This presentation includes information of definition of INCO Terms, Importance of INCO Terms in international trade, pros and cons of INCO Terms, explanation of the different INCO Terms (EXW, FCA, FAS, FOB, CFR, CIF, CPT, CIP, DAP, DPU, DDP) and the key differences between each term
Incoterms are widely used in international commerical transaction or procurement process and there used is encourged by trade councils and international lawers
The document discusses INCO Terms 2010, which are a set of international commercial terms published by the International Chamber of Commerce that define the responsibilities of buyers and sellers for the delivery of goods. It outlines the main INCO terms groups and some key individual terms like EXW, FCA, CPT, CIP, DAT, DAP, and DDP, explaining the obligations and risks assigned to buyers and sellers under each term.
Incoterms are international trade terms published by the ICC to provide standard definitions and rules around the responsibilities of buyers and sellers. There are 13 Incoterms divided into categories based on transportation mode and obligations. The terms specify who pays costs such as transportation and insurance, who bears risk of loss or damage to goods, and when legal responsibility transfers between buyer and seller.
The document discusses export documentation and shipping terms (Incoterms). It defines key export documents like bills of lading, certificates of origin, and commercial invoices. It explains common shipping terms (Incoterms) such as EXW, FCA, FOB, CIF, and how they determine responsibilities of buyers and sellers. The document recommends working with a freight forwarder for accurate document preparation and understanding transportation costs and requirements.
Incoterms are a set of international rules that define the responsibilities of importers and exporters in shipment contracts. The incorporation of Incoterms reduces the risk of misunderstandings between trading partners from different countries. There are several key Incoterms, including:
1. FOB (Free On Board) named port of shipment, where the seller is responsible for delivery of goods to the ship and the buyer bears costs and risks of loss from that point.
2. CFR (Cost and Freight) named port of destination, where the seller pays costs of moving goods to the destination port but the buyer bears risks of loss or damage.
3. CIF (Cost, Insurance and Freight)
INTERNATIONAL SHIPPING TERMS , INCOTERMSAman Dwivedi
INTERNATIONAL SHIPPING TERMS (INCOTERMS)
1. EXW – Ex Works (named place of delivery)
2. FCA – Free Carrier (named place of delivery)
3. CPT – Carriage Paid To (named place of destination)
4. CIP – Carriage and Insurance Paid to (named place of destination)
5. DAT – Delivered At Terminal (named terminal at port or place of destination)
6. DAP – Delivered At Place (named place of destination)
7. DDP – Delivered Duty Paid (named place of destination)
8. FAS – Free Alongside Ship (named port of shipment)
9. FOB – Free on Board (named port of shipment)
10. CFR – Cost and Freight (named port of destination)
11. CIF – Cost, Insurance & Freight (named port of destination)
Cost Transfer (Ocean Shipping)
Risk/Ownership Transfer (Ocean Shipping)
Cost Transfer (Air Shipping)
Risk/Ownership Transfer (Air Shipping)
Risk/Ownership Transfer (Land Shipping)
Cost Transfer (Land Shipping)
INCOTERMS 2010
Incoterms are internationally accepted commercial terms defining the respective roles of the buyer and seller in the arrangement of transportation and other responsibilities and clarify when the ownership of the merchandise takes place. They are used in conjunction with a sales agreement or other method of transacting the sale.
EXW - Ex Works -- Title and risk pass to buyer including payment of all transportation and insurance cost from the seller's door. Used for any mode of transportation.
FCA - Free Carrier -- Title and risk pass to buyer including transportation and insurance cost when the seller delivers goods cleared for export to the carrier. Seller is not obligated to load the goods on the Buyer's collecting vehicle (except when the named place is at the seller’s premises); it is the Buyer's obligation to receive the Seller's arriving vehicle unloaded.
FAS - Free Alongside Ship --Title and risk pass to buyer including payment of all transportation and insurance cost once delivered alongside ship by the seller at named port terminal by seller. Used for sea or inland waterway transportation. The export clearance obligation rests with the seller.
FOB - Free On Board and risk pass to buyer including payment of all transportation and insurance cost once delivered on board the ship by the seller. Used for sea or inland waterway transportation.
CFR - Cost & Freight -- Title, risk and insurance cost pass to buyer when delivered on board the main carrier(vessel) by seller who pays the transportation cost to the destination port. Used for sea or inland waterway transportation.
CIF - Cost, Insurance & Freight -- Title and risk pass to buyer when delivered on board the ship by seller who pays transportation and insurance cost to destination port. Used for sea or inland waterway transportation.
CPT - Carriage Paid To -- Title, risk and insurance cost pass to buyer when delivered by seller who pays transportation cost to a named place. Used for any mode of transportation.
CIP - Carriage & Insurance Paid To --Seller delivers goods to the carrier at an agreed place, shifting risk to the buyer, but seller who pays transportation and insurance cost to a named place of destination. Used for any mode of transportation.
