《國際貿(mào)易實(shí)務(wù)（英文版）》(英文課件) -Ch 6 International Cargo Transport-Ch 11 Cross-border Commerce

InternationalTradePractices

BasedontheTextbook《國際貿(mào)易實(shí)務(wù)》（英），機(jī)械工業(yè)出版社，2024Ch6InternationalCargoTransportLearningObjectivesUnderstandthemodeandmodesoftransport,especiallytheoceantransportUnderstandthetransportdocuments,especiallytheoceanB/LRecognizehowtocalculatethefreight,especiallythelinerfreightUnderstandhowtostipulatethedeliveryclauseinasalescontractContentsDeliveryofthegoodsreferstotheactofthesellertransferringthetitletothegoodstothebuyerinaccordancewiththestipulationsinthecontract.ModesofTransportOceanTransportationTransportdocumentsOceanConsignmentProcessforExportedCargoShipmentClauseintheS/C6.1ModesofTransportationOceanCarriage(OceanShipping/MarineTransportation)(see6.2)AirTransportRailTransportRoadTransportInlandWaterwayTransportContainerTransportInternationalMulti-modalTransport6.1ModesofTransportation(1)AirTransportScheduledairlinesCharteredcarriersConsolidatedconsignments6.1ModesofTransportation(2)RailTransportRoadTransportInlandWaterwayTransportContainerTransportInternationalMulti-modalTransport6.1ModesofTransportation(2)RailTransportRoadTransportInlandWaterwayTransportContainerTransportContainerTransportContainerizationistodistributemerchandiseinaunitizedform,suitedfortheocean,railandmultimodaltransport.FeaturesofContainerTransportOfferdoortodoorserviceSavelabors,loadingandunloadingchargesLowriskLesspackingFasterSeveralOptionsforContainerCalculationInternationalMulti-modalTransport6.2OceanTransportation(1)CharacteristicsofoceanTransporteasypassage,largecapacity,andlowcostcomparativelyslow,vulnerabletobadweatherandinefficientinpunctualityhasbeenthemostimportantmodeoftransportininternationaltrade,withadvantagesofTwo-thirdoftheworldtotalvolumeandover80%ofChina’simportandexportnowaretransportedbysea6.2OceanTransportation(2)CategoriesofoceantransportLinercharter6.2OceanTransportationLiner(1)CharacteristicsFixedsailingdate,Fixedroute(operatingonaregularroute),makingcallsatscheduled(Fixed)portsandrelativelyfixedfreightrateLinerfreightcoversloadingandunloadingcharges,sothecarrierisresponsibleforbothloadingandunloadingoperationTheship-ownerusuallyleasespartofshippingspaceinsteadofthewholeship6.2OceanTransportationLiner(1)CharacteristicsFixedsailingdate,Fixedroute(operatingonaregularroute),makingcallsatscheduled(Fixed)portsandrelativelyfixedfreightrateLinerfreightcoversloadingandunloadingcharges,sothecarrierisresponsibleforbothloadingandunloadingoperationTheship-ownerusuallyleasespartofshippingspaceinsteadofthewholeship6.2OceanTransportationLiner(2)ShippingSchedule6.2OceanTransportationLiner(3)FreightFreight=Basicfreight+∑surcharges(tobecontinued)6.2OceanTransportationLiner(3)FreightBasicfreightW:Byweightton(WT)M:ByVolume,measurementton(MT)W/M:Grossweightorvolumeweight,choosingthehigherA.V.:acertainpercentageofFOBpriceW/MorA.V.Unit/HeadMinimumRateOpenRate6.2OceanTransportationLiner(3)FreightSurcharges/additionsheavyliftsoverlengthsoptionaldischargingportportcongestionsurchargedirectadditionaltransshipmentadditionalportadditional……6.2OceanTransportationcharter(1)ConceptofcharterAKAtramp：freight-carryingvesselwhichdoesnotfollowregularroutesorfixedschedule.Theshippercharterstheshipfromtheship’sownerandusesthevesseltocarrythegoods.Itcanbedividedintovoyagecharter,timecharteranddemisecharter.6.2OceanTransportationcharter(2)CharterPartyacontractforthehireofanentireshipforaparticularvoyageoraperiodoftime.Itprovidestherightsandobligationsofthetwosides.Themaintermsinthecharterpartyinclude:theinterestedparties,nameandflagoftheship,descriptionandquantityoftheshipments,timeofchartering,freight,loadingandunloadingexpenses,timelimitofloadingandunloading,demurrageanddispatchmoney.6.2OceanTransportationcharter(2)CharterPartyloadingandunloadingexpensesgrosstermsfreein(F.I.)freeout(F.O.)freeinandout(F.I.O.)FIOST6.2OceanTransportationcharter(2)CharterPartyLaydays(tobecontinued)thedaysthatacharterermaykeepacharteredshipidlefortheloadingorunloadingofthegoodswithoutpaymentofextracharges6.2OceanTransportationcharter(2)CharterPartyMethodstodescribetheLaydays(continued)Daysorconsecutivedays:calendarday,nomatterdayornight,SundayorholidayWeatherworkingdaysof24hours:Goodweather,24hoursaccumulatesaday.Weatherworkingdaysof24consecutivehours:Thiswayissuitableforthoseportswhichoperatedayandnight.Itreferstoadayof24consecutivehoursexclusiveofSundaysandpublicholidaysandtimeunusedforbadweather.Itisatermwidelyadoptedincharteringcircles.6.2OceanTransportationcharter(2)CharterPartyDemurrage:incasethechartererdoesnotfinishtheworkofloadingandunloading,inordertocompensatetheship-owner’losses,thefinepaidbycharterertotheship-owner’sfortheexceedingtimeDispatchmoney:incasethechartererfinishestheworkofloadingandunloadingaheadofschedule,thentheship-ownershallpayacertainamountofbonustothecharterer6.3TransportationDocuments(1)OceanB/L(2)railwaybill(3)airwaybill(4)multi-modeltransportdocument(MTD)6.3TransportationDocuments(1)OceanB/L(tobecontinued)Conceptorcharacteristicscargoreceipt:issuedbytheshippingcompanyoritsagentafterthecommoditieshavebeendeliveredonboardthevesselakindofevidenceforcontractofcarriageTitletothegoods=thecommoditiesinit6.3TransportationDocuments(1)OceanB/L(tobecontinued)ContentsofB/LBackClauses:thegeneraltermsandconditionsofthecontractofcarriage.Theyarethebasisfortherightsandobligationsofallthepartiesconcerned.Weseldomuseitinpracticetoday.6.3TransportationDocuments(1)OceanB/L(tobecontinued)ContentsofB/LFaceClausesNote:Bs/Lweusenowadaysonlyhavefaceclauses,whichwasnamedasshort-formB/L,itincludes:6.3TransportationDocuments(1)OceanB/L(tobecontinued)ContentsofFaceClausesFirst,NecessaryItems,AccordingtoArticle73intheMaritimeLawofthePeople'sRepublicofChinaDescriptionofthegoods,mark,numberofpackagesorpiece,weightorquantity,andastatement,ifapplicable,astothedangerousnatureofthegoodsNameandprincipalplaceofbusinessofthecarrierNameofthevesselNameoftheshipperNameoftheconsigneePortofloadingandthedateonWhichthegoodweretakenoverbythecarrierattheportofloadingPortofdischargePlacewherethegoodsweretakenoverandtheplacewherethegoodsaretobedeliveredincaseofamultimodaltransportB/LDateandplaceofissueofthebillofloadingandthenumberoforiginalsissuedPaymentoffreightSignatureofthecarrierorofapersonactingonhisbehalf6.3TransportationDocuments(1)OceanB/L(tobecontinued)ContentsofFaceClausesSecond,GeneralItems,AccordingtoArticle73intheMaritimeLawofthePeople'sRepublicofChinaMattersrecordedbythecarrierforthebusinesspurposesMattersrecordedtodistinguishtheliabilitybetweenthecarrierandtheshipperCarrier'sexemptionandshipper'sundertakingclause6.3TransportationDocuments(1)OceanB/L(tobecontinued)TypesofB/LShippedB/LandReceivedforShipmentB/LCleanB/LandUncleanB/LAnuncleanB/L(alsonamedadirtyB/L,orfoulB/L)-theonethatcontainsunfavorablenotationabouttheapparentconditionofthecargo,suchas“5boxeshavebeenbroken.”or“5cartonshavebeenrusted.”6.3TransportationDocuments(1)OceanB/L(tobecontinued)TypesofB/LOrderB/L,StraightB/LandBearerB/LAccordingtotheaddressoftheconsignee,theBs/LcanbedividedintoorderB/L,straightB/LandbearerB/L.AnorderB/Lreferstotheonethatismadeoutinsuchawaythatthegoodsareconsignedordestinedtotheorderofanamedpersoninsteadofadefineconsigneeandiswidelyused.

