Your Monday morning coffee briefing from TFG, bringing you the biggest trade finance stories from the last seven days
The current Incoterms 2020 rules, like those in previous versions before them, are entirely devoid of any clue to assist the very people they are all about – the seller and the buyer.
In CPT/CIP, the seller’s obligation is to deliver the goods to its own carrier on the agreed date or within the agreed period. See my earlier post on delivery for CPT/CIP.
This article looks at the Central Bank of Egypt’s decision to stop accepting documentary collections for imported goods, and substitute them with letters of credit. The decision is expected to have wide-reaching implications for Egypt’s business community and banking sector, writes Haitham Elsaid.
As with all eleven of the Incoterms 2020 rules, risk transfers from the seller to the buyer instantly at delivery. I explained a few days ago the variability of “delivery” which is not mentioned in the wording of these two rules, conveniently for the lawyers but most inconveniently for the actual traders and their logistics people.
When either of these two Incoterms 2020 rules are used, it is the destination place that is named. For example, CPT Santiago means that the seller has contracted for carriage to Santiago.
Assuming we are looking at the normal type of Letters of Credit with the latest shipment date, port/airport of loading, port or airport of destination and requirement to present an onboard B/L or an AWB, then the answer is “NO”.
Why have commodity prices surged in the last two weeks, and will they ever come back down again? TFG’s Marcus Lankford investigates…
With Visa and Mastercard leaving Russia due to its aggression in Ukraine, Russia has turned to China’s UnionPay as a payments lifeline, writes TFG’s Lewis Evans
It is International Women’s Day, and this year we rally to #BreakTheBias. Marilyn Blattner-Hoyle shares her the #BreakTheBias recipe.
