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2024-11-21 07:49
» Incoterms 2000
The incoterms refers to international commercial terms (2000). Its is also called trade terms. Incoterms tells about the allocation of cost, risk, and obligation between exporter and importer. There are total 13 incoterms. These are
* ExW (Ex works)
* FCA (Free Carrier)
* FAS (Free Alongside Ship)
* FOB (Free On Board)
* CFR or CNF (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)
* DDP(Delivered Duty Paid)
Ex Works (named place)
Exworks means that the seller fulfills his obligation to deliver when ha has made the goods available at the promises (i.e., factory, warehouse) to the buyer.
Seller is not responsible for
* Loading the goods on the vehicle provided by the buyer.
* Clearing the goods for export.
The buyer bears the all the cost and risk involved in taking the goods from the seller's premises to the desired destination.
Seller is not responsible for
* Loading the goods on the vehicle provided by the buyer.
* Clearing the goods for export.
The buyer bears the all the cost and risk involved in taking the goods from the seller's premises to the desired destination.
FCA (Free Carrier) (named place)
In this incoterm the seller fulfill his obligation to deliver when he has handed over the goods, in the charge of the carrier named by the buyer at the named place. It is the responsibility of the exporter/seller to ensure custom clearance to the export shipment. If no precise place in indicated by the buyer, the seller may chose within the place orange stipulated where the carrier shall take the goods into his charge
FAS (Free Alongside Ship) (named port of shipment)
In this incoterm the seller fulfill his obligation to deliver when the goods have been placed along side the vessel on the quay or in lighters at the named port of shipment. It is the responsibility of the seller to ensure custom clearance of the export shipment.
In this incoterms buyer will bears the all the cost and risk of loss or damage to the goods from the moment.
In this incoterms buyer will arrange the space in the vessel or charters a ship.
In this incoterms buyer will bears the all the cost and risk of loss or damage to the goods from the moment.
In this incoterms buyer will arrange the space in the vessel or charters a ship.
FOB (Free On Board) (named port of shipment)
In this incoterms the seller will load the goods on the board of vessel over the ship's rail at the named port of shipment.
In this incoterms buyer will bears the all the cost and risk in his country of loss or damage to goods from the point onwards. This incoterms requires the seller to clear the goods for exports from the custom in his country. In this incoterms buyer will bears the freight and insurance cost.
In this incoterms buyer will bears the all the cost and risk in his country of loss or damage to goods from the point onwards. This incoterms requires the seller to clear the goods for exports from the custom in his country. In this incoterms buyer will bears the freight and insurance cost.
CFR or CNF (Cost and Freight) (named port of destination)
In this incoterms the seller must pay the cost and freight necessary to bring the goods to the named port of destination. It is the responsibility of the seller to ensure custom clearance of export shipment.
Once the goods are placed on the board of vessel, all the risk is transferred from the seller to his buyer. In this incoterms buyer is responsible of arranging marine insurance.
Once the goods are placed on the board of vessel, all the risk is transferred from the seller to his buyer. In this incoterms buyer is responsible of arranging marine insurance.
CIF (Cost Insurance Freight) (named port of destination)
This incoterms is same as CFR but the only difference is that in this incoterms the seller will also arrange the marine insurance against the buyer risk of loss or damage the goods during the carriage of goods.
CPT (Carriage Paid To) (named port of destination)
In this incoterms the seller pays the freight for the carriage of the goods to the named destination. The risk of loss or damage of the goods, as well as any additional cost due to event Occurring after 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. If subsequent carrier is used for the carrier to the agreed destination, the risk passes when the goods have been delivered to the first carrier.
CIP (Carriage and Insurance Paid To) (named port of destination)
In this incoterms the seller has the same obligation as under CPT except the seller should insure the goods against the buyer's risk of loss or damage to the goods during the carrier. In this incoterms the seller is required to clear the goods for export from the custom in his country.
DAF (Delivered at Frontier) (named place)
In this incterms the seller fulfils his obligation to deliver when the goods have been made available, cleared for export at the named destination at the frontier but before the custom border of the adjoining country.
DES (Delivered Ex Ship) (named port of destination)
In this incoterms the seller fulfils 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.
DEQ (Delivered Ex Quay) (named port of destination)
In this incoterms the seller fulfils his obligation to deliver when he has made the goods available to the buyer on the quay (wharf) at the named port of destination. In this incoterms the seller has to bear the all cost and risk involved up to the point of delivery of the goods to the buyer on the quay. it is the responsibility of the buyer to arrange the custom clearance of import consignment and pay all the cost, duties, taxes and charges from the point of delivery onwards.
DDU (Delivered Duty Unpaid) (named port of destination)
In this incoterms the seller has to bear the cost and risk involved in bringing the goods (excluding duties, taxes and other offices charges payable upon transportation as well as cost and risk of carrying out custom formalities) to the named place in the country of import. In this incoterms the buyer has to pay "demurrage charges" caused by failure to clear the goods for import in time.
DDP (Delivered Duty Paid) (named port of destination)
In this incoterms the seller fulfils his obligation to deliver when the goods have been made available at the named placed in the country of import. It is the responsibility of the seller to clear the goods for import from the custom in the importer's country. In this incoterms the seller has to bear the risk and cost including duties, taxes and other charges for the delivery of goods in importer's country.