Iceland - Using an Agent to Sell US Products and ServicesIceland - Using an Agent
IImporting and distribution of consumer and industrial goods in Iceland is generally handled by Icelandic wholesalers or agents, who often also handle the marketing of products, or by regional sales offices elsewhere in Europe. Retailers in Iceland often contact manufacturers and distributors in the U.S. directly. For U.S. business representatives visiting Iceland, a direct approach to importers and wholesalers is usually the best way to introduce a new consumer product to the Icelandic market. The Embassy's Economic and Commercial Section can provide lists of importers and sellers of particular products.
Iceland has adopted EU Directive 86/653/EEC which establishes certain minimum standards of protection for self-employed commercial agents who sell or purchase goods on behalf of their principals. In essence, the Directive establishes the rights and obligations of the principal and its agents; the agent’s remuneration; and the conclusion and termination of an agency contract, including the notice to be given and indemnity or compensation to be paid to the agent. U.S. companies should be particularly aware that the Directive states that parties may not derogate certain requirements. Accordingly, the inclusion of a clause specifying an alternate body of law to be applied in the event of a dispute will likely be ruled invalid by European courts.
Key link
Iceland has adopted EU Directive 2000/35/EC that covers all commercial transactions, whether in the public or private sector, primarily dealing with the consequences of late payment. Transactions with consumers, however, do not fall within the scope of this directive. In sum, the directive entitles a seller who does not receive payment for goods/services within one month of the payment deadline to collect interest and to receive compensation for recovery costs. The seller may also retain the title to goods until payment is completed.
Key Link Prepared by our U.S. Embassies abroad. With its network of 108 offices across the United States and in more than 75 countries, the U.S. Commercial Service of the U.S. Department of Commerce utilizes its global presence and international marketing expertise to help U.S. companies sell their products and services worldwide. Locate the U.S. Commercial Service trade specialist in the U.S. nearest you by visiting http://export.gov/usoffices.
Iceland has adopted EU Directive 86/653/EEC which establishes certain minimum standards of protection for self-employed commercial agents who sell or purchase goods on behalf of their principals. In essence, the Directive establishes the rights and obligations of the principal and its agents; the agent’s remuneration; and the conclusion and termination of an agency contract, including the notice to be given and indemnity or compensation to be paid to the agent. U.S. companies should be particularly aware that the Directive states that parties may not derogate certain requirements. Accordingly, the inclusion of a clause specifying an alternate body of law to be applied in the event of a dispute will likely be ruled invalid by European courts.
Key link
Iceland has adopted EU Directive 2000/35/EC that covers all commercial transactions, whether in the public or private sector, primarily dealing with the consequences of late payment. Transactions with consumers, however, do not fall within the scope of this directive. In sum, the directive entitles a seller who does not receive payment for goods/services within one month of the payment deadline to collect interest and to receive compensation for recovery costs. The seller may also retain the title to goods until payment is completed.
Key Link Prepared by our U.S. Embassies abroad. With its network of 108 offices across the United States and in more than 75 countries, the U.S. Commercial Service of the U.S. Department of Commerce utilizes its global presence and international marketing expertise to help U.S. companies sell their products and services worldwide. Locate the U.S. Commercial Service trade specialist in the U.S. nearest you by visiting http://export.gov/usoffices.