DAT - Delivered at Terminal -- Title, risk and responsibility pass to buyer when delivered to named quay, warehouse, yard or terminal at destination. Used for any mode of transportation (replaces DEQ & DES).
DAP - Delivered At Place -- Seller bears cost, risk, responsibility for goods until made available to buyer at named place of destination. Buyer is responsible for imp.
Have you ever wondered about the meaning of commodity trading terms, or Incoterms? FOB…DES…DDP. Say What?!?
Incoterms were established by the International Chamber of Commerce (ICC), a non-governmental organization, to standardize the interpretation of major trade terms.
Sales contracts using Incoterms define the obligations and risks of both the seller and the buyer. The obligations cover the period while the merchandise is in transit, whether by land, sea, air or a combination of modes.
Incoterms are widely used in international commerical transaction or procurement process and there used is encourged by trade councils and international lawers
The document discusses INCO Terms 2010, which are a set of international commercial terms published by the International Chamber of Commerce that define the responsibilities of buyers and sellers for the delivery of goods. It outlines the main INCO terms groups and some key individual terms like EXW, FCA, CPT, CIP, DAT, DAP, and DDP, explaining the obligations and risks assigned to buyers and sellers under each term.
Incoterms are international trade terms published by the ICC to provide standard definitions and rules around the responsibilities of buyers and sellers. There are 13 Incoterms divided into categories based on transportation mode and obligations. The terms specify who pays costs such as transportation and insurance, who bears risk of loss or damage to goods, and when legal responsibility transfers between buyer and seller.
The document discusses export documentation and shipping terms (Incoterms). It defines key export documents like bills of lading, certificates of origin, and commercial invoices. It explains common shipping terms (Incoterms) such as EXW, FCA, FOB, CIF, and how they determine responsibilities of buyers and sellers. The document recommends working with a freight forwarder for accurate document preparation and understanding transportation costs and requirements.
Incoterms are a set of international rules that define the responsibilities of importers and exporters in shipment contracts. The incorporation of Incoterms reduces the risk of misunderstandings between trading partners from different countries. There are several key Incoterms, including:
1. FOB (Free On Board) named port of shipment, where the seller is responsible for delivery of goods to the ship and the buyer bears costs and risks of loss from that point.
2. CFR (Cost and Freight) named port of destination, where the seller pays costs of moving goods to the destination port but the buyer bears risks of loss or damage.
3. CIF (Cost, Insurance and Freight)
INTERNATIONAL SHIPPING TERMS , INCOTERMSAman Dwivedi
INTERNATIONAL SHIPPING TERMS (INCOTERMS)
1. EXW – Ex Works (named place of delivery)
2. FCA – Free Carrier (named place of delivery)
3. CPT – Carriage Paid To (named place of destination)
4. CIP – Carriage and Insurance Paid to (named place of destination)
5. DAT – Delivered At Terminal (named terminal at port or place of destination)
6. DAP – Delivered At Place (named place of destination)
7. DDP – Delivered Duty Paid (named place of destination)
8. FAS – Free Alongside Ship (named port of shipment)
9. FOB – Free on Board (named port of shipment)
10. CFR – Cost and Freight (named port of destination)
11. CIF – Cost, Insurance & Freight (named port of destination)
Cost Transfer (Ocean Shipping)
Risk/Ownership Transfer (Ocean Shipping)
Cost Transfer (Air Shipping)
Risk/Ownership Transfer (Air Shipping)
Risk/Ownership Transfer (Land Shipping)
Cost Transfer (Land Shipping)
INCOTERMS 2010
Incoterms are internationally accepted commercial terms defining the respective roles of the buyer and seller in the arrangement of transportation and other responsibilities and clarify when the ownership of the merchandise takes place. They are used in conjunction with a sales agreement or other method of transacting the sale.
EXW - Ex Works -- Title and risk pass to buyer including payment of all transportation and insurance cost from the seller's door. Used for any mode of transportation.
FCA - Free Carrier -- Title and risk pass to buyer including transportation and insurance cost when the seller delivers goods cleared for export to the carrier. Seller is not obligated to load the goods on the Buyer's collecting vehicle (except when the named place is at the seller’s premises); it is the Buyer's obligation to receive the Seller's arriving vehicle unloaded.
FAS - Free Alongside Ship --Title and risk pass to buyer including payment of all transportation and insurance cost once delivered alongside ship by the seller at named port terminal by seller. Used for sea or inland waterway transportation. The export clearance obligation rests with the seller.
FOB - Free On Board and risk pass to buyer including payment of all transportation and insurance cost once delivered on board the ship by the seller. Used for sea or inland waterway transportation.
CFR - Cost & Freight -- Title, risk and insurance cost pass to buyer when delivered on board the main carrier(vessel) by seller who pays the transportation cost to the destination port. Used for sea or inland waterway transportation.
