IM-EX Chapter 4 Incoterm

What does the FCA (Free Carrier) rule require the seller to do?

• Deliver the goods to the buyer or its carrier at the premises loaded onto the collecting vehicle or delivered to another premises

• Take out maximum insurance cover under Institute Cargo Clauses (A) or (Air) or similar, for the risk

• Deliver the goods to the buyer at the premises

• Carry out any import formalities

What does the FOB trade term require the seller to do?

• Carry out import formalities

• Deliver the goods to the buyer's premises

• Place the goods alongside the vessel nominated by the buyer

• Place the goods on board the vessel

What is the most important difference between DDP and DAP?

• The requirement to carry out export formalities

• The responsibility to pay import duty

• The obligation to perform import forrmalities

• The obligation to deliver the goods to the buyer's premises

What does CFR stand for in trade terms?

• Cost, Insurance, Freight

• Cost and Freight

• Carriage and Freight

• Cargo and Freight

Who is responsible for carrying out all export procedures under the CIF rule?

• The buyer

• The consignee

• The seller

• The carrier

What is the responsibility of the buyer under CIP (Carriage Insurance Paid To) in Incoterms 2020?

• Clearing the goods for import

• Thoroughly inspecting the goods upon arrival

• Ensuring the safety of the goods during transportation

• Arranging for the export customs clearance

What is the responsibility of the buyer in the DAP Incoterm?

• Clearing the goods for export

• Receiving the goods at the seller's address

• Clearing the goods for import

• Transporting the goods to the buyer's warehouse

In an FOB (Free On Board) transaction, which party is responsible for the export clearance documentation?

• The buyer

• The seller

• Depend on the contract