Note: We accept no liability for the accuracy of this information.
Cost and Freight term means that the seller needs to pay the costs and freight to ship the goods to the named port of destination but the insurance has to be procured by the buyer to cover his own risk of loss of or damage to the goods. The insurance premium and any additional costs due to events occurring after the time the goods have been delivered on board vessel have to be responsible by the buyer when the goods pass over the ship's rail in the named port of shipment. The CFR term requires the seller to clear the goods for export.
Cost, Insurance and Freight term means that the seller has the same obligations as under CFR term but additionally the seller has to procure and to pay the premium of the insurance against the buyer's risk of loss of or damage to the goods during the Carriageuntil named port of destination. The CIF term requires the seller to clear the goods for export.
Carriage and Insurance Paid to. term means that the seller has the same obligation as under CPT but additionally the seller has to procure and to pay the premium of the insurance against the buyer's risk of loss of or damage to the goods during the Carriageuntil named place of destination. The CIP term requires the seller to clear the goods for export.
Carriage Paid To. term means that the seller pays the freight for the Carriageof the goods to the named place of destination but the insurance has to be procured by the buyer to cover his own risk of loss of or damage to the goods after the time the goods have been delivered to the carrier. Carrier means any person, in a contract of carriage; undertake to perform or to procure the performance of the Carriage by any single or combination modes of carriage. If subsequent carriers are used for the Carriage to the agreed destination, the risk passes when the goods have been delivered to the first carrier.
Delivered at Place term means that the seller pays for the carriage and for delivering the goods, ready for unloading from the arriving conveyance, at the named place. This term can be used for any transport mode or multi-transport made. Buyer is required to customs clear the goods and pays local taxes and duties.
Delivery Duty Paid term means that the seller needs to fulfill his obligation to deliver the goods that are ordered by the buyer to the named place in the country of destination. The seller has to clear the goods for import at named place in the country of importation and pays duties, taxes and all other charges of delivering the goods too.
Delivery at Place Unloaded term means that the seller needs to deliver and unload the goods that are ordered by the buyer to the named place in the country of importation. The buyer is required to customs clear the goods and pays local taxes and duties.
Ex-works term means that the seller needs to fulfill his obligation to supply and deliver the goods that are ordered by the buyer at his or another named place (work, factory, warehouse.etc.) to the buyer. However, the seller is neither responsible for loading the goods onto any collecting vehicle nor clearing the goods for export, unless otherwise agreed beforehand. The buyer bears all costs and risks involved in taking the goods from the seller's or his indicated premises to the desired destination.
Free Alongside Ship term means that the seller needs to fulfill his obligation to deliver the goods that are ordered by the buyer alongside the vessel at the named port of shipment. The seller is required to clear the goods for export. However, if the parties wish the buyer to clear the goods for export, this should be made clear by adding explicit wording to this effect in the contract of sale.
Free carrier term means that the seller needs to fulfill his obligation to deliver the goods that are ordered by the buyer, clear the export, to the carrier nominated by the buyer at the named place. If no precise place is indicated by the buyer, the seller may select within the place or range stipulated where the carrier shall take the goods into his custody. The seller bears the risk of loss of or damage to the goods until the goods have been delivered to the nominated carrier. The buyer needs to give sufficient information of the name of nominated carrier. If it is necessary, the buyer has to inform the seller about mode of transport and period of delivering of the goods to the nominated carrier.
Free On Board term means that the seller needs to fulfill his obligation to deliver the goods that are ordered by the buyer to the ship's rail at the named port of the shipment, clear the export. The buyer has to bear the risk of loss of or damage to the goods and costs from the named port of shipment.
Note: We accept no liability for the accuracy of this information.
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