Incoterms®
Incoterms® (International Commercial Terms) are international rules published by the International Chamber of Commerce. They define the obligations of buyers and sellers in commercial transactions and specify the allocation of costs and risks related to the transport of goods, including insurance, transportation, customs clearance, and duties.
The seller makes the goods available to the buyer at its premises or another agreed place. The buyer bears all costs and risks from that point onward, including loading, transportation, export and import customs formalities, and any applicable duties and taxes.
The seller delivers the goods to the carrier designated by the buyer at the agreed place. Risk passes to the buyer upon delivery to the carrier. Export customs clearance is the seller’s responsibility.
The seller delivers the goods on board the vessel nominated by the buyer at the agreed port of shipment. Risk passes to the buyer once the goods are loaded on board the vessel. Export customs clearance is the seller’s responsibility.
The seller pays the costs and freight necessary to bring the goods to the named port of destination. However, the risk transfers to the buyer once the goods are loaded on board the vessel at the port of shipment. Export customs clearance is the seller’s responsibility.
As with CFR, the seller bears the transportation costs to the agreed port of destination, but must also obtain marine insurance covering the goods during transit for the benefit of the buyer. Risk transfers to the buyer as soon as the goods are loaded on board the vessel at the port of shipment.
The seller pays the carriage costs to the agreed place of destination. However, the risk of loss or damage to the goods transfers to the buyer once the goods are handed over to the first carrier. Export customs clearance is the seller’s responsibility.
The seller pays for transportation to the agreed place of destination. The seller must also obtain insurance covering the risk of loss or damage to the goods during transit for the benefit of the buyer. However, risk transfers to the buyer once the goods are handed over to the first carrier. Export customs clearance is the responsibility of the seller.
The seller bears all costs and risks involved in transporting the goods to the agreed place of destination, except for import customs clearance, which is the responsibility of the buyer.
The seller bears all costs and risks involved in transporting the goods to the agreed place of destination, including import customs clearance and the payment of duties and taxes.
The seller bears all costs and risks involved in transporting the goods to the agreed place of destination and is responsible for unloading the goods. Import customs clearance is the responsibility of the buyer.