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Trade Terms
Home > Trade Terms

 

Trade terms in F group

FOB Free on Board 
£¨……Named port of shipment£©

¡¡¡¡“Free on Board” means that the seller delivers when the goods pass the ship's rail at the named port of shipment. This means that the buyer has to bear all costs and risks of loss of or damage to the goods from that point. The FOB term requires the seller to clear the goods for export.

FAS Free Alongside Ship
£¨……Named port of shipment£©

¡¡¡¡“Free Alongside Ship” 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 costs and risks of loss of or damage to the goods from that moment.

FCA Free Carrier 
£¨……Designated locations£©

¡¡¡¡“Free Carrier” means that the seller delivers the goods, cleared for export, to the carrier nominated by the buyer at the named place.

 

Trade terms in C group

CIP Carriage and Insurance paid to... 
£¨……Specify the destination£©

¡¡¡¡“Carriage and Insurance paid to...” means that the seller delivers the goods the carrier nominated by him but the seller must m addition pay the cost of carriage necessary to bring the goods to the named destination. This means that the buyer bears all risks and any additional costs occurring after the goods have been so delivered. However, in CIP the seller also has to procure insurance against the buyer's risk of loss of or damage to the goods during the carriage.

CPT Carriage paid to ... 
£¨……Specify the destination£©

¡¡¡¡“Carriage paid to ...” 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 aft risks and any other costs occurring after the goods have been so delivered.

CIF Cost, Insurance and Freight
£¨……Named port of destination£©

¡¡¡¡“Cost, Insurance and Freight” means that the seller delivers when the goods pass the ship’s rail in the port of shipment.

CFR Cost and Freight 
£¨……Named port of destination£©

¡¡¡¡“Cost and Freight” means that the seller delivers when the goods pass the ship” s rail in the port of shipment. The seller must pay the costs and freight necessary to bring the goods to the paned port of destination BUT the risk of loss of or damage to the goods, as well as any additional costs due to events occurring after the time of delivery, will be transferred from the seller to the buyer.

 

Trade terms in E group

EXW Ex works 
£¨……Designated locations£©

¡¡¡¡“Ex works” 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. workshop, factory, warehouse, etc. ) not cleared for export and not loaded on any collecting vehicle.

 

Trade terms in D group

DEQ Delivered Ex Quay 
£¨……Named port of destination£©

¡¡¡¡“Delivered Ex Quay” means that the seller delivers when the pods are placed at the disposal of the buyer not cleared for import on the quay (wharf) at the named port of destination. The seller has to bear costs and risks involved m bringing the goods to the named port of destination and discharging the goods On the quay (wharf).

DES Delivered Ex Ship 
£¨……Named port of destination£©

¡¡¡¡“Delivered Ex Ship” means that the seller delivers when the goods are placed at the disposal of the buyer on board the ship not cleared for import at named port of destination. The seller has to bear all the costs and risks involved in bringing the goods to the named port of destination before discharging.

DDP Delivered duty paid 
£¨……Named port of destination£©

¡¡¡¡“Delivered duty paid” means that the seller delivers the goods to the buyer, 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 involved bringing the goods thereto.

DDU Delivered duty unpaid 
£¨……Named port of destination£©

¡¡¡¡“Delivered duty unpaid” means that the seller delivers the goods to die buyer, not cleared for import, and not unloaded from my arriving means of transport at the named place of destination. The seller has to bear the costs and risks involved in bringing the goods thereto, other than, where applicable , any “duty”(Which term includes the responsibility for and the risks of the carrying out of customs formalities, and the payment of formalities, custom duties, taxes and other charges) for import in the country of destination.

DAF Delivered at Frontier 
£¨……Designated locations£©

¡¡¡¡“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.

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