INCOTERMS 2020 Overview

EXW stands for Ex Works, where the seller's responsibility ends when the goods are made ____________

FOB stands for Free On Board, where the seller's responsibility ends when the goods pass the ship's ____________

FAS stands for Free Alongside Ship, where the seller's responsibility ends when the goods are placed ____________

In INCOTERMS-2020, risk allocation is a crucial aspect where the parties must determine the point at which the risk transfers from the seller to the ____________

Cost allocation is significant in INCOTERMS-2020 to specify who bears the costs related to the ____________ of goods

Under CIF - Cost, Insurance & Freight, the seller is responsible for contracting and paying for ____________ insurance

Origin LCL Charges: the price for handling and transporting break-bulk or loose goods within a seaport in the ________ of origin.

Destination LCL Charges: the price for handling and transporting break-bulk or loose goods within a seaport in the ________ of destination.

Origin Terminal Handling Charges (THC): the price of handling and transporting containerized cargo within the seaport's terminal facilities in the ________ of origin.

Destination Terminal Handling Charges (THC): the price of handling and transporting containerized cargo within the seaport's terminal facilities in the ________ of destination.

Origin/Destination Other Charges (O/C) are incidental costs that the seller/exporter incurs in connection with carrying out his contractual responsibility to deliver the products for each of the incoterms (except for main carriage and port-to-port insurance).(Export documentation/clearance fees, forwarder's fees, THC/LCL charges, pre- and on-carriage fees, export/import duties and taxes, etc.) Carrier refers to the person actually transporting goods or in charge of or responsible for the operation of the means of transport.(e.g., shipping lines, airlines, NVOCC, freight forwarder, & logistics) The bringing of goods to a specified location or to a carrier/forwarder in the ________ of origin or destination is referred to as delivery, and it is used as a reference point when liability for loss or damage to the goods passes from seller to buyer.

The bringing of goods to a specified location or to a carrier/forwarder in the country of origin or destination is referred to as ________, and it is used as a reference point when liability for loss or damage to the goods passes from seller to buyer.

In determining Incoterms, you must remember the following: The parties involved, the delivery point, the responsible party for the costs. EX WORKS (EXW) insert named place of delivery '______' denotes that the seller delivers when it places the items at the buyer's disposal at its location or at another specific location (factory, warehouse, etc.). The seller does not need to load the goods on any collecting vehicle and is not obligated to organize the export clearance. EXW may be suitable for domestic trade where there is no intention at all to export the goods. EXW represents the minimum obligation for the seller. The seller has no obligation to the buyer to make a contract of insurance or a contract of carriage. Mode of Transport: Multi-modal EX WORKS (EXW) insert named place of delivery The expense of any checking processes (such as quality checks, measuring, weighing, and counting) required to transport the products to the specified location is the seller's responsibility. EXW RISKS SELLER BUYER COSTS FORMULA: EXW = COST OF GOODS FREE ALONGSIDE SHIP (FAS) insert named port of shipment By saying 'Free Alongside Ship,' a seller agrees to deliver when the goods are placed next to the ship at the designated port of shipment. When goods are alongside the ship (on a quay/dock or barge/lighter, the risk of loss or damage falls to the buyer, and from that point onward, he is responsible for all charges.

______ denotes that the seller delivers when it places the items at the buyer's disposal at its location or at another specific location (factory, warehouse, etc.)

In EX WORKS (EXW), the seller does not need to load the goods on any ______ vehicle

In EXW, the seller is not obligated to organize the ______ clearance

______ represents the minimum obligation for the seller

By saying 'Free Alongside Ship,' a seller agrees to deliver when the goods are placed next to the ship at the designated port of shipment. When goods are alongside the ship, the risk of loss or damage falls to the ______