The Hanjin Shipping Bankruptcy Case as per the newspaper report is most unprecendented and provided important lessons for Exporters & Importers on the right choice of Incoterms & Methods of Payment to Avoid Risks.
What Happened ?
80 container ships with over 500,000 containers belonging to Hanjin Shipping were stranded. Many Exporters and Importers were affected. In our forthcoming master class entitled “Incoterms 2010 – The Language of Domestic & International Trade” we will be highlighting the following issues:
- When a transporter fails to deliver the goods as per the carriage contract due to
insolvency, which party (exporter or importer) shall bear the relevant risks and
- Is the buyer still liable to pay the purchase price though it has not received the
goods as expected due to Hanjin’s bankruptcy?
- Can the seller or buyer claim marine cargo insurance for the damages caused by
- If the goods are discharged at a port other than the destination port, who is
responsible for transporting the goods to the destination port? Who bears the
additional costs incurred? Does marine cargo insurance cover such loss?
- A detailed analysis of the 11 Incoterms (E, F, C & D groups) – the common
misunderstanding and misuse by reference to the Hanjin Shipping case.
- A detailed analysis of about the exposure of using DAP, DAT and DDP terms in the