Incoterms are widely used in international commerical transaction or procurement process and there used is encourged by trade councils and international lawers
Have you ever wondered about the meaning of commodity trading terms, or Incoterms? FOB…DES…DDP. Say What?!?
Incoterms were established by the International Chamber of Commerce (ICC), a non-governmental organization, to standardize the interpretation of major trade terms.
Sales contracts using Incoterms define the obligations and risks of both the seller and the buyer. The obligations cover the period while the merchandise is in transit, whether by land, sea, air or a combination of modes.
INTERNATIONAL SHIPPING TERMS , INCOTERMSAman Dwivedi
INTERNATIONAL SHIPPING TERMS (INCOTERMS)
1. EXW – Ex Works (named place of delivery)
2. FCA – Free Carrier (named place of delivery)
3. CPT – Carriage Paid To (named place of destination)
4. CIP – Carriage and Insurance Paid to (named place of destination)
5. DAT – Delivered At Terminal (named terminal at port or place of destination)
6. DAP – Delivered At Place (named place of destination)
7. DDP – Delivered Duty Paid (named place of destination)
8. FAS – Free Alongside Ship (named port of shipment)
9. FOB – Free on Board (named port of shipment)
10. CFR – Cost and Freight (named port of destination)
11. CIF – Cost, Insurance & Freight (named port of destination)
Have you ever wondered about the meaning of commodity trading terms, or Incoterms? FOB…DES…DDP. Say What?!?
Incoterms were established by the International Chamber of Commerce (ICC), a non-governmental organization, to standardize the interpretation of major trade terms.
Sales contracts using Incoterms define the obligations and risks of both the seller and the buyer. The obligations cover the period while the merchandise is in transit, whether by land, sea, air or a combination of modes.
INTERNATIONAL SHIPPING TERMS , INCOTERMSAman Dwivedi
INTERNATIONAL SHIPPING TERMS (INCOTERMS)
1. EXW – Ex Works (named place of delivery)
2. FCA – Free Carrier (named place of delivery)
3. CPT – Carriage Paid To (named place of destination)
4. CIP – Carriage and Insurance Paid to (named place of destination)
5. DAT – Delivered At Terminal (named terminal at port or place of destination)
6. DAP – Delivered At Place (named place of destination)
7. DDP – Delivered Duty Paid (named place of destination)
8. FAS – Free Alongside Ship (named port of shipment)
9. FOB – Free on Board (named port of shipment)
10. CFR – Cost and Freight (named port of destination)
11. CIF – Cost, Insurance & Freight (named port of destination)
INCOTERMS are a set of three-letter standard trade terms used worldwide in international and domestic contracts for the sale of goods. Learn their definitions and how they are used. AFC International can help you import your goods bound for the U.S. quick and easy. Visit http://www.afcinternationalllc.com/ to get started.
Cost Transfer (Ocean Shipping)
Risk/Ownership Transfer (Ocean Shipping)
Cost Transfer (Air Shipping)
Risk/Ownership Transfer (Air Shipping)
Risk/Ownership Transfer (Land Shipping)
Cost Transfer (Land Shipping)
INCOTERMS 2010
Incoterms are internationally accepted commercial terms defining the respective roles of the buyer and seller in the arrangement of transportation and other responsibilities and clarify when the ownership of the merchandise takes place. They are used in conjunction with a sales agreement or other method of transacting the sale.
EXW - Ex Works -- Title and risk pass to buyer including payment of all transportation and insurance cost from the seller's door. Used for any mode of transportation.
FCA - Free Carrier -- Title and risk pass to buyer including transportation and insurance cost when the seller delivers goods cleared for export to the carrier. Seller is not obligated to load the goods on the Buyer's collecting vehicle (except when the named place is at the seller’s premises); it is the Buyer's obligation to receive the Seller's arriving vehicle unloaded.
FAS - Free Alongside Ship --Title and risk pass to buyer including payment of all transportation and insurance cost once delivered alongside ship by the seller at named port terminal by seller. Used for sea or inland waterway transportation. The export clearance obligation rests with the seller.
