Incoterms

Los Incoterms rules (Internacional Commercial Terms) are globally recognized terms that reflect the obligations and responsibilities of the parties to a purchase agreement of goods internationally.

EXW (Ex Works)

This rule means the minimum responsibility for seller, who just must make the goods available, suitably packaged, at the agreed place, normally the seller’s facilities. Therefore, buyer must pay all expensed from loading place.

FCA (Free Carrier)

In any cases, seller is responsible for export customs clearance; the buyer assumes all risks and costs after the goods have been delivered at the named place.

FOB (Free On Board)

Seller delivers goods, cleared for export, loaded on board the vessel at the named port. Risk is transferred to the buyer once the goods have been loaded on board, this is also the time in which buyer bears the expenses.

CFR (Cost and Freight)

This rule usage is restricted to sea shipments. Seller arranges and pays for transport from origin to the destination port. Seller delivers goods, cleared for export, loaded on board, this is the time in which risk transfers to buyer.

CIF (Cost, Insurance and Freight)

The only variation from CFR rule is that the seller must contract and also assume the cost of insurance for the goods.

CPT (Cost Paid To)

It’s an intermodal rule in which the seller is responsible for arranging carriage to the named place at destination country.  However, risk transfers from seller to buyer at the point where the goods are taken in responsibility by the carrier in the country of origin.

CIP (Cost and Insurance Paid to)

The only variation from CPT rule is that the seller must contract and also assume the cost of insurance for the goods.

DPU (Delivered at Place, Unloaded)

The seller is responsible for arranging transport and for delivering the goods, unloaded from the arriving vehicle at the named place. Risk transfers from seller to buyer when the goods have been unloaded.  This is the only Incoterm that oblige the seller to unload the goods at destination.

The buyer takes in responsibility for import customs clearance, as well as duties and taxes.

DAP (Delivery at Place)

The only variation from DPU is that unloading is at the buyer’s risk.

DDP (Delivered Duty Paid)

The seller is responsible for arranging carriage and delivering the goods at the named place, not unloaded, but customs cleared and assuming all the applicable taxes and duties too.

Risk transfers from seller to buyer when the goods are made available to the buyer, ready for unloading from the arriving means of transport.

 

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