History and Evolution of INCOTERMS
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Questions and Answers

What year did the International Chamber of Commerce first conceive the idea of INCOTERMS?

  • 1950
  • 1936
  • 1945
  • 1921 (correct)
  • Which subcommittee under the International Chamber of Commerce was responsible for coming up with the initial six INCOTERMS?

  • International Trade Subcommittee
  • Trade Compliance Committee
  • Trade Term Committee (correct)
  • Rules and Regulations Subcommittee
  • What was a significant change introduced in INCOTERMS with the addition of the FCA rule?

  • Delivery from seller to buyer on land (correct)
  • Seller's responsibility during transit
  • Transfer of ownership at the port of loading
  • Introduction of risk transfer at sea
  • How many INCOTERMS are there as per the INCOTERMS 2020?

    <p>11</p> Signup and view all the answers

    Which two INCOTERMS are highlighted as the most popular among shippers and well understood by various authorities?

    <p>FAS and FOB</p> Signup and view all the answers

    What does the presence of an INCOTERM determine in terms of marine cargo insurance?

    <p>Who takes cargo insurance and up to which point</p> Signup and view all the answers

    Which convention was intended to replace the Warsaw convention rather than amend it?

    <p>Montreal protocol 4</p> Signup and view all the answers

    What is the significance of the Montreal convention with regards to the Warsaw convention?

    <p>It replaced the Warsaw convention</p> Signup and view all the answers

    How many parties to the Warsaw convention have ratified The Hague protocol?

    <p>137</p> Signup and view all the answers

    In which city was the Warsaw convention originally signed in 1929?

    <p>Warsaw</p> Signup and view all the answers

    Which treaty is amending the Warsaw convention according to the text?

    <p>The Hague protocol</p> Signup and view all the answers

    When was The Hague protocol signed?

    <p>1955</p> Signup and view all the answers

    Under the Hague-Visby rules, when do the rules apply to a bill of lading related to carriage of goods between two different ports?

    <p>If the carriage is from a port in non-contracting states</p> Signup and view all the answers

    What was the purpose behind the establishment of the Hamburg rules by the U.N?

    <p>To create a more balanced and modern set of rules</p> Signup and view all the answers

    In terms of liability, how do the Hague-Visby rules define cargo ships' obligations?

    <p>By limiting their liability under specific conditions</p> Signup and view all the answers

    Which set of rules is more radical and extensive compared to the Hague-Visby rules but has not yet been fully ratified?

    <p>The Rotterdam rules</p> Signup and view all the answers

    What was one significant amendment made to the Hague rules to transform them into the Hague-Visby rules?

    <p>Incorporation of the Brussels protocol 1968</p> Signup and view all the answers

    Which document must indicate that either the Hague-Visby rules or equivalent legislation governs a contract for the rules to apply?

    <p>Bill of lading or similar title document</p> Signup and view all the answers

    What type of carrier is liable for loss resulting from loss of or damage to the goods, as well as from delay in delivery, under the Hamburg Rules?

    <p>Common carrier</p> Signup and view all the answers

    Which international organization was responsible for drafting the Hague and Hague-Visby rules?

    <p>Commite' Martime International (CMI)</p> Signup and view all the answers

    In the context of carriers' obligations, what major change did India introduce to the Hague-Visby rules in 1993?

    <p>Increased limits of liability</p> Signup and view all the answers

    Under the Indian COGSA, which set of rules is specifically incorporated into its schedule?

    <p>Hague-Visby Rules</p> Signup and view all the answers

    What is the primary obligation of a carrier concerning cargo under the rules mentioned in the text?

    <p>Maintain the seaworthiness of the vessel</p> Signup and view all the answers

    What is a common characteristic of carriers under various international maritime rules?

    <p>Liability for loss or damage to goods</p> Signup and view all the answers

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