Guide to INCOTERMS 1.docx

Guide to INCOTERMS 1.docx

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GuidetoINCOTERMS1

EXW-ExWorks

Thesellerfulfillstheobligationtodeliverwhenhehasmadethegoodsavailableathispremises（i.e.,works,factory,warehouse,etc.）tothebuyer.Inparticular,thesellerisnotresponsibleforloadingthegoodsonthevehicleprovidedbythebuyerorforclearingthegoodsforexport,unlessotherwiseagreed.Thebuyerbearsallcostsandrisksinvolvedintakingthegoodsfromtheseller’spremisestothedesireddestination.Thistermthusrepresentstheminimumobligationfortheseller.Termappliestoair,rail,road,andcontainerized/multimodaltransport.

FCA–FreeCarrier

（namedplace）

Thesellerclearsthegoodsforexportandhandsthemoverintothecustodyofthefirstcarrier（namedbythebuyer）atthenamedplace.Termappliestoair,rail,road,andcontainerized/multimodaltransport.

FAS–FreeAlongsideShip

（namedloadingport）

Thesellermustplacethegoodsalongsidetheshipatthenamedport.Thesellermustclearthegoodsforexport—achangefromthe2000versionofIncoterms®.Termappliestomaritimetransportonly.

FOB–FreeOnBoard

（namedloadingport）

Asacommontradeterm,thesellermustloadthegoodsonboardtheshipnominatedbythebuyer.Costandrisktransferoncegoodsareplacedonboardtheshipfortransport—anIncoterms®changeasof2000.Thesellermustclearthegoodsforexport.Termappliestomaritimetransportonly.

CFR–CostandFreight

（nameddestinationport）

Thesellermustpaythecostsandfreighttobringthegoodstotheportofdestination.However,therisktransferstothebuyeroncethegoodsareplacedonboardtheshipfortransport.Termappliestomaritimetransportonly.

CIF–Cost,InsuranceandFreight

（nameddestinationport）

Thesellermustpaythecostsandfreighttobringthegoodstotheportofdestination.However,therisktransferstothebuyeroncethegoodsareplacedonboardtheshipfortransport.Theshippermustalsoprocureandpayforinsuranceforthebuyer.Termappliestomaritimetransportonly.

CPT–CarriagePaidTo

（namedplaceofdestination）

Thesellermustpayforcarriageofthefreighttothenamedpointofdestination.Riskpasseswhenthegoodsarehandedovertothefirstcarrier.Termappliestoair,rail,road,andcontainerized/multimodaltransport.

Risktransferstobuyerwhen:

Sellerassumesallrisksoflossordamagetothegoodsuntiltheyhavebeendeliveredtothe（first）carrierattheplaceofshipment,withintheagreed-upontimestipulatedinthesalescontract.

CIP–CarriageandInsurancePaidto

（namedplaceofdestination）

Sellerpaysforcarriageandinsurancetothenameddestinationpoint,butriskpasseswhenthegoodsarehandedovertothefirstcarrier.Termappliestoair,rail,road,andcontainerized/multimodaltransport.

Risktransferstobuyerwhen:

Goodsarehandedovertothefirstcarrierandtheshipperhaspaidinsuranceforthebuyer.

DDP-DeliveredDutyPaid

（nameddestinationplace）

Thesellerpaysforalltransportationcostsandbearsallriskuntilthegoodshavebeendelivered.Sellerpaystheduty.ThistermshouldNOTbeusedinterchangeablywiththeterm"FreeDomicile."Termappliestoair,rail,road,andcontainerized/multimodaltransport.

Risktransferstobuyerwhen:

Goodshavebeendeliveredatthenameddestinationplace.

DAP–DeliveredatPlace

Thesellerbearsalltransportcostsandtheriskuptodelivery."Delivery"takesplacewhenthegoodsareatthedisposalofthebuyeronthearrivingmeansoftransport,readyforunloadingatthenamedplaceofdestination.Termappliestoair,rail,road,andcontainerized/multimodaltransport.

Risktransferstobuyerwhen:

Goodsareplacedatthedisposalofthebuyer,readyforunloadingatthenameddestination.

DAT–DeliveredatTerminal

Thesellerbearsthecostoftransportandtherisksuntilthegoodsareleftunloadedattheterminalthatthepartieshadagreedupon."Terminal"includesanyplace,whethercoveredornot,suchasaquay,warehouse,containeryardorroad,orrailoraircargoterminal.Termappliestoair,rail,road,andcontainerized/multimodaltransport.

Risktransferstobuyerwhen:

Goodsareleftattheagreed-uponterminal.

GuidetoINCOTERMS20101

NOTE:

ForINCOTERMS2000,pleaseclickhere.

SelectfromthefollowinglisttonavigatethroughtheGuidetoINCOTERMS2010.

Whilethetermsofsaleininternationalbusinesssoundsimilartothoseusedindomesticcontracts,theyoftenhavedifferentmeanings.Confusionoverthesetermscanresultindiminishedprofitsorlostsales.

Incoterms

Bythe1920s,internationaltradershaddevelopedasetoftradetermstodescribetheirrightsandobligationswithregardtothesaleandtransportofgoods.Thesetermsconsistedofshortabbreviationsforlengthycontractprovisions.Unfortunately,therewasnouniforminterpretationoftheseterms.

