MediMARE Game - Misleading Incoterm clause
MediMARE GAMES are a series of games related to the project's main issues in order to promote the knowledge and reflection about maritime disputes and mediation.
Misleading Incoterm clause
In this game, the player will be able to think about Incoterms.
Incoterms (International Commercial Terms) are contractual terms elaborated by the ICC and that sellers and buyers incorporate into their international contracts for determining the obligations of the parties regarding the transportation costs and responsibility, where goods will be delivered (and thus where the obligation of the seller ends), insurance and export costs (taxes, declarations and other import and export obligations). The incorrect use of the Incoterms in the contract may lead to mistaken obligations / responsibilities of the Parties. Examples being who bears the risk of loss or damage to the goods while in transit, or who is responsible to pay for international transportation.
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The requisites for settlement agreements being enforceable are in Article 4 of the Singapore Convention on Mediation, which states it should or be signed by the parties or have evidence the settlement agreement resulted from mediation.
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For more information about the MediMare Project, please visit our website at medimare.eu