At what point does risk transfer from the seller to the buyer if the terms of shipment are DAP(destination address)?
Once goods are delivered at the destination address.
When the Incoterm is Ex Works, the buyer's nominated freight forwarder must arrange for the loading of the goods into the truck at the factory. In practice, the seller assts in this risk.
True
Which is the only Incoterm that requires the seller to pay customs duty in the destination country?
DDP (Delivered Duty Paid)
The seller delivers goods, cleared for export, to the buyer-designated carrier at a named location. This is used for any mode of transport. The seller must load goods onto the buyer's carrier
FCA (Free Carrier)
What are Incoterms 2010?
A set of internationally recognized contract terms that define buyer/seller's responsibilities when included in international contracts.
Cheapest and best way of transporting heavy and bulky goods over a long distance.
Sea
If all the goods to be transported are accommodated in one single container, it is called.....
FCL (Full Container Load)
_____ are common terms and rules developed to mitigate language barriers in international shipping.
INCOTERMS
What is the meaning of Incoterm FAS?
Free Alongside Ship
When do we invoice if Incoterms 2010 are CIP (destination address)
Once goods are handed over to the first carrier or forwarder
When the Incoterm is Ex-Works, the buyer’s nominated freight forwarder must arrange for the loading of the goods into the truck at the factory. In practice, the seller assists in this task.
True
Into how many major Categories, is INCOTERMS 2010 grouped?
4
INCOTERMS is an abbreviation that stands for:
International Commercial Terms
Under FOB Incoterms (Free On Board), who bears the cost of Customs & Clearance
Buyer
A Shipment has been ordered from China, via maritime transportation using CPT Incoterm. What is NOT covered under CPT Incoterm?
Insurance