CIF - Cost, Insurance & Freight -- Title and risk pass to buyer when delivered on board the ship by seller who pays transportation and insurance cost to destination port. Used for sea or inland waterway transportation.
CPT - Carriage Paid To -- Title, risk and insurance cost pass to buyer when delivered by seller who pays transportation cost to a named place. Used for any mode of transportation.
CIP - Carriage & Insurance Paid To --Seller delivers goods to the carrier at an agreed place, shifting risk to the buyer, but seller who pays transportation and insurance cost to a named place of destination. Used for any mode of transportation.
DAT - Delivered at Terminal -- Title, risk and responsibility pass to buyer when delivered to named quay, warehouse, yard or terminal at destination. Used for any mode of transportation (replaces DEQ & DES).
DAP - Delivered At Place -- Seller bears cost, risk, responsibility for goods until made available to buyer at named place of destination. Buyer is responsible for imp.
Have you ever wondered about the meaning of commodity trading terms, or Incoterms? FOB…DES…DDP. Say What?!?
Incoterms were established by the International Chamber of Commerce (ICC), a non-governmental organization, to standardize the interpretation of major trade terms.
Sales contracts using Incoterms define the obligations and risks of both the seller and the buyer. The obligations cover the period while the merchandise is in transit, whether by land, sea, air or a combination of modes.
INCOTERMS-2010
Incoterms are grouped into four categories based on the obligations of the seller and buyer. Group E involves departure of goods, Group F involves main carriage unpaid, Group C involves main carriage paid by seller, and Group D involves arrival of goods. Key terms include EXW (seller's premises), FCA (named place), FOB (named port of shipment), CFR (named port of destination), CIF (named port of destination), and DDP (named place of destination). Incoterms standardize international commercial terms but do not define contractual rights/obligations beyond delivery or determine how title is transferred.
The document provides information on various trade documents used in international transactions. It discusses key documents like bills of lading, air waybills, certificates of origin, and insurance policies. It explains the purpose and important details that must be included in these documents to facilitate international shipments and ensure both buyers and sellers fulfill their obligations. Maintaining proper documentation is essential for global trade.
Incoterms are standard international trade terms that define the responsibilities of buyers and sellers for delivery of goods. The latest version, Incoterms 2010, was released in 2011 and contains 11 rules divided into two classes - rules for any mode of transport, and rules for sea and inland waterway transport. The rules specify which party is responsible for costs and risks involved in the delivery, such as transportation costs, loading and unloading of goods, and insurance.
This document provides an overview of key information about the import and export process. It discusses Incoterms 2020 rules and responsibilities, popular shipping methods and their specifications, factors to consider when choosing a freight forwarder, free trade agreements and certificates of origin, and differences between FOB and CFR terms. The document is intended as general guidance and refers readers to other resources for full details on topics like Incoterms 2020.
This document provides guidance on key aspects of the import/export process. It defines Incoterms 2020, which clarify responsibilities of buyers and sellers in international commercial trade. It also outlines popular shipping methods, container specifications, guidelines for choosing a freight forwarder, information on free trade agreements and certificates of origin, and differences between FOB and CFR shipping terms. The goal is to educate on important considerations and paperwork involved in global trade transactions.
This document provides a summary of an upcoming presentation on Incoterms and the Harmonized Coding System. The presentation will cover the 11 internationally recognized Incoterms rules, which define responsibilities of buyers and sellers in international trade transactions. It will explain the four groups of Incoterms based on obligations, risk transfer, and costs. It will also summarize the purpose and evolution of the Harmonized Coding System, which provides a standardized system to classify goods moving in international trade with over 5,000 codes organized into sections, chapters, headings and sub-headings. The presentation aims to help participants properly define responsibilities and costs in sales contracts using Incoterms and classify goods for customs purposes using the Harmonized System codes.
Incoterms 2000 are a series of international commercial terms published by the ICC that define the responsibilities of importers and exporters for delivery, insurance, and risk of loss. Common terms include EXW (seller's premises), FCA (named place), CPT, CIP, DAT, DAP, DDP (buyer's premises), and more. They help divide transaction costs and clarify import/export responsibilities between buyers and sellers in international trade.
Incoterms 2000 are a series of international commercial terms published by the ICC that define the responsibilities of buyers and sellers for delivery, costs, and risk. The terms, like EXW, FOB, CIF, and DDP, closely correspond to the UN Convention on Contracts for the International Sale of Goods and reflect modern transportation practices. They are widely used in international commercial transactions to allocate transaction costs and responsibilities between buyers and sellers.
INCOTERMS are a set of three-letter standard trade terms used worldwide in international and domestic contracts for the sale of goods. Learn their definitions and how they are used. AFC International can help you import your goods bound for the U.S. quick and easy. Visit http://www.afcinternationalllc.com/ to get started.
