EXW (EX-Works)
“Ex Works” means that the
seller delivers when it places the goods at the disposal
of the buyer at the seller’s premises or at another
named place (i.e.,works, factory, warehouse, etc.). The
seller does not need to load the goods on any collecting
vehicle, nor does it need to clear the goods for export,
where such clearance is applicable.FOB (Free On Board)
“Free On Board”
means that the seller delivers the goods on board the
vessel nominated by the buyer at the named port of
shipment or procures the goods already so delivered. The
risk of loss of or damage to the goods passes when the
goods are on board the vessel, and the buyer bears all
costs from that moment onwards.
FCA (Free Carrier)
“Free
Carrier” means that the seller delivers the goods to the
carrier or another person nominated by the buyer at the
seller’s premises or another named place. The parties
are well advised to specify as clearly as possible the
point within the named place of delivery, as the risk
passes to the buyer at that point.
FAS (Free Alongside Ship)*
“Free Alongside
Ship” means that the seller delivers when the goods are
placed alongside the vessel (e.g., on a quay or a barge)
nominated by the buyer at the named port of shipment.
The risk of loss of or damage to the goods passes when
the goods are alongside the ship, and the buyer bears
all costs from that moment onwards.
CFR (Cost and Freight)
“Cost and
Freight” means that the seller delivers the goods on
board the vessel or procures the goods already so
delivered. The risk of loss of or damage to the goods
passes when the goods are on board the vessel. the
seller must contract for and pay the costs and freight
necessary to bring the goods to the named port of
destination.
CIF (Cost, Insurance and Freight)
"Cost, Insurance and Freight” means that the seller
delivers the goods on board the vessel or procures
the goods already so delivered. The risk of loss of
or damage to the goods passes when the goods are on
board the vessel. The seller must contract for and
pay the costs and freight necessary to bring the
goods to the named port of destination.
‘The seller also contracts for insurance cover
against the buyer’s risk of loss of or damage to the
goods during the carriage. The buyer should note
that under CIF the seller is required to obtain
insurance only on minimum cover. Should the buyer
wish to have more insurance protection, it will need
either to agree as much expressly with the seller or
to make its own extra insurance arrangements.”
CPT (Carriage Paid To)
“Carriage Paid To” means that the seller delivers the
goods to the carrier or another person nominated by the
seller at an agreed place (if any such place is agreed
between parties) and that the seller must contract for
and pay the costs of carriage necessary to bring the
goods to the named place of destination.
CIP (Carriage and Insurance Paid To)
"Carriage and Insurance Paid to” means that the seller
delivers the goods to the carrier or another person
nominated by the seller at an agreed place (if any
such place is agreed between parties) and that the
seller must contract for an pay the costs of
carriage necessary to bring the goods to the named
place of destination.
‘The seller also
contracts for insurance cover against the buyer’s
risk of loss of or damage to the goods during the
carriage. The buyer should note that under CIP the
seller is required to obtain insurance only on
minimum cover. Should the buyer wish to have more
insurance protection, it will need either to agree
as much expressly with the seller or to make its own
extra insurance arrangements.”
DAT (Delivered At Terminal)
“Delivered at Terminal” means that
the seller delivers when the goods, once unloaded from
the arriving means of transport, are placed at the
disposal of the buyer at a named terminal at the named
port or place of destination. “Terminal” includes a
place, whether covered or not, such as a quay,
warehouse, container yard or road, rail or air cargo
terminal. The seller bears all risks involved in
bringing the goods to and unloading them at the terminal
at the named port or place of destination.
DAP (Delivered At Place)
“Delivered at Place” means that
the seller delivers when the goods are placed at the
disposal of the buyer on the arriving means of transport
ready for unloading at the named place of destination.
The seller bears all risks involved in bringing the
goods to the named place.
DDP (Delivered Duty Paid)
“Delivered Duty Paid” means
that the seller delivers the goods when the goods are
placed at the disposal of the buyer, cleared for import
on the arriving means of transport ready for unloading
at the named place of destination. The seller bears all
the costs and risks involved in bringing the goods to
the place of destination and has an obligation to clear
the goods not only for export but also for import, to
pay any duty for both export and import and to carry out
all customs formalities.
