Incoterms 2020

Under FCA Incoterms 2020 rule, all transport responsibilities are for the importer. (T/F)

False

With the FOB and CIF Incoterms, the transfer risk from seller to buyer takes pace at the same point (when the goods are loaded on board the named vessel in the port of loading). (T/F)

True

CIF and CIP are the only two Incoterms that place an affirmative duty to procure insurance on the buyer. (T/F)

False

CPT Incoterm 2020 rule is used only in transport by sea or inland waterways. (T/F)

False

DAT means delivered at terminal and is a new Incoterm 2020 rule. (T/F)

False

According to FAS the seller delivers the goods to the buyer when he places the goods alongside the vessel named by the buyer at the agreed port of loading. (T/F)

True

Contracts incorporating the DAP or DDP Incoterms can be classified as "arrival" contracts. (T/F)

True

DDP Incoterm 2020 rule means that the seller pays the costs including import formalities and bears the risks until the agreed destination, where the seller delivers the goods to the buyer by placing them at the buyer's disposal on the arriving means of transport. (T/F)

True

EXW Incoterms 2020 rule suits for domestic trade or similar circumstances and it can hardly be used in export. (T/F)

True

Which four Incoterms 2020 are appropriate for use in transport by sea or inland waterway only? Select one: a. FCA, FOB, CPT, CIF b. FAS, FOB, CPT, CIP c. FOB, CFR, CIF, CPT d. FAS, FOB, CFR, CIP e. FAS, FOB, CFR, CIF

e. FAS, FOB, CFR, CIF