Incoterms are standardized trade terms published by the International Chamber of Commerce that define the responsibilities of the seller and buyer for the delivery of goods under sales contracts. The document discusses the most common Incoterms - EXW, FCA, FAS, FOB, CFR, and CIF - and provides examples of how each term divides obligations between the buyer and seller. It also notes that the International Chamber of Commerce's publication Incoterms 2000 contains the full definitions and responsibilities for all Incoterms.
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.
In this installment in Trade Risk Guaranty's webinar series, we are joined by one of our marine cargo insurance experts to discuss an introduction to incoterms for United States importers.
The following topics are covered in detail:
- What are Incoterms?
- The 5 Most Common Incoterms
- Identifying Your Incoterms
- Advice from an Expert
DOWNLOAD A FULL INCOTERMS EBOOK: http://bit.ly/2HXGbUD
Watch the full webinar here: https://youtu.be/IZC5NgukKio
The knowledge of INCO terms is very essential for those who are in export import business on the other hand it is also useful for the students of commerce and management.
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.
In this installment in Trade Risk Guaranty's webinar series, we are joined by one of our marine cargo insurance experts to discuss an introduction to incoterms for United States importers.
The following topics are covered in detail:
- What are Incoterms?
- The 5 Most Common Incoterms
- Identifying Your Incoterms
- Advice from an Expert
DOWNLOAD A FULL INCOTERMS EBOOK: http://bit.ly/2HXGbUD
Watch the full webinar here: https://youtu.be/IZC5NgukKio
The knowledge of INCO terms is very essential for those who are in export import business on the other hand it is also useful for the students of commerce and management.
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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.
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.
Incoterms are widely used in international commerical transaction or procurement process and there used is encourged by trade councils and international lawers
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)
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2. 2. Determine (Incoterms) Terms of Sale
• Exporter must know the terms before
preparing a quotation or a pro forma
invoice.
• Incoterms are standardized names
created by the International Chamber of
Commerce (ICC) for describing terms of
sale.
3. Diagram of INCO terms
http://www.export911.com/e911/export/incot
erm
4.
5. Most Common Incoterms
Term Definition Risk Cost Include on
Quotation
EXW Ex
Works
Buyer arranges for
pick up of goods at
the seller’s location.
Seller is responsible
for packing, labeling,
and preparing the
goods for shipment
on a specified date or
time
Buyer assumes
all risk
Buyer pays all
transportation
costs
N/A
FCA Free
Carrier
Seller is responsible
for costs until the
buyer’s named freight
carrier takes charge
Seller and
Buyer
Split N/A
FAS Free
Alongside
Ship (over
water only)
Buyer arranges for
the ocean transport.
Seller is responsible
for packing labeling,
preparing the goods
for shipment, and
delivering the goods
to the dock.
Seller: until the
goods reach
the dock.
Buyer: from
dock to
destination
Buyer: all ocean
transport costs.
Seller is
responsible for
costs associated
with transporting
the goods to the
dock.
Costs of
transporting
goods to the
dock.
6. Most Common Incoterms
Term Definition Risk Cost Include on
Quotation
FOB* Free
On Board
FOB should
also never be
used unless you
specify what
and where such
as "FOB ocean
vessel at New
York City
Seller arranges for
ocean transport of the
goods, preparing the
goods for shipment,
and loading the goods
onto the vessel. The
goods ship ocean
freight collect.
Buyer: Once
the items are
on board
Seller: Wharfage
(charges to load
the goods onto the
ship) and freight
forwarder fees.
Costs, until on
board
CFR Cost
and Freight
Seller has the same
responsibilities as
when shipping FOB,
but shipping costs are
prepaid by the seller,
instead of shipping
collect.
Seller:
assumes the
risk until the
shipment
reaches the
overseas dock.
Seller: costs of
freight fees up to
destination.
Add Freight to
cost of product.
CIF Cost,
Insurance,
and Freight
Seller has the same
responsibilities as
when shipping CFR
with addition of
including a marine
insurance policy
Seller:; until the
shipment
reaches the
overseas dock.
Seller insurance
and freight
forwarder fees.
Insurance,
freight and cost
of goods
7. FOB Example
FOB, New Orleans for 3 ice makers. You as the
exporter are responsible for all costs in delivering the
goods to New Orleans and loading the icemakers on
board a vessel named by the German firm. You are
responsible for arranging any export clearances
(licenses, taxed, fees). The German firm is
responsible for booking space for cargo and pays for
the ocean freight.
8. CIF Example
CIF (Named foreign port of destination) YCI quotes its
German customer CIF Bremerhaven for 3 ice makers.
YCI arranges for and pays all transportation costs to the
Port of Bremerhaven. YCI arranges and pays for the
marine insurance policy. YCI, however, is only
responsible for risk of loss until loading of the icemakers
on board the vessel in New Orleans.
9. FAS Example
YCI, the U.S. exporter, quotes the German firm FAS, New
Orleans for 3 ice makers. YCI is responsible for all costs in
getting the goods to the Port of New Orleans alongside the
nominated vessel prior to sailing time. The German buyer is
responsible for booking space, paying ocean freight and
arranging for all export clearances.
10. Source for INCOTERMS
For a complete list of INCOTERMS,
including responsibilities of the parties,
see Incoterms 2000.
http://www.dsl.co.nz/index.asp?
page=incoterm.htm