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Description International Trade and the Successful Intermediary by Davide Giovanni Papa, Lorna Elliott Language: English | Format: PDF | ISBN-10: 0566089343 | ISBN-13: 978-0566089343 Page count: 280 | Date Published: December 28, 2009 | Publisher: Gower  Business & Money, International, Exports & Imports CONTENTS Intro Contents Preface Chapter 1 The Intermediary – An Introduction Chapter 2 The Correct Trading Rules Chapter 3 PIA: The Primary Intermediary Agent Chapter 4 Dispelling the Myths: LOI, POP, ASWP and More Chapter 5 Starting to Trade Chapter 6 The String Contract Chapter 7 Securing the Goods Chapter 8 The Enquiry Letter Chapter 9 The Undisclosed Principal Chapter 10 Contacting the End Buyer Chapter 11 Offers to Buy and Sell Chapter 12 The Contract of Sale Chapter 13 Performance Guarantee Chapter 14 Delivery Chapter 15 Delivery and Commission Payments Chapter 16 INCOTERMS 2000 Explained Further Chapter 17 CIF INCOTERMS 2000 Chapter 18 Endorsed Versus Blank Endorsed Delivery Documents Chapter 19 Case Study About the Authors Index Excerpt: Introduction Davide Giovanni Papa, CEO of FTN Exporting and author of this book, has twenty years’ experience as an intermediary both in practice as a trader and as a teacher of theory to others. In 1994 FTN Exporting, and its dealings with a certain sugar trade, was the subject of a major editorial in the Australian Sunday Herald. Two weeks after the article was published the sugar deal collapsed into a litigious mess but, as far as everyone else was concerned, FTN Exporting had made a huge amount of money from the deal. After three months of negotiation Davide Papa had secured a UCP500 Non- cumulative Revolving Letter of Credit from the end buyer’s bank, the Bank of China in New York, to the value of $6,000,000, for a contracted supply of sugar worth more than $120,000,000 over two years. It eventually came to light that a simple misunderstanding caused the collapse of the deal in its entirety. That misunderstanding didn’t become apparent until some time later when Davide Papa sought to educate himself as to what exactly had gone wrong. The meaning of the terms ‘buyer ’ and ‘seller ’ were proving to be problematic and it was this one anomaly that held the secret to successful trading as an intermediary. The term ‘buyer’ or ‘seller’ could indeed mean the ‘end buyer’ or ‘supplier’ as well as the ‘buyer/seller,’ who is also an intermediary. This meant that mandate holders, brokers, agents, next-door neighbours, the bus driver, their dog – and even end buyers and suppliers – were all using the term ‘seller’ or ‘buyer’. Sharing Widget |