20:55
MIAMI A
Warning
Info
Warning
Info
LSDefine
Simple English definitions for legal terms
ex ship
Read a random definition: excess reinsurance
A quick definition of ex ship:
Term: EX SHIP
Definition: Ex ship means that when goods are shipped, the buyer is responsible for any loss or damage that may occur once the goods leave the ship. This means that the seller is not responsible for any problems that happen after the goods are delivered to the buyer.
A more thorough explanation:
EX SHIP
Ex ship refers to a shipment of goods where the buyer becomes responsible for any loss or damage to the goods once they leave the ship.
Example 1: A company in Japan purchases a shipment of electronics from a supplier in China on an ex ship basis. The supplier is responsible for delivering the goods to the port in Japan, but once the goods are loaded onto the ship, the buyer becomes responsible for any loss or damage during transit.
Example 2: A retailer in the United States orders a shipment of clothing from a manufacturer in India on an ex ship basis. The manufacturer is responsible for delivering the goods to the port in the United States, but once the goods are loaded onto the ship, the retailer becomes responsible for any loss or damage during transit.
These examples illustrate how ex ship works in practice. In both cases, the seller is responsible for delivering the goods to the port, but once the goods are loaded onto the ship, the buyer becomes responsible for any loss or damage during transit. This means that the buyer needs to have insurance in place to cover any potential losses or damages that may occur during shipping.