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Incoterms 2020 is the ninth set of international contract terms published by the International Chamber of Commerce, with the first set having been published in 1936. Incoterms 2020 defines 11 rules, the same number as defined by Incoterms 2010. [7]
FOB (free on board) is a term in international commercial law specifying at what point respective obligations, costs, and risk involved in the delivery of goods shift from the seller to the buyer under the Incoterms standard published by the International Chamber of Commerce. FOB is only used in non-containerized sea freight or inland waterway ...
A contract of carriage is a contract between a carrier of cargo or passengers and the consignor, consignee or passenger. [1] Contracts of carriage typically define the rights, duties and liabilities of parties to the contract, addressing topics such as acts of God and including clauses such as force majeure (removing liability for extraordinary occurrences beyond control of the parties). [2]
The carrier's duties are not "strict", but require only a reasonable standard of professionalism and care; and Article IV allows the carrier a wide range of situations exempting them from liability on a cargo claim. These exemptions include destruction or damage to the cargo caused by: fire, perils of the sea, Act of God, and act of war. A ...
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Coverage type. What it covers. Liability. This coverage steps in if you or a listed driver on your policy causes property damage and/or injuries to another person caused by an accident in which ...
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"STC": if the cargo cannot be effectively examined, such as goods in a sealed container), the carrier will issue a bill of lading describing the goods as "container (identified by number) said to contain" the contracted cargo. The carrier or the agent mentions "STC" in BLs to safeguard themselves from shipper declaring wrong information on BL.