OrderB/Lisusuallyissuedbycarrierstotheshipper/consignorbymarking“Toorder”,“Toorderoftheshipper”,or“Toorderoftheconsignor”intheboxofconsignee.Therearetwotypesofendorsement:specialendorsementandblankendorsement.6.3TransportationDocuments(1)OceanB/L(tobecontinued)TypesofB/LOrderB/L,StraightB/LandBearerB/LAccordingtotheaddressoftheconsignee,theBs/LcanbedividedintoorderB/L,straightB/LandbearerB/L.AnorderB/Lreferstotheonethatismadeoutinsuchawaythatthegoodsareconsignedordestinedtotheorderofanamedpersoninsteadofadefineconsigneeandiswidelyused.

OrderB/Lisusuallyissuedbycarrierstotheshipper/consignorbymarking“Toorder”,“Toorderoftheshipper”,or“Toorderoftheconsignor”intheboxofconsignee.AstraightB/LreferstotheonethatisonlymadeouttothenamedconsigneeBearerB/L(BlankB/LorOpenB/L)：notmentionedandleftblankoropen6.3TransportationDocuments(1)OceanB/L(tobecontinued)TypesofB/LOriginalB/LandCopyB/LAcopyB/Lismarked“copy”,“Duplicate”or“Non-negotiable”DirectB/LandTransshipmentB/LLongFormB/LandShortFormB/LFreightPrepaidB/LandFreighttobeCollectedB/LOtherTypesofB/L:StaleB/L;Ante-datedB/L;AdvancedB/L;OndeckB/L6.3TransportationDocuments(2)railwaybillserveasthecontractofcarriagebetweentherailwayandconsignor,evidencingthereceiptofthegoodsandthedateofacceptanceforcarriagebythecarrier6.3TransportationDocuments(3)airwaybilladocumentorconsignmentnoteusedforthecarriageofgoodsbyair.areceiptofthegoodsfordispatchandevidenceofthecontractofcarriagebetweenthecarrierandtheconsignor6.3TransportationDocuments(4)multi-modeltransportdocument(MTD)adocumentwhichevidencesthemulti-modal/combinedtransportationcontractandindicatesthatthemulti-modal/combinedtransportationoperatorshalltakeoverthegoodsandshallberesponsibleforcarryingthegoodstothedestinationaccordingtotheclausesinthecontract.6.4TransportationClauseintheS/CTimeofShipmentandTimeofDeliveryPortofShipmentorPortofDestinationPartialShipmentandTransshipmen6.4TransportationClauseintheS/CTimeofShipmentandTimeofDeliveryThemethodstostipulatethe“TimeofShipment”.Oneisclearlyspecifyingaperiodoftimeoradeadline,theotherissettingatimeperiodbetweentheshipmentandthedeadlinebywhichtherelevantL/Cmustreachtheseller.Ch7InternationalCargoTransportInsuranceIfHisMajestycannotforeseeriskswheninsafe,isnotonguardagainstextravagance,doesnotadvocateathriftylife,thenthatistantamounttocuttingtherootwhileexpectingaluxurianttree,blockingitssourcewhiledesiringalongflow.Source:[TangDynasty]WeiZheng,AMemorialtoTaiZongonTenAspectsofSelf-disciplineLearningObjectivesUnderstandthefundamentalprinciplesofthecargoinsuranceBeawareoftherisksandlossesinoceantransportationOutlinethescopeoftheOceanMarineCargoClausesofChinaInsuranceClausesFramethecoverageofLondonInstituteCargoClausesUnderstandtheprocedureforlodgingclaimsDescribemethodsofstipulatinginsuranceclausesinsalescontracts7.1ConceptandPartiesConcernedofInternationalCargoTransportationInsuranceConceptsPartiesConcerned7.1.1ConceptsInsurancePremium/insuranceInternationalCargotransportationinsurance7.1.1ConceptsInsuranceLongmanDictionaryofBusinessEnglish:theinsurancemeans“thepracticeofsharingamongmanypersons,risksoflifeorpropertyth-atwouldotherwisebesufferedbyonlyafew.”7.1.1ConceptsPremium/insuranceNoonewouldliketobeartherisksfreeofcharge.Insuranceiseffectedbyeachpersonpayingasumofmoneycalledapremiumorinsurancewhichisputintoa“pool”orinsurancefund,outofwhichmoneyispaidtothefewwhosufferslosses.7.1.1ConceptsInternationalCargotransportationinsurancetheinsurant/insured,concludesacontractofinsurancewiththeinsurer,inwhichtheinsurantundertakesthepaymentofinsurancepremiumandtheinsurerwill,accordingtothetermsindicatedintheinsurancecontract,indemnifytheinsurantofanylossthatoccurswithinthescopeofcoverage.7.1.2PartiesConcernedInsurant/theInsured/theAssuredEnsuringCompany/UnderwriterClaimant7.1.2PartiesConcernedInsurant/theInsured/theAssuredThepartyindemnifiediscalledtheinsurant,alsoreferredtotheinsuredortheassured.Theonewhobuysinsurancefromtheinsurancecompanyortheunderwriter.Incargoinsurancepractice,theinsurantcanbeeithertheexporterortheimporter.7.1.2PartiesConcernedEnsuringCompany/UnderwriterthepartyundertakingtoindemnifytheinsurantortheinsuredlossesordamagesisknownastheinsurerInpractice,thenameofunderwritercomesfromthepracticethattheinsurerisalwaysrequiredtosignhisnameundertheinsurancepolicyasapartytothecontract7.1.2PartiesConcernedClaimantOncedamageorlosswithintheinsurancecoverageoccurs,thepartywhosufferswilllodgeaclaimagainsttheinsurer.Thispartyisreferredtoastheclaimant.7.2GeneralPrinciplesonInsuranceTheInsurableInterestPrincipleTheUtmostGoodFaithPrincipleTheIndemnityPrincipleTheProximateCausePrincipleTheSubrogationPrincipleTheSharePrinciple7.2.1TheInsurableInterestPrincipletheinterestininsurancesubjectmatterheldbytheinsurantandrecognizedbythelaw,indicatingthattheinsurantwillsuffersomefinanciallossesifanymaritimerisksmaterializeThecommonformsofinsurableinterestincargoInsuranceareasfollows:OwnershipoftheGoodsChargeofInsurance(Premium)Freight7.2.2TheUtmostGoodFaithPrincipleBothpartiesshallbehonestandfaithfulwhenenteringintotheinsurancecontract.Inpractice,thissituationusuallyariseswhereaninsurerrefusestoindemnifyonthegroundsthattherehasbeenanon-disclosureorallegationatthetimeofplacingtheinsurance.Iftheinsureddoesnotacceptthisallegation,hemaychallengetheinsurer'srighttoavoidthecontract.7.2.3TheIndemnityPrincipleIntheeventoflossofordamagetothesubjectmatterresultingfromaninsuredperil,theinsurershallcompensatetheclaimantexactlywhatthelatterhaslostintheoccurrenceoftheperil.7.2.4TheProximateCausePrincipleProximatemeansthemostlyimportant,directandeffective.Itreferstothemajorand/oreffectivereasonthathascausedtheaccident.Theproximatecauseisnotnecessarilythefirstcauseorthelastcause.7.2.5TheSubrogationPrinciplePursuanttothecontractlawofPRC:whereanythirdpartyisliablefortheinsuredproperty,theinsurermayindemnifytheinsuredaccordingtotheinsurancepolicy,buttheinsuredshalltransfertherightofrecoursetotheinsurerandassisttheinsurertorecoursetothethirdparty.7.2.6TheSharePrincipleUnderthecircumstanceofdoubleinsurance,allthemastersshallbearthelossonthesubjectmatterjointlyandsharethelossaccordingtotheirrespectiveinsuranceproportion.Whenanindividualhasdoubleinsurance,hehastheriskscoveredbytwodifferentinsurancecompaniesupontheidenticalinterestintheidentic-alsubjectmatter.7.3MarineRisksandLossesMarineRisksMarineLossesExpensesIncurred7.3.1MarineRisksPerilsoftheSeaPerilsoftheseaincludebothnaturalcalamitiesandfortuitousorunexpectedaccidents.ExtraneousRisks

