Podcast
Questions and Answers
What is the seller's main responsibility under the CPT term?
What is the seller's main responsibility under the CPT term?
At what point does the risk pass from the seller to the buyer under CPT terms?
At what point does the risk pass from the seller to the buyer under CPT terms?
Who is responsible for procuring cargo insurance under the CPT term?
Who is responsible for procuring cargo insurance under the CPT term?
What should be noted in the contract regarding carriage costs under CPT terms?
What should be noted in the contract regarding carriage costs under CPT terms?
Signup and view all the answers
Which statement correctly describes the relationship between risk and costs in CPT terms?
Which statement correctly describes the relationship between risk and costs in CPT terms?
Signup and view all the answers
What is required of the seller in relation to carriage costs under CPT terms?
What is required of the seller in relation to carriage costs under CPT terms?
Signup and view all the answers
At what point does the buyer become liable for import formalities under CPT terms?
At what point does the buyer become liable for import formalities under CPT terms?
Signup and view all the answers
Under CPT terms, when does the transfer of risk occur?
Under CPT terms, when does the transfer of risk occur?
Signup and view all the answers
Which of the following statements about CPT terms is accurate?
Which of the following statements about CPT terms is accurate?
Signup and view all the answers
Which aspect of the CPT term underscores its complexity?
Which aspect of the CPT term underscores its complexity?
Signup and view all the answers
Study Notes
CPT – Carriage Paid To
- The seller is responsible for clearing goods for export and covers costs related to pre carriage and main carriage.
- Seller pays for carriage costs, which should be clearly specified in the sales contract.
- Buyer must secure cargo insurance and handle all import procedures.
- Risk transfer occurs when goods are delivered to the designated carrier at the origin's shipment point.
- Seller contracts for carriage to a specified place of destination, where costs are handed over.
- Understanding the distinction between the transfer of risk and cost responsibility is critical in CPT agreements.
CPT – Carriage Paid To
- The seller is responsible for clearing goods for export and covers costs related to pre carriage and main carriage.
- Seller pays for carriage costs, which should be clearly specified in the sales contract.
- Buyer must secure cargo insurance and handle all import procedures.
- Risk transfer occurs when goods are delivered to the designated carrier at the origin's shipment point.
- Seller contracts for carriage to a specified place of destination, where costs are handed over.
- Understanding the distinction between the transfer of risk and cost responsibility is critical in CPT agreements.
Studying That Suits You
Use AI to generate personalized quizzes and flashcards to suit your learning preferences.
Description
Test your understanding of the CPT term in international trade. This quiz covers key aspects such as risk transfer, cost responsibilities, and insurance requirements. Knowing the specifics of CPT can be crucial for both sellers and buyers in logistics.
