Incoterms 2010 Rules

Test yourself on your knowledge of the new set of International Commercial Terms - the Incoterms® 2010 Rules.

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1. What are Incoterms 2010? Select the appropriate answer from the following:

a) The law relating the international carriage of goods;

b) A set of internationally recognised contract terms that define buyer/sellers’ responsibilities when included in international contracts;

c) A shorthand used by the freight industry for indicating whether the buyer or seller pays for freight costs during the shipment of goods;

d) A set of contract terms indicating where the title to the goods passes in international shipments.

 

2. What are the differences between the following terms?

a) CIP and CIF

b) FOB and CFR

c) ExWorks and FCA seller’s premises

 

3. You receive an export order with the Incoterm CFR New York Airport. How would you respond?

 

4. What costs would you add to the price of the goods for an export contract going by road to Moscow, Russia from Cambridge, England under Incoterms 2010 DAP buyer’s premises Russia?

 

5. Under CIF/CIP contracts:

a) Who is legally obligated to take out the insurance cover?

b) What value should the insurance amount cover?

c) Who is responsible for making the insurance claim if the goods are damaged in transit?

 

6. A customer in Nigeria asks your company to amend a quotation from CPT Lagos to DAP Lagos. What factors must be taken into consideration before accepting?

 

check you answers HERE

 

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