BAD AND GOOD TERMS OF TRADE
Last Updated: 27 May 2021
PCT, SUPPLIERS AND END BUYERS ADVICE WORLD WIDE
SMICENET EDUCATIONAL ADVICE
GRAMMAR SPELLING CHECKED OVER TIME
IRREVOCABLE CORPORATE PURCHASE ORDER: This is not an international trade term and should not be used. Often seen used by ill-informed Traders. Appropriately used often in the USA as a localised or interstate business practice. A Professional Commodity Trader (PCT) signing an ICPO in the same USA State as a USA supplier who fails to perform locally or interstate go could find themselves in serious legal hot waste due to the terms ’irrevocable.’ ICPO is used to describe the business of Interpol ( International Criminal Police Organisation)
Assurance of Supply; is an offer made by a supplier to the PCT assuring that the goods being offered will be available over the longer terms and that should the pCt close on such a deal, the supplier guarantees supply as indicated on the AOS. FTNX created this aspect which other entities have emulated.
A person acting on behalf of a disclosed principal is a broker. I.e: working for an insurance company, Brokerage firm..etc..etc.
An (ill-informed) intermediary, in general, is neither an Agent, Broker or Principal. Such is a person undisciplined in commercial practices who acts as a third party in a three-party deal in where a reward or commission is offered to the person who surrenders vital information to a principal or others in return for a payment. An opportunistic person, attempting to secure a commission in an ‘ad hoc' manner. An ‘informed’ Intermediary who later turns ’professional’ after time spent in study and practices is defined as an independent ‘Buyer’ or ‘Seller.’ In International trade business, there is no scope for ill-informed intermediaries to exist let alone trade effectively. Once the uniform study has been completed (3/4 months) the intermediary tag is replaced with the ITS PCT ta<This is important, to ensure that the PCT is not seen as being associated with ill-informed intermediaries.
A device-generated ‘Message Text’ (MT) where the open aspect of such, allows one bank using Internal secure means; to send a message to another participating bank worldwide. MT 799 Is not a text related to the issuance of a DLC, ( and yet we see this mistake the most often) but merely an ‘advice’ being served from one bank to another. I.e: a ‘Bank Comfort Letter’ is being electronically advised stating that the Buyer is RWA to the bank of the Supplier. It does not mean that the Buyer will ‘buy’ anything, nor does it binds the buyer to perform. BCL cannot be used or issued by the PCT as we are traders not end-users of the products we buy and later sell.
In international trade business, ‘LOI’ stands for ‘Letter of Indemnity and not ‘letter of intent.’ The LOI serves no value in this business.
ANY SAFE WORLD PORT: Incoterms requires that the named port of destination must be indicated so that an accurate assessment of carriage rate can be served. Offers carrying ASWP may also indicate that the goods have been ‘marked up’ dramatically as well. What is indicated when such a term is applied is that the trader is ill-informed. Import Customs will not tolerate such aspect either. World scale rates are used when assessing freight values.
PROOF OF PRODUCT (POP)
When a document is produced purporting to indicate a previous sale, it’s usually served to try and convince a buyer that the ‘goods are real.’ The only indication that must be drawn from such a presentation is that an ill-formed trader is making the approach and offering such ‘proof’, when in fact, no proof is apparent, may be immediately assumed. This kind of‘ proof’ is treated as rubbish and must never be accepted as evidence in any form. Product is proven once loaded- to its quality. Evidence of the ‘supplier able to verify the sellers goods’ is served accordingly if such is offered on contract only.
THIRTY (30%) DEPOSIT
No funds must ever be presented upfront in any form whatsoever under any circumstances of a legitimate first-run deal being sealed. If anyone asks for any money upfront, being it a deposit, fees, charges or the likes; RF the deal immediately. Having said that Chinese ‘Traders’ will often ask for a deposit upfront; but after a first challenge after serving the trader a quick lesson on acceptable safe procedures, they soon come to understand that their requests are one that a scam artist would make. Legal Frustration whee a buyer has shifted the deal so far on each demand made, in where a third offer has been produced, the offer may accompany a demand for a performance deposit, is the time such a deposit may be sought. The type of deposit that will stop another offer from being issued is where if the buyer fails to enact on the deals the deposit is forfeited.
