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FTNX UPDATES AND NOTICES 

FTNX©


 January 15, 2020



This site page is for all commodity traders, especially those conducting business with FTNX. The advice, notices or updates served herein is based on the personal opinions of the FTNX served with goods intent and without prejudice . 




INCOTERMS

January 2020

Currently FTNX will reluctantly conduct  business on delivery modes FOB or FCA as per incoterms 2020 on merit, as explained below; while awaiting  reports to appear about new incoterms usage. FTNX does not agree that trivial changes made to incoterms were warranted any may still choose to apply at times incoterms 2010 on merit. We have been advising many suppliers  and end buyers over a long period of time. Most complaints about incoterms  were due to misunderstandings  in  were once advice was served, by FTNX,  any issues were often quickly resolved. We  can already see specific issues that will only attract arguments and confusion with the new incoterms. A commodity trader may remain legally trading on incoterms 201o, if they choose to do so, once such terms are applied on a contract. The FTNX trading structure remains fully applicable and cannot be changed. Those who want to change to incoterms 2020 may simply make the trivial changes to the ‘trading routine’ within the structure, as required once  ICC incoterms 2020 is first studied; or the informed  trader may  follow our lead, as per the advice below.

  1. FCA: The 2010 aspect still prevails: We will remain with  2010 aspect as we are unable to accept a Charter Party ‘received’ BOL under UCP DLC rules. The buyer orders the ship and thus the buyer pay for freight as secure such accordingly . If an end buyer requires FTNX to secure the BOL as part of the collections process,  then its omitted from the terms of the credit as a requirement of presentation to which we could apply incoterms 2020. FTNX will remain use third party registered carriers in tenuring goods  to reach port of loading as serviced by a registered entity or agents of the carrier .  
  2. CIP aspect remains as per 2010: A shipped BOL attracts the very same issues of the BOL. Minimum insurance coverage from the supplier  however will now need to be Class ‘A’ (not class ‘C’) for 2020 rules to apply; in where class ‘A’ insurance served by the supplier for ‘Perils of the Sea’ and not for goods inside the container, which is a separate insurance policy which should be  taken out personally by the end buyer. 
  3. FOB remains  and therefore FOB incoterms 2020 may apply.
  4. FAS remains and thus incoterms 2020 could be applied.
  5. All other  delivery modes except  for CPT  are not used by FTNX  
  6. AWB is of littles interest to us as we don’t delivery goods by plane but via large shipment loads and often in revolving quantities. 
  7. CIF remains the same except now the seller and buyer can negotiate matters of insurance. FTNX will seek from suppliers for  class ‘A’ insurance coverage for actual goods, which we were doing doing under incoterms 2010. 
  8. Seller to secures  SED is now a standard aspect. 




ADDED MARKS ON A BOL

January 2020

A Shipowners BOL must be secured by FTNX is all relevant  business dealings,  where UCP formatted DLC is used to pay for goods. FTNX is unable to secure a charter party BOL under UCP banking rules. This is just one of the added security features apparent dealing with FTNX which is an unseen aspect by most. The BOL MUST be served as clean; meaning with no added ambiguous marks being apparent on the ‘Face of the BOL.’ The endorsement that is allowed to apply on the rear of the BOL  must be made ‘on the blank margin of the BOL’ and not on its printed aspect. A bank  can declare a BOL ‘non complying’ and thus not ‘cleanly’ presented if dubious markings or added  correction are apparent which changes the ‘original’ status of the BOL. New incoterms may now allow markings on the BOL , but such a BOL has to be omitted from the terms and conditions of  the credit document presentation aspect .




META TAGS

January 2020 

An  ‘original’ document status transmitted by email via the internet  could be rendered as being not original, because once a document is transmitted by the internet, the required addition of ‘Meta Tags’ may be  deemed as an ‘alteration’ in some jurisdictions. An altered document could be  deemed as an invalid document if challenged in a court of law, should a dispute over a live deal eventuates. To allay this issue, all documents  in 2020 issued by FTNX will have a header page as page (1) and a closing page as  the last page in where all pages between these two pages is deemed the ‘original document’ once marked with the word ‘Original.’ This aspect will eliminate this problem as meta tags are fixed on one part of a linked document. In all cases a PDF contract as well as the hardcopy contract  will be served  by FTNX to  further ensure that this one matter does not  become a legal issue in the future.




RANDOM ACTS OF KINDNESS  

Banks often get adverse reports reported by the media, but are rarely mentioned when a random act of kindness takes place. FTNX applauds WESTPAC Banking Corporation Australia, for paying 1 year worth of mortgage repayments  to its customers, who have lost homes to current bushfires. Jan 16, 2020: PayPal will also provide $500,000.00 for the same cause which is indeed a wonderful gesture indeed. To believe in each other, is a religion not yet incepted, but is being practiced every day. To believe in the goodness of people, needs no leap of faith.  




FTNX©2020





 
 
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