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That will depend on the contract and shipping instructions. You can specify whether title transfer upon shipping or on receipt.
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What is the meaning of INCOTERMS FCA DUBAI?
Incoterm FCA means "Free Carrier" which means that the seller delivers the goods, cleared for export to the carrier, nominated by the buyer at the named place. Title and risk pass to buyer including transportation and insurance cost when the seller delivers goods cleared for export to the carrier. Incoterm FCA means "Free Carrier" which means that the seller delivers the goods, cleared for export to the carrier, nominated by the buyer at the named place. Title and risk pass to buyer including transportation and insurance cost when the seller delivers goods cleared for export to the carrier.
CIF destination port - Is seller or buyer's responsibility?
Buyer's. When the goods passed the ship board of dispatch port then the risk is come to the buyer's side. So it is the buyer's responsibility.
What is the difference between FCA and FOB in shipping?
FCA means Free Carrier (at named place): seller hands the goods over to buyer's designated carrier (pre-cleared for export) at the named place. This term is applicable to goods for transport by air, rail, road and containerised/multi-modal transport. Cost and risk change from buyer to seller as soon as the goods are accepted and signed for by the buyer's designated carrier. FOB means Free On Board (at named loading port): technically, the seller must load the goods on board the ship designated by the buyer, with cost and risk changing from buyer to seller as the goods pass over the imaginary vertical line defined by the ship's rail. This term is only applicable for Maritime transport, and is often misapplied for the terms FCA or FAS.
What is the difference between FCA and FOB in...?
FCA means Free Carrier (at named place): seller hands the goods over to buyer's designated carrier (pre-cleared for export) at the named place. This term is applicable to goods for transport by air, rail, road and containerised/multi-modal transport. Cost and risk change from buyer to seller as soon as the goods are accepted and signed for by the buyer's designated carrier. FOB means Free On Board (at named loading port): technically, the seller must load the goods on board the ship designated by the buyer, with cost and risk changing from buyer to seller as the goods pass over the imaginary vertical line defined by the ship's rail. This term is only applicable for Maritime transport, and is often misapplied for the terms FCA or FAS.
What is the passing of the risk in a contract of sale and discuss the rules outlining it?
Passing of risk refers to the obligation to protect the goods under contract until the event defined. For example, "free on board" (FOB) contracts transfer ownership and risk to the buyer from the moment the goods are loaded for shipment. In many cases, absent a specific contract term to the contrary, the risk of loss passes from the seller to the buyer when the carrier offers the goods at the buyer's destination. The party holding the risk is the one who should be responsible for insurance to cover the loss or damage to the goods. The other party may be asked to PAY for the insurance, but the loss would only be compensated to the person holding the risk.
When does ownership and risk transfer to the buyer?
At common law, the risk of loss passes to the buyer when the seller has fully preformed his/her requirements to the contract. If not part of the contract, delivery of goods is not required for the risk to pass to the buyer. If the party to whom the offer is made in a reasonable time and in good faith requires the offeror to notify the offeree if he intends to reject on account of the delay.
If the trucking company damages the freight in transit do they have to replace it?
You have to look at the contract between the buyer and seller to determine who bears the risk of loss. Normally, the risk of loss would be on the buyer or the buyer's insurance. Now once it is determined who bears the risk of loss they could sue the trucking company if they were at fault in some way, but the trucking company does not have to replace the damaged goods (unless there is a contract that says otherwise).
Difference between sales and hire purchase?
1. In a sale, property in the goods is transferred to the buyer immediately at the time of contract, whereas in hire-purchase, the property in the goods passes to the hirer upon payment of the last installment. 2. In a sale, the position of the buyer is that of the owner of the goods but in hire purchase, the position of the hirer is that of a bailee till he pays the last installment. 3. In the case of a sale, the buyer cannot terminate the contract and is bound to pay the price of the goods. On the other hand, in the case of hire-purchase, the hirer may, if he so likes, terminate the contract by returning the goods to its owner without any liability to pay the remaining installments. 4. In the case of a sale, the seller takes the risk of any loss resulting from the insolvency of the buyer. In the case of hire purchase, the owner takes no such risk, for if the hirer fails to pay an installment, the owner has the right to take back the goods. 5. In the case of a sale, the buyer can pass a good title to a bonafide purchaser from him but in a hire-purchase, the hirer cannot pass any title even to a bonafide purchaser. 6. In a sale, sales tax is levied at the time of the contract whereas in a hire-purchase, sales tax is not leviable until it eventually ripens into a sale (K.L. Johar & Co. vs. Dy. Commercial Tax Officer).
What is CIP in Letter of Credit?
CIP is the Incoterm that defines the responsibilities and obligations of the seller and buyer.CIP(Carriage & insurance Paid to)The seller must pay the costs and freight required in bringing the goods to the named port of destination. This term requires the seller to clear the goods for export. The seller has the responsibility of obtaining insurance against the buyer's risk of loss or damage of goods during the carriage to the named destination. The risk of loss or damage to the goods occurring after the delivery has been made to the carrier is transferred from the seller to the buyer. This term can be used for all modes of transport.
What is cultural risk?
between a buyer and a seller
What does title insurance protect the buyer from?
Risk
Where lies the difference between the CIF and DES incoterms?
Self-answered : CIF implies the risk to be transfered to the buyer as soon as the goods are on board, while the DES pushes this responsibility transfert to the destination port.
