Which of the following statements is a characteristic of EX-Work a. The seller bears all risks and charges pertaining to pre-shipment inspection, export/import licenses, and customs duties needed for exploration b. Risk is not transferred to the seller if damage or loss is attributed to the failure of delivery c. Risk is not transferred to the buyer if damage or loss is attributed to the failure of delivery d. The seller bears all risks and charges until the port of export.
Which of the following statements is a characteristic of EX-Work a. The seller bears all risks and charges pertaining to pre-shipment inspection, export/import licenses, and customs duties needed for exploration b. Risk is not transferred to the seller if damage or loss is attributed to the failure of delivery c. Risk is not transferred to the buyer if damage or loss is attributed to the failure of delivery d. The seller bears all risks and charges until the port of export.
Chapter1: Making Economics Decisions
Section: Chapter Questions
Problem 1QTC
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Question
Which of the following statements is a characteristic of EX-Work
a.
The seller bears all risks and charges pertaining to pre-shipment inspection, export/import licenses, and customs duties needed for exploration
b.
Risk is not transferred to the seller if damage or loss is attributed to the failure of delivery
c.
Risk is not transferred to the buyer if damage or loss is attributed to the failure of delivery
d.
The seller bears all risks and charges until the port of export.
Expert Solution
Step 1
The characteristics of EX work is that the buyers takes the full responsibility of the shipment from warehouse to his own destination and he also bears the risk as well as the cost of transportation.
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