Asked in International Law

Q: Due diligence, strategic ?

Due diligence, strategic – Mare Nostrum has a number of contracts for the purchase of oil, but it seems that many of these contracts allow the parties to renegotiate certain terms for every delivery, including the INCOTERMS. What INCOTERM would you suggest using for the delivery of oil done via oil tankers?

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1 Lawyer Answer
Tim Akpinar
Tim Akpinar
  • Little Neck, NY

A: Some of the terms could include defining the point of delivery (point at which risk of loss passes), import/export formalities, and insurance. These are only a few basics. If you are doing this as a research assignment, you should be able to find others online. If you are doing this in the course of actual voyages, you could consider sitting down with a maritime attorney or cargo broker to review insurance, cargo documents, charter agreements (if applicable), and attributes that go to compliance and vessel safety in terms of inspections, surveys, or classifications (Coast Guard, American Bureau of Shipping, Bureau Veritas, Lloyd's Register, etc.) Good luck

Tim Akpinar

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