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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.
When the title pass under CIF?
Under CIF (Cost, Insurance, and Freight) terms, the title of goods typically passes from the seller to the buyer when the goods are loaded onto the shipping vessel at the port of shipment. This means that the buyer assumes ownership and risk at that point, even though the seller is responsible for the costs and insurance until the goods reach the destination port. The seller must also provide the buyer with the necessary documents to claim the goods upon arrival.
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 identified goods are destroyed through no fault of either party and risk has not passed to the buyer the parties are excused from performance.?
If identified goods are destroyed without fault from either the seller or the buyer and the risk of loss has not transferred to the buyer, both parties are relieved from their contractual obligations. This situation typically falls under the doctrine of impossibility or frustration of purpose, as the goods no longer exist to fulfill the contract. Consequently, neither party is liable for non-performance, and the contract is considered void.
Who pay demurrage at discharge port if CIF term?
The buyer is responsible for paying demurrage at the discharge port if the Incoterm used is CIF (Cost, Insurance, Freight). The buyer bears the risk and cost of any delays in unloading the goods at the destination port.
Is CFR and DAP same?
CFR (Cost and Freight) and DAP (Delivered at Place) are not the same. CFR indicates that the seller is responsible for the cost and freight to transport goods to a specified port, but the risk transfers to the buyer once the goods are loaded onto the ship. In contrast, DAP means the seller bears all costs and risks to deliver the goods to a specified location, with the buyer responsible for import duties and taxes. Thus, the key difference lies in the point at which risk and responsibility transfer between buyer and seller.
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).
An arrangement by which the buyer must pay for goods as soon as they are delivered?
This arrangement is commonly referred to as "cash on delivery" (COD). Under this payment method, the buyer is required to pay the full amount for the goods at the time of delivery, rather than in advance or on credit. This approach minimizes risk for the seller, ensuring they receive payment before the buyer takes possession of the goods. It is often used for online purchases or in situations where trust between buyer and seller has not yet been established.
