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2020년 1월 1일부터 적용되는 새로운 Incotermsⓡ 2020 반영!

The international trade environment has undergone dramatic changes during the past few years not only in terms of volume but in complexity as well. I would like to thank the professors who adopted this book as a textbook and also thank all the readers for adopting this book to study international trade practice.
The main objective of this edition of this book is to present a comprehensive, up-to-date and clear explanation of Incotermsⓡ 2020 that entered into force on January 1, 2020.
International Chamber of Commerce (ICC) has launched Incotermsⓡ 2020 set that contains the rules for use of the 11 Incotermsⓡ trade rules. It takes into account the latest developments in commercial practice, and updates the rules to make them more accessible and easier to use.

The characteristics of Incotermsⓡ 2020 can be summarized as follows;
▸The Incotermsⓡ FCA (Free Carrier) now provides the additional option to make an on-board notation on the Bill of Lading prior loading of the goods on a vessel.
▸The costs now appear centralized in A9/B9 of each Incotermsⓡ rule.
▸CIP now requires at least an insurance with the minimum cover of the Institute Cargo Clause (A) (All risk, subject to itemized exclusions).
▸CIF requires at least an insurance with the minimum cover of the Institute Cargo Clause (C) (Number of listed risks, subject to itemized exclusions).
▸The Incotermsⓡ rules Free Carrier (FCA), Delivered at Place (DAP), Delivered at Place Unloaded (DPU) and Delivered Duty Paid (DDP) now take into account that the goods may be carried without any third-party carrier being engaged, namely by using its own means of transportation.
▸The rule Delivered at Terminal (DAT) has been changed to Delivered at Place Unloaded (DPU) to clarify that the place of destination could be any place and not only a “terminal”.
▸The Incotermsⓡ 2020 now explicitly shifts the responsibility of security-related requirements and ancillary costs to the seller.

Chapter 1 Export and Import Procedures 15
1.1 Export Procedures 17
1. Contract of Sale / 17
2. Receipt of Letter of Credit / 17
3. Export Approval(If necessary) / 18
4. Arrangement of Goods for Export / 18
5. Export Clearance / 19
6. Contracts of Carriage and Insurance / 19
7. Shipment of Goods / 20
8. Payment / 20
9. Customs Refund / 20
1.2 Import Procedures 22
1. Contract of Sale / 22
2. Import Approval(If necessary) / 22
3. Issue and advise Letter of Credit / 22
4. Contracts of Carriage and Insurance / 22
5. Document Examination and Payment / 22
6. Import Clearance / 23
7. Taking Delivery and Inspection / 23
8. Claims and Adjustments / 23

Chapter 2 Establishing Business Relations 25
2.1 Overseas Market Research 27
1. Definition of Overseas Market Research / 27
2. Contents of Overseas Market Research / 27
2.2 Establishing Business Connections 30
1. Internet / 30
2. Business Directory / 31
3. Trade Related Organizations / 31
4. Trade Fair / 32
2.3 Business Proposal and Inquiry 33
1. Business Proposal / 33
2. Business Inquiry / 35
3. Reply to Business Inquiry / 36
2.4 Sample Letters of Business Proposals 36
1. Business Proposal concerning Cellular Phones / 36
2. Business Proposal for Medical Equipments / 38
3. Business Proposal for Electronic Appliances / 39
4. Business Proposal for Setting up a Joint Venture Company / 40
2.5 Credit Inquiry 42
1. Definition of Credit Inquiry / 42
2. Factors of Credit Inquiry / 42
3. Credit Reference / 44
2.6 Sample Letters of Credit Inquiry 46
1. Credit Inquiry through a Trader / 46
2. Credit Inquiry through a Bank / 47

Chapter 3 0ffer and Acceptance 49
3.1 Offer 51
1. Definition of Offer / 51
2. General Rules of Offer / 52
3. Types of Offer / 52
4. Time at which an offer becomes effective / 57
5. Termination of Offer / 57
3.2 Acceptance 59
1. Definition of Acceptance / 59
2. General Rules of Acceptance / 59
3. Types of Acceptance / 60
4. Time at which an Acceptance becomes Effective / 62
5. Mode of Communication / 63
3.3 Sample Letters of Offer and Acceptance 65
1. Offer for Cosmetics and Counter Offer / 65
2. Offer and Counter Offer for Cellular Phones / 67
3. Offer and Counter Offer for Digital Camera / 68
4. Offer and Counter Offer for Automobile Parts / 70