The document provides information about Incoterms 2010 rules. It begins by defining Incoterms and their purpose in international trade. It then outlines 11 specific Incoterms rules, including CFR, CIF, CPT, CIP, DAT, DAP, DDP, EXW, FCA, FAS, and FOB. For each rule, it summarizes the key obligations of the seller and buyer, such as who is responsible for costs of transportation and insurance. The document aims to enhance understanding of how Incoterms allocate responsibilities and manage risks between international trade parties.
This document provides information about Incoterms and their definitions. It begins with background on the origins and history of Incoterms. It then defines common Incoterms, including EXW, FCA, CPT, CIP, DAT, DAP, DDP, CFR, and CIF. For each Incoterm, it summarizes the key obligations of the seller and buyer, such as who is responsible for costs of transportation and insurance. The document aims to enhance understanding of how Incoterms allocate responsibilities and manage risks in international trade transactions.
This document provides information on export documentation requirements. It explains that documentation varies by country, commodity, and situation, but generally outlines the sale, shipment, and responsibilities of parties to ensure complete understanding and avoid delays or costs. It identifies key factors to consider like country of origin/destination, transportation mode, and commodity. It then describes various principal and auxiliary export documents, such as commercial invoices, packing lists, bills of lading, certificates of origin, and more. Finally, it discusses factors involved in export documentation preparation and common documentation functions.
Importexportprocedure 121101135638-phpapp02Suresh R
This document discusses procedures and documentation related to international trade. It defines an export as a change in ownership from a resident to a non-resident, even if the good does not physically cross borders. The exporter must submit shipping documents like bills of lading and invoices. Common export documents include commercial invoices, packing lists, certificates of origin, and bills of lading. Import procedures and documentation are also outlined, such as obtaining import licenses, bills of entry, invoices and delivery orders. Various international trade terms like FOB, CIF, and letters of credit are defined.
The document discusses Incoterms, which are international commercial terms used in sales contracts. It provides an overview of key Incoterms and their meanings. Specifically, it discusses the 11 main Incoterms divided into categories - EXW, FCA, FAS, FOB for Carriage terms, then CFR, CIF, CPT, CIP for Carriage and Insurance terms, followed by DAF, DES, DEQ, DDU, DDP for Delivery terms. Each Incoterm is defined in one or two sentences to clarify responsibilities for costs and risks between the buyer and seller.
This document provides an overview of freight clearing and forwarding. It defines key terms like freight, freight clearance, freight forwarding, consignee, consignor, and customs. It explains that freight forwarding involves coordinating the shipment of cargo from one place to another via multiple carriers. The document also summarizes INCOTERMS 2010, which define responsibilities of buyers and sellers in international trade transactions. It outlines several INCOTERMS codes like EXW, FCA, FAS, FOB, CFR, CIF, and CPT and what obligations each place on buyers and sellers.
Incoterms are a series of international commercial terms published by the International Chamber of Commerce that define the responsibilities of sellers and buyers for the delivery of goods under sales contracts. There are 11 Incoterms that determine when ownership and risk transfer between the buyer and seller. The Incoterms specify who is responsible for arranging and paying for transportation of goods, insurance, and other costs such as import duties and taxes.
The document provides an overview of Incoterms, the international commercial terms used in contracts for the sale of goods. It defines 11 Incoterms and explains the obligations and risks transferred between buyer and seller under each term. The terms are grouped into four categories based on how far the seller's responsibility reaches: EXW - FCA terms cover delivery at the seller's premises or point of loading; FAS - FOB terms cover delivery on board a vessel; CFR - CIF terms cover delivery to a destination port; and CPT - DDP terms cover delivery to a destination point.
INCO terms define the responsibilities of buyers and sellers in international commercial transactions. They specify which party is responsible for costs such as transportation, loading, unloading, insurance, and customs clearance and duties. The document then defines and explains 15 common INCO terms - EXW, FCA, FAS, FOB, CFR, CIF, CPT, CIP, DAF, DES, DEQ, DDU, and DDP - that specify the point and terms of delivery and the division of costs and risks between buyer and seller.
The document provides information on freight forwarding and logistics. It discusses key topics such as freight forwarding, which involves coordinating the shipment of goods via multiple carriers. It also describes logistics and standard operating procedures. Furthermore, it outlines various documents used in freight forwarding like bills of lading, certificates of origin, packing lists, and commercial invoices. Finally, it explains international commercial terms that define responsibilities and risks between buyers and sellers in international trade.
The document outlines key terms used in international trade (Incoterms) and summarizes their meanings:
- "E" terms represent minimum seller obligations, requiring delivery at the seller's premises. "F" terms require delivery to the carrier, "C" terms require the seller to arrange carriage, and "D" terms signify arrival terms.
- Terms like EXW, FCA, and FAS put delivery and costs obligations on the seller up until goods are delivered to the carrier. CFR, CIF, CPT, and CIP terms require the seller to arrange and pay for carriage.