FOB - Free On Board and risk pass to buyer including payment of all transportation and insurance cost once delivered on board the ship by the seller. Used for sea or inland waterway transportation.
CFR - Cost & Freight -- Title, risk and insurance cost pass to buyer when delivered on board the main carrier(vessel) by seller who pays the transportation cost to the destination port. Used for sea or inland waterway transportation.
CIF - Cost, Insurance & Freight -- Title and risk pass to buyer when delivered on board the ship by seller who pays transportation and insurance cost to destination port. Used for sea or inland waterway transportation.
CPT - Carriage Paid To -- Title, risk and insurance cost pass to buyer when delivered by seller who pays transportation cost to a named place. Used for any mode of transportation.
CIP - Carriage & Insurance Paid To --Seller delivers goods to the carrier at an agreed place, shifting risk to the buyer, but seller who pays transportation and insurance cost to a named place of destination. Used for any mode of transportation.
DAT - Delivered at Terminal -- Title, risk and responsibility pass to buyer when delivered to named quay, warehouse, yard or terminal at destination. Used for any mode of transportation (replaces DEQ & DES).
DAP - Delivered At Place -- Seller bears cost, risk, responsibility for goods until made available to buyer at named place of destination. Buyer is responsible for imp.
INCOTERMS are a set of three-letter standard trade terms used worldwide in international and domestic contracts for the sale of goods. Learn their definitions and how they are used. AFC International can help you import your goods bound for the U.S. quick and easy. Visit http://www.afcinternationalllc.com/ to get started.
Cost Transfer (Ocean Shipping)
Risk/Ownership Transfer (Ocean Shipping)
Cost Transfer (Air Shipping)
Risk/Ownership Transfer (Air Shipping)
Risk/Ownership Transfer (Land Shipping)
Cost Transfer (Land Shipping)
INCOTERMS 2010
Incoterms are internationally accepted commercial terms defining the respective roles of the buyer and seller in the arrangement of transportation and other responsibilities and clarify when the ownership of the merchandise takes place. They are used in conjunction with a sales agreement or other method of transacting the sale.
EXW - Ex Works -- Title and risk pass to buyer including payment of all transportation and insurance cost from the seller's door. Used for any mode of transportation.
FCA - Free Carrier -- Title and risk pass to buyer including transportation and insurance cost when the seller delivers goods cleared for export to the carrier. Seller is not obligated to load the goods on the Buyer's collecting vehicle (except when the named place is at the seller’s premises); it is the Buyer's obligation to receive the Seller's arriving vehicle unloaded.
FAS - Free Alongside Ship --Title and risk pass to buyer including payment of all transportation and insurance cost once delivered alongside ship by the seller at named port terminal by seller. Used for sea or inland waterway transportation. The export clearance obligation rests with the seller.
FOB - Free On Board and risk pass to buyer including payment of all transportation and insurance cost once delivered on board the ship by the seller. Used for sea or inland waterway transportation.
CFR - Cost & Freight -- Title, risk and insurance cost pass to buyer when delivered on board the main carrier(vessel) by seller who pays the transportation cost to the destination port. Used for sea or inland waterway transportation.
CIF - Cost, Insurance & Freight -- Title and risk pass to buyer when delivered on board the ship by seller who pays transportation and insurance cost to destination port. Used for sea or inland waterway transportation.
CPT - Carriage Paid To -- Title, risk and insurance cost pass to buyer when delivered by seller who pays transportation cost to a named place. Used for any mode of transportation.
CIP - Carriage & Insurance Paid To --Seller delivers goods to the carrier at an agreed place, shifting risk to the buyer, but seller who pays transportation and insurance cost to a named place of destination. Used for any mode of transportation.
DAT - Delivered at Terminal -- Title, risk and responsibility pass to buyer when delivered to named quay, warehouse, yard or terminal at destination. Used for any mode of transportation (replaces DEQ & DES).