Chapter 4 Basic Terms of Business Contract 73
4.1 Terms of Quality 75
1. Method of Deciding Quality / 76
2. Time of Deciding Quality / 79
3. Method of Proving Quality / 80
4.2 Terms of Quantity 81
1. Quantity Unit / 82
2. More or Less Clause(M/L Clause) / 83
3. Time of Deciding Quantity / 84
4. Method of Proving Quantity / 85
4.3 Terms of Price 85
1. Cost structure / 85
2. Incoterms / 86
4.4 Terms of Shipment 86
1. Time of Shipment / 86
2. Method of Shipment / 89
3. Proof of Shipment Date / 92
4. Exemption of Delayed Shipment / 93
5. Port of Shipment and Port of Destination / 94
4.5 Terms of Payment 94
1. Method of payment / 94
2. Letter of Credit / 107
3. Electronic Payment / 108
4. International Factoring / 108
5. Forfaiting / 112
6. Means of payment / 115
7. Time of payment / 116
4.6 Terms of Packaging 118
1. Method of Packaging / 118
2. Types of packaging / 118
3. Shipping mark / 121
4.7 Terms of Insurance 123
1. Scope of Insurance Coverage / 123
2. Obligation of Marine Insurance / 124
4.8 Terms of Dispute Settlement 125
1. Force Majeure / 125
2. Arbitration / 126

Chapter 5 Incotermsⓡ 2020 127
5.1 Introduction to Incotermsⓡ 2020 129
1. What the Incotermsⓡ rules do / 129
2. What the Incotermsⓡ rules not to do / 130
3. Classification of the 11 Incotermsⓡ 2020 rules / 131
4. Order within the Incotermsⓡ 2020 rules / 131
5.2 Contents of Incotermsⓡ 2020 133
1. Rules for any mode or modes of transport / 133
2. Rules for sea and inland waterway transport / 150

Chapter 6 Trade Contract 161
6.1 Definition of Trade Contract 163
6.2 Kinds of Trade Contract 164
1. Letter of Intent(LOI) / 164
2. Memorandum of Understanding(MOU) / 165
3. Agrement on General Terms and Conditions / 167
4. Sales Contract / 169
5. Distributorship Agreement / 175

Chapter 7 Order and Acknowledgement 183
7.1 Placing an Order 185
1. Order by e-mail / 185
2. Legal position of parties / 186
7.2 Acknowledging the Order 187
7.3 Declining the Order 187
7.4 Sample Letters of Order and Acceptance 188
1. Order and Acceptance of Cosmetics / 188
2. Order and Acceptance Subject to the Extension of Delivery / 189
3. Order and Recommendation for a Substitute / 191
4. Recommendation for a Substitute / 192
5. Refusal of an Order / 192

Chapter 8 Letter of Credit 195
8.1 Definition and Parties of Letter of Credit 197
1. Definition of Letter of Credit / 197
2. Parties of Letter of Credit / 199
8.2 Characteristics of Letter of Credit 201
1. Principle of Independence / 201
2. Principle of Abstraction / 201
8.3 Flow of Documentary Credit 202
1. Contract of Sale / 202
2. Request for Issuing a L/C / 202
3. Issue a L/C / 202
4. Advise the L/C to the Beneficiary / 202
5. Receive the L/C and start arranging the goods / 202
6. Contracts of Carriage and Insurance / 203
7. Shipment of Goods / 203
8. Issue Bill of Lading / 203
9. Ask for Negotiation / 203
10. Payment by the Negotiating Bank / 203
11. Send Drafts and Documents / 204
12. Payment by the Issuing Bank / 204
13. Present the Documents / 204
14. Payment by the Applicant / 204
15. Arrival Notice of the Goods / 204
16. Clear the Goods for Import / 204
17. Present the B/L to the Carrier / 204
18. Receive the Goods from the Carrier / 205
8.4 Types of Letter of Credit 206
1. Irrevocable Credit and Revocable Credit / 206
2. Confirmed Credit and Unconfirmed Credit / 206
3. Types of Credit / 207
4. Time of Payment / 212
5. Transferable Credit and Non-transferable Credit / 213
6. With Recourse Credit and Without Recourse Credit / 215
7. Back-to-Back Credit / 216
8. Revolving Credit / 216
9. Standby L/C / 216
8.5 Sample Letters of Let

