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Contracts in International Trade


International trade involves not only an exchange of goods and services but also an exchange or the meeting in the middle of having to understand the various laws, rules and regulations of a certain country.

As these all vary, it is essential to be able to draft a contract that incorporate the clarity of all significant terms in order to understand the intentions of both parties involved in a transaction.

It is for this reason that general Inco terms are abided by and followed when defining relevant terms and conditions of the contract.

Some relevant clause’s of the contract may include but are not limited to items such as:

Payment currency

Payment method

Delivery time

Acceptance of Delivery

Place of Delivery

Payment of taxes and customs

Issuance of Bills of lading or Letter of Credit

Insurance of goods / Payment of Insurance

The above items are just a few of the essential terms that are to be identified clearly in the contract however in no means cover all of them.

Various contracts will of course differ in clauses, intention and terms.

The contract should also outline what is to constitute a breach of contract in what is to occur in such circumstances, either for it to be settled in the court of law, however there would be some discrepancy, so most disputes with relation to international trade, would be handled by Arbitration, hence you will have to outline a common Arbitration Institute in which proceedings will take place.

As there are a vast amount of elements that need to be identified and dealt with, it is suggested that a professional is contacted prior to the agreement that is bound upon you without knowing the actual relevance and impact of such a transaction that you are involved in. Contact us at Jus Laws today at our relevant offices in Bangkok or Phuket.


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CHRISTIAN MOSER

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christian.moser@juslaws.com

+66 2254 4117

SUTHIDA TANPHETTHONGKUL

Associate

suthida@juslaws.com

+66 2254 4117