INCOTERMS
INCOTERMS is a set of international rules promulgated by the International Chamber of Commerce for the uniform interpretation of commonly used trade terms in foreign trade. They describe in detail the responsibilities of the sellers and buyers in international trade. They are: EXW (Ex Works), FCA (Free Carrier), FAS (Free Alongside), FOB (Free on Board), CFR (Cost and Freight), CIF (Cost, Insurance, Freight), CPT (Carriage Paid To), CIP (Carriage and Insurance Paid to), DAF (Delivered at Frontier), DES (Delivered Ex Ship), DEQ (Delivered Ex Quay), DDU (Delivered Duty Unpaid) and DDP (Delivered Duty Paid).
CFR (Cost and Freight) - An INCOTERM describing a term of sale that details the responsibilities of the buyer and seller for the international trade transaction. Under this term, the seller must pay the costs and freight necessary to bring the goods to the named port of destination but the risk of loss of or damage to the goods, as well as any additional costs due to events occurring after the time the goods have been delivered on board the vessel, is transferred from the seller to the buyer when the goods pass the ship’s rail in the port of shipment. The seller must clear the goods for export.
CIF (Cost, Insurance and Freight) - An INCOTERM describing a term of sale that details the responsibilities of the buyer and seller for the international trade transaction. Under this term, the seller must pay the costs and freight necessary to bring the goods to the named port of destination but the risk of loss of or damage to the goods, as well as any additional costs due to events occurring after the time the goods have been delivered on board the vessel, is transferred from the seller to the buyer when the goods pass the ship’s rail in the port of shipment. In addition, the seller must procure the marine insurance against the buyer’s risk of loss of or damage to the goods during the carriage. The seller must clear the goods for export.
CIP (Carriage and Insurance Paid To) - An INCOTERM describing a term of sale that details the responsibilities of the buyer and seller for the international trade transaction. Under this term, the seller pays the freight for the carriage of the goods to the named destination. The risk of loss of or damage to the goods, as well as any additional costs due to events occurring after the time the goods have been delivered to the carrier, is transferred from the seller to the buyer when the goods have been delivered into the custody of the carrier. In addition, the seller must procure cargo insurance against the buyer’s risk of loss of or damage to the goods during the carriage. The seller must clear the goods for export.
CPT (Carriage Paid To) - An INCOTERM describing a term of sale that details the responsibilities of the buyer and seller for the international trade transaction. Under this term, the seller pays the freight for the carriage of the goods to the named destination. The risk of loss of or damage to the goods, as well as any additional costs due to events occurring after the time the goods have been delivered to the carrier, is transferred from the seller to the buyer when the goods have been delivered into the custody of the carrier. The seller must clear the goods for export.
DAF (Delivered at Frontier (…at named place)) - An INCOTERM describing a term of sale that details the responsibilities of the buyer and seller for the international trade transaction. Under this term, the seller fulfills his obligation to deliver when the goods have been made available, cleared for export, at the named point and place at the frontier, but before the customs border of the adjoining country. Primarily used for rail or truck shipments.
DDP (Delivered Duty Paid (…at named place)) - An INCOTERM describing a term of sale that details the responsibilities of the buyer and seller for the international trade transaction. Under this term, the seller fulfills his obligation to deliver when the goods have been made available to the buyer at the named place in the country of importation. The seller has to bear the costs and risks, including duties, taxes and other charges of delivering the goods thereto, cleared for importation. This term represents the maximum obligation to the seller.
DDU (Delivered Duty Unpaid (…at named place)) - An INCOTERM describing a term of sale that details the responsibilities of the buyer and seller for the international trade transaction. Under this term, the seller fulfills his obligation to deliver when the goods have been made available to the buyer at the named place in the country of importation. The seller has to bear the costs and risks involved in bringing the goods thereto (excluding duties, taxes and other official charges payable upon importation as well as the costs and risks of carrying out customs formalities). The buyer has to pay any additional costs and to bear any risks caused by his failure to clear the goods for import in time.
DEQ (Delivered Ex Quay (…at named place))- An INCOTERM describing a term of sale that details the responsibilities of the buyer and seller for the international trade transaction. Under this term, the seller fulfills his obligation to deliver when the goods have been made available to the buyer on the quay (wharf) at the named port of destination, cleared for importation. The seller has to bear all risks and costs including duties, taxes and other charges of delivering the goods thereto.
DES (Delivered Ex Ship (…at named place)) - An INCOTERM describing a term of sale that details the responsibilities of the buyer and seller for the international trade transaction. Under this term, the seller fulfills his obligation to deliver when the goods have been made available to the buyer on board the ship uncleared for import at the named port of destination. The seller has to bear all costs and risks involved in bringing the goods to the named port of destination.
EXW (Ex Works) - An INCOTERM describing a term of sale that details the responsibilities of the buyer and seller for the international trade transaction. Under this term, the seller fulfills his obligation to deliver when he has made the goods available at his own premises to the buyer. He is not responsible for loading the goods on the vehicle provided by the buyer or for clearing the goods for export, unless otherwise agreed. The buyer bears all costs and risks involved in taking the goods from the seller’s premises to the desired destination. This term thus represents the minimum obligation for the seller.
FAS (Free Alongside Ship) - An INCOTERM describing a term of sale that details the responsibilities of the buyer and seller for the international trade transaction. Under this term, the seller fulfills his obligation to deliver when the goods have been placed alongside the vessel on the quay or in lighters at the named port of shipment. This means that the buyer has to bear all costs and risks of loss of or damage to the goods from that moment. The buyer must clear the goods for export. Can only be used for sea or inland waterway transport.
FCA (Free Carrier) - An INCOTERM describing a term of sale that details the responsibilities of the buyer and seller for the international trade transaction. Under this term, the seller fulfills his obligation to deliver when he has handed over the goods, cleared for export, into the charge of the carrier named by the buyer at the named place or point.
FOB (Free On Board)-An INCOTERM describing a term of sale that details the responsibilities of the buyer and seller for the international trade transaction. Under this term, the seller fulfills his obligation to deliver when the goods have passed over the ship’s rail at the named port of shipment. This means that the buyer has to bear all costs and risks of loss of or damage to the goods from that point. The seller must clear the goods for export.
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