International contracts for the sale of goods in Panama

Global trade is based on the transport of goods. Exporters sell products to other countries while importers purchase goods for sale. The transaction between exporters and importers is an international sales contract. The terms of this contract determine the rights of the parties and the risk of loss.

The risk of loss depends on the contractual terms. Companies commonly use Incoterms (FOB, CIF, EX, etc.) to determine at what point the risk passes from the seller to the buyer.

The owners of the cargo usually insure it. Cargo insurers have the right to subrogate claims filed by exporters or importers under Panamanian law and most international legal frameworks.