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On 27 saphinael purchased 200kg of oranges to Mr botogobon 28 Mr botogo w
iscuss whether the transfer of goods has been made and the party who should bear the risk and liability of the missing goods?
Anonymous
Feb 10
On 27 saphinael purchased 200kg of oranges to Mr botogobon 28 Mr botogo w iscuss whether the transfer of goods has been made and the party who should bear the risk and liability of the missing goods?
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Feb 10
The transfer of goods refers to the point at which ownership and possession of the goods are passed from the seller to the buyer. It is an important aspect of any commercial transaction and determines who should bear the risk and liability of any missing goods.
In general, the transfer of goods is governed by the terms of the contract between the parties. The contract may specify the point at which the transfer occurs, such as upon delivery, upon payment, or upon a specific event. If the contract is silent on this matter, then the applicable laws and regulations of the jurisdiction may provide guidance.
One commonly used framework for determining the transfer of goods is the Incoterms (International Commercial Terms) developed by the International Chamber of Commerce. Incoterms provide a set of standardized rules that define the responsibilities of the buyer and seller in international trade. They specify the point at which the transfer of goods occurs and allocate the risk and liability accordingly.
For example, under the Incoterm "EXW" (Ex Works), the transfer of goods occurs when the seller makes the goods available at their premises. In this case, the buyer bears all risks and liabilities from that point onwards, including any loss or damage during transportation.
On the other hand, under the Incoterm "CIF" (Cost, Insurance, and Freight), the transfer of goods occurs when the goods are loaded onto the vessel for shipment. In this case, the seller bears the risk and liability of any loss or damage to the goods until they are loaded onto the vessel.
It is important for the parties to clearly define the transfer of goods in their contract and choose the appropriate Incoterm or other applicable rules. This helps to avoid disputes and ensures that both parties understand their respective responsibilities and liabilities.
In summary, the transfer of goods and the party who should bear the risk and liability of missing goods depend on the terms of the contract and any applicable rules or regulations. It is crucial for the parties to clearly define these aspects to avoid any confusion or disputes.
In general, the transfer of goods is governed by the terms of the contract between the parties. The contract may specify the point at which the transfer occurs, such as upon delivery, upon payment, or upon a specific event. If the contract is silent on this matter, then the applicable laws and regulations of the jurisdiction may provide guidance.
One commonly used framework for determining the transfer of goods is the Incoterms (International Commercial Terms) developed by the International Chamber of Commerce. Incoterms provide a set of standardized rules that define the responsibilities of the buyer and seller in international trade. They specify the point at which the transfer of goods occurs and allocate the risk and liability accordingly.
For example, under the Incoterm "EXW" (Ex Works), the transfer of goods occurs when the seller makes the goods available at their premises. In this case, the buyer bears all risks and liabilities from that point onwards, including any loss or damage during transportation.
On the other hand, under the Incoterm "CIF" (Cost, Insurance, and Freight), the transfer of goods occurs when the goods are loaded onto the vessel for shipment. In this case, the seller bears the risk and liability of any loss or damage to the goods until they are loaded onto the vessel.
It is important for the parties to clearly define the transfer of goods in their contract and choose the appropriate Incoterm or other applicable rules. This helps to avoid disputes and ensures that both parties understand their respective responsibilities and liabilities.
In summary, the transfer of goods and the party who should bear the risk and liability of missing goods depend on the terms of the contract and any applicable rules or regulations. It is crucial for the parties to clearly define these aspects to avoid any confusion or disputes.
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