BANKS AND THE CONTRACT
‘Please advise contract to our bank’ means’ a Rubbish fodder (RF) deal in apparent. Banks have no part in the matter of the contract. Banks deal in finance, not products. This is a major rule under universally applied UCP 600 Banking rules. Suppliers must always beware of such a request from a person calling themselves ’ buyer’
Buyer beware! An SLC is never used to pay for goods and a deal is dropped if this payment instrument is sought. An SLC can be transferred many times or not transferable at all, depending on the rules supporting its issuance. An SLC is ideal for using in support of a P.G or when paying rebates, fees and commissions. A DLC is a conditional instrument meaning that certain conditions must be met before collection can apply. This makes the DLC a deferred payment application. An SLC however bears an unconditional aspect where the production of a drivers license proving I.D may be all that is required to initiate collection– instantly.
PERFORMANCE GUARANTEE (PG)
The buyer must always issue the financial instrument to pay for goods first. The supplier counters this act with the issuance of an SLC in support of a performance guarantee–when such a P.G is offered. This aspect MUST never be applied the other way, useless one is keen to lose their money and the deal. We won’t elaborate more on this part in case scam artist are reading this site. A supplier must never offer a P.G first on the lure of a lucrative deal, is our clear advice. The P.G is only forfeited if the supplier through his fault failed to have goods at the port to enact delivery on time. The term ‘BOND’ is ugly and should not be used.
OFFER (LETTER OF OFFER)
The mainstay of any international trade transaction is the well-defined offer. Unless stated differently on the offer itself, in International trade the offer once signed is accepted as legally binding. From the supplier it's called an offer, from the end buyer or PCT it’s an ‘Offer to Procure.’ The offer is the bedrock as such supports the whole deals’ and destroys the deal if presented ambiguously. An offer is presented in an expressed formatted pointed letter style using Georgia, Times or Arial fonts. The is a legal contract without an offer first being signed as accepted.
A quote is ‘confirmed’ rather than accepted and has no legally binding spect like that of the offer. A quote is a good document to serve as the deal can be tested with a supplier or end buyer long before a deal moves into ‘deeper waters.’
‘Ready Willing and Financially Able’ is a Bonafide trading aspect. The buyer must have funds secured before placing an order rather than before considering placing an order. The supplier must have finances in place to export goods being sold. Just like a PCT, the buyer must open a bank account to handle the DLC aspect of the business; but if a buyer is looking to finance an export deal, then the loan application has nothing to do with the underlying import contract itself. When the end buyer has become RWA it means that the PCT has received the required DLC to pay for goods; until, this happens no RWA is apparent as per the perspective of the PCT.
FTN EXPORTING definition for purpose of clarity and study. The entity who has ‘as owner possession of export ready goods and the property in them ‘ who makes the offer.
FTN EXPORTING definition for purpose of clarity and study. The entity whom ‘a buyer paying for and taking possession of imported goods and the property in them.’
FTN EXPORTING definition for purpose of clarity and study as it applies to the emerging industry it has created. Professional Commodity Trader (PCT) is neither intermediary, broker agent supplier or end buyer, but a highly informed, experienced, disciplined, and educated professional ‘Buyer or Seller’ of commodities at any given time who are also specialised at what they do; who has developed a skill set to flip over a contract from one side to another using a legal and lawful application to do so under a set of standards, rules and laws. FTNX doctrine of trade harmonises the practice of the intermediary to a uniform universally accepted basis. A person undertaking the principles of leverage and arbitrage. A PCT instigates the deal thus cannot be deemed to be an ‘Ad Hoc’ intermediary nor an ISS member. A PCT is therefore a ‘first party trader ‘ and principal in their own right. The intermediary take is removed once the FTNX study has been completed and replaced with the term PCT. A PCT is also deemed an International Trade Specialist (ITS)
A right to keep possession of property belonging to another person until a debt owed by that person is discharged. Usually, an unseen aspect found in ‘many places’ when applied in International trade matters, in particular to (carrier) rights to sell goods for unpaid freight. In 2018 a new aspect has become apparent in that a lien should not be relied upon the applied against goods which at one moment are apparent in where when such goods once used, destroys the lien attached. A lien thus should not be deemed to stand on the same platform as other types of offered security or collateral.
