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INCOTERMS
Incoterms - contd
INCOTERMS CONTD..
Trade terms deal with division of costs and also of risk between
the parties but they do not deal with the transfer of property
rights in the good.
11 Incoterms 2010
General Transport
INCOTERMS CONTD..
EXW Ex Works . Named place
Buyer makes all arrangement at his own cost and risk to bring
the goods to the destination.
INCOTERMS CONTD..
FCA Free Carrier . Named place
Seller delivers the goods cleared for export at the named place
to the custody of the carrier named by the buyer.
INCOTERMS CONTD..
FAS Free Alongside Ship.named port of shipment
Seller to clear the goods for export and bear all the export
duties, taxes and other charges.
Buyer has to nominate the carrier, contract for the carriage and
pay the freight.
INCOTERMS CONTD..
INCOTERMS CONTD..
CFR- Cost and Freight named port of destination
Seller contracts for the carriage and pays for the main freight to
the named port of destination.
Seller delivers the goods onboard.
Seller obtains the export license and pay export taxes and
duties.
Risk of loss or dame of goods, as well as any additional costs
due to events after the time the goods delivered onboard the
vessel, are transferred from seller to buyer when the goods pass
the ships rail in the port of shipment.
Buyer accepts the delivery of the goods upon the shipment.
The term is used for only for sea and inland waterway transport
not for multimodal transport.
INCOTERMS CONTD..
CIF, Cost, Insurance and Freight.named port of
destination
Both terms are long established and ideal for sea transport in
port-port operations.
INCOTERMS CONTD..
CPT- Carriage Paid to named place of destination
Seller delivers the goods into the custody of first carrier and
pays the freight to the named destination. CPT is ideal for the
multi-modal transport operation which includes container
movements and ro-ro.
Seller obtains the export license and pays export taxes and
duties. The seller is responsible for export clearance and
associated costs.
Buyer must pay all costs relating to the goods from the time they
have been delivered, all costs and charges while in transit,
unloading costs, any additional costs.
INCOTERMS CONTD..
CIP Carriage, Insurance Paid To. Named place of
destination
Seller has the same obligations as under CPT but with the
addition that he has to procure cargo insurance on minimum
cover against buyers risk or loss or damage to the goods
during the carriage.
INCOTERMS CONTD..
DAT Delivered at Terminal
Seller bears all the risks involved in bringing the goods to and
unloading them at the terminal at the named port or place of
destination.
INCOTERMS CONTD..
DDP Delivered Duty Paid . At the named place of
destination
Delivered Duty Paid means seller delivers the goods when the
goods are placed at the disposal of buyer, cleared for imports
on the arriving means of transport ready at the named place of
destination.
Seller bears all the costs and risks involved in bringing goods
to the place of destination and has an obligation to clear the
goods not only for export but also imports, to pay any duty for
both export and import and to carry out all customs formalities.
Thank you!