocable
• Separate from the Transaction involving goods
• Closely tied with the transaction involving documents
  • Bill of Lading
  • Drafts
  • Insurance Documents
• Regulated by UCP 600

 

INSURANCE DOCUMENTS

• Increasingly Essential, especially for CIF and other C and D contracts
• Closely tied with Documentary Credits
• Governed by Marine Insurance Act 1906
• Also conforming to ICC (A,B.C)
• Key Points: Exceptions are Extensive!

 

OTHER SUPPORTING DOCUMENTS NOT SPECIFICALLY COVERED (DO NOT EMPHASIZE MUCH ON THESE)

This is only a partial list, there are many others depending on the trade situation:

• Air Waybill
• Sea Waybill
• Certificates of Origin
• Commercial Invoice
• Consular Documents
• Export Licence
• Hazmat Licence
• Import Licence

 

INVENTORY OF THE ACTS AND INTERNATIONAL CONVENTIONS

 

Act or Regulation                                                    Applies to

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Statute Inventory Continued…

 

                                                                                                Applies to:

 

 

 

 

 

 

 

 

 

 

 

EVOLUTION OF LAWS

 

 

 

 

 

 

 

 

 

 

How to make sure things go well with your International Trade?

 

• Understand the Role and Importance of the Documents
• Understand the Role and Importance of the Laws
• Make sure they both apply to your particular market(s)
• Manage Risk with Insurance
• Get Help from Professionals, in particular that of service providers

 

What happens when things go wrong?

• Have insurance
• Only deal with UCC 600 financial institutions
• Understand the limits of jurisdiction and arbitration

 

ASSIGNMENT:

 

 

• Not everything has to be covered.
• Appreciation of a variety of the laws
• A Variety of the documents as well

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