Extraneousriskscanbefurtherdividedintotwocategories:

generalextraneousrisksspecialextraneousrisks7.3.2MarineLosses(to

be

continued)Marineinsurancedefinesitscoverageintermsofthenatureofthelossordamage,theextentofthelossordamageandtheconditionsunderwhichitoccurs.Accordingtotheleveloflosstotallosspartialloss7.3.2MarineLosses(to

be

continued)TotalLossthelossoftheentirevalueofthesubjectmattertotheinsuredmainlyinvolvingthemaximumamountforwhichapolicyisliable.Partiallossapartialdamagetoorthetotallossofpartoftheinsuredcargocanbefurtherdividedintoparticularaverageandgeneralaverage(GA)ParticularAverage(PA)DefinitionAninsurancelossthataffectsspecificinterestsonly.Therearetwokindsofparticularaveragelosses:thetotallossofapartofthegoods,andthearrivalofgoodsatdestinationinadamagedcondition.ConditionsoftheGAanditsCalculations(tobecontinued)ConditionsforGAGACalculationConditionsfortheGAThedangerthatthreatsthecommonsafetyofcargoand/orvesselshallbemateriallyexistentandnotbeforeseen.Themeasurestakenbythemastershallbeaimedtoremovethecommondangerofbothvesselandcargoandthoseactionsshallbeundertakendeliberatelyandreasonablyforthecommonsafety.Thesacrificeshallbespecialandnotcausedbyperilsdirectlyandtheexpenseoccurredshallbeanadditionalexpensewhichisnotwithintheoperatingbudget.Theactionsoftheship'smastershallbesuccessfulinsavingthevoyageGAContributionThelossofsacrificeaswellastheexpensesincurredinageneralaverageshallbesharedamongallparties,includingthecarrierandallcargoowners.Inproportiontotheirrespectiveinterestedvaluebenefitedfromthegeneralaverage.GAContribution