DAP - Delivered At Place -- Seller bears cost, risk, responsibility for goods until made available to buyer at named place of destination. Buyer is responsible for imp.
Understanding INCO Terms: A Comprehensive Guide to International Tradeworkshamruthi
This presentation includes information of definition of INCO Terms, Importance of INCO Terms in international trade, pros and cons of INCO Terms, explanation of the different INCO Terms (EXW, FCA, FAS, FOB, CFR, CIF, CPT, CIP, DAP, DPU, DDP) and the key differences between each term
Memorandum Of Association Constitution of Company.pptseri bangash
www.seribangash.com
A Memorandum of Association (MOA) is a legal document that outlines the fundamental principles and objectives upon which a company operates. It serves as the company's charter or constitution and defines the scope of its activities. Here's a detailed note on the MOA:
Contents of Memorandum of Association:
Name Clause: This clause states the name of the company, which should end with words like "Limited" or "Ltd." for a public limited company and "Private Limited" or "Pvt. Ltd." for a private limited company.
https://seribangash.com/article-of-association-is-legal-doc-of-company/
Registered Office Clause: It specifies the location where the company's registered office is situated. This office is where all official communications and notices are sent.
Objective Clause: This clause delineates the main objectives for which the company is formed. It's important to define these objectives clearly, as the company cannot undertake activities beyond those mentioned in this clause.
www.seribangash.com
Liability Clause: It outlines the extent of liability of the company's members. In the case of companies limited by shares, the liability of members is limited to the amount unpaid on their shares. For companies limited by guarantee, members' liability is limited to the amount they undertake to contribute if the company is wound up.
https://seribangash.com/promotors-is-person-conceived-formation-company/
Capital Clause: This clause specifies the authorized capital of the company, i.e., the maximum amount of share capital the company is authorized to issue. It also mentions the division of this capital into shares and their respective nominal value.
Association Clause: It simply states that the subscribers wish to form a company and agree to become members of it, in accordance with the terms of the MOA.
Importance of Memorandum of Association:
Legal Requirement: The MOA is a legal requirement for the formation of a company. It must be filed with the Registrar of Companies during the incorporation process.
Constitutional Document: It serves as the company's constitutional document, defining its scope, powers, and limitations.
Protection of Members: It protects the interests of the company's members by clearly defining the objectives and limiting their liability.
External Communication: It provides clarity to external parties, such as investors, creditors, and regulatory authorities, regarding the company's objectives and powers.
https://seribangash.com/difference-public-and-private-company-law/
Binding Authority: The company and its members are bound by the provisions of the MOA. Any action taken beyond its scope may be considered ultra vires (beyond the powers) of the company and therefore void.
Amendment of MOA:
While the MOA lays down the company's fundamental principles, it is not entirely immutable. It can be amended, but only under specific circumstances and in compliance with legal procedures. Amendments typically require shareholder
[Note: This is a partial preview. To download this presentation, visit:
https://www.oeconsulting.com.sg/training-presentations]
Sustainability has become an increasingly critical topic as the world recognizes the need to protect our planet and its resources for future generations. Sustainability means meeting our current needs without compromising the ability of future generations to meet theirs. It involves long-term planning and consideration of the consequences of our actions. The goal is to create strategies that ensure the long-term viability of People, Planet, and Profit.
Leading companies such as Nike, Toyota, and Siemens are prioritizing sustainable innovation in their business models, setting an example for others to follow. In this Sustainability training presentation, you will learn key concepts, principles, and practices of sustainability applicable across industries. This training aims to create awareness and educate employees, senior executives, consultants, and other key stakeholders, including investors, policymakers, and supply chain partners, on the importance and implementation of sustainability.
LEARNING OBJECTIVES
1. Develop a comprehensive understanding of the fundamental principles and concepts that form the foundation of sustainability within corporate environments.
2. Explore the sustainability implementation model, focusing on effective measures and reporting strategies to track and communicate sustainability efforts.
