Sea Freight


Incoterms

Incoterms are a series of international sales terms widely used in international commercial transactions.


They are used to divide transaction costs and responsibilities between buyer and seller and reflect state-of-the-art transportation practices.


The most common are:EXW-EX-WORK: The seller makes the goods available at his premises. The buyer is responsible for all charges.


FCA-Free Carrier: The seller hands over the goods, cleared for export, into the custody of the first carrier (named by the buyer) at the named place.


FOB-Free On Board: The seller must load the goods onto the ship nominated by the buyer, cost and risk being divided at ship’s rail. The seller must clear the goods for export.CIF-Cost, Insurance, and Freight: The seller must pay the costs, insurance and freight to bring the goods to the port of destination.


DDU-Delivered Duty Unpaid: The seller delivers the goods to the buyer to the named place of destination in the contract of sale. The goods are not cleared for import or unloaded from any form of transport at the place of destination.


DDP-Delivered Duty Paid: The seller pays for all transportation costs and bears all risk until the goods have been delivered and pays the duty.