incoterms by Lucius malfoy

EXW

chloenoelle06 — 2024-01-16 08:01:56 UTC

The seller makes their product available at their factory, or at another named place. This term places the maximum obligation on the buyer and minimum obligations on the seller. The Ex Works term is often used while making an initial quotation for the sale of goods without any costs included

FCA

chloenoelle06 — 2024-01-16 08:03:42 UTC

The seller delivers the product, cleared for export, at a named place (possibly including the seller's own factory). The product can be delivered to a carrier send by the buyer, or to another party send by the buyer.

CPT

chloenoelle06 — 2024-01-16 08:06:00 UTC

The seller pays for the carriage of the product up to the named place of destination. However, the product is considered to be delivered when the product has been handed over to the first or main carrier, so that the risk transfers to buyer upon handing the product over to that carrier at the place of shipment in the country of Export.

CIP

chloenoelle06 — 2024-01-16 08:08:22 UTC

This term is broadly similar to the above CPT term, with the exception that the seller is required to obtain insurance for the product while in transit. CIP requires the seller to insure the goods for 100% of the contract value. The policy should be in the same currency as the contract, and should allow the buyer, the seller, and anyone else with an insurable interest in the product to be able to make a claim.

DAT

chloenoelle06 — 2024-01-16 08:10:12 UTC

This term means that the seller delivers the product to the buyer to the named terminal in the contract of sale, unloaded from the main carriage vehicle. The seller is responsible for making a safe delivery of product to the named terminal, paying all transportation and export and transit customs clearance expenses. The seller bears the risks and costs associated with supplying the product to the delivery terminal and unloading them, where the buyer becomes responsible for paying the duty and taxes, as well as any further carriage to a destination.

DAP

chloenoelle06 — 2024-01-16 08:11:49 UTC

Once the product is ready for shipment, the necessary packing is carried out by the seller at their own cost, so that the product reaches their final destination safely. All necessary legal formalities in the exporting country are completed by the seller at their own cost and risk to clear the product for export.

DDP

chloenoelle06 — 2024-01-16 08:12:55 UTC

Seller is responsible for delivering the product to the named place in the country of the buyer, and pays all costs in bringing the product to the destination including import duties and taxes.

FAS

chloenoelle06 — 2024-01-16 08:14:13 UTC

The seller delivers when the product is placed alongside the buyer's vessel 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 product from that moment.

FOB

chloenoelle06 — 2024-01-16 08:15:57 UTC

Under FOB terms the seller bears all costs and risks up to the point the product is loaded on board the vessel. The seller's responsibility does not end at that point unless the product is "appropriated to the contract"

CFR

chloenoelle06 — 2024-01-16 08:17:38 UTC

The seller pays for the carriage of the product up to the named port of destination. Risk transfers to buyer when the product has been loaded on board the ship in the country of Export. The seller is responsible for original costs including export clearance and freight costs for carriage to the named port.

CIF

chloenoelle06 — 2024-01-16 08:19:52 UTC

A station or warehouse where a number of products are stored to be shipped together in one or more containers. At a CFS, the products normally belong to a number of different customers, and the shipment is often done via LCL shipments.