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Inco Terms 2010

Inco Terms 2010
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Seller

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Buyer

NOTES:

The chart above demonstrates the risk, cost and shipment distribution between seller and buyer according to Incoterms 2010.

    EXW - Ex Works (…named place)

  • Seller/exporter/manufacturer makes the goods available to the buyer at the seller’s “named place” of business.
  • Transfer of Risk

  • Seller bears all risks of loss or damage to the goods until they have been “delivered;”
  • Delivery takes place at the seller’s premises or named place of business; and
  • Buyer bears all risks of loss or damage to the goods:
    • From the time they have been “delivered;” and
    • From the agreed date or the expiry date of the period fixed for taking delivery.

    FCA - Free Carrier (…named place)

  • Seller/exporter/manufacturer clears the goods for export and then delivers them to the carrier specified by the buyer at the named place.
  • Transfer of Risk

  • Seller bears all risks of loss of or damage to the goods until they have been “delivered;” and
  • Buyer bears all risks of loss of or damage to the goods:
    • From the time they have been “delivered;” and
    • From the agreed date or the expiry of the agreed period fixed for delivery.

    CPT - Carriage Paid To (…named port of destination)

  • Seller/exporter/manufacturer clears the goods for export, delivers them to the carrier, and is responsible for paying the carriage to the named destination..
  • Transfer of Risk

  • Seller must bear all risks of loss of or damage to the goods until such time as they have been delivered; and
  • Buyer must bear all risks of loss of or damage to the goods from the time they have been delivered.

    CIP - Carriage and Insurance Paid to (…named port of destination)

  • Seller/exporter clears the goods for export, delivers the goods to the carrier and is responsible for paying for carriage and insurance to the named place of destination.
  • Transfer of Risk

  • Seller must bear all risks of loss of or damage to the goods until such time as they have been delivered to the first carrier; and
  • Buyer must bear all risks of loss of or damage to the goods from the time they have been delivered to the first carrier:
    • If subsequent carriers are used for the carriage to the final destination, the risk passes when the goods have been delivered to the first carrier.

    DAT - Delivered at Terminal (…named terminal at port or place of destination)

  • Seller/exporter/manufacturer clears the goods for export and is responsible for making them available to the buyer at the named port or place of destination.
  • Transfer of Risk

  • Seller must bear all risks of loss or damage to the goods until they have been delivered;
  • Buyer must bear all risks of loss or damage to the goods from the time that they have been delivered; and
  • If buyer fails to give the notice required, he shall bear all risks of loss or damage to the goods from the agreed date or expiry date or the date agreed for delivery.

    DAP - Delivered at Place (…named place of destination)

  • Seller/exporter/manufacturer clears the goods for export and is responsible for making them available to the buyer at the named place of destination, not cleared for import.
  • Transfer of Risk

  • Seller must bear all risks of loss of or damage to the goods until they have been delivered;
  • Buyer must bear all risks of loss or damage from the time that they have been delivered; and
  • Buyer must bear all risks of loss of or damage should he fail to fulfil his obligations concerning his import clearance obligation.

    DDP - Delivered Duty Paid (…named place of destination)

  • Seller/exporter/manufacturer clears the goods for export and is responsible for making them available to the buyer at the named place of destination, cleared for import, but not unloaded from the transport vehicle.
  • Transfer of Risk

  • Seller must bear all risks of loss of or damage to the goods until such time that they have been delivered; and
  • Buyer must bear all risks of loss or damage to the goods once they have been delivered.

    FAS - Free Alongside Ship (…named port of shipment)

  • Seller/exporter/manufacturer clears the goods for export and then places them alongside the vessel at the named port of shipment
  • Transfer of Risk

  • Seller bears all risks of loss of or damage to the goods until they have been “delivered;”
  • Seller bears the risk of “export;” and
  • Buyer bears all risks of loss or damage to the goods:
    • From the time they have been delivered; and
    • From the agreed date or the expiry date of the agreed period fixed for delivery.

    FOB - Free on Board (…named port of shipment)

  • Seller/exporter/manufacturer clears the goods for export and is responsible for the costs and risks of placing the goods on board the vessel at the named port of shipment.
  • Transfer of Risk

  • Seller bears all risks of loss of or damage to the goods until such time as they are placed on board the vessel at the named port of shipment; and
  • Buyer bears all risks of loss of or damage to the goods:
    • From the time they are placed on board the vessel at the named port of shipment; and
    • From the agreed date or expiry date of the agreed period fixed for delivery.

    CFR - Cost and Freight (…named port of destination)

  • Seller/exporter/manufacturer clears the goods for export and is responsible for delivering the goods on board the vessel at the port of shipment (not destination).
  • Transfer of Risk

  • Seller is not at risk for the main carriage, even though he has paid for same; and
  • Buyer bears all risks of loss of or damage to the goods:
    • From the time they place the goods on board the vessel at the named port of shipment; and
    • From the agreed upon date or expiry date of the date fixed for shipment.

    CIF - Cost, Insurance, and Freight (…named port of destination)

  • Seller/exporter/manufacturer clears the goods for export and is responsible for delivering the goods on board the vessel at the port of shipment (not destination).
  • Transfer of Risk

  • Seller bears all risks of loss of or damage to the goods until such time as they have been delivered on board the vessel at the named port of shipment; and
  • Buyer bears all risks of loss of or damage to the goods:
    • From the time they have been delivered on board the vessel at the named port of shipment; and
    • From the agreed upon date or expiry date of the date fixed for shipment.
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