Incoterms in Import and Export Management

Which organization was responsible for establishing the most common international trade terms in 1936?

International Chamber of Commerce (ICC)

What does RISK indicate in international trade?

The responsible party in case of damage or loss

What is the main purpose of INCOTERMS®?

To establish international trade terms

What is the significance of OWNERSHIP in international trade?

It determines to whom the goods belong Signup and view all the answers

What are the primary activities involved in EXPORT in international trade?

Delivering services or goods abroad and getting paid Signup and view all the answers

What do legal rules governing the contract apply if no further arrangements are made by the parties in international trade?

Legal rules from both parties' countries Signup and view all the answers

What is the primary intention of the Incoterms® 2010?

To establish a clear division of costs and risks between the buyer and the seller Signup and view all the answers

What does the ICC define as the 'critical point' in transit according to the text?

The point where the seller's responsibility ends and the buyer's responsibility begins Signup and view all the answers

What is a predominant question in sale contracts according to the text?

What should the seller do to get his money? Signup and view all the answers

What is the commercial relevance of Incoterms® according to the text?

To calculate contract price and costs of transport Signup and view all the answers

What does Incoterms® aim to primarily regulate according to the text?

Division of risk between seller and buyer Signup and view all the answers

What is one of the intentions behind Incoterms® according to the text?

To prevent disputes, claims, and losses Signup and view all the answers

How many terms does Incoterms® 2010 contain according to the text?

11 terms Signup and view all the answers

What does Incoterms® 2010 regulate primarily according to the text?

'Critical point' on transit where responsibilities change Signup and view all the answers

What does Incoterms® intend to give an answer to primarily according to the text?

The division of costs between seller and buyer Signup and view all the answers

What is one of the commercial relevance of Incoterms® according to the text?

Calculating contract price and costs of transport Signup and view all the answers