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Incoterms

(International Commercial Terms)

I. Read and learn the following words and word combinations. Translate the examples:

mode of transport – вид транспорту, засіб транспортування

multimodal transport – різні засоби транспортування, що використовуються для поставки товарів/вантажів „від дверей до дверей”

ship n – корабель, судно; ships rail – поручень, релінг корабля

ship v перевозити, відправляти, відвантажувати по воді; (АЕ перевозити вантаж будь-яким видом транспорту)

shipping n – 1) відвантаження, відправка; 2) завантаження; 3) пере­возка, транспортування; syn. freight – фрахт, перевозка

shipment – 1) вантаж; syn. cargo, freight; 2) партія (відправленого товару); syn. consignment; 3) завантаження, відвантаження, відправка товарів; syn. shipping, dispatch; tran(s)shipment – перевалка, перевантаження з одного транспортного засобу на інший;

e.g. Multimodal transport is wide-spread in modern shipping. Tran(s)shipment is not allowed.

terminal – 1) термінал, кінцева станція, кінцевий пункт призначення; syn. destination, the point of destination; 2) аеропорт призначення; 3) порт призначення, причал; 4) вантажні склади, що мають сортувальне об­ладнання

e.g. At the sea port terminal goods are put into containers or on pallets.

disposal n – 1) реалізація, передача; disposal of goods – реалізація товарів; 2) право розпоряджатись (чимось); to be at somebody’s disposal – бути в чиємусь розпорядженні; to place something at somebody’s disposal – надавати щось у чиєсь розпорядження

e.g. The goods were placed at the buyer’s disposal on board a ship.

charter n – 1) чартер; 2) прокат, здавання напрокат; freight charter – вантажний чартер

charter v – 1) здавати напрокат; 2) надавати у користування по замовленню; фрахтувати судно по чартеру

e.g. The buyer must charter a ship and inform the seller about this.

certificate of origin – сертифікат походження

insurance n – страхування; ~ against loss or damage – страхування від втрати або пошкодження; insurance policy – страховий поліс

consular invoice – консульська фактура

e.g. Certificate of origin, insurance policy, and consular invoice are the necessary documents needed for the exportation of the goods.

charge n – 1) ціна, оплата; 2) податок, збір, нараховування; 3) pl. – витрати; carriage/carrying charges – транспортні витрати

charge v – 1) призначати ціну, оплату; 2) стягувати (оплату)

e.g. The buyer bears the cost of all the charges for the exportation documents.

carry v - перевозити, переносити, транспортувати; ~ by sea – морем; ~ by air - літаком; ~ by rail - залізницею; ~ by road – по шосе, автотранспортом

carrier n – перевізник, транспортувальник

carriage n – 1) перевезення, транспортування, доставка; 2) вартість перевезення або доставки; syn. carrying

e.g. Carriage to the named port of destination was paid by the seller.

custody n – 1) опіка; 2) зберігання; to place something in somebody’s custody – розмістити щось під чиюсь опіку/зберігання

e.g. The goods were placed in the custody of the first carrier.

II. Read and translate the text:

Incoterms

Multimodal (Door-to-Door) transport is wide-spread in shipping now. It involves a transfer of the goods from one mode of transport to another.

Traditionally the ship’s rail was considered the critical point of responsibility, that is when all risks of loss or damage are transferred from one party to the other. Now it is no longer the ship’s rail but the port terminal which may be such a point. In sea port areas the goods are put into containers

The latest edition of Incoterms contains more than a dozen commercial terms. The most important of them are the following:

EXW (Ex works). The seller places the goods at the disposal of the buyer at the factory, mill, warehouse, etc. The buyer bears all charges and risks from the time the goods have been placed at his disposal. He pays the price, bears the expenses of customs duties and taxes, of freight and insurance. He pays for the documents that he may need (certificate of origin, consular fees, etc.).

FOB (Free on board - named port of shipment). The seller places the goods on board a ship at a port of shipment named in the sales contract. The buyer bears the risk of loss of or damage to the goods from the time the goods have passed the ship's rail. The buyer must charter a ship or reserve the necessary space on board a ship and inform the seller about it. The buyer will bear all the expenses and charges of the freight, insurance, etc.

There are variations of this term. FOA (FOB airport - named airport of departure) is essentially the same as FOB, except that the word 'board' here is not to be taken literally. FOR or FOT (Free on rail or truck) are used when the goods are to be carried by rail. (Truck here means railway wagon.)

CIF (Cost, insurance and freight - named port of destination). The seller arranges the delivery of the goods to the named port of destination and pays the freight charges. He must also provide for marine insurance, but the buyer bears the risk of loss of or damage to the goods from the time the goods have passed the ship's rail in the port of shipment. The seller must also provide all the necessary documents needed for the exportation of the goods (certificate of origin, consular invoice, etc.) and has to bear the cost of all the charges that have to be paid for them.

C&F (C+F, CandF, CFR) is essentially the same as CIF, except that it does not include insurance.

DCP (Freight or carriage paid to named point of destination). Like C+F, DCP means that the seller pays the freight for the carriage of the goods to the point of destination. The buyer bears the risk from the time the goods have been placed in the custody of the first carrier (not at the ship's rail). DCP is used in all kinds of transport, including ferries, containers and trucks.

CIP (Freight or carriage and insurance paid to named point of destination). It is the same as DCP, except that the seller must provide for transport and insurance against the risk of loss of or damage to the goods during the carriage.

EXS (Ex ship - named port of destination). The seller must make the goods available to the buyer on board the ship at the destination named in the contract. The seller bears the full cost and risk of bringing the goods there. The buyer bears the charges for the certificate of origin or consular invoice. He provides for the unloading of the goods and bears all customs duties and charges.