RisksBasicperilsoftheseaExtraneousrisksTotallossPartiallossNaturalcalamitiesAccidentsActualConstructiveGeneralaverageParticularaverageGeneralrisksadditionalsSpecialrisksadditionalsExtraneouslosesRisksLosses7.3.3ExpensesIncurredSueandLaborExpensesextraordinaryexpensesmadeinatimeofperilbytheinsuredtoacttoavert,orminimizeanylossofordamagetothesubjectmatterinsured.SalvageChargesexpensesresultingfrommeasuresproperlytakenbyathirdpartyotherthantheinsured,hisagents,oranypersonemployedbythemtopreservethemaritimepropertyfromperilsatsea.7.4CoverageofMarineCargoInsuranceofCICChinaInsuranceClause(CIC)madebythePICCCategoriesExclusionsDurationofBasicInsurance7.4.1CategoriesofCoverageofMarineCargoInsuranceofCICBasicMarineInsuranceCoverageFreefromparticularaverage(FPA)Withparticularaverage(WPA)AllRisksAdditionalInsuranceCoverageGeneralAdditionalCoverageSpecialAdditionalCoverageRisksBasicperilsoftheseaExtraneousrisksTotallossPartiallossFromnaturalcalamitiesFromaccidentsActualConstructiveGeneralaverageParticularaverageGeneralrisksadditionalsSpecialrisksadditionalsTobeinsuredseparatelyScopeofmarineinsurancecoverunderCICFromaccidentsFromnaturalcalamitiesFPAWPAAllRisks7.4.1CategoriesofCoverageofMarineCargoInsuranceofCICBasicMarineInsuranceCoverageFreefromparticularaverage(FPA)Withparticularaverage(WPA)AllRisksAdditionalInsuranceCoverageGeneralAdditionalCoverageSpecialAdditionalCoverageGeneralAdditionalCoverage11KindsTPND(Theft,Pilferage,andNon-delivery)FreshWaterRainDamageRiskofShortageRiskofIntermixtureandContaminationRiskofLeakageRiskofClashandBreakageRiskofOdorHeatingandSweatingRiskHookDamageRiskofRustBreakageofPackingDamageSpecialAdditionalInsuranceCoverage8kindsWarRisksStrike,RiotsCommotions(SRCC)FailuretoDeliverRiskImportDutyRiskOnDeckRiskRejectionRiskAflatoxinRiskFireRiskExtensionClause7.4.2ExclusionsunderCIClossordamagecausedbytheintentionalactorfaultoftheinsuredlossordamagefallingundertheliabilityoftheconsignorlossordamagearisingfromtheinferiorqualityorshortageoftheinsuredgoodspriortotheattachmentofthisinsurancelossordamagearisingfromnormalloss,inherentviceornatureoftheinsuredgoodslossofmarketand/ordelayintransitandanyexpensesarisingtherefromrisksandliabilitiesexcludedbytheoceanmarinecargowarriskclausesandstrike,riotandcivilcommotionclausesofCIC7.4.3Durationtheperiodthroughoutwhichtheinsurancecompanyundertakestheinsuranceliability.NearlyallthecargoinsurancebusinessnowincludeswhatiscalledthewarehousetoWarehouseClause(W/WClause)Theinsuredgoodsarecoveredfromthetimewhentheyleavethewarehouseattheplacenamedinthepolicyforthecommencementofthetransitandcontinuetobecovereduntiltheyaredeliveredtothefinalwarehouse

atthedestinationnamedinthepolicy,butthepolicyprovidesanoverridingtimelimitof60daysafterthecompletionofdischargeoftheinsuredgoodsfromtheseagoingvesselatthefinalportofdischarge.Exporter’swarehouseImporter’swarehouseDispatchingportDischargingportFinalplace60daysPlaceofstorageAnyotherplaceRepacking,allocation,distributionOtherdestinationNotcoveredW/WclauseexceptionTobecoveredbyexporter/importer7.5OtherTypesofCargoInsuranceOverlandTransportationInsuranceAirTransportationInsuranceParcelPostInsurance7.5.1OverlandTransportationInsuranceCategoriesOverlandTransportationRisksOverlandTransportationAllRisks7.5.2AirTransportationInsuranceTherearealsotwotypesofcoverageAirTransportationRisks

bealmostasextensiveasthatofWPAinMarineCargoInsuranceAirTransportationAllRiskscoversallrisksoflossofordamagetotheinsuredgoodswhetherpartialortotal,arisingfromexternalcausesinthecourseoftransit.7.5.3ParcelPostInsuranceParcelPostRisksandParcelPostAllRisks7.6CoverageofMarineCargoInsuranceofICCMadebyLondonInsuranceInstitute:InstituteCargoClause(I.C.C.orICC).ThelatestrevisioncameintoeffectonJan.1,1982.Mainlycomposedofthefollowing6clauses:InstituteCargoClause(A)-ICC(A)≈AllRisksInstituteCargoClause(B)-ICC(B)≈WPAInstituteCargoClause(C)-ICC(A)≈FPAInstituteWatClauses-CargoInstituteStrikeClause-CargoMaliciousDamageClause7.6CoverageofMarineCargoInsuranceofICCNotes:mostcountrieshavetheirowninsuranceclausesthemostcommonlyusedinsurancerulesistheICCformulatedbytheLondonInsuranceInstituteinUKWhenourChineseenterprisesexportonCIForCIP,wegenerallychooseCIC.However,ifforeigncustomersrequiretochoosetheICC,generallywecanagreewiththem.7.7ProceduresofCargoInsurance(1)underCIF/CIPAmongthe11kindsofpricetermsinIncoterms?2020,onlytheCIFandICPrequiresthepartiesconcerned(theSeller)tocontractforinsurance.Whilethepartiesconcernedhasnoobligationtocontractinsurancefortheoppositeside.InsuranceProcessUnderCIF/CIPtheInsured(Exporter)theBeneficiary(Importer)（1）S/C:CIF/CIP(2)ApplicationforInsurancebeforeloading(3)InsurancePolicy（4）InsurancePolicy(5)aDonothingwhennolossordamagecoveredintheInsurancePolicy(5)b

