Incoterm 2020_Tiff

Incoterms are published by?

• International Chamber of Commerce (ICC)

• International Chamber of Code (ICC)

• Incoterm Chamber of Commerce (ICC)

• International Chamber Commitee (ICC)

Incoterms are subject to change every _ years?

• 3

• 5

• 8

• 10

True or False? Incoterms stand for Inter-Company Commercial Terms.

• True

• False

Which incoterms has the condition wherein the buyer absorbs all the risk, insurance and cost?

• EXW (Ex Works)

• FCA (Free Carrier - Place)

• FOB (Free On Board)

In CFR Incoterm, the insurance is arranged by ______

• Buyer

• Seller

• Freight Forwarder

What is NOT covered under CPT (Carriage Paid To XX) Incoterm?

• Packing

• Transportation

• Insurance

• Loading at departure

True or False. Incoterm® states when the seller’s costs and risks are transferred from the seller to the buyer.

• True

• False

Which Incoterm is sea and inland waterway transport only?

• DAP (Delivered At Place)

• CIP (Carriage and Insurance Paid To)

• CIF (Cost, Insurance and Freight)

• FOB (Free On Board)

What Incoterm is this? The seller is responsible to load the goods on board the ship nominated by the buyer.

• FAS (Free Alongside Ship)

• FOB (Free On Board)

• FCA (Free Carrier at Named Place)

• DPU (Delivered At Place Unloaded)

For CIF Incoterm 2020, when will the risks be transferred from the Seller to the Buyer?

• Once the cargo is at the Buyer's disposal.

• When cargo is placed alongside the ship.

• When cargo is loaded on board of a vessel.

• When cargo reaches the agreed named destination.