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Tuesday , December 11 2018

FOB Incoterms

fob

9.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 …

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Sea and inland waterway transport : FAS Incoterms

FAS

Sea and inland waterway transport only 8.FAS Incoterms – Free Alongside Ship (named port of shipment) This is revised in Incoterms 2010, where now the seller or, more typically, his shipper/freight forwarder, must clear the goods for export. Note that this is not a multimodal term, but is used for …

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DDP Incoterms

DDP

7.DDP Incoterms – Delivered Duty Paid (named place of destination) This is the polar opposite to EXW: here the seller assumes all costs, risks and obligations, including import duties, taxes, clearance fees etc., right up to the destination point, where the buyer is then responsible for unloading the shipment. (You …

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DAP Incoterms

DAP

6.DAP Incoterms – Delivered at Place (named place of destination) Preview Changes 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 …

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Inco Terms Contd: DAT Incoterms

DDP

5.DAT Incoterms – Delivered at Terminal (named terminal at port or place of destination) In this system (new in Incoterms 2010) the seller pays for carriage to the arrival terminal, (excluding import clearance). Up to the point that goods are unloaded at the terminal, the risk remains with the seller. …

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Contd: CIP Incoterms

CIP

4.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 over …

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Contd: CPT Incoterms

CPT

3.CPT Incoterms – Carriage Paid To (named place of destination) The seller pays for carriage. The risk passes to the buyer when the goods are handed to the first carrier at the place of Importation. The seller also has to pay for cargo insurance, in the name of the buyer, …

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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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EXW Incoterms

exw1

Any mode of transport 1.EXW Incoterms – Ex Works (named place of delivery) This simple arrangement places the onus on the buyer to carry out the whole shipping process. The seller just makes the goods available at his factory or warehouse at the agreed date: if he physically loads them it …

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Incoterms 2010

Inco-terms

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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