Take a group of like-minded informed USCT endorsed traders already in the market place; some of which will become SMICENET Registered Members (SRM) heading the status of P.A and FTNX Agent for FTNX.This aspect now allows FTNX to accept to consider many more deals in a very short period. USCT endorsed traders will also now be able to seek assistance of a registered P.A after they have secured a supplier by submitting the OTS to a P.A, who in turn is able to present the deal to FTNX for closing. FTN Exporting protects commission payment to all string members via the SMICENET Registered Member acting as a P.A and FTNX Agent. Only applicants who have studied and practised the FTNX doctrine 12 months or more before taking up registration can apply to become a SRM. In essence, SRM’s are experienced informed traders connected to FTNX when products are being sourced or when the end buyer needs to be tested. Outsiders and USCT members connects to SRM members, but USCT members has preference over outsiders when a string is formed by the SRM. An SRM as P.A is allowed to establish and control more than one string under this process.A SRM is not allowed to work on their on private deals while registered as a FTNX Agent and P.A. Using the FTNX name has integrity as such more end buyers and suppliers will also become evident, as many already know of, or have heard of FTN exporting as being an honourable informed trader and leading trade expert.
Note: As an added business insight. Any PCT could readily activate an agency quickly in the event the PCT has a project to incept or export, where trusted members of a stringed association can engage with customers in their own country and initiate sales within an assigned territory. Having formed a trusted group of highly informed like-minded traders in key locations around the world could generate another kind of business. Products are sent to the "Agent" of a PCT on consignment, which in turn delivers the goods to their customers in their country or where the agents home/business address becomes a collection point.This is an inherited but unseen aspect of SMICENET as well ,which could be activated as needed, on the same basis.
Terms used by the issuing bank of the end buyer to ‘visually sight’ delivery document before payment is released to the seller or supplier in where any anomalies can stop payment until the issue(s) is resolved or; a waiver from the end buyer is provided to the bank as indemnity against legal action. Only matters applied on the terms and conditions on the DLC and not contract are checked ‘at sight ‘ and affirmed based on a set of protocols and rules that must apply before the collection process may proceed. i.e: A Charter Party BOL is presented where under UCP rules the bank of the buyer can only accept the more secure and costly Shipowners BOL etc..etc.In where the credit terms require a PSI certificate to be issued by SGS in where a BOV Certificate is provided instead will require a waiver from the buyer before payment can be made. Many such aspects must be apparent; is the added security feature using UCP IDLC. When a document does not comply or has been altered it is said not to be presented in an ‘unclean’ state. The waiver is best avoided at all times as the waiver ‘opens the door’ for the buyer to make added demands contrary to the contract basis.
The delivery of original documents and not the physical goods when presented cleanly activates the collection process. Even at DAP Incoterms; and even though delivery of goods must apply to an agreed place, often at buyers factory in another country, the documents supporting such are still required to be presented in a ‘Clean’ stated before collection process may apply. In FOB, CFR or CIF, once the goods clear the ship's rails in good condition port of loading the risk pass to the end buyer who now owns the goods. Again we have seen many stupidly inspired interpretations of the delivery aspect. The supplier wants to be paid before the goods being sold no longer belong to him. How clear is that? No supplier in their right mind will allow a DLC or payment to be lodged after the goods have arrived at the destination port. It’s just commonsense., regardless of the payment method used. To do so means the end buyer can obtain the goods and the supplier never paid. There is not even a claim for payment if the end buyer takes the goods and converts them to another product before payment is collected.
CIP AND FCA
‘Carriage and Insurance Paid (CIP) and ‘Free Carrier (FCA) are used for FCL (Full Container Loads) sales and not FOB, CFR or CIF. Light product needing volume to initiate good weight often use 40 FT FCL. Dense material often uses a 20FT FCL. Both containers have weight limits imposed on them in where all because one can sell 20 MT of I.e: Copper Cathodes via a 20FT FCL. They will not be able to fill a 40FT FCL with 40 MT of Copper. All Containers have their TARE weight and the maximum net weight printed on the door. This does not infer that ALL Ports will, however, accept such weight. The supplier and end buyer need to be informed about such matters before the contract are sealed
Full Container Loads; come in all kind of sizes to include cradles and freezers (Reefers) and in where bladders are used for bulk liquids, and ‘Hot Tainers’ with heaters for bitumen. 20 foot and 40-foot lengths are more common lengths. 40 Ft Containers are often used when product carry volume but are light i.e: bales of wool, novelty items, mixed products.
