Here is a quick rundown of City Week 2022’s main themes covered throughout the first of this three-day conference. 

Your Monday morning coffee briefing from TFG:
Bank of America will transition to recycled plastic for credit and debit cards beginning in 2023

Robert Meters, director of Schumann International Limited, discusses the current and long-term impacts of the conflict on receivables finance and credit risk management.

We have DAP Delivered At Place (not unloaded) and DPU Delivered at Place Unloaded with in both cases the buyer import clearing. Then we have a step beyond DAP with DDP Delivered Duty Paid, with identical delivery but the seller is responsible for import clearance and VAT/GST.

Delivery is identical to that in DAP. The danger of DDP is in the requirement that the SELLER must import clear.

When searching for a definition of documentary credit, the Uniform Customs and Practice for Documentary Credits (UCP 600) is the best place to start. 

Delivery of the goods is “not unloaded” by the seller at the destination place, in this case the port of discharge. That means that the buyer needs to be able to unload the vessel at its own risk and cost.

It would be unusual but possible that delivery by road would be to a terminal for the buyer to then collect.

With DPU Destination Terminal for railfreight the goods are indeed unloaded from the railcar at the terminal as part of the seller’s contract of carriage.

TFG’s Deepesh Patel sat down with Lynette Thorstensen, board chair at Fairtrade International, to discuss the digital divide, ESG in global trade, and how technology is helping to shape the global (fair) trade landscape.