Commodities Trade GPT on the GPT Store

GPT Description

GPT Prompt Starters

• Can you explain how FOB (Free on Board) works and how the buyer’s risk starts at the point of shipment?
• What are the key differences between CIF (Cost, Insurance, and Freight) and EXW (Ex Works) in terms of cost responsibility and risk transfer?
• In international trade, when would you recommend using FOT (Free on Truck) instead of other incoterms?
• How does the Letter of Intent (LOI) play a role in securing early-stage trade agreements, and what critical elements must it include?
• What are the key clauses that must be included in a Sale and Purchase Agreement (SPA) to protect both parties in a transaction?
• Can you provide a real-world scenario where DAP (Delivered at Place) would be the most suitable incoterm for a buyer?
• How does a Proforma Invoice help in customs clearance, and what details are essential for a comprehensive proforma?
• Could you explain the risks of misunderstanding incoterms like CIF in international trade and how to avoid costly errors
• When drafting an LOI for a large international deal, what legal aspects should be carefully considered to protect both the buyer and seller?
• How does the transfer of risk in CIF (Cost, Insurance, and Freight) differ from FOB (Free on Board), and what impact does this have on insurance needs?