CONTAINER FREIGHT STATION: Area near or alongside Port of loading or unloading inside customs control. One set of charges apply from the factory to CFS, and a charge for lifting and un-lifting to and from the ship, and another charge for storing, moving around, at CFS via a place of loading and unloading, deceptively makes up the full freight and delivery cost component, even though most charge only refer to the ocean-going component. Added costs about matters of Quarantine, Currency fluctuations, and late returns of the empty container to the CFS storage depot may also apply to produce a very large total cost of final delivery.
Lots of confusion applies to such matters often seen on speculative trading boards or industry advice in where if such boards or advice explained the processes they use better more investors would be secured. CIF Rotterdam, CIF EU, CIF Laverna.. etc. means to define that the goods ordered are delivered to named destination ports., where the end buyer arranges freight to destination. The Buyer is not receiving a CIF quote to the final destination but is being advised that the freight component in getting the goods to the named pickup port, will still need to be paid when the buyer picks up such good from such named ports/places. i.e: Freight component from Russian Port to Laverna, Italy. The freight component from the Russian port to Laverna is still payable, even though the goods are offered at FOB Laverna.
All major ports have berthing schedules where booked vessels are expected to arrive at a designated berthing time, where the ship can either unload or take on loads. If the buyer fails to have goods ready to load when Lay can is taken, the supplier loses its P.G.
NON BREAK CARGO: The rule here is one whole bulk carrier shipment, one BOL applies, as delivered to one port to one buyer, whereas 50 FCL, 50 different buyers and 50 sets of BOL’s are served to many buyers at the same POD (Port of Destination)
A charge payable to the owner of a chartered ship on failure to load or discharge the ship within the time agreed. Thus the ship has missed lay can and needs to ‘park offshore’ until the next berthing the is secured will also need to pay the cost of such delays accordingly.
Another misunderstood concept: A buyer states that they want to buy a product using a ‘Bank Guarantee’ in where no payment can be collected until the goods arrive at the destination as per CIF. The buyer is not understanding that if a seller is unable to obtain his money owning when goods are loaded on board a shipping port of loading, then it’s no longer (a) a CIF transaction but an ICC DAP Incoterms delivery mode and not CIF and that (b) Interest is also applied on to the agreed payment value as a premium and (c) a Guarantee in the form of an SLC should not be used for such a transaction. A Bank guarantee as advised by a bank in another country is a risky proposition and should never be considered as payment because laws and rules retaining this kind of Guarantee apply localised banking rules and laws. The correct credit is a DLC for delivery as DAP Incoterms. This one aspect assures that once the required delivery documents are presented, the supplier is guaranteed payment under the DLC once 30 days after delivery has completed. We have seen entities who should have known better seek such B.G. A Bank guarantee must not be used for the payment of goods.
Once the DLC is ready to be transferred the advising bank for the PCT will ask for payment upfront of the transfer fee. On revolving deals carrying large values, a transfer fee carrying ten of hundreds ion thousand of dollars in value will be apparent. In the first year, the PCT will seek the Transfer Fee from the end buyer; later thereafter as experience is gained, the PCT may seek the transfer fee from the supply side instead - on merit as relevant. It could be that the experienced PCT automatically seeks the payment of the TF from both sides and waits for the side complaining about the TF before withdrawing this aspect. If both sides agree to pay the transfer fee, then it’s the end buyer who is given a ‘rebate’, in where the PCT advises the end buyer that the TF is no longer required as a means to ‘sweeten’ the deal further. Under ICC UCP banking rules the beneficiary of the DLC pays for the TF ‘unless agree upon’ otherwise. This confusing aspect implies that the PCT is the beneficiary to the DLC when it’s not - then the beneficiary to the DLC is the end buyer. The benefit to the PCT occurs long after the delivery takes place, not when the DLC is transferred- is another aspect that needs clarification by the ICC.