PresentInsurancePolicywithinvoice,B/L,evidenceoflossesand/ordamage,claimapplicationandtheotherdocuments,ifany(6)Compensatewhenthelossesand/ordamageswerecoveredintheInsurancePolicyAgentoftheInsuringCompanyofExportingcountrytheInsuringCompanyinExportingcountryAgreementInsuranceProcessUnderFOB/CFRtheBeneficiary(Importer)（2）S/C:FOB/CFR（3）ShippingAdvicetheImportertheInsuringCompanyinImportingcountryOpenPolicy-seemsalong-terminsurancecontract（4）ShippingAdvice(5)aDonothingwhentherewerenolossordamage（5）bClaimwhentherewerelossand/ordamagecoveredintheOpenPolicy(6)Compensate7.8InsuranceClauseintheS/CUnderCIF/CIPInsurancetobecoveredbytheSellerfor110%oftotalinvoicevalueagainstAllRisksasperandsubjecttotherelevantoceanmarinecargoclausesofthePeople’sInsuranceCompanyofChina,datedJan1,1981.InsurancetobeeffectedbytheSelleronbehalfoftheBuyerfor100%plus10%oftheinvoiceamountagainstFPA.InsurancetocoverWPAplusT.P.N.D.andwarriskfor110%oftheCIFvalueandtoprovideforclaims,ifany,payableinSingaporeinUScurrency.7.8InsuranceClauseintheS/CUnderFOB/CFR/FCA/CPTNoInsuranceClauseintheS/CbecausethepartiesconcernedhasnoobligationtocontractinsuranceunderthesepricetermsmentionedaboveaccordingtoIncoterms?2020Insurancetobecoveredbythebuyer.QuestionsE.g.1AsophisticatedtestingequipmentwiththevalueofUSD10,500hasbeendestroyedintransitbyaseriousshockofvesselintheheavyweather.ItissaidthatthecostincurredinrecoveringorreconditioningwouldcostUSD98,000,theforwardingcosttothedestinationnamedinthepolicywouldbeUSD820,otherwisethescrapcanbesoldforUSD2500.Question:Whatkindoflossinthecaseandwhy?QuestionsE.g.2CompanyAimportedakindofgoodsunderCIF,andtheexporterhasboughtAllRisks.However,thegoodshavebeenlostduringthecarriagefromthewarehousetotheportofshipment.Question:CantheimporterlodgeaclaimagainsttheinsuringcompanybecausethelossesinthecasehappenedduringthecarriagefromtheWarehousetoWarehouse?Andwhy?HomeworkFinishtheexercisesinChapter7inthetextbook.That’sallforthissectionThankyou!Ch8InternationalPaymentLearningObjectivesUnderstandtheconcept,characteristics,partiesconcernedwiththenegotiableinstruments,especiallythedraft.Understandthecharacteristicsofremittance,collection,andtheL/C.Recognizethegeneralproceduresforremittance,collection,andtheL/C.UnderstandthegeneralrulesoftheURC522andtheUCP600.IdentifythekeycontentsofthepaymentclauseintheS/CContentsPaymenttoolsPaymentMethodsPaymentClausesintheS/C8.1PaymentToolsCashBillsbillofexchange(draft)promissorynotecheque(check)96(1)DefinitionofBillofExchange(draft)Abillofexchange,alsocalleddraft,

“anunconditionalorderinwriting,addressedbyonepersontoanother,sig