INCOTERMS Exam Rated A+

INCOTERMS Exam Rated A+ On-Carriage - Answer- the domestic transportation in the importing country Incoterms reflect - Answer- the way shipping is conducted Incoterms define - Answer- which tasks will be performed by the exporter, which tasks will be performed by the importer, which activities will be paid by the exporter, which activities will be paid by the importer, the exact point at which the responsibility for the goods transfers from the exporter to the importer any means of transportation includes (4) - Answer- ocean, road, air, train In a contract for sale between a seller and buyer Incoterms do not cover - Answer- title of transfer, payment terms, remedies for breach of contract, any other non-delivery related clause in a comprehensive sales contract CPT - Answer- Carrier Paid To INCO TERMS STAND FOR - Answer- International Commerce Terms Pre-Carriage - Answer- the domestic transportation in the exporting country Main Carriage - Answer- the international transportation between the exporting country and importing country Each Incoterms rule has: (6) - Answer- 1. scope 2. modality 3. syntax 4. responsibility of exporter 5. responsibility of importer 6. specific transfer point at which the responsibilities for the goods shift from the exporter to the importer F-Category - Answer- the seller's transportation expenses are limited to those costs incurred in the country of export inland freight or loading on board a vessel would be which terms (letter) - Answer- F C-Category - Answer- the seller is obliged to assume transportation costs up to a named port or place at destination C Terms Important Note - Answer- the physical point in the supply chain where the shift of risk of loss or damage to the goods is completed and responsibility for shipping costs ends is not in the same place F Terms (3) - Answer- FCA, FAS, FOB C Terms (4) - Answer- CFR, CIF, CPT, CIP Arrival Contracts - Answer- D terms-the seller is responsible for risk or loss or damage to the goods up to a named point at destination and must always pay transportation costs up to that named point D Terms - Answer- DAT, DAP, DDP DAP - Answer- delivered at place SCOPE OF DAP - Answer- can be used for any type of product MODALITY OF DAP - Answer- can be used for any mode of transportation _______ [Address in the City of Destination Where Goods are Delivered], Incoterms 2010 - Answer- DAP RESPONSIBILITIES OF THE EXPORTER WITH DAP - Answer- the exporter must package the goods for international voyage, provide the importer with the documents necessary to clear Customs in the importing country, as well as arrange and pay for pre-carriage, main-carriage, and on-carriage to the city of destination POINT AT WHICH THE RESPONSIBILITY OF THE GOODS SWITCH FROM THE EXPORTER TO THE IMPORTER WITH DAP - Answer- when the exporter delivers the good to the place of delivery, still loaded on the mode of transportation DAP IS MEANT TO REPLACE - Answer- DDU (DELIVERY DUTY UNPAID) UNDER THE DAP INCOTERM RULE, - Answer- the exporter and importer generally agree to use a location in the importing country, or in the exporting country, or one in a country through which the goods will transit WITH DAP THE EXPORTER/IMPORTER GENERALLY AGREE ON LOCATION IN THE - Answer- importing country DDP - Answer- delivery duty paid SCOPE OF DDP - Answer- can be used for any type of product MODALITY OF DDP - Answer- can be used for any mode of transportation ________[Address in the City of Destination where goods are delivered], Incoterms 2010 (4) - Answer- DDP, CPT, CIP, DAP RESPONSIBILITIES OF THE EXPORTER WITH DDP - Answer- The exporter must package the good for the international voyage, arrange and pay for the pre-carriage, main carriage, and on-carriage to the city of destination, and clear Customs in the importing country RESPONSIBILITIES OF THE IMPORTER WITH DDP - Answer- The importer must unload the goods from the means of conveyance