3. Identify and define best practices and critical success factors essential for achieving sustainability goals within organizations.
CONTENTS
1. Introduction and Key Concepts of Sustainability
2. Principles and Practices of Sustainability
3. Measures and Reporting in Sustainability
4. Sustainability Implementation & Best Practices
To download the complete presentation, visit: https://www.oeconsulting.com.sg/training-presentations
As a business owner in Delaware, staying on top of your tax obligations is paramount, especially with the annual deadline for Delaware Franchise Tax looming on March 1. One such obligation is the annual Delaware Franchise Tax, which serves as a crucial requirement for maintaining your company’s legal standing within the state. While the prospect of handling tax matters may seem daunting, rest assured that the process can be straightforward with the right guidance. In this comprehensive guide, we’ll walk you through the steps of filing your Delaware Franchise Tax and provide insights to help you navigate the process effectively.
Enterprise Excellence is Inclusive Excellence.pdfKaiNexus
Enterprise excellence and inclusive excellence are closely linked, and real-world challenges have shown that both are essential to the success of any organization. To achieve enterprise excellence, organizations must focus on improving their operations and processes while creating an inclusive environment that engages everyone. In this interactive session, the facilitator will highlight commonly established business practices and how they limit our ability to engage everyone every day. More importantly, though, participants will likely gain increased awareness of what we can do differently to maximize enterprise excellence through deliberate inclusion.
What is Enterprise Excellence?
Enterprise Excellence is a holistic approach that's aimed at achieving world-class performance across all aspects of the organization.
What might I learn?
A way to engage all in creating Inclusive Excellence. Lessons from the US military and their parallels to the story of Harry Potter. How belt systems and CI teams can destroy inclusive practices. How leadership language invites people to the party. There are three things leaders can do to engage everyone every day: maximizing psychological safety to create environments where folks learn, contribute, and challenge the status quo.
Who might benefit? Anyone and everyone leading folks from the shop floor to top floor.
Dr. William Harvey is a seasoned Operations Leader with extensive experience in chemical processing, manufacturing, and operations management. At Michelman, he currently oversees multiple sites, leading teams in strategic planning and coaching/practicing continuous improvement. William is set to start his eighth year of teaching at the University of Cincinnati where he teaches marketing, finance, and management. William holds various certifications in change management, quality, leadership, operational excellence, team building, and DiSC, among others.
India Orthopedic Devices Market: Unlocking Growth Secrets, Trends and Develop...Kumar Satyam
According to TechSci Research report, “India Orthopedic Devices Market -Industry Size, Share, Trends, Competition Forecast & Opportunities, 2030”, the India Orthopedic Devices Market stood at USD 1,280.54 Million in 2024 and is anticipated to grow with a CAGR of 7.84% in the forecast period, 2026-2030F. The India Orthopedic Devices Market is being driven by several factors. The most prominent ones include an increase in the elderly population, who are more prone to orthopedic conditions such as osteoporosis and arthritis. Moreover, the rise in sports injuries and road accidents are also contributing to the demand for orthopedic devices. Advances in technology and the introduction of innovative implants and prosthetics have further propelled the market growth. Additionally, government initiatives aimed at improving healthcare infrastructure and the increasing prevalence of lifestyle diseases have led to an upward trend in orthopedic surgeries, thereby fueling the market demand for these devices.
Attending a job Interview for B1 and B2 Englsih learnersErika906060
It is a sample of an interview for a business english class for pre-intermediate and intermediate english students with emphasis on the speking ability.
Taurus Zodiac Sign_ Personality Traits and Sign Dates.pptxmy Pandit
Explore the world of the Taurus zodiac sign. Learn about their stability, determination, and appreciation for beauty. Discover how Taureans' grounded nature and hardworking mindset define their unique personality.