- DAF, DDU, DDP, and DEQ terms signify arrival terms, with the seller
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INCOTERMS-2010
Incoterms are grouped into four categories based on the obligations of the seller and buyer. Group E involves departure of goods, Group F involves main carriage unpaid, Group C involves main carriage paid by seller, and Group D involves arrival of goods. Key terms include EXW (seller's premises), FCA (named place), FOB (named port of shipment), CFR (named port of destination), CIF (named port of destination), and DDP (named place of destination). Incoterms standardize international commercial terms but do not define contractual rights/obligations beyond delivery or determine how title is transferred.
The document provides information on various trade documents used in international transactions. It discusses key documents like bills of lading, air waybills, certificates of origin, and insurance policies. It explains the purpose and important details that must be included in these documents to facilitate international shipments and ensure both buyers and sellers fulfill their obligations. Maintaining proper documentation is essential for global trade.
Incoterms are standard international trade terms that define the responsibilities of buyers and sellers for delivery of goods. The latest version, Incoterms 2010, was released in 2011 and contains 11 rules divided into two classes - rules for any mode of transport, and rules for sea and inland waterway transport. The rules specify which party is responsible for costs and risks involved in the delivery, such as transportation costs, loading and unloading of goods, and insurance.
This document provides an overview of key information about the import and export process. It discusses Incoterms 2020 rules and responsibilities, popular shipping methods and their specifications, factors to consider when choosing a freight forwarder, free trade agreements and certificates of origin, and differences between FOB and CFR terms. The document is intended as general guidance and refers readers to other resources for full details on topics like Incoterms 2020.
This document provides guidance on key aspects of the import/export process. It defines Incoterms 2020, which clarify responsibilities of buyers and sellers in international commercial trade. It also outlines popular shipping methods, container specifications, guidelines for choosing a freight forwarder, information on free trade agreements and certificates of origin, and differences between FOB and CFR shipping terms. The goal is to educate on important considerations and paperwork involved in global trade transactions.
This document provides a summary of an upcoming presentation on Incoterms and the Harmonized Coding System. The presentation will cover the 11 internationally recognized Incoterms rules, which define responsibilities of buyers and sellers in international trade transactions. It will explain the four groups of Incoterms based on obligations, risk transfer, and costs. It will also summarize the purpose and evolution of the Harmonized Coding System, which provides a standardized system to classify goods moving in international trade with over 5,000 codes organized into sections, chapters, headings and sub-headings. The presentation aims to help participants properly define responsibilities and costs in sales contracts using Incoterms and classify goods for customs purposes using the Harmonized System codes.
Incoterms 2000 are a series of international commercial terms published by the ICC that define the responsibilities of importers and exporters for delivery, insurance, and risk of loss. Common terms include EXW (seller's premises), FCA (named place), CPT, CIP, DAT, DAP, DDP (buyer's premises), and more. They help divide transaction costs and clarify import/export responsibilities between buyers and sellers in international trade.
Incoterms 2000 are a series of international commercial terms published by the ICC that define the responsibilities of buyers and sellers for delivery, costs, and risk. The terms, like EXW, FOB, CIF, and DDP, closely correspond to the UN Convention on Contracts for the International Sale of Goods and reflect modern transportation practices. They are widely used in international commercial transactions to allocate transaction costs and responsibilities between buyers and sellers.
INCOTERMS are a set of three-letter standard trade terms used worldwide in international and domestic contracts for the sale of goods. Learn their definitions and how they are used. AFC International can help you import your goods bound for the U.S. quick and easy. Visit http://www.afcinternationalllc.com/ to get started.
The document provides information about Incoterms 2010 rules. It begins by defining Incoterms and their purpose in international trade. It then outlines 11 specific Incoterms rules, including CFR, CIF, CPT, CIP, DAT, DAP, DDP, EXW, FCA, FAS, and FOB. For each rule, it summarizes the key obligations of the seller and buyer, such as who is responsible for costs of transportation and insurance. The document aims to enhance understanding of how Incoterms allocate responsibilities and manage risks between international trade parties.
This document provides information about Incoterms and their definitions. It begins with background on the origins and history of Incoterms. It then defines common Incoterms, including EXW, FCA, CPT, CIP, DAT, DAP, DDP, CFR, and CIF. For each Incoterm, it summarizes the key obligations of the seller and buyer, such as who is responsible for costs of transportation and insurance. The document aims to enhance understanding of how Incoterms allocate responsibilities and manage risks in international trade transactions.
This document provides information on export documentation requirements. It explains that documentation varies by country, commodity, and situation, but generally outlines the sale, shipment, and responsibilities of parties to ensure complete understanding and avoid delays or costs. It identifies key factors to consider like country of origin/destination, transportation mode, and commodity. It then describes various principal and auxiliary export documents, such as commercial invoices, packing lists, bills of lading, certificates of origin, and more. Finally, it discusses factors involved in export documentation preparation and common documentation functions.
