Elements of Export Contract

Elements of Export Contract

There is no standard format of export contract as the elements of export contract may vary from individual to individual, transaction to transaction and country to country. The elements of an export contract also depend upon the nature of product being exported. However, some of the elements of the export contract are common. These elements are:

(a) Name and addresses of the parties, i.e. importer and exporter must be stated clearly and fully.

(b) Product standards and specifications such as name of the product, its technical name, if any, applicable national or international standards, etc.

(c) Nature, manner and focus of the envisaged inspection, as well as the name of the inspection agency.

(d) Terms of delivery as per the latest applicable version of INCOTERMS presently INCOTERMS 2009.

(e) Quantity in terms of number of units both in figures as well as words and specifications relating to packaging, labelling and marking.

(f) Total contract value in words and figures and the currency, responsibility for the payment of taxes, duties and levies.

(g) Terms and place of dispatch and delivery and the date from which the period of delivery begins.

(h) Part-shipment, trans-shipment and consolidation of cargo. If goods are to be shipped under a “consolidation of export cargos”, it should be specified.

(i) Terms of payment, amount, mode and currency, discounts and commissions and their basis.

(j) Details of insurance goods against loss, damage, or destruction during transportation, type of risk covered and the extent of coverage.

(k) Product guarantee and warrantee and extent of such warrantees and guarantee, after sales service, etc.

(l) Inclusion of an arbitration clause to facilitate amicable and quick settlement of disputes or differences that may arise between the parties.

(m) Signature of the parties signifying the consent of parties to the terms and conditions of the contract.

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What is the earliest date can be mentioned on Bill of Lading. Can BL date and let export date be same day?

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What is VACIS exam in US import customs clearance

When can an exporter release bill of lading from shipping company?

When does exporter get EP copy of shipping bill after customs clearance

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Nagarajan : Sir, share me please "mail content"best approach to the international buyers - thanking you M. Nagarajan

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