EXW
Ex Works named place.
means that the seller delivers when he places the goods at the disposal of the buyer at the seller’s premises or another named place ( i.e. works, factory, warehouse etc ) not cleared for exports and not loaded on any collecting vehicle.
FCA
FCA Free Carrier named place.
means that the seller delivers the goods, cleared for export, to the carrier nominated by the buyer at the named place.
FAS
Free Alongside Ship named Port of Shipment.
means that the seller delivers when the goods are placed alongside the vessel at the named Port of Shipment.
This means that the buyer has to bear all cost and risk of loss or of damage to the goods from that moment.
The FAS term requires the seller to clear the goods for export.
FOB
Free on Board named Port of Shipment.
means that the seller delivers when the goods pass the ship’s rail at the named Port of Shipment are placed alongside the vessel at the named Port of Shipment. This means that the buyer has to bear all cost and risk of loss or of damage to the goods from that moment.
The FOB term requires the seller to clear the goods for export.
CFR
Cost and Freight named Port of destination.
means that the seller delivers when the goods pass the ship’s rail in the Port of Shipment. The seller must pay the cost and freight necessary to bring the goods to the named Port of destination BUT the risk of loss of or damage to the goods, as well as any additional cost due to events occurring after the time of delivery, are transferred from the seller to the buyer. The CFR terms requires the seller to clear the goods for export.
CIF
Cost, Insurance and Freight named Port of destination.
means that the seller delivers when the goods pass the ship’s rail in the Port of Shipment.
The seller must pay the cost and freight necessary to bring the goods to the named Port of destination BUT the risk of loss of or damage to the goods, as well as any additional cost due to events occurring after the time of delivery, are transferred from the seller to the buyer.
However in CIF the seller has also to procure the marine insurance against the buyer’s risk of loss of or damage to the goods during the carriage.
The CFR terms requires the seller to clear the goods for export.
CPT
Carriage Paid to named place of destination.
means that the seller delivers the goods to the carrier nominated by him but the seller must in addition pay the cost of carriage necessary to bring the goods to the named destination.
This means that the buyer bears all risk and any other cost occurring after the goods have been so delivered.
The CPT terms requires the seller to clear the goods for export.
CIP
Carriage and Insurance Paid to named place of destination.
means that the seller delivers the goods to the carrier nominated by him but the seller must in addition pay the cost of carriage necessary to bring the goods to the named destination.
This means that the buyer bears all risk and any other cost occurring after the goods have been so delivered.
However in CIP the seller has also to procure the insurance against the buyer’s risk of loss of or damage to the goods during the carriage.
Consequently the seller contracts for insurance and pays the insurance premium.
The CIP terms requires the seller to clear the goods for export.
DAF
Delivered At Frontier.
means that the seller delivers when the goods are placed at the disposal of the buyer on the arriving means of transport, not unloaded, cleared for export, but not cleared for import at the named point and place at the frontier but before the customs border of the adjoining country.
DES
Delivered Ex Ship .
means that the seller delivers when the goods are placed at the disposal of the buyer onboard the ship not cleared form import at the named Port of destination.
The seller has to bear all the costs and risks involving in bringing the goods to the named Port of destination before discharging.
DEQ
Delivered ex Quay.
means that the seller delivers when the goods are placed at the disposal of the buyer , not cleared for import, on the quay at the named Port of destination.
The seller has to bear all the costs and risks involving in bringing the goods to the named Port of destination and discharging the goods on the Quay.
DDU
Delivery Duty Unpaid.
means that the seller delivers the goods to the buyer, not cleared for import, and not unloaded from any arriving means of transport at the named place of destination.
The seller has to bear all the costs and risks involving in bringing the goods thereto, other than , when applicable , any duty.
DDP
Delivery Duty Paid
means that the seller delivers the goods to the buyer, cleared for import, and not unloaded from any arriving means of transport at the named place of destination.
The seller has to bear all the costs and risks involving in bringing the goods thereto, including any duty for import in the country of destination.( including the responsibility for and the risk of carrying out of Customs formalities and the payment of formalities, customs duties, taxes and other charges.)