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The Incoterms is a group of definitions created by the International Chamber of Commerce. They came into force in 1990 and were renewed in the year 2000. They grant the business community clear concepts in order to limit the responsibilities of both the buyer and the seller in the operations between different states.
This terminology balances and conditions the terms of the purchase and sales operations so as to make it possible to exchange goods between businessmen from different countries. With the common usage of such vocabulary, the responsibilities and rights of both parties will be protected whenever they have to settle possible controversies. The publication of these concepts is done by the International Chamber of Commerce and what follows is a brief summary of the same.
EXM (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 obligated to load the goods on the buyer's collecting 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. Used for sea or inland waterway transportation. The export clearance obligation rests with the seller.
FOB (Free on Board)
Risk pass to buyer including payment of all transportation and insurance cost once delivered on board the shit by the seller. Used for sea or inland waterway transportation.
CFR (Cost and Freight)
Title, Risk and insurance cost pass to buyer when delivered on board the ship by seller who pays the transportation cost to the destination port. Used for sea or inland waterway transportation.
CIF (Cost, insurance and 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 to carrier by seller who pays transportation cost to destination. Used for any mode of transportation.
CIP (carriage and insurance paid to)
Title and risk pass to buyer when delivered to carrier by seller who pays transportation and insurance cost to destination. Used for any mode of transportation.
DAF (Delivered at Frontier)
Title, risk and responsibility for import clearance pass to buyer when delivered to named border point by seller. Used for any mode of transportation.
DES (Delivered ex Ship)
Title, risk, responsibility for vessel discharge and import clearance pass to buyer when seller delivers goods on board the ship to destination port. Used for sea or inland waterway transportation.
DEQ (Delivered Ex Quay)
Title and risk pass to buyer when delivered on board the ship at the destination point by the seller who delivers goods on dock at destination point cleared for import. Used for sea or inland waterway transportation.
DDU (Delivered Duty Unpaid)
Seller fulfills his obligation when goods have been made available at the named place in the country of importation.
DDU (Delivered Duty Unpaid)
Seller fulfills his obligation when goods have been made available at the named place in the country of importation.
DDP (Delivered Duty Paid)
Title and risk pass to buyer when seller delivers goods to named destination point cleared for import. Used for any mode of transportation.
 
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