CIP – Carriage and Insurance paid to … (Place of Destination) • The seller clears the goods for export and is responsible for deliver the goods at the agreed place of shipment. • The seller must pay the cost of carriage, but seller’s risk ends at place of shipment. • The seller must procure the […]
CIF – Cost, Insurance and Freight paid to … (Port of Destination) • The seller clears the goods at origin places the cargo on board and pays for insurance until port of discharge at minimum cover. • Even though the seller pays for insurance during the main carriage, the risk is transferred to the buyer […]
FOB – Free on Board … (Port of Shipment) • The seller clear the goods for exports and delivers when the goods have passed the ship’s rail at the agreed port. • Only used for water transportation either sea or inland water. If both parties do not agree to have goods delivered on board, then […]
QUESTION 1 a) i. Define the meaning of strength and weakness of the organization. (4 marks) ii. Describe the following external factors that affecting the company. ( marks) a. Competitive analysis (2 marks) b. Environmental analysis (2 marks) c. Profitability (2 marks) b) Identify any FIVE (5) factors that are required before export and import […]
FAS – Free Alongside Ship … (Port of Shipment) • The seller clears the goods for export and delivers them alongside side the vessel at port of origin. • The seller is responsible for all cost and risk to the goods up to point of delivery. This terms applies only for ocean or inland waterway […]
FCA – Free Carrier … (Place at Origin) • Seller delivers the goods cleared for export to the nominated carrier at the named place. The buyer must nominate the carrier. • If the place of delivery is at the sellers premises, seller must load the goods. If delivery takes place in a different place, the […]
EXW – Ex Works … (named place) • The seller responsible to place the goods at disposal of the buyer at seller’s facilities or any other named place. • EXW terms do not obligate the seller to clear exports or load goods into the collecting vehicle. • The seller has minimum obligation and buyer must […]
• Incoterms (an acronym for International Commercial Terms) established in 1936 by the International Chamber of Commerce (ICC). • Incoterms is a series of pre-defined commercial terms published by the International Chamber of Commerce (ICC). • The use of Incoterms in International Trade is widespread today. • One of the first initiatives of the International […]
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