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Tagged: Trade

5 Essential Notes about: DDP Incoterms (Delivered Duty Paid) 0

Incoterms / Trade Guide

5 Essential Notes about: DDP Incoterms (Delivered Duty Paid)

DDP Incoterms means that the seller delivers the goods cleared for import ready for unloading on the means of transport at the named place of destination. Under this term the seller bears all the risk and cost up to the named place of destination. The seller arrange all the task and the entire shipment to deliver the goods to the buyer. 1. Is the DDP Incoterms useful in all over the world? – In some countries only the importer companies can clear the goods for import. In such countries freight forwarders can not do custom clearance. The seller to this...

5 Essential Notes about: DAT Incoterms (Delivered At Terminal) 0

Incoterms / Trade Guide

5 Essential Notes about: DAT Incoterms (Delivered At Terminal)

DAT Incoterms means that the seller delivers the goods, once unloaded from the arriving means of transport, placed at the disposal of the buyer at a named terminal at the named port or place of destination. “Terminal” includes any place, whether covered or not, such as a quay, warehouse, container yard or road, rail or air cargo terminal. 1. Which party must arrange the carriage under DAT Incoterms? – The seller must contract for the carriage up to the named terminal or agreed place of destination. The seller bears all risks involved in bringing the goods to and unloading them...

5 Essential Notes about: FAS Incoterms (Free Alongside Ship) 0

Incoterms / Trade Guide

5 Essential Notes about: FAS Incoterms (Free Alongside Ship)

FAS Incoterms (Free Alongside Ship) means that the seller must place the goods alongside the ship nominated by the buyer. The seller is obliged to arrange all the steps in export country up to alongside the ship. The buyer have to arrange the rest. This terms is to be used only for sea or inland waterway shipments.   1. Which shipments FAS incoterms is suited for? – FAS Incoterms is designed for bulk and break bulk shipments. It is highly recommended not to use this term in containerized shipments. 2. Which party is responsible for loading the goods onboard? –...

5 Essential Notes about: CIP Incoterms 0

Incoterms / Trade Guide

5 Essential Notes about: CIP Incoterms

Carriage and Insurance Paid To (CIP Incoterms) means that the seller delivers the goods to the carrier at an agreed place (if any such place is agreed between the parties). The seller must contract and pay the costs of carriage to bring the goods to the named place of destination. The seller contracts for insurance cover against the buyer’s risk of loss or damage to the goods during the carriage. It is highly recommended to read the post about CPT Incoterms on Shipup Blog in addition to current post. 1. Who is responsible for Contacting the carriage and Insurance in...

5 Essential Notes about: Free On Board (FOB) Incoterms 0

Incoterms / Trade Guide

5 Essential Notes about: Free On Board (FOB) Incoterms

Free On Board (FOB) as a most frequently used Incoterms globally, is only applied to sea and waterway shipments. In plain English FOB means, the seller will be free of costs and risks of shipment by loading the goods on board of the nominated vessel. In other words, once the shipment is loaded on board, all liability and responsibility transfers to the buyer. 1. Which party is obliged to pay the local charges (THC, BL fee, …) in Free On Board (FOB)? – All the charges in origin is for the account of the seller. So the seller must pay...

5 Essential Notes about: Free Carrier (FCA) Incoterms 0

Incoterms / Trade Guide

5 Essential Notes about: Free Carrier (FCA) Incoterms

Free Carrier (FCA) means that the seller delivers the goods at its own premises or another named place to the buyer or carrier or any other person nominated by the buyer. This delivery place is in the seller country and usually its premises. So a difference between this term and Ex Works (EXW) is the export formalities that in FCA is for the account of the seller with all costs and risks. 1. What is the main differences between Free Carrier (FCA) and Ex Works (EXW)? – There are two main differences. The first one is that in FCA the...

Incoterms | Shipping Guide Every Trader Must Know 0

Incoterms / Trade Guide

Incoterms : Shipping Guide Every Trader Must Know

As a trader or a person working in trade, you’re definitely familiar with Incoterms. Since these terms are defined based on the procedure of purchase and transportation, we all have an understanding. But is this enough? If you are engaged with foreign sale or purchase, you need to dive deep into the understanding of Incoterms. Incoterms are important in sales contract as they determine the responsibility and liability of shipment. How far the seller is responsible for the shipment and When and Where this responsibility is transferred to the buyer. The major factors you have to be cautious of in...

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