What is a foreign trade contract?
A foreign trade contract [FTC] is a mutual agreement between a Chinese foreign trade operator [FTO] and a foreign entity for the sale/purchase of goods, which is formed when one party makes an offer, which is accepted by the party to whom the offer is made, both in compliance with Chinese law. The FTC generally contains clauses identifying the commodity, quality, quantity, packaging, unit price, total price, time of delivery, port of shipment and port of destination, method of payment and terms relating to the inspection of the goods.
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