Chapter 1 Export and Import Procedures
Chapter 2 Establishing Business Relations
Chapter 3 Offre and Acceptance
Chapter 4 Bisic Terms of Business Contract
Chapter 5 Incoterms
Chapter 6 Trade Contract
Chapter 7 Order and Acknowledgment
Chapter 8 Letter of Credit
Chapter 9 International Cargo Transport
Chapter 10 Marine Insurance
Chapter 11 Bill of Exchange and Documents
Chapter 12 Claim and Arbitrationter of Credit 221
1. Advice of Issuing a L/C and Reply to it / 221
2. Request of Issuing a L/C and Reply to It / 222
3. Request for Amending a L/C and Reply to It(I) / 223
4. Request for Amending a L/C and Reply to It(II) / 224
5. Request for Amending the Port of Shipment and Reply
to It / 225
6. Amendment of Payment Terms in the L/C / 227
7. Advice of Amendment by the Advising Bank / 227
8. Notice of Remittance / 228

Chapter 9 International Cargo Transport 231
9.1 Ocean Transport 233
1. Liner(Line Vessel) / 234
2. Tramper(Tramp Ships) / 238
3. Container Transport / 242
4. Bill of Lading / 247
5. Seaway Bill(SWB) / 256
6. Inland Waterway Transport / 256
7. International Freight Forwarder / 257
9.2 Air Transport 258
1. Advantages of Air Transport / 258
2. Disadvantages of Air Transport / 259
3. Air Waybill(AWB) / 259
9.3 International Multimodal Transport 262
1. Definition of International Multimodal Transport / 262
2. Multimodal Transport Document / 262
3. Land Bridge / 263
9.4 Land Transport 266
1. Road Transport / 266
2. Rail Transport / 266
3. Pipeline / 266
9.5 Sample Letters of Transport 267
1. Ask for Freight Rate to a Shipping Company / 267
2. Ask for Freight Rate to an International
Freight Forwarder / 268
3. Acceptance for Ship’s Space / 269
4. Shipping Advice for Electronic Products / 269
5. Shipping Advice for Clothes / 270
6. Shipping Advice for Health Food / 271
7. Shipment Notice / 271
8. Payment Notice / 272
9. Notice of Shipment Delay(1) / 272
10. A Notice of Shipment Delay(2) / 273

Chapter 10 Marine Insurance 275
10.1 Concept of Marine Insurance 277
1. Definition of Marine Insurance / 277
2. Parties of Marine Insurance / 278
3. Subject-matter Insured / 278
4. Insurable Value and Insured Amount / 278
5. Insurable Interest / 279
6. Risks / 279
10.2 Marine Loss 280
1. Physical Loss / 280
2. Expenses / 283
3. Liability Loss / 284
10.3 Scope of Insurance Coverage 285
1. Institute Cargo Clause / 285
2. Risks Covered / 286
3. Exclusions / 288
4. Duration / 291
10.4 Sample Letters of Marine Insurance 292
1. Request for an Insurance Rate to a Insurance Company / 292
2. Request for Effecting a Marine Insurance / 293

Chapter 11 Bill of Exchange and Documents 297
11.1 Bill of Exchange 299
1. Definition of Bill of Exchange / 299
2. Types of Bill of Exchange / 300
11.2 Sample Letters of Bill of Exchange 302
1. Advice of Issuing Sight Drafts / 302
2. Advice of Issuing Usance Drafts(1) / 303
3. Advice of Issuing Usance Drafts(2) / 304
4. Request for Payment to the Draft Dishonoured / 305
5. Advice of Payment for a Collection Draft / 305
6. Request for Accepting the Draft Overdue / 306
7. Request for Payment(1) / 306
8. Request for Payment(2) / 306
9. Apology for the Delay of Payment(1) / 307
10. Apology for the Delay of Payment(2) / 307
11. Apology for the Delay of Payment(3) / 308
11.3 Documents 308
1. Definition of Documents / 308
2. Kinds of Documents / 309

Chapter 12 Claim and Arbitration 325
12.1 Claim 327
12.2 Force Majeure 328
12.3 Arbitration 329
1. Definition of Arbitration / 329
2. Function of the Clause / 329
3. Contents of the Clause / 330
12.4 Sample Letters of Claims and Arbitration / 332
1. Claim for Short in Quantity / 332
2. Claim for Non-delivery / 333
3. Claim for the Goods Dented in / 334
4. Claim for the Goods Broken / 335
5. Claim for the Shipment Delayed / 337
6. Claim for Different Color / 338
7. Claim for a Delayed Shipment / 339
8. Claim for Compensation to a Shipping Company / 340
Appendix 341