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Inco terms

CFR : Cost and Freight

CFR1

CFR Incoterms – Cost and Freight (named port of destination) Under this arrangement (previously known as C&F) the seller must pay the costs and freight to get the goods to their destination port, at which point delivery is achieved (but it is not the seller’s job to clear them through …

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FOB – Free on Board

FOB1

FOB Incoterms – Free on Board (named port of shipment) Be wary of the misleading nature of this common phrase and how it is often misused. It is to be used only for exclusively water transportation. Do not use it for road/rail/sea multimodal container transportation – use FCA instead. In FOB, …

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DAP Incoterms

DAP

DAP Incoterms – Delivered at Place (named place of destination) Also new in Incoterms 2010, this is identical to DAT, except that the seller remains responsible for cost and risk (exc. import clearance) right up to the point that the goods are ready for unloading by buyer at his chosen …

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CIP Incoterms

CIP

  CIP Incoterms – Carriage and Insurance Paid to (named place of destination) This is commonly used in road/rail or road/sea container shipments and is the multimodal equivalent of CIF. The seller pays for carriage and insurance to the named destination point, but risk passes when the goods are handed …

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FCA Incoterms

fca

FCA Incoterms – Free Carrier (named place of delivery) The seller hands over the goods, cleared for export, to the first carrier with whom he has made the arrangements (even if that carrier has been chosen by the buyer). The buyer normally pays for carriage to the port of import, …

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Incoterms 2010 Contd

ICC

Incoterms 2010 It may also help to note the significance of the first letter in the terms: C terms require the seller to pay for shipping. D terms mean that the seller or shipper’s responsibility ceases at a specified point, and they deal with who will pay pier, docking and …

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Incoterms 2010

exw

Incoterms 2010 This latest version was launched in September 2010 but actually came into being on 1st January 2011. This sometimes leads to confusion, with people referring to Incoterms 2011; and you may hear references to Incoterms 2012 or Incoterms 2013. They are not, however, updated annually and the correct …

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Incoterms :-International Commercial Terms

inco-term1

  Incoterms’ has become a stock term in the international freight world. In fact it is a word that is copyrighted by the International Chamber of Commerce (ICC). Following some years of discussion and drafting within the ICC, they issued the first International Commercial Terms (Inco terms) in 1936. There …

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