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Posted by LLT

How to Become a Lawyer | Legal Career Guidance for US & UK Law Students

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Consider the following perspectives of a buyer and a seller in a cross-border sales transaction: Seller (U.S.): We hope to get more business from this company – using the right means we really can make a great return on this shipment of books, and both parties are happy. In the best American tradition, we want to meet all our customer’s needs, but really, with a one-off shipment, managing the transport to the U.K. port is easy to fit in with our more regular clients. Buyer (U.K.): This is my first really big shipment from the U.S. book supplier, but I can’t afford for them to do all the work. I can deal with the U.K. side, and by contacting the Institute of Freight Forwarders I got hold of a really reputable company – they’ll sort everything out in the U.K., but will only insure from the U.K. quayside. They can even arrange delivery direct to the conference centre the day we are setting up, so I don’t have to pay any storage charges. What are the INCOTERMS? Analyse the above situation, explaining in what ways each INCOTERM would and would not be ideal for this situation.