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Inherent vice is an exclusion found in most cargo insurance policies to account for a defect or inherent characteristic in the nature of the product.
Origin charges will apply for every shipment, but who pays for them depends on the incoterm.
General Average is declared in the aftermath of a maritime catastrophe and is very costly for shippers without cargo insurance.
Quality control will help ensure that your products are meeting your anticipated standards.
A Quick Guide to Incoterms
- Define the obligations and costs between the seller and the buyer. Incoterms create common and relatively precise understanding of the respective operational obligations and costs between a seller and a buyer relating to the delivery of the buyer’s goods.
- Define the point of passage of risk between the buyer and seller regarding cargo loss or damage.
- Provide instructions to carriers, forwarders, customs brokers, and others involved in shipping your goods, as well as banks and others involved in financing.
- Cover ownership/passage of title. Passage of title should be separately defined via a “retention of title” clause within the sales contract
- Cover payment. Terms of payment for the goods are negotiated separately.
- Cover insurance. Only CIF (Cost, Insurance and Freight) and CIP (Carriage and Insurance Paid) specifically outline insurance as the seller’s responsibility. Other terms do not outline who has this responsibility.