Dear All
I have negotiated the sale of goods on a CIF basis ASWP. I now may be able to source some of the goods within the country of destination but some will be of a different origin to the port of destination.
Which incoterms along with CIF do I include?
Can I include multiple incoterms on the same contract? If yes, do I have to specify what quantity of goods over the contract will be CIF and what quantity will be for example, DDU (Delivered Duty Unpaid).
Also, at what point after the Buyer has poened a letter of credit can I obtain a BCL (Banking Comfort Letter) from the advising bank? Can the confirming bank be the same as the advising bank, if so can I nominate which bank it is, ie, can I nominate my present bank to play this role?
Please assist.
Regards
URFAN SHAFI MAHMOOD
Difficult answers
Sorry urfan, your questions are not that easy to reply. It's better to split the questions before making the query too complex.
1) you can include various delivery terms in your contracts, but then you have to distinguish whih goods go with which INCOTERM.
Maybe it's better to conclude some contracts rather than just one.
2) The BCL (Bank Comfort Letter) is not stipulated under the UCP 600 and the phrase is not used in Europe. I guess you mean either an open confirmation or a silent confirmation if your bank has not bee appointed confirming bank?
Under silent confirmations, you can choose the bank and if they agree, everything is fine.
Open confirmations (the only ones ruled by the UCPs) require a nomination of the confirming bank. Of course a credit could possibly also state that any bank in ... may confirm the credit. And only then could you choose.
-Each long journey starts with a small step-
Best regards
Frammi