Ex-Works
This shipment arrangement allows the seller to deliver (without loading) the goods at the disposal of the buyer at the seller's premises, It places minimum obligation on the seller with greater responsibility on the buyer. ln an Ex-Works transaction, goods are basically made available for pickup at the shipper/sellers works factory or warehouse etc and "delivery" is accomplished when the merchandise is released to the consignees freight forwarder for insurance, exports clearance and handling all other paperwork.
FOB (Free On Board)
The shipper/seller uses his freight forwarder to move the merchandise to the port or designated point of origin. FOB specifically refers to ocean or inland waterway transportation of goods Risk passes to buyer, including payment of all transportation and insurance costs. once delivered on board the ship by the seller. Delivery is accoplished al this time. A further step than FAS.
FCA (Free Carrier)
The seller is responsible for arranging the transportation and possibly also for clearing the goods for export but the seller is acting at the risk and expense of the buyer. Where in FOB the freight forwarder or Carrier is the choice of the buyer, in FCA the seller chooses and Works with the freight forwarder or carrier. "Delivery" is accomplished at a predetermined port or destination point and the buyer is responsible for insurance cover.
FAS (Free Alongside Ship)
Risk passes to the buyer, including payment of all transportation and insurance costs, once delivered alongside the ship (realistically al named port terminal) by the seller. FAS require the shipper/seller to clear goods for export Companies selling on these terms will ordinarily use their freight forwarder to clear the goods for export "Delivery" is accomplished when the goods are turned over to the buyer's forwarder for insurance and transportation.
CFR (Cost and Freight)
Formerly known as CNF defines two distinct and separate responsibilities One is dealing with the actual cost of the merchandise "C" and the other "F" refers to the freight charges to a predetermined destination point It is the shipper/seller's responsibility to get goods from their door to the port of destination "Delivery" is accomplished at this time Risk passes to the buyer once the goods are on board the vessel for insurance cover from the port of origin of shipment to the buyer's door Given that the shipper is responsible for transportation, the shipper also usually chooses the forwarder.
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CIF (Cost, Insurance and Freight)
This arrangement is similar to CFR, but instead of the buyer insuring the goods for the maritime phase of the voyageI the shipper/seller does so in this arrangement, the seller usually Chooses the forwarder "Delivery" is accomplished at the port of destination
CPT (Carriage Paid To)
In CPT transactions, the shipper/seller has the same obligations found in CIF where the Seller has to buy cargo insurance Cover naming the buyer as the insured while the goods are in transit.
CIP (Carriage and Insurance Paid To)
This term is primarily used for multimodal transport Because it relies on the carrier's insurance, the shipper/seller is only required to purchase minimum insurance cover When required by the buyer, the seller shall provide additional insurance cover at the buyer's expense When this agreement is in force, freight forwarders often act in effect as carriers.
DAP (Delivered At Place)
The goods are considered to be delivered once it is placed at the disposal of the buyer on the arriving means of transport ready for unloading at the destination The seller bears all risks involved in bringing the goods to the buyers named place Seller clears goods for export, not import DAP replaces DAFI, DDU.
DAT (Delivered At Terminal)
The seller delivers goods (unloaded) from [he delivering ship or other mode 0f transport and places same al the disposal of the buyer at the nominated terminal 0r place of destination such as a quay, Warehouse or container yard The seller bears all risks involved in the bringing of the goods and unloading them at the terminal Demurrage or detention charges may apply to the seller. Seller clears goods for export, not import DAT replaces DEQ, DES.
DDP (Delivered Duty Paid)
DDP terms tend to be used in intermodal or courier-type shipments whereby the shipper/seller is responsible for dealing with all tasks involved in moving the goods from the manufacturing plant to the buyer/consignee’s door. Seller/shipper is responsible for import clearance, duties and taxes so buyer is not "importer on record" Buyer is responsible for unloading. |
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