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m The term price is not defined on the Act.

m It means the money consideration for sale of


goods.

m It is the consideration for the transfer or


agreement to transfer the property in goods from
the seller to the buyer.
m u 
parties can also conclude a contract
even though when the price is not settled.
In such a case the Õ
 
Õ
 

 



Õ is charged if:
i. Nothing is said as to price, or
ii. The price is left to be agreed by the parties and they
fail to agree, or
iii. The price is to be fixed in relation to some agreed
upon standard set or recorded by a third person and
such standard is not so set or recorded.
m u  A price to be fixed by the seller or by the
buyer means a price to be fixed in good faith.

m u when a price left to be fixed otherwise than


by agreement of the parties fails because of the fault
of one party, the other party may at his option treat the
contract as cancelled or he can fix a reasonable price.

m u  if the parties to the contract of sale intend


not to be bound unless the price is fixed or agreed
upon themselves. If such price is not fixed or agreed
upon then there shall be no contract.
m u
Õ
 :
³A contract for sale of goods for a price exceeding
Nu100 or the equivalent in merchandise or services, is
not enforceable unless there is some writing indicating
that a contract for sale was made between the
parties´.
The writing must be made in compliance of:
m The rules on use of Judicial Stamps of Bhutan.
m Attested by the disinterested witness.
m Signed by the party against whom enforcement is
sought or by that party¶s authorized agent or broker.
m m Õ 
 the term of the writing
intended by the parties to be a final expression of
their agreement may not be contradicted by
evidence of any prior agreement or of a
contemporaneous (concurrent) oral agreement.
If the parties to the contract need modification to the
original contract of sale:
m An agreement modifying a contract needs no
consideration to make it binding.
m A signed agreement that requires that modification
or rescission be done by a signed writing can¶t be
otherwise modified or rescinded.
m Section 10 requirement must be met after
modification.
Shipping Terms

u/s 9(xx): ³Ship or shipment´- when used with respect to


goods, to ³ship´ means to transport the goods, whether by
sea, air or land.

A. F.O.B

B. F.A.S

C. C.I.F

D. C & F.
m F.O.B:
m FOB is a term commonly used when shipping
goods, to indicate who pays loading and
transportation costs and to determine the point at
which the responsibility and ownership of the
goods transfers from the shipper to the buyer.
m FOB terms can be either:
m F.O.B Shipment
m F.O.B Destination.
m u/S 28(1a):
i. The seller at his own risk & expense will transport
the goods to the place of shipment and put them in
the possession of the carrier.
ii. The title in goods passes from the seller to the buyer
at the place of shipment when the seller gives the
possession of the goods to the carrier.
iii. The buyer will bear the cost of transportation and the
risk of loss of goods from the place of shipment to
the destination.
u/S 28(1b): when the terms is F.O.B, the place of
destination.
The seller shall:
a. Make all the transportation arrangement and bear
all the transportation cost.
b. Will bear all the risk of loss of goods in transit
c. Remain responsible for the goods until the buyer
takes over the possession @ destination.
m It is a delivery term which requires the seller to
deliver goods to a named port alongside a vessel
(boat/ship) designated by the buyer.
m ³Alongside´ means that the goods are within reach
of a ship¶s lifting tackle. (Machinery)
m On delivering the goods, the seller obtain and
tender a receipt of the goods in exchange for
which the carrier is under duty to issue a bill of
lading.
mBill of Lading- u  
Means a document evidencing the receipt of goods
for transport (whether by ship, land or air) issued
by a person engaged in the business of
transporting goods.
m CIF means that the price of goods payable by
buyer includes the cost to goods, insurance and
freight to the named destination of delivery.
m That means shipper/Trader has to pay the Cost of
shipment up to the ship, Insurance cost of cargo
and Freight cost up to destination port.
m u  
m The seller must at his own expense and risk:
put the goods into the possession of a carrier at the shipment port
and obtain the bill of lading covering the entire transportation to
the named destination.
m Load the goods and obtain a receipt from the carrier (which may
be contained in the bill of lading as well) showing that the freight
has been paid
m Obtain the certificate of the insurance covering the same goods
as contained in the bill of lading
m Prepare an invoice of the goods and procure any other
documents required to effect shipment or to comply with the
contract.
m Send all the documents as quickly as possible to help buyers to
get his ownership over the goods.
m While C&F is a contract term indicating that the
price quoted by the seller includes the cost of the
goods and freight to the named destination. Here
the seller has no obligation to insure the goods.
m Thus the seller has the same obligations and risk
as the CIF terms except the obligation as to
insurance.