Question

Clear export documentation, in particular a clear definition of Incoterms, is important to establish at what stage of the operation the ownership of the goods is transferred from the seller to the buyer.

Clearly indicate if the statement is true or false and briefly explain your answer

Answer 1

ANS: The clear export documentation and the incoterms is important to establish in the stage of the operation by transferring the ownership from sellers to the buyers . This Statement is 'TRUE' .

For selling the goods in between the buyers and sellers with exchanging of goods and services against it a legal contract is formed which is known as a Contract of Sale . In this contract there is a agreement between the seller and a buyer with sign.

As in clear export documents as in this as if the goods are to be imported from the foreign country by seller then the process is there to ship the order with all legal documents on ship also to signed by courier partner also and also by the seller and buyer .

As incoterms is widely used in terms of sales as there is set of 11 internationally recognised rules which define the responsibilities of the sellers and buyers . It specifies that who is paying for and managing the shipment, insurance of goods, documentation , customs clearance and other logistical activities .

So as per after completing all the formalities between seller and buyer then finally the ownership of the goods is being transferred from seller to the buyer with the consignment of the goods received.