Incorporation of Incoterms into a sale contract will not bind any third party, or govern any other contract. It remains for the seller or buyer to ensure that the agreed Incoterm correctly reflects the reality for finance, carriage and insurance. Start with the end in mind!
Today, the World Shipping Council (WSC), the TT Club, the International Cargo Handling Coordination Association (ICHCA), and the Global Shippers' Forum (GSF) jointly released a new Frequently Asked Questions (FAQ) document to address issues arising from the new container weighing regulations due to take effect globally on 1 July 2016. The amendments to the SOLAS (Safety of Life at Sea) Convention require packed shipping containers to have a verified gross mass (VGM) before they can be loaded on a ship for export.
Following the tragic casualty of 'Maersk Honam' it is timely, particularly for shippers and freight forwarders, to cover the dynamics and risks associated with General Average.
