Question: If we are having a vendor in Italy ship merchandise to our subsidiariesaround the world, and we purchase the goods in transit from the Italiancompany, and sell them prior to arrival to our subsidiaries, whatgeographical term should be used with the INcoterm CIP, to ensure thatwe do not own the goods until they have […]
Question: I’d like to see some examples of some good short suggested phrases for transfer of title in a purchase agreement using INCO TERMS 2000
Question: According to the ICC book on INCOTERMS 2000, INCOTERMS are not sufficient to determine how title of goods is transferred. They express transfer of risk and division of responsibilities. I am curious how and where the membership is specifying when and how transfer of ownership is taking place. Are members incorporating a separate and […]
Question: What is the appropriate incoterm in a financially multi tiered (back to back to back) import transaction, where the sale for export is between the US importer and its foreign subsidiary (at transfer price) and the final sale is to the importers US customer. The physical flow of goods is from the foreign sub […]
Question: I suddenly have a supplier who says that the IRS is beginning to go after non-resident importers (DDP shipments) for sales and income taxes… has anyone else heard this is happening?
We are located in the U.S. and we have a newly established subsidiary in Singapore. We are assisting in the contract preparations for a new deal in Singapore. In this situation, some product to fulfill the order will be sourced in Singapore and some will be sourced from the U.S. Our subsidiary in Singapore will […]
Scenario: Terms of Sale: FOB origin port Terms of Payment: Open Account, 15 days after receipt of FCR. Seller delivers an LCL shipment to consolidator, pays all origin fees and receives FCR. While shipment is on the water, customer files bankruptcy and seller can’t get payment, however the entire shipment is in the control of […]
Recently our tax director received direction from an attorney that our company should not ship goods DDP to countries where we do not have a presence. If we should goods DDP, it creates additional risk to our company and may require that we have a “permanent establishment” at the destination country. There is some decreased […]
Hello. Our Agricultural Division imports Bulk Organic Millrun (Animal Feed) from Canada into the USA. The terms of sale listed on the mill invoice state FOB Plant (it should say FCA plant). However, the sales person I work with says he’s actually buying the product “Cleared Border” which reflects more of a delivery duty situation. […]
If you purchase items from your vendors in a foreign country, with the terms EXWORKS, how can you avoid becoming the legal “exporter of record” out of that country since you own the goods at the vendor’s dock door? Does it differ country to country?
“Our Company” has been struggling with the following real business transaction. Can someone provide a referral or other substantive illustrations of the risks involved in conducting the following international transactions? “Our Company” manufactures products in another country – in this case the product is designed only to work with the customer’s product – “The Buyer” […]
The majority of our international sales are on EXW or FCA basis. With these terms, we have no idea if the customers are actually taking the product out of the US since many of these customers claim to consolidate goods from several vendors and re-sell the goods to the international market (therefore we are not […]
