When a seller and a buyer enters into a sales contract, they would need to specify a lot of details eg method of payment, what are the goods (quantity and quality), delivery dates, documents required etc
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They would also indicate what is the Incoterm Rules to be used. There are 11 Incoterm rules in the current Incoterms 2010 published by the International Chamber of Commerce. They are: EXW, FOB, FAS, FCA, CFR, CIF, CPT, CIP, DAT,DAP,DDP.
The Incoterm rules describe mainly the tasks, costs and risks involved in the delivery of goods from the sellers to buyers.
Under CIF which belongs to Incoterms Group C – Main Carriage Paid, the seller nominates the vessel and pays the cost and freight to bring the goods right to Port of Destination. The seller also arrange for insurance cover.
In this video we look at two key questions which is
1. At what point can we say that the Seller has delivered the goods to the Buyer
2. If the goods are damaged along the way, who bears the risk of loss or damage to the goods?
Under Guidance Note of Incoterms 2010 Rules published by ICC, you will find that ICC define delivery of CIF as follows:
Cost, Insurance and Freight means that the seller delivers the goods on board the vessel or procures the goods already so delivered. The risks of loss of or damage to the goods passes when the goods are on board the vessel. The seller must contract for and pay the costs and freight necessary to bring the goods to the named port of destination.
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This video was produced by
1. Mr. Billy Fong Goon Poy, ACIB, MITD, Master Trainer
2. Ms Sook Ling, Online Content Creator
Tradelinks Resources conducts public training programs for the following International Trade courses in Malaysia
1. Incoterms 2010
2. Letters of Credit
3. Bills of Lading - Correct Preparation To Avoid Rejection by Banks
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Hi. I think that depends on negotiation between the Seller and the Buyer. I don't get your idea. "what if buyer wishes to have his freight forwarder at his country for clearance" Do you mean the clearance in Buyer's country? If so, it is certainly the Buyer takes that task. If you mean the Clearance in Seller's country, I think it should be FOB or FCA.
You mean In CIF , Seller arranges the freight forwarder in his country, pay for freight and Insurance but what if buyer wishes to have his freight forwarder at his country for clearance.is it possible for him to do that as per the giudelines
A trigger is a named PL/SQL unit that is stored in the database and executed ( fired ) in response to a specified event that occurs in the database.
Overview of Triggers.
A trigger is a named program unit that is stored in the database and fired (executed) in response to a specified event. The specified event is associated with either a table, a view, a schema, or the database, and it is one of the following:
A database manipulation (DML) statement ( DELETE , INSERT , or UPDATE )
A database definition (DDL) statement ( CREATE , ALTER , or DROP )
A database operation ( SERVERERROR , LOGON , LOGOFF , STARTUP , or SHUTDOWN )
The trigger is said to be defined on the table, view, schema, or database.
A DML trigger is fired by a DML statement, a DDL trigger is fired by a DDL statement, a DELETE trigger is fired by a DELETE statement, and so on.
An INSTEAD OF trigger is a DML trigger that is defined on a view (not a table). The database fires the INSTEAD OF trigger instead of executing the triggering DML statement. For more information, see Modifying Complex Views (INSTEAD OF Triggers).
A system trigger is defined on a schema or the database. A trigger defined on a schema fires for each event associated with the owner of the schema (the current user). A trigger defined on a database fires for each event associated with all users.
A simple trigger can fire at exactly one of the following timing points :
Before the triggering statement executes.
After the triggering statement executes.
Before each row that the triggering statement affects.
After each row that the triggering statement affects.
A compound trigger can fire at more than one timing point. Compound triggers make it easier to program an approach where you want the actions you implement for the various timing points to share common data. For more information, see Compound Triggers.