DEFERRED PAYMENTS D/P
As for deferred payment, a Negotiating and Confirmed DLC must be secured and interest is calculated in the offer price. Here the supplier bank if accepted, will discount the value of the DLC and pay the supplier accordingly then collect the whole DLC value later when the bank seeks reimbursement. But the end buyer has to pay a higher rate if the seller is not going to collect on documents at a later date (D/A) or collects on such but defers collection. The Buyer is using the sellers ‘money to do business– hence such deals attract higher sell prices.
A barge or another vessel loading a mother ship offshore will produce a trans-shipped BOL, which is not allowed to be used under ta UCP DLC application is another security feature of using a DLC.
POOP: PERPETUAL OFFER ORBITING THE PLANET
This issue remains in place. In 2019 we are still receiving inquiries for goods offered 12 months earlier as submitted by ill-informed others. So a genuine offer once released even though long expired or sold can and will often travel around the world many times due to ill-informed intermediaries trading in such documents. This matter makes the work of legitimate PCT traders even more difficult.
This is an important date. If an offer is not returned on time, the basis of the original offer may change if a second offer is sought.
While national news stories sensationalise such matters, In fact ‘scam artists’ have been around long before FTNX started in this business in 1988 when using a facsimile. Most scam artists use a non ISP services email address is a common feature. The other is the use of particular platforms such as ‘Facebook’ where scam artists conduct business openly to prey upon gullible victims. Scams involving romance, SLC financial instruments, drug trafficking, money laundering, compassionate requests for money, fake product..etc..etc..are common. In the commodity trading business as advised in the FTNX Doctrine of Trade, such matters are not an issue and easily discovered, if one follows its advice. An internet study offered in primary schools would reduce the ability of scam artist greatly. The Internet is a dangerous place, more so if one is naive. It’s not so dangerous when natters of due diligence are always apparent.
ORTHODOX TRADING ROUTINE
Quote, Offer, Contract, DLC, P.G, Delivery, Collection, Next Delivery. Any strange requests of improper aspect or variants offered are dismissed. This is the basic formal and formidable safe trading aspect applying to any straightforward commodity transaction. Any demand for upfront payments or mention of incorrect terms of reference seen herein, the nature of business is dismissed.
The term ‘Proof of Product’ when asked for is another improper term. If an end buyer does not go, under an invitation, to meet the supplier and discuss business and sight goods in the suppliers country, no such POP is possible until goods arrive at the destination port. But even if an end buyer went to such a meeting it could lose the right to reject goods when they arrive at the destination port, because the end buyer has already seen and accepted the goods,’ when visiting the supplier. (Legal maxim: Caveat Emptor: Buyer Beware) This is why third party independent inspector is important. An End buyer sighting such goods, cannot possibly know what the inherited properties are ‘just by looking.’ Independent inspector however can, by conducting tests only ON THE GOODS being sold, and not as per goods sold to someone else previously as specified on some other buyers report. How it applies to the end buyer so does it apply when a PCT is offering goods. There is not valid issue nor valid evidence that the goods sighted at the port of loading will be the same quality of goods that will arrive. Independent experts must attest to goods at the port of loading. The PCT still has the discretion to service evidence of his ‘supplier’, even after the DLC has been accepted because the PCT is the ‘Seller’ under the law and is not required to provide such evidence; evidence for goods that the end buyer could not secure ( otherwise why use the services of the PCT) nor secure at the price offered by a PCT.
United Nation Commission of International Trade and Law is a body established by the UN to oversee the ‘harmonisation’ of international trade laws and processes. The FTNX doctrine has added matters addressed under UNCITRAL which add to made the doctrine a formidable study
The use of a DOCUMENTARY LETTER OF CREDIT (DLC) as endorsed under UCP rules as administered by the ICC Paris, France, is the safest payment advice one can use because it comes with a whole lot of conditions. that must be satisfied first. This is why an SLC MUST never be used to pay for such goods as an SLC has no or very few conditions to apply collection on such payment instruments. An end buyer who cannot open a DLC is deemed as not being an end buyer at all. A DLC is opened as ‘irrevocable’ meaning that the issuing bank will honour payments on behalf of its customer, the end buyer, even if the end buyer protests. Because there is a long period between issuance and collection, if the required transport documents are not produced, or do not comply, no payment can be collected. Furthermore, if it is found that fraudulent dealing is apparent, this is the one act that can cause the irrevocable status of a credit to become revocable instantly. When a contracting period is 60 days, any fraudulent dealing would be soon discovered in the course of the transactional basis. We have seen many stupidly ill-informed payment methods and excuses therein. As far as the PCT is concerned it cannot accept any other payment instrument but an IDLC carrying an at sight collection process.
