Commercial Transportation & Logistics
International transport is another important aspect of cross border trade. The United Nations Conference on Trade and Development (UNCTAD) notes that maritime trade is the backbone of international trade and development, accounting for over 80 percent of the volume of international trade and 70 percent of its value. This medium of transportation is cheap and efficient. To rip its optimal benefits, it is important for companies to consider the time at which risk of their products pass, who to bear the risk, how they intend their products to be handled and where they want their products to be delivered. The International Chamber of Commerce, among other adjudicative bodies, has put in place a glossary of terms helpful to navigate cross border trade. These terms—FOB, CIF, CFR, CPT, AP, DDP, and FAS, just to name a few—do not constitute the entire piece of legislation in the area. They only provide common understating that help at the intersection of commercial laws. Where they intersect, why they intersect, when they intersect and how they intersect is critical to every entrepreneur. Needless to add that the slightest error or delay could lead to huge losses. The same applies to land, air, and rail transport.
Our team at Freelane understands the high stakes involved and we have been upfront in helping clients:
- Acquire maritime insurance
- Negotiate risk liability
- Identify charterers
- Secure charterparties and
- Manage shipments
