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Wong and Wong 2wongs.com |
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Incoterms EXW - Ex Works 1. A delivery term where the Seller's only responsibility is to make goods available at his own premises. 2. He has no responsibility for loading the goods. 3. The Buyer bears the full cost and risk in transporting the goods from there to the final destination. FAS - Free Alongside Ship 1. The Seller's obligations are filled as soon as the goods have been placed alongside the ship on the quay. 2. The Buyer bears all the costs and risks from then on. FCA - Free Carrier ( Named Place ) 1. The seller's obligation is met when the goods are transferred into the custody of the Carrier. 2. The risk transfers from the Seller to the Buyer at this point. 3. " CARRIER" is defined as "any person by whom or in whose name a contract of carriage by road, rail, air, sea or a combination of modes has been made". FOB - Free on board 1. The Seller puts the goods on board the ship, at the port of shipment named in the contract. 2. The risk transfers to the Buyer as the goods pass over the ship's rail at the Port of Loading. CFR ( CNF/CXF/C&F ) - Cost & Freight 1. The Seller pays the Cost & Freight of the goods to the named Port of Destination. 2. The risks are the Buyer's responsibility from when the goods pass over the ship's rail at the Port of Loading. CIF - Cost Insurance & Freight Similar to CFR but here it is the Seller's duty to arrange all the insurance on behalf of the Buyer and pay the premium. CIP - Carriage & Insurance Paid To ( Named Destination ) The Seller now has to obtain Insurance to cover all risks to the Named Destination. CPT Carriage Paid To 1. The Seller pays the freight for the carriage of the goods to the Named Destination. 2. The risk transfers to the Buyer when the goods are in the custody of the first carrier. DAF - Delivery At Frontier ( To Named Place) The Seller's obligation end when the goods have arrived at the Frontier but before entering the Customs process at the Country named in the contract. DDP - Delivered Duty Paid The Seller's obligation is to pay ALL charges involved in delivering the goods to the buyer. DDU - Delivered Duty Unpaid The Seller pays all costs involved in delivering the goods to the Buyer, with the exception of import duty, taxes and any other official charges levied at importation. DES - Delivered Ex Ship 1. The Seller is responsible for all charges to deliver the goods to the Port of Destination named in the contract. 2. The risk transfers to the Buyer on board ship. DEQ - Delivered Ex Quay ( Duty Paid ) The Seller makes the goods available to the Buyer on the quay at the Port of Destination named in the contract, then the risk transfers to the Buyer. WWWD/PWWD - Weather Working Week Day This variation is one that is used to describe the discharge rate at the destination port. The daily discharge rate is entered in the contract.
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