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Incoterms 2010

International trade terms

QuestionAnswer
FCA (Free CArrier)term should be used for bulk or containerized goods? Containerized
CIP (Carriage & Insurance Paid) who is required to clear the goods for import? Buyer
CIP (Carriage & Insurance Paid) buyer arranges and pays for the main carriage to a named place/port of destination plus minimum insurance No, seller
CIP (Carriage & Insurance Paid) risk of loss or damage passes to the buyer when the goods are handed over to the carrier. True
CIP (Carriage & Insurance Paid) the seller is obligated to clear the goods for import No the buyer is obligated to clear the goods
CIP (Carriage & Insurance Paid) Buyer pays main frieght Seller
CIP Carriage & Insurance Paid
CIP (Carriage & Insurance Paid) is an ocean tearm Multimodal
CIP (Carriage & Insurance Paid) Risk transfers from the seller to the buyer when? Goods have been delivered to the carrier
CIP (Carriage & Insurance Paid) cost transfers from the seller to the buyer when? At the named place of destination
CIF Cost Insurance & Freight
CIF (Cost Insurance & Freight) the seller pays mainfreight True
CIF(Cost Insurance & Freight) who contracts and pays for the freight to the named port of destination, and is required to obtain minimal insurance Seller
CIF (Cost Insurance & Freight) Risk transfers from the seller to the buyer when? Goods have been loaded on board the vessel
CIF (Cost Insurance Freight) Cost transfers from seller to buyer when? At the named port of destination
CIF (Cost Insurance Freight) is what type of term? Ocean
CIF (Cost Insurance Freight) who has the obligation to clear the goods for import? The buyer
CIF (Cost Insurance Freight) seller not responsible to purchase insurance Not True
DDP Delivered Duty Paid
DDP (Delivered Duty Paid) Who bears all cost & risk? Seller
DDP (Deliveed Duty Paid) is ocean term False
DDP (Delivered Duty Paid) requires the seller to place the goods at the disposal of the buyer, cleared for import, unloaded at the named place of destination False, ready for unloading, not unloaded
DDP(Delivered Duty Paid) this term is rarely used as all the cost and risk are covered by the seller False it is the most common term
DDP (Delivered Duty Paid) Cost transfers from the seller to the buyer when goods are cleared for duty, placed at the disposal of the buyer, ready for unloading at named place of destination True
DDP (Delivered Duty Paid) when should this term NOT be used If the seller is unable to obtain import clearance
DDP (Delivered Duty Paid) is the only term that requires the seller to clear the goods for import True
DAT Delivered At Terminal
DAT (Delivered At Terminal) who bears most of the risk & cost Seller
DAT (Delivered At Terminal) cost transfers from seller to buyer when goods are placed at the disposal, ready for unloading, at the named terminal or place of destination False, goods are to be unloaded
DAT(Delivered At Terminal) terminal refers to any place, covered or not, wharf, warehouse, yard etc True
DAT (Delivered At Terminal) requires the seller to clear the goods for import No it doesn't this is the buyers responsiblity
DAT (Delivered At Terminal) Risk transfers from the seller to the buyer when? Goods are placed at the disposal of the buyer, unloaded at the named terminal/place
DAT (Delivered At Terminal) is a multimodal term True
CPT Carriage Paid To
CPT (Carriage Paid To) is a multimodal term True
CPT (Carriage Paid To) buyer pays main frieght No the seller pays main freight
CPT (Carriage Paid To) Seller delivers the goods to the carrier of their choice, contracts and pays for carriage to the named place of destination True
CPT (Carriage Paid To) Risk transfers from the seller to buyer when goods have been delivered to the carrier True
CPT (Carriage Paid To) Cost transfers from the seller to the buyer when the goods have been delivered to the carrier False cost transfers at the named place of destination.
CPT (Carriage Paid To) the buyer pays to clear the goods for import True
FAS Free Alongside Ship
FAS (Free Alongside Ship is a multimodal term no it is an ocean term
FAS (Free Alongside Ship) Buyer pays main freight True
FAS (Free Alongside Ship) Main carriage is to be arranged buy who? Buyer
FAS (Free Alongside Ship) Risk transfers from the buyer to the seller when the goods have been placed alongside the ship at the named port of shipment False from the seller to the buyer
FAS (Free Alongside Ship) Cost transfers from the seller to the buyer when the goods are delivered where? Alongside the ship at the named port of shipment
FAS (Free Alongside Ship) this term is best used for bulk items True
CFR Cost & FReight
CFR (Cost & FReight) is a multimodal term False
CFR (Cost & FReight) who pays the main freight? Seller
CFR (Cost & FReight) seller has delivered when? The goods have been loaded on board the vessel
CFR (Cost & FReight) Cost transfers from seller to buyer when? At the named destination port
CFR (Cost & FReight) Buyer is obligated to clear the goods through import True
Containerized goods that are typically delivered to a terminal and transferred from seller to buyer before they board a vessel are best suited to which term? CPT (Carriage Paid To)
FAS, CIF AND CFR have what in common? They are all ocean terms
Multimodal terms FCA CPT CIP DAT DDP
Incoterms 2010 can be sorted into 2 groups multimodal and ocean
What are the 4 ocean terms? CFR CIF FAS FOB
There are 7 multimodal incoterms, what are they CIP CPT CAT DAT DAP DDP EXW FCA
Incoterms 2010 has 10 incoterms no there are 11 terms
Incoterms were developed by whom? International Chamber of Commerce (ICC)
What year were the Incoterms were developed? 1936
What do the "C" terms have in common? Seller pays main freight
Incoterms are the international contract of? International contract of sale
What do the "F" terms have in common? Buyer pays main freight
What do the "D" terms have in common? Seller bears all cost and risk
Created by: susancurtis
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