In a Chapter 13 bankruptcy, creditors cannot force a debtor into ...

[KimWrice]

In a Chapter 13 bankruptcy, creditors cannot force a debtor into bankruptcy; nor can they vote to confirm or reject a plan of reorganization.
  Indicate whether the statement is true or false

Question 2

What term from Incoterms 2000 would you recommend under each of these scenarios? A transaction wherein an American seller is to transport the goods by sea from the port of Oakland, California to Vancouver, Canada and the Canadian buyer's sole obligations are to arrange for import clearance and purchase insurance against loss from the moment the goods cross the ship's rail. A transaction wherein a Greek buyer seeks to impose all obligations on the French seller, including export clearance, the cost of insurance, transportation of the goods by sea from Marseille, France, and import clearance at Piraeus, Greece, the port of destination. A transaction wherein a Dutch seller wishes to limit its obligations to notification of the American buyer that the goods are available for pickup at the seller's warehouse in Antwerp, Netherlands. A transaction wherein an American seller is to deliver the goods on board a ship in New York and arrange for export clearance for ultimate shipment to Rio de Janiero with the Brazilian buyer responsible for contracting with the carrier, the cost of obtaining insurance and obtaining import clearance. A transaction wherein a Canadian seller is to transport the goods by sea from Halifax, arrange for export clearance, unload the goods at their final destination in Oslo, Norway and make them available on the wharf while the buyer arranges for import clearance in Norway. A transaction wherein a Belgian seller is to deliver the goods to the wharf at the port of Antwerp, provide a receipt evidencing such delivery and facilitate export clearance with the Swedish buyer responsible for contracting with a carrier for their transport to Stockholm and bearing all risk of loss from the moment the goods are placed alongside the ship. A transaction wherein a Mexican seller is to contract for motor carriage of the goods, deliver the goods to another motor carrier for transport across the U.S. border, pay unloading and loading costs, arrange for export clearance and obtain insurance on the U.S. buyer's behalf for final delivery to Phoenix, Arizona.

[brbarasa]

Answer to Question 1

TRUE

Answer to Question 2

CFR. The C Group of Incoterms 2000 signifies that the seller must bear certain costs even after risk of loss or damage to the goods has passed to the buyer. CFR (cost and freight) requires the seller to contract for carriage, deliver the goods on board, provide a clean transport document (such as a bill of lading), arrange for export clearance and pay the unloading costs for seller's account under the contract of carriage. Liability for costs transfers at the port of destination. The risk of loss transfers to the buyer when the goods pass the ship's rail at the port of shipment. The buyer's duties are to accept delivery from the seller, receive the goods from the carrier and remit such costs as are not for the seller's account pursuant to the contract for carriage. CFR may only be used for transport by sea or inland waterway.

DDP. The D Group of Incoterms 2000 requires that the goods arrive at a stated destination. DDP (delivered duty paid) represents the seller's maximum obligation. The seller must deliver the goods at the named destination and arrange for import and export clearances. Risk and cost transfer from the seller to the buyer when the goods are made available to the buyer at the destination. The buyer's sole duty is to take delivery of the goods from the seller at the named place of destination. DDP may be used for any mode of transportation.

Ex Works. The sole E term represents the seller's minimum obligation. The seller must notify the buyer that the goods are available at the seller's factory, warehouse, or office. The seller is not responsible for loading the goods on the vehicles provided by the buyer or for clearing the goods for export. The buyer bears all the costs and risks of transport from the seller's place of business to the point of destination. As such, Ex Works should only be used by experienced importers.

FOB. The F Group of Incoterms 2000 signifies that the seller must hand over the goods to a designated carrier free of risk and expense to the buyer. FOB (free on board) requires the seller to deliver conforming goods on board the vessel named by the buyer at the stipulated time, give notice to the buyer of the delivery and arrange for export clearance. The seller bears all costs up to the passing of the ship's rail at the port of shipment, including exportation fees, the packing and checking of the goods, and the costs of obtaining a document evidencing the loading of the goods. The buyer bears all risks upon the goods' passage of the ship's rail. The buyer's primary duty is to designate and contract with a carrier to transport the goods to their final destination.

DEQ. The D Group of Incoterms 2000 requires that the goods arrive at a stated destination. DEQ (delivered ex quay) obligates the seller to bear the costs and risks of shipment to the port of destination. The seller's responsibilities end when the goods are unloaded and made available to the buyer at the wharf. Risk and cost transfer from the seller only upon the placement of the goods at the buyer's disposal on the wharf. The seller must also provide a document enabling the buyer to take delivery and arrange export clearance. DEQ may only be used for water transport.

FAS. The F Group of Incoterms 2000 signifies that the seller must hand over the goods to a designated carrier free of risk and expense to the buyer. FAS (free alongside ship) requires the seller to deliver the goods alongside the ship, provide a receipt evidencing such delivery and facilitate export clearance. The buyer bears all costs and risks from the moment the goods are placed alongside the vessel. The buyer must designate and contract with a carrier for transport of the goods to their final destination. FAS only applies to sea and inland waterway transport.

CIP. The C Group of Incoterms 2000 signifies that the seller must bear certain costs even after risk of loss or damage to the goods has passed to the buyer. CIP (carriage and insurance paid to) requires the seller to contract for carriage, deliver the goods to the first carrier, pay loading and unloading costs, arrange for export clearance, obtain insurance and provide buyer with a certificate or policy evidencing such insurance. The buyer must accept delivery of the goods from the seller, receive the goods from the carrier and pay such costs as are not for the seller's account under the contract for carriage. Risk transfers to the buyer when the goods are delivered to the initial carrier. CIP may be used for any form of transportation.