Incoterms 2020

Which is the Inco Term where maximum risk and responsibility is imposed on the SELLER?

The Inco Terms used in International Trade where the buyer has the maximum risk & responsibility in respect of taking delivery of the goods is:

The Inco Terms used in International Trade where the seller has to procure insurance cover for the goods from the port of shipment to the port of destination is:
l. F O B
ll. C I F
lll. E X W
lV. C F R

Which is the Inco Terms used in International Trade where the seller has the minimum risk & responsibility in respect of delivery of the goods

An exporter based in New York has agreed to sell goods to a company in London. The importer is responsible for arranging freight and insurance. Which of the following shipping terms is correct?

Under which of the following Incoterms is the Seller responsible for the obtaining the import and export clearance as well as paying the import duty?

Which of the following arrangements is correct in terms of the ascending order of value?

Freight term in FCA case is Freight collect:

How many Inco Terms 2020 are there?

The seller’s obligation in a CIF contract is complete when the

Which of the following is TRUE about the Incoterms CFR?

Which of the following is NOT a characteristic of the Incoterm DAP?

Which of the following statement is TRUE?

Which of the following Incoterms is SUITABLE for all forms of transport?

Which of the following statements is FALSE regarding Incoterms?

Quality export Inc enters into an agreement with Excel Exim Ltd to ship footwear from India to USA. The incoterm specified in the contract is FCA Chennai. Excel Exim Ltd has nominated Reliable shipping as the carrier. Which of the following statements is FALSE?

ABC Co. has entered into a contract with XYZ Ltd to ship Iron Ore from Chennai to Busan. The Incoterm specified in the contract is CFR Busan. ABC Co’s mine is located 100kms away from Chennai. Which of the following statement correctly reflects the risks & responsibilities of ABC Co & XYZ Ltd

Your customer has entered into a contract with an overseas buyer to ship goods on CPT basis. Shipment will be made from the customer’s warehouse to port by trucks and from the port to buyer’s country by sea. Which of the following are statements is TRUE?

a. Your customer must pay the freight charges for truck only
b. Your customer must pay the freight charges of both road and sea journey
c. Risk of loss / damage during journey is transferred to the buyer, when your customer deliveries the goods to the carrier at warehouse
d. Risk of loss / damage during journey is transferred to the buyer when the goods are delivered on board the ship

Company A (in country X) agrees to sell Agrentine yellow corn to company B (in country Y) on CFR basis to a port in country Z. Company A charters a vessel to ship goods from country X to country Z. However, before the payment is settled the companies enter into a dispute regarding the quality of corn shipped. The sales contract between the companies specifies that in case of dispute law of the country where the goods are to be delivered will apply. Which country’s law is more likely to be applied

Great Exporters Ltd, India enters into a contract with Food Imports S.A France to sell Basmati rice. The contract is signed under FAS terms. However, the contract does not specify any detail on who is responsible for obtaining export clearance and packing the goods. Which of the following statements is true?
a. Great exporters ltd is responsible to obtain export clearance
b. Great Exporters Ltd is not responsible for packing as it is not stated in the contract
c. Food imports SA is responsible for export clearance
d. Great Exporters Ltd is responsible for packing the goods if it is customary to do so