2 74% + Group Assignment: Q1: What is incoterm? Why this is important for international trade? Do you agree that Incoterms should be considered a contract of sales? why or why not? Please use example to explain. (30 points) Q2: A U.S. home decor company is going to import specialty teak furniture in a shipping container from a manufacturer in Vietnam. (30 points) a. The sales contract Incoterms rule is FCA. Who is responsible for clearing the goods for export with Vietnamese customs? b. Who is responsible for pre-shipment import inspections? Who has the option to purchase insurance? Answer: C. Q3: Review below figure and then answer the following questions: (40 points) SUNSHIP RFC GHE092502HK5 Bill of Lading For Port to Port Shipment SHIPPER (Complete Name and Address) Shen Zen Trading Plus Co. Phoenix Road, Luohu district, Guangdong Shenzhen city, China Telephone and Fax: 086-755-36922075 CONSIGNEE (Complete Name and Address) TechOrg SAS - Aptdo Postal 28059 Carerra 4265-76 - Cali -Valle - Colombia Telephone and email: 054-777-1982722. techorg@techorg.com Notify Party (Complete Name And Address): Same as consignee Place of Receipt Shen Zhen/China Port of Loading Shanghai China Place of Delivery Cali/Columbia Port of Discharge Buenaventura/Colombi Bill of Lading No. Packing List No. Terms of Sale SSOF090406718 219618043-1 FOB (Incoterms 2020) For Release of Shipment, Please Contact Agencia de Aduanas Palmera Ltda - Buenaventura Calle 2 No 2-58-PBX: (052) 242 2798 Fax (052) 222 4823-buenaventura@palmera.com Freight and Charges Payable by Shipper at Sunship/ Guangdong 74% + Number of Original Bill of Lading Issued Three (3) Total No. of Container/Package Received by the Carrier 1/0 Place and Date of Issue: 15-August-2010 Shen Zhen/China For Transshipment to Sunship Vessel/Voyage CSCL LE HAVRE/0029W No. of Packages 500 Packages Gross Weight 1650 kg Measurement 10.2 MP Marks and Numbers 20' steel Dry Cargo Container No: CSQU3054383 Description of Packages and Goods 500 units of 15.6 inch laptop with core 17 8gb RAM, In 6 pallets with 80 packages each one with a volume of 1.63M and 1 pallet with 20 packages with a volume of 0.41M" The above particulars are according to the declaration of the shipper. The carrier received the above goods in apparent good order and condi- tion, unless otherwise specifed, for carriage to the place as agreed above subject to the terms of this Bill of Lading including those of the back pages. If required by the Carrier, one original of the Bill of Lading must be surrendered duly endorsed in exchange for the goods or delivery order. In witness whereof original Bill of Lading has been signed in the number stated below, one of which being accomplished the other(s) to be void. IN ACCEPTING THIS BILL OF LADING, the Shipper, Consignee, Holder hereof, and Owner of the goods, agree to be bond by all of its stipula- tions, exceptions and conditions, whether written, printed or stamped on the front or back hereof, as well as the provisions above Carrier's published Tariff Rules and Regulations OCEAN FREIGHT Prepaid Collect Shipped On Board: 20 - August - 2010 Place: Shanghai USD 3.300 Signature: In Witness Whereof original Bills of Lading have been signed, not otherwise stated above, one of which being accomplished the oth- ers shall be void B/No: SSOF090406718 Terms of lading continued on the reverse side The contract evidenced by Bill of Lading is governed by the laws of Hong Kong Special Administrative Region. Any proceeding against the carrie must be brought in the courts of the Hong Kong Special Administrative Region and no other court. a. Who has the contract of carriage with Sunship? b. What is the seller responsible for? c. Who is responsible for clearing the goods for export? d. Where is the consignee taking delivery of the goods? e. Who is responsible for covering the costs of delivery from the port of discharge? f. FOB is favorable for importer or exporter? please explain