Incoterms

'Incoterms' are internationally standardized terms of trade which enable sellers and buyers to determine at which point the risk of ownership is transferred and which portion of the transport is to be paid by the seller and which by the buyer. Some of the most common Incoterms used globally by all concerned including Prantik are:

EXW - Ex Works

Buyer pays all transport costs from shipper's factory.

FCA - Free Carrier

Seller pays to deliver goods to a carrier nominated by buyer.

FAS - Free Alongside Ship

The seller delivers the goods to the origin port. From that point, the buyer bears all costs and risks of loss or damage.

FOB - Free on Board

The seller delivers the goods on board the ship and clears the goods for export. From that point, the buyer bears all costs and risks of loss or damage.

CFR - Cost & Freight

The seller clears the goods for export and pays the costs of moving the goods to destination. The buyer bears all risks of loss or damage.

CIF - Cost, Insurance & Freight

The seller clears the goods for export and pays the costs of moving the goods to the port of destination including insurance and freight. The buyer bears all risks of loss or damage. The seller also purchases the cargo insurance.

CPT - Carriage Paid To

The seller pays for moving the goods to destination. From the time the goods are transferred to the first carrier, the buyer bears the risks of loss or damage.

CIP - Carriage & Insurance Paid to

The seller pays for moving the goods to destination. From the time the goods are transferred to the first carrier, the buyer bears the risks of loss or damage. The seller, however, purchases the cargo insurance.

DEQ - Delivered Ex Quay

The seller delivers the goods - not cleared for import - to the buyer at the port of destination. The seller bears all costs and risks of moving the goods to the port. The buyer clears the goods for import and pays all Customs clearance costs and duties.

DDP - Delivered Duty Paid

The seller delivers the goods - cleared for import - to the buyer at destination. The seller bears all costs and risks of moving the goods to destination, including the payment of Customs duties and taxes.

DDU - Delivered Duty Unpaid

The seller delivers the goods - not cleared for import - to the buyer at destination. The seller bears all costs and risks of moving the goods to destination.