"𝑩𝑬𝑮𝑼𝑵 𝑾𝑰𝑻𝑯 𝑻𝑱 𝑰𝑺 𝑯𝑨𝑳𝑭 𝑫𝑶𝑵𝑬"
𝐓𝐉 𝐂𝐨𝐦𝐬 (𝐓𝐉 𝐂𝐨𝐦𝐦𝐮𝐧𝐢𝐜𝐚𝐭𝐢𝐨𝐧𝐬) is a professional event agency that includes experts in the event-organizing market in Vietnam, Korea, and ASEAN countries. We provide unlimited types of events from Music concerts, Fan meetings, and Culture festivals to Corporate events, Internal company events, Golf tournaments, MICE events, and Exhibitions.
𝐓𝐉 𝐂𝐨𝐦𝐬 provides unlimited package services including such as Event organizing, Event planning, Event production, Manpower, PR marketing, Design 2D/3D, VIP protocols, Interpreter agency, etc.
Sports events - Golf competitions/billiards competitions/company sports events: dynamic and challenging
⭐ 𝐅𝐞𝐚𝐭𝐮𝐫𝐞𝐝 𝐩𝐫𝐨𝐣𝐞𝐜𝐭𝐬:
➢ 2024 BAEKHYUN [Lonsdaleite] IN HO CHI MINH
➢ SUPER JUNIOR-L.S.S. THE SHOW : Th3ee Guys in HO CHI MINH
➢FreenBecky 1st Fan Meeting in Vietnam
➢CHILDREN ART EXHIBITION 2024: BEYOND BARRIERS
➢ WOW K-Music Festival 2023
➢ Winner [CROSS] Tour in HCM
➢ Super Show 9 in HCM with Super Junior
➢ HCMC - Gyeongsangbuk-do Culture and Tourism Festival
➢ Korean Vietnam Partnership - Fair with LG
➢ Korean President visits Samsung Electronics R&D Center
➢ Vietnam Food Expo with Lotte Wellfood
"𝐄𝐯𝐞𝐫𝐲 𝐞𝐯𝐞𝐧𝐭 𝐢𝐬 𝐚 𝐬𝐭𝐨𝐫𝐲, 𝐚 𝐬𝐩𝐞𝐜𝐢𝐚𝐥 𝐣𝐨𝐮𝐫𝐧𝐞𝐲. 𝐖𝐞 𝐚𝐥𝐰𝐚𝐲𝐬 𝐛𝐞𝐥𝐢𝐞𝐯𝐞 𝐭𝐡𝐚𝐭 𝐬𝐡𝐨𝐫𝐭𝐥𝐲 𝐲𝐨𝐮 𝐰𝐢𝐥𝐥 𝐛𝐞 𝐚 𝐩𝐚𝐫𝐭 𝐨𝐟 𝐨𝐮𝐫 𝐬𝐭𝐨𝐫𝐢𝐞𝐬."
Falcon stands out as a top-tier P2P Invoice Discounting platform in India, bridging esteemed blue-chip companies and eager investors. Our goal is to transform the investment landscape in India by establishing a comprehensive destination for borrowers and investors with diverse profiles and needs, all while minimizing risk. What sets Falcon apart is the elimination of intermediaries such as commercial banks and depository institutions, allowing investors to enjoy higher yields.
Remote sensing and monitoring are changing the mining industry for the better. These are providing innovative solutions to long-standing challenges. Those related to exploration, extraction, and overall environmental management by mining technology companies Odisha. These technologies make use of satellite imaging, aerial photography and sensors to collect data that might be inaccessible or from hazardous locations. With the use of this technology, mining operations are becoming increasingly efficient. Let us gain more insight into the key aspects associated with remote sensing and monitoring when it comes to mining.
2. Incoterms - Trade Terms are key elements of international
contracts of sale. They tell the parties what to do with respect
to carriage of the goods from buyer to seller, and export &
import clearance. They also explain the division of costs and
risks between the parties.
The Incoterms rules are accepted by governments, legal
authorities, and practitioners worldwide for the
interpretation of most commonly used terms in
international trade. They are intended to reduce or remove
altogether uncertainties arising from differing interpretation
of the rules in different countries. As such they are regularly
incorporated into sales contracts worldwide.
