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Incoterms 2020 > Incoterms 2020 > Flashcards

Incoterms 2020 Flashcards

1
Q

What does FCA stand for?

A

Free Carrier

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2
Q

FCA - what is the seller response for?

A

The seller is responsible for delivering cargo to POL and all associated requirements.

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3
Q

FCA - What is the buyer responsible for?

A

The buyer is responsible for cargo once the seller delivers the cargo to POL.

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4
Q

FCA - What are the sellers specific responsibilities.

A

The seller is responsible for:
- Export packing
- Landing charges
- Delivery to Port
- Export duty, taxes and customs clearance

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5
Q

FCA - What is the buyer responsible for?

A

Buyer is responsible for:
- Origin terminal charges
- Loading on charge
- Carriage charge
- Insurance
- Destination terminal charges
- Delivery to destination
- Unloading at Destination
- Import duty, taxes & customs clearance

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6
Q

What does FOB stand for?

A

Free on Board

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7
Q

FOB - What are the sellers responsibilities?

A

Seller is responsible for loading the purchased cargo onto a ship and all associated costs.

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8
Q

FOB - What are the buyer’s responsibilities?

A

Once the goods are loaded onboard the vessel, all the remaining responsibilities and risks transfer to the buyer.

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9
Q

FOB - What are the buyer’s specific responsibilities

A

Buyer’s specific responsibilities
- Freight charges
- Insurance
- Delivery to destination
- Unloading at destination
- Import duty, taxes and customs clearance

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10
Q

FOB - what are the sellers specific responsibilities

A

Seller’s responsibilities
- Export packing
- Loading charges
- Delivery to Port
- Export duty, taxes and customs clearance
- Origin terminal handling charges
- Loading on carriage

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11
Q

What are differences between FCA & FOB

A

Risk
Delivery Point
Mode of Transport

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12
Q

Specify FOB differences to FCA

A
  1. FOB - risks transfer to buyer once sellers has goods loaded on vessel
  2. FOB deliveries only applies to inland waterways and sea
  3. FOB delivery point- port of shipment acts as the delivery point
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13
Q

Specify FCA differences to FOB

A

. FCA risk transfer occurs once goods are delivered to agreed upon place
. FCA delivery point agreed between seller and buyer
. FCA mode of transport via any transport method

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14
Q

What does DDP stand for

A

Delivery Duty Paid

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15
Q

DDP - What the sellers responsibility

A
  1. Export packaging
  2. Loading charges
  3. Delivery to port
  4. Customs
  5. Terminal Handling
  6. Carriage loading
  7. Freight charges
  8. Insurance
  9. Destination terminal handling charges
  10. Delivery to destination
  11. Import duty, taxes, customs clearance
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16
Q

DDP - What are the buyer’s responsibilities?

A

Unloading at Destination

17
Q

What does DAP stand for?

A

Delivered at Place

18
Q

DAP - What are the sellers responsiblity?

A
  1. Export packaging
  2. Loading charges
  3. Delivery to Port
  4. Duty, Tax, Customs Clearance
  5. Origin terminal handling charges
  6. Loading on carriage
  7. Freight charges
  8. Insurance
  9. Destination terminal handling charges
  10. Delivery
19
Q

DAP - What are the buyer’s responsibility

A
  1. Unloading at Destination
  2. Import Duty, Tax & Customs Clearance
20
Q

Ex Works - What are the seller’s responsibility?

A
  1. Export packaging
21
Q

Ex Works - What are the buyer’s responsibility?

A
  1. Loading charges
  2. Delivery to port
  3. Tax, Duty and Customs Clearance
  4. Origin terminal handling fee
  5. Carriage Loading
  6. Freight
  7. Insurance
  8. Terminal charges
  9. Delivery
  10. Unloading charges
  11. Duty, Tax, Customs Clearance charges
21
Q

What are the incoterrms associated with Freight Collect?

A
  1. ExW - Ex Works or Ex-Warehouse
  2. FCA - Free Carrier
  3. FAS - Free Alongside Ship
  4. Free on Board
22
Q

What are the incoterms associated with Freight Prepaid

A
  1. CFR - Cost and Freight
  2. CIF - Cost, insurance & Freight
  3. CPT - Carriage Paid To
  4. CIP - Carriage & Insurance Paid To
  5. DAP - Delivered at Place
  6. DPU - Delivered at Place Unloaded
  7. DDP - Delivered Duty Paid
23
Q

What terms require the seller to purchase insurance

A
  1. CIF
  2. CIP
24
Q

What is MBL collect vs MBL prepaid

A

MBL prepaid - Freight is prepaid at load port.

MBL Collect - Freight is paid at destination.

25
Q

What is HBL collect vs HBL prepaid

A

HBL collect - Freight is paid at destination.

HBL prepaid - Freight is prepaid at load port.

26
Q
A

Incoterms 2020 (1 decks)

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