Explain the role and functions of INCOTERMS and documentary credits and apply appropriate choices of INCOTERMS.1. Explain the relationships between trade (INCOTERMS), financing (UCP 600) and shipping (Bills of Lading/Waybills) documents.2. Examine the functions of a Bill of lading and the Carrier’s liability for cargo in maritime transport.3. Describe the concepts of risk and loss, insurability of risk and scope of cover in the common types of insurance in maritime transport
1. International trade as a prerequisite for international shipping2. ICC and the INCOTERMS3. The choice of appropriate INCOTERMS and the division of risk and cost4. Documentary credits for facilitating international trade5. The ICC Uniform Customs and Practice for Documentary Credits6. The functions of a Bill of Lading7. The problem of clean B/Ls in connection to the payment for goods8. Implied undertakings in a B/L and the concept and scope of seaworthiness9. The Carrier’s liability for loss of or damage to cargo in maritime transport and the exemptions from liability10. Hague/Hague-Visby/Hamburg/Rotterdam Rules11. Other shipping documents (waybills, mate’s receipt, delivery order, booking note, manifest)12. Hull and Machinery, P & I and Cargo insurance13. Definition of risk and loss (direct loss/consequential loss) and insurability of risk