Importexportprocedure 121101135638-phpapp02Suresh R
This document discusses procedures and documentation related to international trade. It defines an export as a change in ownership from a resident to a non-resident, even if the good does not physically cross borders. The exporter must submit shipping documents like bills of lading and invoices. Common export documents include commercial invoices, packing lists, certificates of origin, and bills of lading. Import procedures and documentation are also outlined, such as obtaining import licenses, bills of entry, invoices and delivery orders. Various international trade terms like FOB, CIF, and letters of credit are defined.
The document discusses Incoterms, which are international commercial terms used in sales contracts. It provides an overview of key Incoterms and their meanings. Specifically, it discusses the 11 main Incoterms divided into categories - EXW, FCA, FAS, FOB for Carriage terms, then CFR, CIF, CPT, CIP for Carriage and Insurance terms, followed by DAF, DES, DEQ, DDU, DDP for Delivery terms. Each Incoterm is defined in one or two sentences to clarify responsibilities for costs and risks between the buyer and seller.
This document provides an overview of freight clearing and forwarding. It defines key terms like freight, freight clearance, freight forwarding, consignee, consignor, and customs. It explains that freight forwarding involves coordinating the shipment of cargo from one place to another via multiple carriers. The document also summarizes INCOTERMS 2010, which define responsibilities of buyers and sellers in international trade transactions. It outlines several INCOTERMS codes like EXW, FCA, FAS, FOB, CFR, CIF, and CPT and what obligations each place on buyers and sellers.
Incoterms are a series of international commercial terms published by the International Chamber of Commerce that define the responsibilities of sellers and buyers for the delivery of goods under sales contracts. There are 11 Incoterms that determine when ownership and risk transfer between the buyer and seller. The Incoterms specify who is responsible for arranging and paying for transportation of goods, insurance, and other costs such as import duties and taxes.
The document provides an overview of Incoterms, the international commercial terms used in contracts for the sale of goods. It defines 11 Incoterms and explains the obligations and risks transferred between buyer and seller under each term. The terms are grouped into four categories based on how far the seller's responsibility reaches: EXW - FCA terms cover delivery at the seller's premises or point of loading; FAS - FOB terms cover delivery on board a vessel; CFR - CIF terms cover delivery to a destination port; and CPT - DDP terms cover delivery to a destination point.
INCO terms define the responsibilities of buyers and sellers in international commercial transactions. They specify which party is responsible for costs such as transportation, loading, unloading, insurance, and customs clearance and duties. The document then defines and explains 15 common INCO terms - EXW, FCA, FAS, FOB, CFR, CIF, CPT, CIP, DAF, DES, DEQ, DDU, and DDP - that specify the point and terms of delivery and the division of costs and risks between buyer and seller.
The document provides information on freight forwarding and logistics. It discusses key topics such as freight forwarding, which involves coordinating the shipment of goods via multiple carriers. It also describes logistics and standard operating procedures. Furthermore, it outlines various documents used in freight forwarding like bills of lading, certificates of origin, packing lists, and commercial invoices. Finally, it explains international commercial terms that define responsibilities and risks between buyers and sellers in international trade.
The document outlines key terms used in international trade (Incoterms) and summarizes their meanings:
- "E" terms represent minimum seller obligations, requiring delivery at the seller's premises. "F" terms require delivery to the carrier, "C" terms require the seller to arrange carriage, and "D" terms signify arrival terms.
- Terms like EXW, FCA, and FAS put delivery and costs obligations on the seller up until goods are delivered to the carrier. CFR, CIF, CPT, and CIP terms require the seller to arrange and pay for carriage.
- DAF, DDU, DDP, and DEQ terms signify arrival terms, with the seller
Similar a Understanding INCO Terms: A Comprehensive Guide to International Trade (20)
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Starting a business is like embarking on an unpredictable adventure. It’s a journey filled with highs and lows, victories and defeats. But what if I told you that those setbacks and failures could be the very stepping stones that lead you to fortune? Let’s explore how resilience, adaptability, and strategic thinking can transform adversity into opportunity.
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Part 2 Deep Dive: Navigating the 2024 Slowdownjeffkluth1
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Innovation Management Frameworks: Your Guide to Creativity & Innovation
Understanding INCO Terms: A Comprehensive Guide to International Trade
1. Subject : APPAREL EXPORTING
Notes by
Shamruthi
INCO
TERMS
This presentation provides an overview of the International Commercial Terms and the
common INCO terms used in the Apparel and Garment Industry
Start
S
2. NOTES BY
SHAMRUTHI
WHAT IS INCO TERMS?
DEFINITION: International Commercial Terms are a set of generally
accepted phrases produced by the International Chamber of
Commerce (ICC) that define the fundamental components of
freight forwarding.
