The course focuses on international commercial sales involving the transfer of goods by sea, typically under FOB (Free on Board) or CIF (Cost, Insurance, and Freight) terms, as well as other commercial trade-related issues, such as customs, tariffs, and non-tariff measures. One party to the contract of sale is responsible for arranging the shipment of the goods and entering into an agreement with the carrier. Shipping documents provided by the carrier are crucial for the seller's payment. These international commercial sales are generally paid through documentary credits. This means that a bank undertakes to pay the seller upon presentation of the required documents. The bank then forwards these documents to the buyer (or the buyer's bank) and seeks payment from them. Payment is therefore based on satisfying the terms of the letter of credit, not necessarily the terms of the sales contract. As a result, the buyer may reject the goods or documents, potentially causing serious legal issues, not just between the buyer and seller but also involving the carrier and banks handling the documentary credit arrangements. The course will examine both the legal and commercial aspects of these transactions, including the roles of INCOTERMS and the Uniform Customs & Practice for Documentary Credits (UCP600) standards developed by the International Chamber of Commerce.

Continuous Assessment: 40%

Examination: 60%

Examination Duration: 2 hours

Min. Continuous Assessment Passing Requirement: 40%

Min. Examination Passing Requirement: 40%

Applicable to students admitted before Semester A 2022/23 and in Semester A 2024/25 & thereafter

Students must obtain a minimum mark of 40% in both coursework and examination and an overall mark of 40% in order to pass the course.

Applicable to students admitted from Semester A 2022/23 to Summer Term 2024

Students must obtain a minimum mark of 50% in both coursework and examination and an overall mark of 50% in order to pass the course.