UNIFORM COMMERCIAL CODE: USA
A great set of rules developed by American lawyers, copied by many countries in differing forms,( Uniform Commercial Code Japan etc.etc.) for use internationally at first and later subsiding for use in localised interstate commerce, applying USA Federal Administration. A PCT uses ICC Incoterms to deliver rules as these rules are now part of the global unification process with which most countries adhere.
If you have studied the FTNX doctrine, you are an informed PCT and a private commodity trader. One who is trading on documents and does not have goods being sold is an Informed PCT. A PCT must not deal with anyone applying as a routine in part or combined - improper trading terms such a ‘POP, ICPO, LOI, ASWP, SLC, BCL, RWA. To do as much may mean you are dealing with ill-informed entities and fake deals. A company may deal in any way they like, we cannot stop people acting foolishly, but an informed specialist private trader such as a PCT may not entertain or trade in such a manner.
Petroleum-Based Products: This is the term used in COSI to describe crude oil and refined products therein.
When ‘on the spot’ goods are priced lower than the forward price listed on an exchange. Mostly used in the PBP business. No for use by the PCT
When supply is short whether occurring naturally or intentionally by manipulating supply; the price of goods is higher than the forward price or bid. Used in PBP business. No for use by the PCT
Example: If the price of goods dramatically falls after the end buyer has purchased goods at a higher price; or let's say the price has skyrocketed after the end buyer has signed the contract, and many other aspects where a buyer or seller rather and a supplier or end buyer is involved in the deal, principal many attempts to break the contract using the term ‘impedance’ as a defence, I.e The end buyer will not accept the goods because it has been impeded by custom authorities, who have added a huge increase to import tariff rates which was not evident when the contract was signed..etc.etc. FTNX has developed a formidable contracting basis applied intentionally to avoid being challenged on matters of ‘ impedance’ which is directly related to matters of ‘performance.’ This is a big subject matter discussed further in COSI. One of the ways to ensure this aspect does not become an issue for the PCT, ( as the price of goods often creates the basis for breaching a contract) is to ensure that a discount on the price of goods is always evident, for large quantities, and that a fixed price basis is preferred over a variable price aspect. The other aspect is to ensure that the main obligation of the end buyer as stipulated on the contract and that the end buyer is to bear liabilities for failing to become informed about matters of importing ordered goods before the contract was signed; as so forth and so on. A PCT must adhere to matters of doctrine and procedures strictly, at all times, as such issues may not be readily obvious when a PCT is trading.
LEGAL FRUSTRATING EVENT IS NOT A FORCE MAJEURE EVENT NOR AN IMPEDING EVENT
(A) A carrier arrives at the port of destination and is unable to unload on time because the majority of workers have not turned up due to the Coronavirus Pandemic.
This is an impending event, which will have little chance of success if a claim to cancel the contract is attempted as ‘goods are being unloaded’ albeit at a delayed rate.
(B) The buyer signed a contract advised payment where the Supplier could not deliver the goods on the due date at port of loading due to an industrial dispute lasting 2 weeks
This could be deemed a Force Majeure event, however, the end buyer would not be able to cancel the contract for this reason alone, as the goods can be delivered once the strike is over.
(C) The supplier has loaded the ship when a change of Government occurred at the place of destination which has changed all aspects of importing goods, in total difference to the deal struck when the goods were sold.
This is a legally frustrating event that allows the end buyer to cancel the contract without recourse to consequences. The situation was so great as to change to what it was when the contract was sealed.
London Commission of International Arbitration has developed a system to settle disputes that can be used internationally. While the PCT when acting as the seller may select a suitable arbitration venue should a dispute between the PCT and End buyer occur, the fallback position of applying the highly respected and well used LCIA process on the contract is allowed and even preferred by the PCT.
