When a seller and a buyer enters into a sales contract, they would need to specify a lot of details eg method of payment, what are the goods (quantity and quality), delivery dates, documents required etc
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INCOTERMS
There are 11 Incoterm rules in the current Incoterms 2010 published by the International Chamber of Commerce. They are: EXW, FOB, FAS, FCA, CFR, CIF, CPT, CIP, DAT,DAP,DDP.
The Incoterm rules describe mainly the tasks, costs and risks involved in the delivery of goods from the sellers to buyers.
Under CIF which belongs to Incoterms Group C – Main Carriage Paid, the seller nominates the vessel and pays the cost and freight to bring the goods right to Port of Destination. The seller also arrange for insurance cover.
In this video we look at two key questions which is
1. At what point can we say that the Seller has delivered the goods to the Buyer
2. If the goods are damaged along the way, who bears the risk of loss or damage to the goods?
Under Guidance Note of Incoterms 2010 Rules published by ICC, you will find that ICC define delivery of CIF as follows:
Cost, Insurance and Freight means that the seller delivers the goods on board the vessel or procures the goods already so delivered. The risks of loss of or damage to the goods passes when the goods are on board the vessel. The seller must contract for and pay the costs and freight necessary to bring the goods to the named port of destination.
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1. Mr. Billy Fong Goon Poy, ACIB, MITD, Master Trainer
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seller
1. Rotterdam, 2. RoL to S.
B
Please upload CISG Related video
1. Point B
2. The forwarder
1. point B
2. seller
is there any good website to get information about CDCS?? i am interesting in study CDCS but i do not know how to get information about it:(
If you would like to discuss the Incoterms(r) rules I recommend you join the Incoterms group on LinkedIn.
i didnt get why correct is point A. as per ICC ..The seller must contract for and pay the costs and freight necessary to bring the goods to the named port of destination.
please dear share icc incoterms updated file 2019 at jaffarraxa@gmail.com
answer 1: point of delivery is B
Answer 2: insurance company nominated by A
this video actually really helped me thx alot
Hello! Excuse me.
With CIF shipping terms, which party is responsible for transit port storage and handling fees?
Thank you 😊
What an ugly teacher
at point A
Incoterm 2020 will be released soon, so can you update and give more details about it to us?
1. Point B
2. Insurance Co.
Best regards
thank you this video was so simple and helpful please make more on commercial law , I have my exams soon on gif contracts and passing risks( problem question, and retention clauses (essay questions)!!!1
Can someone answer why Point A and Buyer are correct answers? I'm confusing CIF and FOB after this video.
What happens if in practice buyer pays the costs and freight under CIF contract and goods are notice to be damaged before they are loaded into the vessel?
What's wrong with her accent ?!)
1.A
2.Buyer
Answers
1. B
2. Seller
1) Point B
2) Sellers is responsible for damaged goods.
1) Point B
2) Sellers is responsible for damaged goods