In the world of globalisation, expansion of your business requires you to establish connections with businesses overseas. The key aspects of international trade include sale, purchase or exchange of products and services overseas. Exports of one country form the imports of another.
In order to establish your international trade profitably, you must ensure that all your export agreements are in place.
This article will give you an insight regarding the importance of export agreements in an international trade. You must seek proper legal guidance before entering into any agreement with a foreign partner.
Doing business with other countries may yield productive results for your business. Export agreements are also known as export contracts where in all the arrangements and understandings relating to the export of goods from one country to another are present.
One must ensure that the contract is clearly worded. An export contract covers all the key clauses of a trade. It recommends seeking proper legal guidance from an experienced team of lawyers who has proper knowledge about your business and the intricacies of exporting.
An export contract is a comprehensive set of terms and conditions. It is meant for businesses selling goods to other businesses in another country. It is a well structured document with an agreement signed by both the parties. You, as an exporter can also negotiate regarding the terms and conditions of a transaction with your customer or importer.
Exporters also have an option to refer the current International Commercial Terms which is also known as Incoterms in regards to their export contract. Incoterms supervise the allocation of responsibility and risk between exporters and importers in an international trade.
You should avoid getting into any binding oral contract with a foreign partner who has imprecise terms and conditions. Export contract become legally binding as soon as an export offer is accepted by the importer and it often becomes difficult to withdraw from or amend such contract.
We at Owen Hodge Lawyers always recommend businesses to obtain legal advice before they sign any contract. It is very crucial for businesses to seek proper legal guidance who are well acquainted in regards to the business conduct, customs and laws of the country with whom they are about to trade.
An export contract ordinarily covers the following:
- Description of goods and/or services;
- Trading terms;
- Packing details;
- Payment terms, including Letter of Credit;
- Complying with local standards;
- Liabilities regarding defected goods;
- Intellectual property rights;
- Limitation of liability; and
- Dispute resolution.
At times you might require assistance in translations of contract or other legal documents which are written in some other language. We understand that English is a secondary language for many people living in Australia and we do support the multicultural society. Legal services in languages other than English are an evident requirement and we do have a team of experts who can provide legal services in various different languages.
Free Trade Agreements
Free Trade Agreements (FTAs) are agreements negotiated between countries which improve access between each others’ markets and lower barriers to trade. Multilateral trade liberalisation and reform remains the Government’s trade policy priority, but Australia is also building a network of bilateral and regional FTAs to advance the trade interests.
We at Owen Hodge Lawyers handle every matter with care and proficiency. Our experienced legal team are happy to help you with any enquiry you may have.
For any help, get in touch with us at Owen Hodge Lawyers.
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