Incoterms & International Shipping Terminology | American Piping Products

Ex Works (EXW)

This term 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 lớn load the goods on any collecting vehicle, nor does it need lớn clear the goods for export, where such clearance is applicable.

Free Carrier (FCA)

This term means that the seller delivers the goods lớn the carrier or another person nominated by the buyer at the seller’s premises or another named place. The parties are well advised lớn specify as clearly as possible the point within the named place of delivery, as the risk passes lớn the buyer at that point.

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Carriage Paid To (CPT)

This term means that the seller delivers the goods lớn 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 lớn bring the goods lớn the named place of destination.

Carriage and Insurance Paid To (CIP)

This term means that the seller delivers the goods lớn 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 lớn bring the goods lớn the named place of destination. The seller also contracts for insurance cover against the buyer’s risk of loss of or damage lớn the goods during the carriage. The buyer should note that under CIP the seller is required lớn obtain insurance only on minimum cover. Should the buyer wish lớn have more insurance protection, it will need either lớn agree as much expressly with the seller or lớn make its own extra insurance arrangements.

Delivered at Terminal (DAT)

This term 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 of place of destination. “Terminal” includes a place, whether covered or not, such as a xoay, warehouse, container yard or road, rail or air cargo terminal. The seller bears risks involved in bringing the goods lớn and unloading them at the terminal at the named port or place of destination.

Delivered at Place (DAP)

This term 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 lớn the named place.

Delivered Duty Paid (DDP)

This term 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 lớn the place of destination and has an obligation lớn clear the goods not only for export but also for import, lớn pay any duty for both export and import and lớn carry out all customs formalities.

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Free Alongside Ship (FAS)

This term means that the seller delivers when the goods are placed alongside the vessel (e.g., on a xoay or a barge) nominated by the buyer at the named port of shipment. The risk of loss or damage lớn the goods passes when the goods are alongside the ship, and the buyer bears all costs from that moment onwards.

Free on Board (FOB)

This term 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 sánh delivered. The risk of loss of or damage lớn the goods passes when the goods are on board the vessel, and the buyer bears all costs from that moment onwards.

Cost and Freight (CFR)

This term means that the seller delivers the goods on board the vessel or procures the goods already sánh delivered. The risk of loss of or damage lớn the goods passes when the goods are on board the vessel. The seller must contract for and pay the costs and freight necessary lớn bring the goods lớn the named port of destination.

Cost, Insurance and Freight (CIF)

This term means that the seller delivers the goods on board the vessel or procures the goods already sánh delivered. The risk of loss of or damage lớn the goods passes when the goods are on board the vessel. The seller must contract for and pay the costs and freight necessary lớn bring the goods lớn the named port of destination.

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The seller also contracts for insurance cover against the buyer’s risk of loss of or damage lớn the goods during the carriage. The buyer should note that under CIF the seller is required lớn obtain insurance only on minimum cover. Should the buyer wish lớn have more insurance protection, it will need either lớn agree as much expressly with the seller or lớn make its own extra insurance arrangements.

The full official text of the rules can be obtained from the ICC Business Bookstore

Source: The Incoterms rules, 2010, http://www.iccwbo.org/products-and-services/trade-facilitation/incoterms-2010/the-incoterms-rules/