The document summarizes the key International Commercial Terms (Incoterms) for international trade. It outlines the 11 main Incoterms rules categorized into "E" terms (origin), "F" terms (freight charges not paid), "C" terms (freight charges paid), and "D" terms (destination/arrival). For each term, it indicates which party is responsible for costs and services such as warehousing, loading, freight, insurance, customs and delivery. It also indicates when risk and responsibility transfers between the buyer and seller under each Incoterm rule.
The document summarizes the key International Commercial Terms (Incoterms) for international trade. It outlines the 11 main Incoterms rules categorized into "E" terms (origin), "F" terms (freight charges not paid), "C" terms (freight charges paid), and "D" terms (destination/arrival). For each term, it indicates which party is responsible for costs and services such as warehousing, loading, freight, insurance, customs and delivery. It also indicates when risk and responsibility transfers between the buyer and seller under each Incoterm rule.
The document summarizes the key International Commercial Terms (Incoterms) for international trade. It outlines the 11 main Incoterms rules categorized into "E" terms (origin), "F" terms (freight charges not paid), "C" terms (freight charges paid), and "D" terms (destination/arrival). For each term, it indicates which party is responsible for costs and services such as warehousing, loading, freight, insurance, customs and delivery. It also indicates when risk and responsibility transfers between the buyer and seller under each Incoterm rule.
The document summarizes the key International Commercial Terms (Incoterms) for international trade. It outlines the 11 main Incoterms rules categorized into "E" terms (origin), "F" terms (freight charges not paid), "C" terms (freight charges paid), and "D" terms (destination/arrival). For each term, it indicates which party is responsible for costs and services such as warehousing, loading, freight, insurance, customs and delivery. It also indicates when risk and responsibility transfers between the buyer and seller under each Incoterm rule.
Downers Grove, IL. 60515 1-844-805-1641 International Commercial Terms of Sale www.ascentgl.com
“E” Term “F” Terms “C” Terms “D” Terms
Origin Freight Charges Not Paid Freight Charges Paid Destination / Arrival IncoTerms 2017 EXW FCA FAS FOB CFR CIF CPT CIP DAT DAP DDP Ex-Works Free Carrier Free Free On Board Cost & Freight Cost, Freight Carriage Paid Carriage & Delivered At Delivered At Delivered Duty (Place) (Place) Alongside Ship (Port) (Port) & Insurance to (Place) Insurance Paid Terminal Place Paid (Port) (Port) to (Place) (Place/Port) (Place) (Place) Services Responsibility & Charges Warehousing Seller Seller Seller Seller Seller Seller Seller Seller Seller Seller Seller Export Packing Seller Seller Seller Seller Seller Seller Seller Seller Seller Seller Seller Origin Loading Buyer Seller Seller Seller Seller Seller Seller Seller Seller Seller Seller Inland Freight Buyer Seller Seller Seller Seller Seller Seller Seller Seller Seller Seller Port Receiving Charges Buyer Seller Seller Seller Seller Seller Seller Seller Seller Seller Seller Forwarder Charges Buyer Seller Seller Seller Seller Seller Seller Seller Seller Seller Seller Ocean/Air Freight Buyer Buyer Buyer Buyer Seller Seller Seller Seller Seller Seller Seller Insurance No obligation to buyer or seller Seller N/O Seller No obligation to buyer or seller Destination Charges Buyer Buyer Buyer Buyer Buyer Buyer Buyer Buyer Seller Seller Seller Customs Clearance Buyer Buyer Buyer Buyer Buyer Buyer Buyer Buyer Buyer Buyer Seller Customs Duties Buyer Buyer Buyer Buyer Buyer Buyer Buyer Buyer Buyer Buyer Seller Destination Delivery Buyer Buyer Buyer Buyer Buyer Buyer Buyer Buyer Buyer Seller Seller Risk/Responsibility, Transfers Risk Transfers At Warehouse On Truck at At Named Port At Named Port On Board On Board On Board On Board Vessel Unloaded at the On Delivering On Delivering Named Place Named Place On Alongside On Board Ship Vessel at Port Vessel at Port Vessel at Port at Port of Port or Cargo Carrier at Named Carrier at Named Ship of Shipment of Shipment of Shipment Shipment Terminal Named Place Place Duty & Tax Paid
Seller / Buyer Obligations:
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. 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. Ex-Works represents the minimum obligation for the seller. FAS - Requires the seller to clear the goods for export, where applicable. However, the seller has no obligation to clear the goods for import, pay any import duty or carry out any import customs formalities. FOB - Requires the seller to clear the goods for export, where applicable. However, the seller has no obligation to clear the goods for import, pay any import duty or carry out any import customs formalities. FCA - Requires the seller to clear the goods for export, where applicable. However, the seller has no obligation to clear the goods for import, pay any import duty or carry out any import customs formalities. CFR - Requires the seller to clear the goods for export, where applicable. However, the seller has no obligation to clear the goods for import, pay any import duty or carry out any import customs formalities. CIF - Requires the seller to clear the goods for export, where applicable. However, the seller has no obligation to clear the goods for import, pay any import duty or carry out any import customs formalities. CPT - Requires the seller to clear the goods for export, where applicable. However, the seller has no obligation to clear the goods for import, pay any import duty or carry out any import customs formalities. CIP - Requires the seller to clear the goods for export, where applicable. However, the seller has no obligation to clear the goods for import, pay any import duty or carry out any import customs formalities. DAT - Requires the seller to clear the goods for export, where applicable. However, the seller has no obligation to clear the goods for import, pay any import duty or carry out any import customs formalities. DAP - Requires the seller to clear the goods for export, where applicable. However, the seller has no obligation to clear the goods for import, pay any import duty or carry out any import customs formalities. If the parties wish the seller to clear the goods for import, pay any import duty and carry out any import customs formalities, the DDP term should be used. DDP - Requires the seller to clear the goods for export, where applicable. The Seller delivers the goods to the buyer, cleared for import. The seller bears all the costs and risks involved in bringing the goods therefore (named place). Any VAT or other taxes payable upon import are for the seller's account unless expressly agreed otherwise in the sales contract.
Risk & Responsibility Passes When:
Under the Incoterms rules EXW, FCA, DAT, DAP, DDP, FAS, FOB, the named place is the place where delivery takes place and where risks passes from the seller to the buyer. When CPT, CIP, CFR or CIF are used, the seller fulfills it's obligation to deliver when it hands the goods over to the carrier and not when the goods reach the place of destination. Under these four (4) Incoterm rules, the place is the place of destination to which carriage is paid.
The Forwarder´s Concern: An introduction into the marine liability of forwarders, carriers and warehousemen, the claims handling and the related insurance