ExamGecko
Question list
Search
Search

List of questions

Search

Question 452 - CSCP discussion

Report
Export

Which of the following entities assumes ownership of goods once loaded on an ocean vessel using Incoterms freight on board (FOB)?

A.
The carrier
Answers
A.
The carrier
B.
The buyer
Answers
B.
The buyer
C.
The seller
Answers
C.
The seller
D.
The insurer
Answers
D.
The insurer
Suggested answer: B

Explanation:

Under Incoterms 2020, freight on board (FOB) means that the seller fulfills their obligation to deliver when the goods have passed over the ship's rail at the named port of shipment. At this point, the buyer assumes ownership and responsibility for the goods, including any risk of loss or damage during transit. The carrier, seller, and insurer do not assume ownership; rather, their roles pertain to transport, provision of goods, and risk coverage, respectively.

Reference:

'Incoterms 2020: ICC Rules for the Use of Domestic and International Trade Terms,' International Chamber of Commerce (ICC).

'Understanding FOB Shipping Terms,' Incoterms Explained.

asked 16/09/2024
benakli rabah
27 questions
User
Your answer:
0 comments
Sorted by

Leave a comment first