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Essay / Research Paper Abstract
A 10 page paper discussing the rights and responsibilities born by each party involved in an international trade transaction. The seller shipped a complete order under the terms of the CIF Incoterm 2000, securing the minimum amount of insurance coverage required by the shipping term. The buyer had opportunity to secure additional insurance coverage but did not, and either all or part of the shipment was damaged in transit. The insurer bears responsibility if the entire package was lost; the buyer bears responsibility if only a portion of the shipment was damaged. The Harvard-style bibliography lists 7 sources.
Page Count:
10 pages (~225 words per page)
File: CC6_KSintlTradCIFinco.rtf
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Unformatted sample text from the term paper:
company Bubble Products Ltd (BP Ltd.) has completed a contract with Sound of Australia Music Company (SAM Co.) for the purchase of goods that SAM Co. will ship to Britain.
The goods are to be shipped according to the CIF Incoterm of the International Chamber of Commerce (ICC) 2000, meaning that SAM Co. is responsible for cost, insurance and
freight, and that its responsibility for the shipment does not end until the goods enter the port property by being unloaded from the ship.
Virtually every error and inconvenience that could occur befalls the shipment of the goods purchased from SAM Co, causing BPs order to arrive both late and damaged. The
purpose here is to discuss the rights and obligations of all parties involved, including the shipping line and insurance company arranged by SAM Co. Case Facts
For its part, SAM Co. acted in good faith and completed all of the steps required of it under the CIF provision of the ICCs Incoterms 2000.
SAM Co. did not ship the goods at the time specified in the original contract with BP Ltd., but the delay resulted from BPs failure to supply a guaranteed
letter of credit to SAM Co. before the ship scheduled to carry the goods sailed. BP asked SAM Co. to ship the goods without having the letter of credit
in its possession, but SAM Co. declined to do so. As required by the CIF Incoterm, SAM Co. secured proper insurance for the
shipment and packed the goods securely, both within their containers and within the cargo area of the ship carrying the items purchased by BP. The shipment was damaged in
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