New publications


Incoterms 2010

The Incoterms rules explain a set of three-letter trade terms reflecting business-to-business practice in contracts for the sale of goods. The Incoterms rules describe mainly the tasks, costs and risks involved in the delivery of goods from sellers to buyers.The number of Incoterms rules has been reduced from 13 to 11.
This has been achieved by substituting two new rules that may be used irrespective of the agreed mode of transport – DAT, Delivered at Terminal, and DAP, Delivered at Place – for the Incoterms 2000 rules DAF, DES, DEQ and DDU.
Under both new rules, delivery occurs at a named destination: in DAT, at the buyer’s disposal unloaded from the arriving vehicle (as under the former DEQ rule); in DAP, likewise at the buyer’s disposal, but ready for unloading (as under the former DAF, DES and DDU rules).

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Examination of Documents under Documentary Credits

by Pavel Andrle

Documentary credit is one of the oldest, most sophisticated and safest payment instruments used in international trade. Despite the fact that its demise has been anticipated for some time due to the increasing globalization and developments in the area of e-commerce, the documentary credit is stronger than ever. It remains very important to carefully analyse the underlying risks in the foreign trade transaction and take appropriate measures. The recent global financial crisis has fully shown the importance of trade finance in the world economy and the need to appreciate and properly use the traditional, well-established payment and security instruments.
Documentary credit provides very effective tool for mitigation of the risk of non-payment by the buyer, which is thus replaced by payment undertaking of a bank (banks) to provide payment against documents which comply with the terms and conditions of this instrument – the documentary credit.

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ICC Research Foundation