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It is essential that you are aware of your terms of trade prior to shipment.

INCOTERMS are a set of three-letter standard trade terms most commonly used in international contracts for the sale of goods.

EXW (EX Works)
  • Buyer assumes almost all costs and risk throughout the shipping process
  • Seller's only job is making sure the buyer can access the goods
  • Once the buyer has access, it's all down to them (including loading the goods)

Risk transfers from seller to buyer:

At the seller's warehouse, offices or wherever the goods are being collected from.

FCA (Free Carrier)
  • It's the seller's job to get the goods to the buyer's carrier at an agreed location
  • Seller is also required to clear goods for export

Risk transfers from seller to buyer:

When the buyer's carrier receives the goods.

CIP (Carriage & Insurance Paid To)
  • Same seller responsibilities as CPT with one difference: the seller also pays for the carriage and insurance to the named destination.
  • Seller is obliged to purchase the maximum level of insurance cover under Clause A (Institute Cargo Clauses), for the buyer's risk.

Risk transfers from seller to buyer:

When the buyer's carrier receives the goods.

CPT (Carriage Paid To)
  • Same seller responsibilities as FCA with one difference: the seller covers delivery costs
  • As with FCA, it's the seller's responsibility to clear goods for export

Risk transfers from seller to buyer:

When the buyer's carrier receives the goods.

DAP (Delivered at Place)
  • Seller covers the costs and risk of transporting goods to an agreed address
  • Goods are classed as delivered when they're at the address and ready to be unloaded
  • Export and import responsibilities are the same as DAT

Risk transfers from seller to buyer:

When goods are ready for unloading at the agreed address

DDP (Delivered Duty Paid)
  • Seller takes almost all responsibility throughout the shipping process
  • They cover all costs and risk of transporting goods to the agreed address
  • Seller also makes sure goods are ready for unloading, fulfils export and import responsibilities and pays any duties

Risk transfers from seller to buyer:

When goods are ready for unloading at the agreed address.

DPU (Delivered At Place Unloaded) (previously DAT)
  • Seller is responsible for the costs and risk of delivering the goods to an agreed place of unloading.
  • The place of unloading could be any place, whether covered or not.
  • Seller organises customs clearance and unloads the goods at the place of unloading.
  • Buyer sorts import clearance and any related duties.

Risk transfers from seller to buyer:

At the place of unloading.

FAS (Free Alongside Ship)
  • Seller assumes all costs and risk until goods have been delivered next to the ship
  • Buyer then takes over risk and takes care of export and import clearance

Risk transfers from seller to buyer:

When goods have been delivered next to the ship.

FOB (Free On Board)
  • Seller assumes all costs and risk until goods have been delivered on board the ship
  • They also sort out export clearance
  • Buyer assumes all responsibilities as soon as the goods are on board

Risk transfers from seller to buyer:

When goods have been delivered onto the

CFR (Cost And Freight)
  • Seller has the same responsibilities as FOB but must also pay the cost of bringing the goods to the port
  • As with FIB, the buyer assumes all responsibilities as soon as the goods are on board

Risk transfers from seller to buyer:

When goods are on the ship.

 

CIF (Cost, Insurance And Freight)
  • Seller has the same obligations as CFR but must also cover insurance costs
  • Seller is obliged to purchase the minimum insurance cover which is 110% of the invoice value, in the currency of that invoice and contract.
  • If the buyer requires more comprehensive insurance, the seller must arrange the additional cover at the buyer's cost.

Risk transfers from seller to buyer:

When the goods are on the ship.