3. In some jurisdictions, the duty costs of the goods may
be calculated against a specific Incoterm: for example
in India, duty is calculated against the CIF value of the
goods,and in South Africa the duty is calculated against
the FOB value of the goods. Because of this it is
common for contracts for exports to these countries to
use these Incoterms, even when they are not suitable
for the chosen mode of transport. If this is the case
then great care must be exercised to ensure that the
points at which costs and risks pass are clarified with
the customer.
4. Defined terms in Incoterms
There are certain terms that have special meaning within Incoterms, and
some of the more important ones are defined below:
Delivery: The point in the transaction where the risk of loss or damage to
the goods is transferred from the seller to the buyer
Arrival: The point named in the Incoterm to which carriage has been paid
Free: Seller has an obligation to deliver the goods to a named place for
transfer to a carrier
Carrier: Any person who, in a contract of carriage, undertakes to perform or
to procure the performance of transport by rail, road, air, sea, inland
waterway or by a combination of such modes
Freight forwarder: A firm that makes or assists in the making of shipping
arrangements;
Terminal: Any place, whether covered or not, such as a dock, warehouse,
container yard or road, rail or air cargo terminal
To clear for export: To file Shipper’s Export Declaration and get export
permit
5. EXW – Ex Works
FCA – Free Carrier
CPT – Carriage Paid
CIP – Carriage and Insurance Paid
DAT – Delivered At Terminal
DAP – Delivered At Place
DDP – Delivered Duty Paid
6. This term represents the seller's minimum
obligation, since he only has to place the
goods at the disposal of the buyer. The
buyer must carry out all tasks of export &
import clearance. Carriage & insurance is
to be arranged by the buyer.
7. This term means that the seller delivers the goods,
cleared for export, to the carrier nominated by the
buyer at the named place. Seller pays for carriage to
the named place.
If delivery occurs at the seller's premises, or at any
other location that is under the seller's control, the
seller is responsible for loading the goods on to the
buyer's carrier. However, if delivery occurs at any other
place, the seller is deemed to have delivered the goods
once their transport has arrived at the named place;
the buyer is responsible for both unloading the goods
and loading them onto their own carrier.
8. This term means that the seller delivers
the goods to the carrier nominated by him
but the seller must in addition pay the cost
of carriage necessary to bring the goods
to the named destination. The buyer bears
all costs occurring after the goods have
been so delivered. The seller must clear
the goods for export. This term may be
used irrespective of the mode of transport
9. This term is the same as CPT
with the exception that the
seller also has to procure
insurance against the buyer's
risk of loss or damage to the
goods during the carriage. This
term may be used for any
10. This Incoterm requires that the seller delivers the goods,
unloaded, at the named terminal. The seller covers all the
costs of transport (export fees, carriage, unloading from main
carrier at destination port and destination port charges) and
assumes all risk until arrival at the destination port or
terminal.
The terminal can be a Port, Airport, or inland freight
interchange, but must be a facility with the capability to
receive the shipment. If the seller is not able to organize
unloading, they should consider shipping under DAP terms
instead.
All charges after unloading (for example, Import duty, taxes,
customs and on-carriage) are to be borne by buyer. However,
it is important to note that any delay or demurrage charges at
the terminal will generally be for the seller's account.
11. Once goods are ready for shipment, the necessary packing is
carried out by the seller at his own cost, so that the goods
reach their final destination safely. All necessary legal
formalities in the exporting country are completed by the
seller at his own cost and risk to clear the goods for export.
After arrival of the goods in the country of destination, the
customs clearance in the importing country needs to be
completed by the buyer, e.g. import permit, documents
required by customs and etc., including all customs duties and
taxes.
