InTents June/July 2022 - 41

* Import and export duties and taxes.
Depending on the countries of origin
and destination, and whether those
countries might be parties to a trade
agreement, part of an international
trade association or at odds-think
of punitive import and anti-dumping
duties-if your contract makes you
responsible for duties and taxes, you
could be taking on far more inancial
responsibility than you had planned.
* Customs compliance. The party responsible
for serving as the exporter
and/or importer of record might also
bear on whether, for example, certain export,
import and/or internal taxes might
be recovered through refunds. Canada,
with which the U.S. shares the world's
largest international trading partnership,
for example, allows for refunds of
GST, HST and QST , but only in certain
situations, and only pursuant to carefully,
and scrupulously, administered rules.
This can amount to hundreds of millions
of dollars in taxes every year for large
manufacturers and dealers.
* Delivery timing. More recently, think
about delivery timing. As supply chain
disruptions continue, delivery delays
mount and contract penalties come to
bear-particularly for parties charged
with completing deliveries to remote
destinations by speciied delivery
deadlines. Depending on which side
of the equation you ind yourself, you
could be in for a long wait or a large
delay penalty, unless your contract
contains an unusually broad force majeure
clause.
Consider contacting a customs broker
These landing costs can, of course, vary
dramatically, depending on the country
of origin and the country of destination,
a fact that, when combined with the vast
and confusing array of differing import/
export and customs requirements adopted
by many countries, continues to
motivate even the most sophisticated
shippers to engage customs brokers
whose job it is to navigate the resulting
maze and ensure that such matters are
handled in the most timely and cost-effective
manner possible. Overlooking any
of these can be inancially disastrous. If
you're considering any large cross-border
transactions, engaging an experienced
customs broker can be a lifesaver.
In general, think of Incoterms as
one potentially valuable tool in your belt,
but don't rely solely on them. Couple them
with properly drafted contract provisions
covering at least the above topics every
time you enter into a contract for the sale
and purchase of equipment-and make
sure you use all of them properly.
Despite their popularity, Incoterms
remain something of a mystery to even
seasoned equipment professionals. The
seemingly straightforward nature of the
shipping process can, however, result
in dangerous complacency, particularly
with respect to international shipments,
making it a little like learning which
string on your parachute is the rip cord.
It seems simple when you see it on the
diagram, but when you need it, you'd
better get it right.
James Waite is a business lawyer with more
than 25 years in the equipment and event rental
industry. Don Galvez is an associate attorney
with James Waite Law. They can be reached at
866 582 2586 or james@jameswaitelaw.com.
InTentsMag.com 41
WANT MORE?
WE HAVE IT!
Search " shipping " at
InTentsMag.com
http://www.InTentsMag.com http://www.InTentsMag.com

InTents June/July 2022

Table of Contents for the Digital Edition of InTents June/July 2022

InTents June/July 2022 - Cover1
InTents June/July 2022 - Cover2
InTents June/July 2022 - 1
InTents June/July 2022 - 2
InTents June/July 2022 - 3
InTents June/July 2022 - 4
InTents June/July 2022 - 5
InTents June/July 2022 - 6
InTents June/July 2022 - 7
InTents June/July 2022 - 8
InTents June/July 2022 - 9
InTents June/July 2022 - 10
InTents June/July 2022 - 11
InTents June/July 2022 - 12
InTents June/July 2022 - 13
InTents June/July 2022 - 14
InTents June/July 2022 - 15
InTents June/July 2022 - 16
InTents June/July 2022 - 17
InTents June/July 2022 - 18
InTents June/July 2022 - 19
InTents June/July 2022 - 20
InTents June/July 2022 - 21
InTents June/July 2022 - 22
InTents June/July 2022 - 23
InTents June/July 2022 - 24
InTents June/July 2022 - 25
InTents June/July 2022 - 26
InTents June/July 2022 - 27
InTents June/July 2022 - 28
InTents June/July 2022 - 29
InTents June/July 2022 - 30
InTents June/July 2022 - 31
InTents June/July 2022 - 32
InTents June/July 2022 - 33
InTents June/July 2022 - 34
InTents June/July 2022 - 35
InTents June/July 2022 - 36
InTents June/July 2022 - 37
InTents June/July 2022 - 38
InTents June/July 2022 - 39
InTents June/July 2022 - 40
InTents June/July 2022 - 41
InTents June/July 2022 - 42
InTents June/July 2022 - 43
InTents June/July 2022 - 44
InTents June/July 2022 - 45
InTents June/July 2022 - 46
InTents June/July 2022 - 47
InTents June/July 2022 - 48
InTents June/July 2022 - Cover3
InTents June/July 2022 - Cover4
InTents June/July 2022 - Expo22_Broch1
InTents June/July 2022 - Expo22_Broch2
InTents June/July 2022 - Expo22_Broch3
InTents June/July 2022 - Expo22_Broch4
InTents June/July 2022 - Expo22_Broch5
InTents June/July 2022 - Expo22_Broch6
https://www.nxtbook.com/ata/intents/intents-october-november-2022
https://www.nxtbook.com/ifai/intents/intents-august-september-2022
https://www.nxtbook.com/ifai/intents/intents-june-july-2022
https://www.nxtbook.com/ifai/intents/intents-april-may-2022
https://www.nxtbook.com/ifai/intents/intents-february-march-2022
https://www.nxtbook.com/ifai/intents/intents-december-2021-january-2022
https://www.nxtbook.com/ifai/intents/intents-october-november-2021
https://www.nxtbook.com/ifai/intents/intents-august-september-2021
https://www.nxtbook.com/ifai/intents/intents-june-july-2021
https://www.nxtbook.com/ifai/intents/intents-april-may-2021
https://www.nxtbook.com/ifai/intents/intents-february-march-2021
https://www.nxtbook.com/ifai/intents/1220IT
https://www.nxtbook.com/ifai/intents/1020IT
https://www.nxtbook.com/ifai/intents/0820IT
https://www.nxtbook.com/ifai/intents/0620IT
https://www.nxtbook.com/ifai/intents/0420IT
https://www.nxtbook.com/ifai/intents/0220IT
https://www.nxtbook.com/ifai/intents/1219IT
https://www.nxtbook.com/ifai/intents/1019IT
https://www.nxtbook.com/ifai/intents/0819IT
https://www.nxtbook.com/ifai/intents/0619IT
https://www.nxtbook.com/ifai/intents/0419IT
https://www.nxtbook.com/ifai/intents/0219IT
https://www.nxtbook.com/ifai/intents/1218IT
https://www.nxtbook.com/ifai/intents/1018IT
https://www.nxtbook.com/ifai/intents/0818IT
https://www.nxtbook.com/ifai/intents/0618IT
https://www.nxtbook.com/ifai/intents/0418IT
https://www.nxtbook.com/ifai/intents/0218IT
https://www.nxtbookmedia.com