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International Contracts of Sale

International Contracts of Sale. International Contracts of Sale. The contract of sale incorporating the agreed Incoterm is the end product of the negotiations, and becomes the foundation of any international trade transaction. The contract should:

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International Contracts of Sale

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  1. International Contracts of Sale

  2. International Contracts of Sale • The contract of sale incorporating the agreed Incoterm is the end product of the negotiations, and becomes the foundation of any international trade transaction. • The contract should: • Be an accurate reflection of the agreement. • Eliminate or at least reduce the potential for the parties involved misunderstanding their obligations, and therefore minimise the potential for costly litigation. • Facilitate the arbitration process should litigation occur.

  3. International Contracts of Sale • Generally, once contact has been made between buyer and seller then the next step is normally the provision of an export quotation by the seller. • Export quotations can take many different forms. • It is best to add the acronym E & OE (errors and omissions excepted) to all quotations. • It is also wise to include a validity statement on the quotation ensuring that the expiry date of the quotation is clarified.

  4. International Contracts of Sale • The contract should at least include the following: • date of contract; • seller’s and buyer’s names; • product name; • product description; • packing; • quantity; • unit price; • terms of delivery (Incoterms); • terms of payment; • delivery date; • validity.

  5. International Contracts of Sale • A claims clause should be included in the contract to avoid, or at least minimise the possible negative and costly effects of litigation resulting from disputes involving claims. • Force majeure clauses excuse the seller or the buyer from performing the contract obligations if the failure is caused by conditions beyond the seller’s or the buyer’s control. • An arbitration clause stipulates how and by whom arbitration will occur in the event of a dispute.

  6. International Contracts of Sale • The United Nations Commission on International Trade Law (UNCITRAL) has the primary objective of harmonising or creating international trade laws. • The Vienna Convention’, or CISG, specifically applies to the law governing international contracts of sale.

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