Under DAP terms, all carriage expenses with any terminal
expenses are paid by seller up to the agreed destination
point. The necessary unloading cost at final destination has to
be borne by buyer under DAP terms
12. Seller is responsible for delivering the goods to the named place in
the country of the buyer, and pays all costs in bringing the goods to
the destination including import duties and taxes. The seller is not
responsible for unloading. This term is often used in place of the
non-Incoterm "Free In Store (FIS)". This term places the maximum
obligations on the seller and minimum obligations on the buyer. No
risk or responsibility is transferred to the buyer until delivery of the
goods at the named place of destination.
The most important consideration for DDP terms is that the seller
is responsible for clearing the goods through customs in the buyer's
country, including both paying the duties and taxes, and obtaining
the necessary authorizations and registrations from the authorities
in that country. Unless the rules and regulations in the buyer's
country are very well understood, DDP terms can be a very big risk
both in terms of delays and in unforeseen extra costs, and should be
used with caution.
14. This term means that the seller delivers when the
goods are placed alongside the vessel at the named
port of shipment. The seller is required to clear the
goods for export. The buyer has to bear all costs &
risks of loss or damage to the goods from that
moment. This term can be used for ocean transport
only.
15. This term means that the seller delivers when
the goods pass the ship's rail at the named port
of shipment. This means the buyer has to bear
all costs & risks to the goods from that point.
The seller must clear the goods for export. This
term can only be used for ocean transport. If
the parties do not intend to deliver the goods
across the ship's rail, the FCA term should be
used.
16. The seller delivers when the goods pass the
ship's rail in the port of shipment. Seller must
pay the cost & freight necessary to bring
goods to named port of destination. Risk of
loss & damage same as CFR. Seller also has to
procure marine insurance against buyer's risk
of loss/damage during the carriage. Seller
must clear the goods for export. This term can
only be used for ocean transport.
17. This term means the seller delivers when the goods
pass the ship's rail in the port of shipment. Seller
must pay the costs & freight necessary to bring the
goods to the named port of destination, BUT the
risk of loss or damage, as well as any additional
costs due to events occurring after the time of
delivery are transferred from seller to buyer. Seller
must clear goods for export. This term can only be
used for ocean transport.
18. DAF – Delivered at Frontier
DES – Delivered Ex Ship
DEQ – Delivered Ex Quay
DDU – Delivered Duty Unpaid
19. This term means that the seller delivers when
the goods are placed at the disposal of the
buyer on the arriving means of transport not
unloaded, cleared for export but not cleared for
import, at the named point & place at the
frontier - but before the customs border of the
adjoining country. To be used when delivering
to a land frontier.
20. DES – Delivered Ex Ship
Where goods are delivered ex ship, the passing of risk
does not occur until the ship has arrived at the named
port of destination and the goods made available for
unloading to the buyer. The seller pays the same freight
and insurance costs as he would under a CIF
arrangement. Unlike CFR and CIF terms, the seller has
agreed to bear not just cost, but also Risk and Title up to
the arrival of the vessel at the named port. Costs for
unloading the goods and any duties, taxes, etc. are for
the Buyer. A commonly used term in shipping bulk
commodities, such as coal, grain, dry chemicals; and
where the seller either owns or has chartered their own
vessel.
21. This terms is the same as DES with the
exception that the seller is responsible to place
the goods at the disposal of the buyer, not
cleared for import, on the quay (wharf) at the
named port of destination. Seller bears all costs
& risks as in DES plus discharging the goods
on the quay. This term can only be used in
ocean transport.
22. This term means the seller delivers the goods to the
buyer, not cleared for import, and not unloaded from
arriving means of transport at the named place of
destination. The seller bears all costs & risks
involved in bringing the goods to the named place
other than "duty" (which includes the responsibility
for customs formalities & payment of those
formalities, duties & taxes) for import into the
country of destination. Buyer is responsible for
payment of all customs & duties & taxes.
23. Incoterms 2020
New Incoterms are expected to appear in the last
quarter of 2019, ready to enter into force on 1
January 2020. The ICC's Incoterms 2020 Drafting
Group includes lawyers, traders and company
representatives from around the world, mostly
European but also from China and Australia.