INCOTERMS
arrangements for the carriage of goods to an agreed destination – the new rules state more clearly who is responsible for terminal handling charges.
Electronic Communication Where the parties agree or it is customary trade
practice, the new rules give electronic means of communication the same validity as paper communications.
How to Use Incoterms 2010 To use Incoterms 2010 properly:
• Choose the appropriate Incoterms 2010 rule. The chosen Incoterms rule should be appropriate to
the goods being supplied, to the means of transport used, and to the obligations of the seller and buyer respectively to organise carriage and/or insurance.
• Once you have chosen the appropriate Incoterms 2010 rule, you should expressly incorporate this
into the contract. For example, if you choose to use the FOB Incoterms rule, including the words “FOB Incoterms 2010” in the contract would be sufficient.
• Specify the place or port as precisely as possible.
For example, “FCA Atlantic House, Holborn Viaduct, London, EC1A 2FG”.
• Remember that the Incoterms 2010 are not a complete contract of sale. Supply contracts should
(as appropriate) deal expressly with matters such as the price to be paid, the method of payment, transfer of title in the goods, the specifications of the goods, the consequences of breach of contract, and governing law and jurisdiction.
Earlier versions of the Incoterms rules that are
incorporated into existing contracts will still apply in respect of those contracts. •
Kieron O’Callaghan is a Partner and Ben
Hornan is an Associate in the London office of Hogan Lovells, a major international law firm. They specialise in international litigation and arbitration, with a particular focus on disputes in the energy, mining and commodities sectors.
www.HoganLovells.com
2nd annual event Sponsored by
29 – 31 March 2011, The Marcliffe, Aberdeen, UK
Opportunity and strategy for oil companies and their partners.
Oil & Gas Outlook North Sea is a 2nd annual event that Junior, IOCs, NOCs and international oil companies to discuss the opportunities remaining, and strategies for success in the North Sea.
Maximise production and slow depletion rates Innovative case studies from MAERSK, the Industry Technology Facilitator and Aker Solutions will show you how to extend the life of marginal fields and North Sea infrastructure.
Build capital raising strategies
Learn how A&D, private equity and partnerships can bring long-term investment to your projects.
Organised by
Prepare for the financial and logistical challenges, and access the decommissioning opportunity
Assess all of the potential costs and challenges associated with decommissioning. Learn how to position your business to successfully take advantage of the £34bn project to decommission North Sea infrastructure.
Peter Buchanan CEO
Valiant Petroleum
Key speakers include:
Patrice de Viviès Senior Vice President Northern Europe Total
Gunther Newcombe
Vice President Decommissioning BP
David Bamford Non-Executive Director
Tullow Oil
Bill Transier CEO
Endeavour International Corporation
William Moore Decommissioning Manager Eni
Martin Rune Pedersen
Managing Director Maersk Oil North Sea
Anne Hojer Simonsen
Deputy Director General
Danish Energy Agency
For more information please contact Taylor Jenkinson Tel: +44 (0)20 7092 1246 Fax: +44 (0)20 7242 1508 Email:
taylor.jenkinson@
terrapinn.com Web:
www.terrapinn.com/northsea
Booking code: NS
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