DAF (Delivered at frontier). This term is used when the goods are carried by rail or by road. The seller places the goods at the buyer's disposal at the frontier but before the "customs border." The buyer bears all the costs and risks from the time the goods have been placed at his disposal (customs duties and charges, certificate of origin, etc.).

DDP (Delivered, duty paid—named place of destination in the country of importa­tion). Ex works means the seller's minimum obligation, DDP—when followed by words naming the buyer's premises-means the seller's maximum obligation. This term is also called FRANCO.

Notes!

EXW – франко-завод, з заводу

FOB – ФОБ, вільно на борту судна

FOA – вільно в аеропорті

FOR/FOT – франко-вагон, вільно в вагоні або на платформі

CIF – СІФ, вартість, страхування, фрахт

C+F/CandF/CFR – вартість, фрахт

DCP – фрахт оплачено до пункту призначення

CIP – фрахт і страхування оплачено до пункту призначення

EXS – з судна

DAF – поставлено на кордоні

DDP – поставлено з оплатою митних зборів

III. Answer the following questions:

  1. What do we call a multimodal transport?

  2. What is meant by the critical point of responsibility?

  3. What does “Ex works” mean for the seller and the buyer?

  4. Describe the buyer’s and seller’s obligations with FOB.

  5. What variations does FOB have?

  6. What is the difference between CIF and FOB?

  7. Where is DCP used and what does it mean?

  8. What is the difference between DCP and CIP?

  9. Describe the buyer’s and seller’s responsibilities with the term “Ex ship”.

  10. When is the term DAF used and what does it mean?

  11. Which term means the maximum obligations for the seller?

IV. Give Ukrainian equivalents of the following:

goods … placed at his disposal; expenses of customs duties and taxes; the word “board” is not to be taken literally; to provide for marine insurance; to make the goods available to the buyer; during the carriage; consular fee; sea port area; multimodal shipment.

V. Give English equivalents of the following:

критична точка відповідальності; вид транспорту; вказаний порт відправки; вказаний порт призначення; розвантаження товарів; франко-завод; франко-вагон; за виключенням чогось; страхування на випадок пошкодження товарів.

VI. Match the definition on the right with the word on the left. Translate and learn the definitions:

to charter

  1. carrying (goods, persons) from one place to another

frontier

  1. the building(s), offices, etc. where a business is carried on

shipment

  1. hire or engage a ship, an aircraft, etc. for an agreed time, purpose and payment

transportation

  1. putting of goods, etc. on a ship; quality of goods shipped

business premises

  1. port of a country bordering on another country; a boundary

VII. Study the Incoterms given in the text and organize them into 3 groups according to the responsibility for carriage and insurance. Explain each term. The first is done for you.

Seller’s responsibility

Buyer’s responsibility

Shared responsibility

EXW

VIII. Fill in the gaps with the words from the list below:

provides for, obligation, against, space, destination

  1. EXW means the minimum … for the seller.

  2. You must reserve a lot of … on board the aircraft for this bulky equipment.

  3. What airport of … is named, Heathrow or Gatwick?

  4. Where can I insure my office … the fire?

  5. According to the contract the seller … marine insurance.

IX. Match the synonyms. Use any 5 words in the sentences of your own.

      1. carriage (2)

  1. room

      1. cargo

  1. transportation

      1. responsibility

  1. expense

      1. shipment

  1. wagon

      1. charge

  1. obligation

      1. space

  1. consignment

      1. frontier

  1. freight

  1. border

X. Match the words with opposite meaning. Use any 5 words in the sentences of your own:

    1. load

  1. maximum

    1. destination

  1. exportation

    1. minimum

  1. figuratively

    1. include

  1. departure

    1. importation

  1. unload

    1. literally

  1. exclude

XI. Translate into English:

  1. Експортер призначає найнижчу ціну, якщо імпортер несе максимальні зобов’язання.

  2. В порту відправки продавець передасть свою відповідальність покупцю.

  3. Пункт призначення повинен вказуватись в комерційному контракті.

  4. Вантаж буде перевезений вантажним чартером.

  5. Не приймайте ці слова буквально. Ризик не такий великий.

  6. Товари повинні бути доставлені СІФ Одеса.

XII. Topics for discussion:

  1. Speak on the development of the system of shipment in international trade.

  2. What Incoterms exist to ensure the seller/the buyer against all possible risks involved in international trade?

  3. If you were an importer what would you prefer: a minimal price or a minimal risk? Explain your choice.

XIII. Skills practice:

Complete the gaps in the following passage with a fraction and an appropriate expression of approximation. Use each expression of approximation once.

roughly

exactly

more than

a little more than

a little less than

almost

just under

slightly less than

just over

approximately

a/one fifth (x 2)

a/one tenth (x 2)

half (x 2)

a/one quarter (x 2)

three-quarters

a/one third

1. Our consolidated net sales for the fourth quarter rose by roughly one fifth (19%) to reach $15,220,000 while net income for the same period increased by_________________________________________ (24%).

2. In terms of annual performance, even though we again managed to improve our revenue by _________________________________(10%), we were unable to maintain last year's improvements in profitability. This was principally due to a substantial rise in the cost of commodities, which in some cases increased by _________________________________(34%). If these prices had not changed, we would have been able to increase profit for the year___________________________________________(11 %).

3. Our stockholders will continue to receive dividends. However, the final payment for the year will be ____________________________(48%) what we were able to pay last year.

4. As usual, the domestic market provided our major source of income during the year, accounting for _________________________(77%) of total sales, with export markets representing ____________________________(23%).

5. We have extended our efforts to promote our products and to introduce new products into the range. Our advertising budget grew by __________________________(21%) and ____________________(49%) of this increase went towards improving brand awareness and conducting product trials.

Unit Nine

Documents used in foreign trade

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