TRIBE RULES OF ASSOCIATION (TRA)
Take all the procedures and processes offered in the doctrine and convert them to rules that a PCT can seek instant reference from as needed, defines what TRA is about. TRADE RULES FOR INTERNATIONAL BUSINESS AND ENTERPRISES (TRIBE) has been around online in one form or another since 2001 but became an extensive set of rules by 2010. Uniform application is one of the futures of the doctrine.TRIBE assist with this unification process where TRIBE mainly covers all the elements that most other publications have missed out on based on finding when trading, as experienced by the author over a very long period.
A lot of business is conducted in languages other than English, but ostensibly the universal language of business is English ( first suggested by FTNX) as a matter of international laws. Ships master, Air control towers, Aircraft pilots, Major custom entry points, all communicate in English worldwide. A PCT conducts business as advised in the FTNX doctrine using the English language as well.
CONTRACT FORMATION LAWS OF ENGLAND
With 52 countries of the Commonwealth, England's contribution to the world of trade, law, insurance and international business goes back nearly 1000 years (Precedence). Even the trading road into China (was, and still is) was made possible via Hong Kong. In Hong Kong, English is widely used in the government and by the legal, professional and business sectors. Courts from all over the world use persuasive argument in support of decision arrived from English courts. Directly England’s influences in the matter of intentional law and foreign governance therein covers 40% of the planet. Indirectly the figure is nearly double. One of the business aspect developed by England is contract formation rules and matters of international agency. A PCT learns to use the same professional basis when conducting business. This is one of the reasons that the FTNX doctrine of trade is a formidable international business application. The six elements that must subsist in forming a contract are as follows.FTNX has never seen an entity worldwide that could not accept our procedures and contracting basis.
(a) The Intention (b) The offer (c)Valuable Consideration (d) Legal Capacity (e) Genuine Consent (f) Legality of Objects
Irrevocable Payment Guarantee
Created by FTNX as an in-house instrument that a PCT can readily use. Used as a promissory note to pay for commission payments, rebates. P.G. LDD, and compensation as needed, as drawn up the PCT heading a deal. If the term ‘This IPG adheres to ICC UCP 600, 2007 Edition “ then the rule of issuance must also follow such rules.
if the shipping company offer in a CIF transaction offers insurance at let's say 60/100 rate it means that the value of goods is attracting an insurance cover premium of 60 cents per every 100 dollar value of goods. i.e NBC Goods valued at $6,000,000.00 attract an insurance premium for class A insurance coverage at $ 36,000 dollars. If a carrier, for instance, has to enter a port located at or near a war zone up to 8 per cent of the value of the goods could be processed to cover the risk for the vessel entering a war zone. Be sure that the supplier provides the correct coverage at Class A unless the end buyer rejected Class A coverage to favour a Class ‘C’ coverage instead.
INSTANTANEOUS CONTRACT APPLICATIONS (ICA)
ANOTHER IMPORTANT IN HOUSE ASPECT DEVELOPED BY FTNX
Regardless of what other countries or legal systems apply in such matters, the PCT shall adhere to the following advice about ICS. We deal in ICS business application via the internet and email system, in where the world has become ‘very lazy’ in applying hardcopy contract to favour online application forms which in many cases are legally flawed and illegal aspects, not evident until someone challenges them. Don’t get caught on a technicality. All contract are posted in hardcopy formats and all online documents applied via the email system have the following added header terms applied when the word ‘original document’ is placed on a document header.”This PDF document is deemed an original document after transmission has occurred, as applied on the side of the sender, evidenced by the addition of ‘Meta Tags’ to the document, to facilitate the electronic transmission of the document by e-mail. The addition of a Meta Tag or Tags confirms the standing of the document, as being an ‘original document.’
The PCT heading a deal is responsible for collecting, protecting and payout commission payments to each member who assisted the PCT on the closing for a deal in a manner as prescribed under TRIBE, or better but not less. The PCT has the discretion to bypass TRIBE if a more favourable or equitable aspect is apparent. The PCT secures the largest amount as the PCT bears all legal liabilities of the deal. The PCT share pays for the Humano Humanitarian ( as stated in TRIBE) rate on behalf of the closing string. The P.A get the next highest rate, considerably higher than any ISS string member share. The remaining ISS string member takes an even share of the