INCOTERMS® IS A REGISTERED TRADEMARK OF THE INTERNATIONAL CHAMBER OF COMMERCE. THIS DOCUMENT IS NOT INTENDED AS LEGAL. Incoterms® Wall Chart, ICC's popular support tool, is a full colour, poster- sized flow chart outlining the responsibilities of downloader and seller under each of the. Incoterms stands for International Commercial Terms. Developed in by the International Chamber Of Commerce (ICC) to standardize world trade terms.
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The new Incoterms rules were revised by the International Chamber of. Commerce and will become . unulelteoco.ga . The Incoterms® rules have become an essential part of the daily language of trade. They have been incorporated in contracts for the sale of goods worldwide. Continued use of terms which do not appear in the Incoterms® rules; guide des incoterms _Mise en page 1 27/01/11 Page3.
It should not be used when the consignee cannot carry out directly or indirectly the export formalities.
Free Incoterms 2010 Reference Chart
This term can only be used for sea or inland waterway transport. FOB Free On Board One of the most commonly used-and misused-terms, FOB means that the shipper uses his freight forwarder to move the merchandise to the port or designated point of origin.
The term FOB specifically refers to ocean or inland waterway transportation of goods. Given that the shipper is responsible for transportation, the shipper also chooses the forwarder. CIF Cost, Insurance and Freight This arrangement similar to CFR, but instead of the consignee insuring the goods for the maritime phase of the voyage, the shipper insures the goods. The shipper contracts for insurance and pays the insurance premium.
The consignee should note that under CIF the shipper is only required to obtain insurance on minimum coverage. This term also requires the shipper to clear the goods for export and the term can only be used for sea or inland waterway transport.
The shipper pays for carriage to the terminal, except for costs related to import clearance, and assumes all risks up to the point that the goods are unloaded at the terminal. The shipper pays for carriage to the named place, except for costs related to import clearance, and assumes all risks prior to the point that the goods are ready for unloading by the downloader.
The shipper pays all costs involved for the carriage of the goods to the named destination. If various carriers are used for the carriage to the agreed destination, the risk passes when the goods have been delivered to the first carrier. CPT term requires the shipper to clear the goods for export. This term can be used for multi modal transport. Seller pays for carriage and insurance to the named destination point, but risk passes when the goods are handed over to the first carrier.
When this particular agreement is in force, Freight Forwarders often act as carriers. DDP Delivered Duty Paid The shipper is responsible for delivering the goods to the named place in the country of the consignee, and pays all costs in bringing the goods to the destination including import duties and taxes.
The shipper is not responsible for unloading. This term places the maximum obligations on the shipper including the payment of duty and fees, and minimum obligations on the consignee.
Every effort has been made to ensure the accuracy of definitions however this document should be used for reference only and is not intended as legal advice. Written by former top-level executives of the ICC Court, this authoritative guide provides clear, in-depth commentary, statistics and comparisons.
Protect Your Bottom Line by Understanding These 5 Common Incoterms [with Printable PDF]
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When this particular agreement is in force, Freight Forwarders often act as carriers. Open to ICC members and non-members alike, our events are designed for businesspeople, corporate counsel, lawyers and legal practitioners involved in international trade.