ABSTRACT
Merchants, driven by economic goals, have always spoken in a common language. A manifestation of this common language is the use of standard trade terms in cross-border trade. Chapter 1 of Part I starts by concentrating on frequently used terms, such as CIF (cost, insurance, freight) and FOB (free on board), and examines their interpretation in English law. As and where relevant, reference is made to the Sale of Goods Act 1979. Chapter 1 then moves on to trade terms under the INCOTERMS 2010 drafted by the International Chamber of Commerce (ICC). Chapter 1 also contains useful tables listing the responsibilities of the seller and the buyer under the different trade terms.