Initially created in 1936.
They are the set of rules for international sales that are accepted
worldwide to avoid confusions related to responsibilities and price
management among the interested parties.
Outlines responsibility of buyers and sellers regarding delivery of
goods.
It defines who is responsible for bearing various costs involved in
Importing and Exporting of goods.
It briefs the risks associated with transportation.
3. Easily understood terms
International standardization
Updated and clarified by an international body (ICC)
Saves time and money that would have previously
been spent on breaking down Incoterms into different
languages for the buyers and sellers.
Eliminates ambiguity between nations making trading
much simpler, especially in negotiating terms
NOTES BY
SHAMRUTHI
Differences between buyer & seller preferences
when choosing terms
Certain terms can expose one party to inflated costs
PROS & CONS OF
INCO TERMS
PROS CONS
4. 11 INCO TERMS FOR ALL
MODES OF TRANSPORT
01
EXW
02
FCA
03
FAS
04
FOB
Ex Works Free Carrier Free Alongside Ship Free on Board
05
CFR
06
CIF
07
CPT
08
CIP
Cost & Freight Cost Insurance & Freight Carriage Paid To Carriage Insurance Paid To
09
DAP DPU
Delivered at Place Delivered at Place Unloaded
NOTES BY
SHAMRUTHI
10 11
DDP
Delivered Duty Paid
5.
6. ExW (Ex-Works)
Ex works refers to the seller offering the buyer access to the goods at the seller's
location or another specified location (e.g., works, factory, warehouse, etc.).
The seller does not need to load the goods on any collecting vehicle. Nor do they have
to bare any transportation costs, nor need to clear them for export, and are free of any
risks involved in transportation.
EXW is suitable for transactions where the buyer has the capability and resources to
manage transportation logistics independently and seeks maximum control over the
entire shipping process.
NOTES BY
SHAMRUTHI
7. FCA (Free Carrier)
The seller fulfills the obligation to deliver the goods by handing them over to a carrier or
another person nominated by the buyer at a named place, typically the seller's premises or
another agreed-upon location. The named place could be a factory, warehouse, or any
other location mutually agreed upon by the buyer and seller.
The seller must complete all export customs formalities and provide the necessary
documentation, such as the commercial invoice, packing list, and export license if required.
The buyer bears the responsibility and costs associated with arranging transportation from
the named place of delivery, through the buyer nominated. The buyer is responsible for
handling import customs clearance and paying any applicable import duties and taxes at the
destination.
NOTES BY
SHAMRUTHI
8. FAS (Free Alongside Ship)
The seller fulfills their obligation to deliver the goods by placing them alongside the vessel nominated
by the buyer at a named port of shipment. Under FAS terms, the seller is responsible for clearing the
goods for export and delivering them to the agreed-upon port of shipment, where they are made
available for loading onto the vessel.
The seller is responsible for delivering the goods alongside the vessel at the named port of shipment,
after clearing the goods for export and providing all necessary documentation, such as the
commercial invoice, packing list, and export license if required. The seller bears the responsibility and
costs associated with delivering the goods to the named port of shipment, including inland
transportation to the port.
The buyer bears the responsibility and costs associated with loading the goods onto the vessel and
arranging for their transportation from port of shipment to the final destination. The buyer must handle
import customs clearance and pay any applicable import duties and taxes at the destination port.
NOTES BY
SHAMRUTHI
9. FOB (Free-on-Board)
The seller is responsible for delivering the goods on board the vessel at the named port of
shipment, typically by placing them on the dock or quay and covering the costs of loading.
The seller must clear the goods for export and provide all necessary documentation, such as
the commercial invoice, packing list, and export license if required. and bears the
responsibility and costs associated with delivering the goods to the named port of shipment,
including inland transportation to the port.
The buyer bears the responsibility and costs associated with the goods from the point they
are loaded onto the vessel at the named port of shipment. The buyer must arrange for the
vessel, pay for freight costs, and handle import customs clearance and any related costs at
the destination port.
NOTES BY
SHAMRUTHI
10. CFR (Cost and Freight)
The seller is responsible for delivering the goods on board the vessel at the named port of
destination, and must cover the costs and freight charges for transporting the goods to the
named port of destination, including loading the goods onto the vessel and arranging for
transportation. The seller must clear the goods for export and provide all necessary
documentation, such as the commercial invoice, packing list, and export license if required.
The buyer bears the responsibility and costs associated with the goods from the point they
are loaded onto the vessel at the named port of shipment. The buyer must arrange for the
vessel, pay for unloading costs, handle import customs clearance, and cover any related
costs at the destination port.
NOTES BY
SHAMRUTHI
11. CIF (Cost, Insurance & Freight)
The seller is responsible for delivering the goods on board the vessel at the named port of
destination, and must cover the costs, insurance, and freight charges for transporting the
goods to the named port of destination, including loading the goods onto the vessel,
arranging for transportation, and obtaining marine insurance against the buyer's risk of loss or
damage during transit. The seller must clear the goods for export and provide all necessary
documentation, such as the commercial invoice, packing list, and export license if required.
