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Chapter 1 Introduction 1
Section 1.1 Definition and Role of International Trade 1
Section 1.2 Differences between International Trade and Domestic Trade 3
Section 1.3 Laws and Practices Applicable to International Trade 4
Section 1.4 Procedures for International Trade 5
Summary 7
Key Terms 8
Exercises 8
Chapter 2 Terms of Commodity 10
Section 2.1 Name of Commodity 10
Section 2.2 Quality of Commodity 12
Section 2.3 Quantity of Commodity 19
Section 2.4 Packaging of Goods 25
Summary 35
Key Terms 35
Exercises 36
Chapter 3 International Trade Terms and Customs 40
Section 3.1 Definitions and Functions of International Trade Terms 40
Section 3.2 Rules for Sea and Inland Waterway Transport 47
Section 3.3 Rules for Any Mode or Modes of Transport 59
Section 3.4 How Best to Incorporate the INCOTERMS? 2020 78
Summary 79
Key Terms 79
Exercises 80
Chapter 4 Price of Commodity 84
Section 4.1 Price Components in International Trade 85
Section 4.2 Commission and Discount 86
Section 4.3 Understanding the Price 88
Section 4.4 Export Quotation Accounting Practice 90
Section 4.5 Pricing Considerations 91
Section 4.6 Clause of Price 93
Summary 94
Key Terms 94
Exercises 94
Chapter 5 International Cargo Transportation 96
Section 5.1 Ocean Transport 96
Section 5.2 Other Modes of Transport 105
Section 5.3 Clause of Shipment 110
Summary 113
Key Terms 113
Exercises 113
Chapter 6 International Cargo Transportation Insurance 117
Section 6.1 Parties to the Insurance 117
Section 6.2 Fundamental Principles of Cargo Insurance 118
Section 6.3 Marine Insurance 121
Section 6.4 Other Types of Cargo Insurance 126
Section 6.5 Institute Cargo Clauses 128
Section 6.6 Insurance Terms in Sales Contract 129
Section 6.7 Insurance Practice of China Export Companies 129
Summary 133
Key Terms 134
Exercises 134
Chapter 7 International Payment 138
Section 7.1 Instruments of Payment 139
Section 7.2 Modes of International Payment 150
Section 7.3 Usage of Different Payment Modes 176
Summary 178
Key Terms 179
Exercises 179
Chapter 8 Commodity Inspection and Claim 186
Section 8.1 Inspection of Commodity 186
Section 8.2 Dispute and Claims 193
Summary 196
Key Terms 197
Exercises 197
Chapter 9 Force Majeure and Arbitration 200
Section 9.1 Force Majeure 200
Section 9.2 Arbitration 204
Summary 208
Key Terms 209
Exercises 209
Chapter 10 Business Negotiation 213
Section 10.1 The General Process of Export and Import Transaction 213
Section 10.2 Enquiry (Inquiry) 214
Section 10.3 Offer 215
Section 10.4 Counter Offer 221
Section 10.5 Acceptance 222
Summary 226
Key Terms 226
Exercises 226
Chapter 11 International Business Contract 230
Section 11.1 Establishment of Contract 230
Section 11.2 The Format of a Contract 233
Summary 239
Key Terms 239
Exercises 240
Chapter 12 Implementation of Sales Contract 241
Section 12.1 Performance of Export Contract 241
Section 12.2 Performance of Import Contract 254
Summary 256
Key Terms 257
Exercises 257
References 260