Curriculum Structure

Share        

MT1003 Trade Practice and Incoterms

[Lecture: 26 hr ; Tutorial: 13 hr ; Lab: 0 hr ; Pre-requisite: Nil; Academic Unit: 3.0 ]


Learning Objective :

To understand the importance of ‘Sales contract’ and various ‘Incoterms’ and their effect on the contract and also to appreciate the concept of ‘Multimodal transport’ with regards to ‘Liabilities and Insurance’.

Course Content :

Importance of sale contract and the contract with the carrier, Inter-modal and multi-modal transports, Agreements of sale and purchase, Incoterms 2000 or latest version, Methods of Payment of freight, Characteristics and bills of lading – liability and limitations, Risk and insurance of vessels and cargo, Basic Chartering and Ship Broking Terms, Legal aspects and some commercial aspects of chartering contracts, Carriage of Goods by Sea e.g. Hague Rules, Hague/Visby Rules, Carrier’s Liabilities and Limitations, Exceptions, Defenses available, Burden of Proof.

Course Outline :

S/N

Topic

1

Importance of sale contract and the contract with the carrier, documentation and implications.

2

Inter-modal and multi-modal transports, modes, connectivity, challenges, advantages and disadvantages.

3

Incoterms 2000 or latest version, Role of ICC, requirement of uniformity, time tested, lack of confusion, various implications of different types of Incoterms.

4

Payment of freight, modes and methods.

5

Letter of Credit Transactions, procedure and importance.

6

Role of Banks in Letters of Credit, frauds and safeguards.

7

Characteristics and bills of lading – liability and limitations

8

Risk and insurance of vessels and cargo, Types of marine insurance, market, underwriter, standard forms.

9

Basic Chartering and Ship Broking Terms

10

Legal aspects and some commercial aspects of chartering contracts.

11

Carrier’s Liabilities and Limitations, Exceptions, Carriage of Goods by Sea e.g. Hague Rules, Hague/Visby Rules.

12

Carrier’s defenses available, ‘Burden of Proof’, case study.

Learning Outcome :

Upon completion of the course, students should be able to understand:

  • the sales contract
  • transport contracts and Liability (Multimodal Transport)
  • Incoterms
  • who does what? (Parties Involved in Maritime Transport)
  • cargo Insurance


Textbook :

Textbook if necessary will be decided by the course lecturers before the start of the semester.

References :

  • De Wit, Ralph, Multimodal transport: carrier liability and documentation, LLP, 1995.
  • Ramberg, Jan, ICC guide to incoterms 2000: understanding and practical use, ICC Publishing S.A., 1999.​