Toimprovethisaspectofinternationaltrade,theInternationalChamberofCommerce（ICC）inParisdevelopedIncoterms（INternationalCOmmercialTERMS）,asetofuniformrulesfortheinterpretationoftermsdefiningthecosts,risks,andobligationsofbuyersandsellersininternationaltransactions.Firstpublishedin1936,theseruleshavebeenperiodicallyrevisedtoaccountforchangingmodesoftransport,documentdelivery,andsecurity.

Incoterms2010

Inlate2010theICCissueditslatestrevision,"Incoterms®2010."Pleasenote:

1.ThenewrulesenterintoforceonJanuary1,2011.

2.ContractsareinterpretedbytheversionofIncotermsreferredtointhecontract.Therefore,onlyacontractthatreferstoIncoterms2010willbegovernedbyrulesfromthatversion.

Incoterms2010vs.Incoterms2000

Incoterms2010rulesincorporateanumberofchangesfromIncoterms2000.Herearesomekeyitems:

1.Incoterms2000had13ruleswhereasIncoterms2010has11rules.ForIncoterms2010,fourofthe"D"rules:

DAF,DES,DEQ,andDDUweredropped,andtwonew"D"ruleswerecreated:

DATandDAP

2.InIncoterms2000,anumberofrules,suchasFOB,establishedthattheseller"delivers"thegoodswhenthey"passtheship'srail."InIncoterms2010theserulesrequirethatthegoodsbedelivered"onboardthevessel."

3.Incoterms2000establishedfourgroupsofrules:

E:

Departure,F:

MainCarriageUnpaid,C:

MainCarriagePaid,andD:

Arrival.Incoterms2010,however,establishestwoclasses:

1）rulesapplicableforallmodesoftransport,and2）rulesapplicableonlyforseaandinlandwaterwaytransport.Seethenextpagefordetails.

4.Incoterms2010giveselectroniccommunicationsthesamestatusaspapercommunicationsolongasthepartiesagree.

5.Incoterms2010rulesobligatebothsellerandbuyertogiveassistanceinsecuringsecurityclearances.

6.Incoterms2010nowacknowledgestheexistenceof"stringsales,"wheregoodsintransitmaybesoldmultipletimesbeforearrival,bygivingthesellertheoptionto"procuregoodsshipped."

UseofIncoterms

Incotermsarenotlawsenactedbygovernments.Rather,theyarerulesagreedtobypartiestoacontract.

Also,Incotermsarenotimpliedintocontractsforthesaleofgoods.IfyoudesiretouseIncoterms,youmustspecificallyincludetheminyourcontract.YourcontractshouldexpresslyrefertoaspecificversionofIncoterms.Forexample:

CIFOakland,California,USA,Incoterms2010

IncotermsDo...

Incoterms2010maybeincludedinasalescontractifthepartiesdesirethefollowing:

1.Tocompleteasaleofgoods.

2.Toindicateeachcontractingparty'scosts,risks,andobligationsconcerningtheseaspectsofdelivery:

a.Whenisthedeliverycompleted?

b.Howdoesapartyensurethattheotherpartyhasmetthestandardofperformance?

c.Whichpartymustobtainrequisitelicensesandcomplywithgovernment-imposedimport/exportformalities?

d.Whatarethemodesandtermsofcarriage?

e.Whatarethedeliveryterms?

f.Whenistheriskoflosstransferredfromthesellertothebuyer?

g.Howwilltransportandothercostsbedividedbetweentheparties?

h.Whatnoticesarethepartiesrequiredtogivetoeachotherregardingthetransportandtransferofthegoods?

3.Toestablishbasictermsoftransportanddeliveryinashortformat.

IncotermsDoNot...

Incoterms2010arenotsufficientontheirowntoexpressthefullintentoftheparties.Theydonot:

1.Applytocontractsforservices.

2.Definecontractualrightsandobligationsotherthanfordelivery.

3.Specifydetailsofthetransfer,transport,anddeliveryofthegoods.

4.Determinehowtitletothegoodswillbetransferred.

5.Protectapartyfromriskofloss.

6.Definetheremediesforbreachofcontract.

IllustratedGuidetoIncoterms2010

TheWorldTradePressIllustratedGuidetoIncoterms®2010wasdesignedtogiveagraphicrepresentationofthebuyer'sandseller'srisksandcostsundereachofthe11Incoterms.Thematerialoneachfacingpagegivesasummaryofsellerandbuyerresponsibilities.

Backtotop

IncotermsGroups

Inthepast,Incotermswerearrangedintofourgroups:

E（Departure）,F（Maincarriageunpaid）,C（Maincarriagepaid）,andD（Arrival）.Traders,however,weremistakenlypickingoceantransportterms（likeFOB）forshipmentsbyair.Incoterms2010classifiestermsbymodeoftransport,butthefouroriginalgroupingsremainvalid:

Incoterms2010Groups

GroupE

Departure

EXW

EXWorks

（...namedplaceofdelivery）

GroupF

Main

CarriageUnpaid

FCA

FreeCArrier

（...namedplaceofdelivery）

FAS

FreeAlongsideShip

（...namedportofshipment）

FOB

FreeOnBoard

（...namedportofshipment）

GroupC

Main

CarriagePaid

CFR

CostandFReight

（...namedportofdestination）

CIF

CostInsuranceandFreight

（...namedport