Exercise 2. Answer the following questions. Exercise 4. Read and translate the text and the example of the invoice. Study the vocabulary given after it. Exercise 3. Fill in the gaps with the words and expressions from the text

 

1. What kind of claims are made by the Buyer?

2. What sort of claims are lodged by the Seller?

3. What is the procedure for making claims?

4. When does the Seller decline a claim?

5. How are claims settled?

6. What are the sanctions against the defaulter?

 

Exercise 3. Fill in the gaps with the words and expressions from the text:

 

1. A contract defines _____________ and _______________ of the parties involved.

2. In case of breach of Contract the sufferer makes a _____________on the party which fails to meet its ____________________________.

3. Most often the Buyer makes ______________and ________________ claims on the Seller.

4. Bill of Lading, Airway and Railway Bill, Survey Report, Quality Certificate may serve as _____________________________.

5. During the claim period the Seller is to _________________ into the case and communicate his _____________. He either meets the claim or __________________ it.

6. The Seller declines ____________________ if the B/L is “clean”, that is the shipping company hasn’t made any __________________ about the quantity or condition of the ____________ shipped.

7. In case of short -weight it is recompensed by a load sent ___________________ or at the time of follow-up ____________________.

8. In case of damage or faults, the goods at the Buyer’s option can be ________________ or ________________, all at the ___________________’s expense.

9. The Seller is penalized if he _________________ to deliver the goods by the date _____________.

10. The demurrage claims may emerge from the Buyer as well if a Contract is signed on ____________________ terms of delivery.

 

Exercise 4. Read and translate the text and the example of the invoice. Study the vocabulary given after it.

 

Here is an example of clauses of a contract signed by a Russian trading organization (the Buyers) and a Swedish company (the Sellers):

 

Contract No…

Subject of the Contract

The Seller undertakes to sell and the Buyer to buy on the basis of delivery FOB Stockholm a party of complete equipment for car repairing.

Price and Total Value of the Contract

The total value of the Contract including the cost of the complete equipment for car repairing as well as technical documentation, knowledge and experience (know-how), engineering, after-guarantee spares and services is $120,000.

Terms of Payment

The total amount of $120,000 stated in Clause 11 shall be paid by the Alpha Bank, Moscow, in accordance with the following terms:

15% advance payment of the total Contract value shall be made within 30 days of the effective date of the Contract October, 19, 2001.

75 % of the total value shall be paid in accordance with the Credit Agreement between the Alpha Bank, Moscow and the Gottes Bank, Sweden.

5% of the total Contract volume shall be paid within 30 days of the date of receipt by the Alpha Bank, Moscow of the following documents.

The guarantee amount of 5% shall be paid within 30 days of receipt by the Bank of the Acceptance protocol confirming the acceptance of the equipment for commercial operation.

Time of delivery

The delivery of the equipment under the present Contract shall begin in 2 months and shall be completed not later then 3 months from the date of signing the Preliminary Project Acceptance Protocol.

Inspection and Test

1. Inspection and / or test of the equipment shall be carried out after the equipment installation at the Seller’s place at the expense of the Seller in the presence of the Buyer’s inspectors.

2. The Seller is to notify the Buyer about the readiness of the equipment for inspection and / or test not later that 10 days before the proposed time of the inspection and / or test.

3. The Buyer’s inspector shall issue in due time to the Seller a Release certificate for Shipment on the basis of the Test Certificate.

4. If the Buyer’s inspector cannot be present on the appointed date, the Seller shall have the right to carry out the test without the Buyer’s inspector. The Seller shall issue a Test Certificate which is to be sent to the Buyer’s who will issue a Release Certificate for shipment without delay.

5. Final tests and acceptance of the equipment for putting it into operation are to be made in Russia.

 

The Invoice

In the context of international trade the invoice provides information about goods exchanged between the exporter and the importer. It is prepared by the exporter and includes description of the goods, their price and the quantity supplied. It can act as proof of purchase, informing the buyer that the goods have been sent.

The invoice also informs the customer that the service requested can be available after payment. The example of the invoice is given below.

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