WorksheetsIncoterm 2020
Total questions: 10
Worksheet time: 75secs
What does "Incoterms" stand for?
Inclusive Term
International Commercial Terms
What are the international commercial terms?
clarify the rules and terms that buyers use in international and domestic trade contracts
A series of pre-defined commercial terms published by the International Chamber of Commerce (ICC) relating to international criminal court.
clarify the rules and terms that buyers and sellers use in international and domestic trade contracts
A series of pre-defined commercial terms published by the International Chamber of Commerce (ICC) relating to international commercial law
What is incoterms purpose
Incoterms define the responsibilities of Exporter and Seller in the arrangement of shipments and the transfer of liability involved at various stages of the transaction.
Incoterms define the responsibilities of Buyer and importers in the arrangement of shipments and the transfer of liability involved at various stages of the transaction.
Incoterms define the responsibilities all of parties involved in the arrangement of shipments and the transfer of liability involved at various stages of the transaction.
Incoterms define the responsibilities of exporters and importers in the arrangement of shipments and the transfer of liability involved at various stages of the transaction.
What is the latest incoterms release by ICC
This Incoterm requires that the seller delivers the goods, unloaded, at the named place of destination. The seller covers all the costs of transport (export fees, carriage, unloading from main carrier at destination port and destination port charges) and assumes all risk until arrival at the destination port or terminal
EXW
DAP
DPU
CPT
Seller bears all costs and risks up to the point the goods are loaded on board the vessel
CIF
EXW
FOB
COD
The seller delivers when the goods are placed alongside the buyer's vessel at the named port of shipment. This means that the buyer has to bear all costs and risks of loss of or damage to the goods from that moment
FOB
CIF
EXW
FAS
The seller delivers the goods, cleared for export, at a named place (possibly including the seller's own premises). The goods can be delivered to a carrier nominated by the buyer, or to another party nominated by the buyer.
COD
FCA
CIF
EXW
the seller delivers when the goods are placed at the disposal of the buyer on the arriving means of transport ready for unloading at the named place of destination
DDP
COD
CPT
DAP
The seller pays for the carriage of the goods up to the named port of destination. Risk transfers to buyer when the goods have been loaded on board the ship in the country of Export
CPT
DAP
CFR
DDP