The buyer bears the responsibility and costs associated with the goods from the point they
are loaded onto the vessel at the named port of shipment. The buyer must handle import
customs clearance, pay for unloading costs, and cover any related costs at the destination
port. While the seller arranges insurance, the buyer may still choose to purchase additional
insurance coverage if deemed necessary.
NOTES BY
SHAMRUTHI
12. CPT (Carriage Paid-to)
The seller is responsible for delivering the goods to the agreed-upon destination, which
could be a specific place, terminal, port, or other location, and must arrange and pay for
transportation of the goods to the named destination, including loading the goods onto the
transportation vehicle and covering the freight charges. The seller is responsible for
obtaining any necessary export licenses or permits and providing all required
documentation, such as the commercial invoice, packing list, and transport documents.
The buyer bears the responsibility and costs associated with the goods from the point they
are delivered to the carrier at the place of shipment. The buyer must handle import customs
clearance, pay for any import duties or taxes, and cover any related costs at the destination.
The buyer is responsible for any additional transportation or handling costs beyond the
agreed-upon destination.
NOTES BY
SHAMRUTHI
13. CIP (Carriage & Insurance Paid-to)
The seller is responsible for delivering the goods to the agreed-upon destination, which
could be a specific place, terminal, port, or other location, and must arrange and pay for
transportation of the goods to the named destination, including loading the goods onto the
transportation vehicle and covering the freight charges. The seller is also responsible for
obtaining insurance against the buyer's risk of loss or damage to the goods during transit,
providing comprehensive coverage until delivery to the named destination. The seller is
responsible for obtaining any necessary export licenses or permits and providing all required
documentation, such as the commercial invoice, packing list, and transport documents.
The buyer bears the responsibility and costs associated with the goods from the point they
are delivered to the carrier at the place of shipment. The buyer must handle import customs
clearance, pay for any import duties or taxes, and cover any related costs at the destination.
The buyer is responsible for any additional transportation or handling costs beyond the
agreed-upon destination.
NOTES BY
SHAMRUTHI
14. DAP (Delivered at Place)
The seller is responsible for delivering the goods to the agreed-upon destination, which
could be a specific place, terminal, warehouse, or other location, and must arrange and pay
for transportation of the goods to the named destination, including loading the goods onto
the transportation vehicle and covering the freight charges. The seller bears the
responsibility and risks associated with transporting the goods to the named destination,
including any costs related to transportation delays or damage during transit. The seller is
responsible for obtaining any necessary export licenses or permits and providing all required
documentation, such as the commercial invoice, packing list, and transport documents.
The buyer bears the responsibility and costs associated with the goods from the point they
are delivered to the agreed-upon destination. The buyer must handle import customs
clearance, pay for any import duties or taxes, and cover any related costs at the destination.
The buyer is responsible for unloading the goods at the agreed-upon destination and
transporting them to the final destination, if applicable.
NOTES BY
SHAMRUTHI
15. DPU (Delivered at Place, Unloaded)
The seller is responsible for delivering the goods to the agreed-upon destination, which
could be a specific place, terminal, warehouse, or other location, and must arrange and pay
for transportation of the goods to the named destination, including loading the goods onto
the transportation vehicle and covering the freight charges. The seller bears the
responsibility and risks associated with transporting the goods to the named destination,
including any costs related to transportation delays or damage during transit. The seller is
responsible for obtaining any necessary export licenses or permits and providing all required
documentation, such as the commercial invoice, packing list, and transport documents.
The buyer bears the responsibility and costs associated with the goods from the point they
are delivered to the agreed-upon destination. The buyer must handle import customs
clearance, pay for any import duties or taxes, and cover any related costs at the destination.
The buyer is responsible for unloading the goods at the agreed-upon destination and
transporting them to the final destination, if applicable.
NOTES BY
SHAMRUTHI
16. DDP (Delivered Duty Paid)
The seller is responsible for delivering the goods to the agreed-upon destination, which
could be a specific place, terminal, warehouse, or other location, and must arrange and pay
for transportation of the goods to the named destination, including loading the goods onto
the transportation vehicle and covering the freight charges. The seller bears the
responsibility and risks associated with transporting the goods to the named destination,
including any costs related to transportation delays or damage during transit. The seller is
responsible for obtaining any necessary export licenses or permits and providing all required
documentation, such as the commercial invoice, packing list, and transport documents. The
seller is also responsible for handling import customs clearance, paying any import duties,
taxes, and other charges, and delivering the goods to the buyer at the named destination,
ready for unloading.
The buyer is only responsible for unloading the goods at the agreed-upon destination.
NOTES BY
SHAMRUTHI