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INCO terms
Fichas del conjunto (19)
- 1What are INCO termsInternational Chamber of Commerce has come up with standardized delivery terms ;
currently it is INCO 2010; earlier it was INCO 2000; - 2Definition of INCO termshttp://www.ferroline.ee/delivery-terms
- 3what is EXW?Ex-Works:
seller delivers the goods when he places the goods at the disposal of buyer in factory,warehouse;
seller is not required to load the goods on any collecting vehicle or clear the goods for export;
full risk is on the buyer - 4what is FCA?Free Carrier
The seller delivers the goods, cleared for export, to the carrier nominated by the buyer at the named place. As of that moment all goods-related costs and risk of loss or damage to the goods shall be transferred from the seller to the buyer. - 5What is FAS?Free alongside ship:
The seller delivers when the goods are placed alongside the vessel at the named port of shipment nominated by the buyer (e.g. quay, barge). The buyer has to bear all costs and risks of loss of or damage to the goods from the moment when the goods are placed alongside the vessel. - 6What is FOB?Free on board
Terms applicable only for sea and inland waterway transport:
The seller delivers when the goods are on board of the ship nominated by the buyer at the named port of shipment or when reselling already delivered goods. The risk of loss of and damage to the goods shall transfer when the goods are on board of ship and the buyer has to bear all costs from that point. - 7What is CFR?Cost freight and delivery
The seller delivers when the goods pass the ship’s rail in the port of shipment .The risk of loss of and damage to the goods shall transfer to the buyer when the goods are on board of ship. The seller must conclude a contract of carriage and pay the costs and freight necessary to bring the goods to the named port of destination. - 8What is CIF?Cost,insurance ,Freight
same as CFR ;
in addition :
seller also has to procure insurance against the buyer’s risk of loss of or damage to the goods during the carriage. - 9What is CPT?Carriage Paid To:
The seller pays for carriage to named destination. The risk of loss or damage to the goods, as well as all goods-related costs (not covered by the contract of carriage) shall transfer from the seller to the buyer when the goods are placed at the disposal of the carrier. “Carrier” means any person who, in a contract of carriage, undertakes to perform or to procure the performance of transport, by rail, road, sea, air, inland waterway or by a combination of such modes. The seller delivers the goods to the carrier as determined by chosen term of delivery, and not upon the arrival of the goods to the destination. - 10What is CIP?The seller pays for carriage to named destination and procures insurance against the buyer’s risk of loss of or damage to the goods during the carriage. The risk of loss of or damage to the goods, as well as any additional goods-related costs (not covered by the contract of carriage) shall transfer from the seller to the buyer when the goods are placed at the disposal of the carrier. “Carrier” means any person who, in a contract of carriage, undertakes to perform or to procure the performance of transport, by rail, road, air, sea, inland waterway or by a combination of such modes. The seller delivers the goods to the carrier as determined by chosen term of delivery, and not upon the arrival of the goods to the destination.
- 11what is DaT?delivered at Terminal:
Seller delivers when the goods, once unloaded from the arriving means of transport, are placed at the disposal of the buyer at a named terminal at the named port or place of destination. “Terminal” means any covered or exposed location, such as quay, warehouse, container yard or road, rail or air terminal. The seller bears all risks upon delivery and unloading of the goods at the terminal of named port or destination. This term emphasises the need of specifying the exact point within the named destination, because the seller bears all the costs and risks up to that point. DAT is a new term, which replaces term DEQ – Delivered Ex Quay that was used in previous version of Incoterms (2000). - 12What is DAP?Delivered at Place:
The seller delivers the goods when they are placed at the disposal of the buyer on the arriving means of transport ready for unloading at the named place of destination. The seller bears all the risk involved in delivery of the goods to a named location. DAP is a new term, which replaces three terms (DAF, DES and DDU) that were used in previous version of Incoterms (2000) - 13what is DDP?Delivered Duty Paid:
The seller delivers the goods to the buyer, cleared for import, and not unloaded from any arriving means of transport at the named place of destination. The seller has to bear all the costs and risks involved in bringing the goods to the named location. The seller is required to clear the goods for export and import, pay all export and import charges, and carry out all customs formalities. - 14Do INCO terms talk about ownership?No. it only deals with transfer of risk;
- 15Do INCO terms talk about insurance?No. except CIF and CIP , INCO terms do not decide who has to take the insurance
- 16In INCO terms, where do the max risk occur for buyer and seller?EXW : seller maximum risk
DDP : buyer maximum risk - 17What is application for INCO terms?in pricing negotiations;
Govt. institutions use DDP for buying ; say Projector; - 18what are respective delivery terms for flipkart & ebay taiwan?flipkart - DDP
ebay - FCA - 19case : buyer in mumbai; seller in morocco; FOB contract; buyer sends bill of lading thru SBI morocco; ship capsizes mid-sea; who is the owner of goods? who can claim insurance?given that this the FOB contract;
The seller delivers when the goods are on board of the ship nominated by the buyer at the named port of shipment or when reselling already delivered goods. The risk of loss of and damage to the goods shall transfer when the goods are on board of ship and the buyer has to bear all costs from that point.
Buyer is also the owner of bill of lading;
however , in the current scenario, in absence of insurance buyer may not claim the bill of lading;
(malayali businessman : "Pinne nokkaan")
Bill of lading goes back to seller !!! Seller owns the risk;
that is why Insurance is an important factor in FOB contracts; either buyer or seller has to take an insurance;
Información
- Descripción
- ICFES/Saber 11 manage commercial contracts Fichas sobre INCO terms, creado por Mukundhan Srinivasan el 10/04/2016.
- Creado por
- Mukundhan Srinivasan
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