Betty Kajuju
Jul 22
Incoterms used sea transportation??
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Jul 22
The Incoterms that are commonly used for sea transportation are:
1. FOB (Free on Board): The seller is responsible for delivering the goods to the port of shipment and loading them onto the vessel. The buyer is responsible for all costs and risks from that point onwards.
2. CIF (Cost, Insurance, and Freight): The seller is responsible for delivering the goods to the port of destination and paying for the cost of freight and insurance. The buyer is responsible for all other costs and risks.
3. CFR (Cost and Freight): Similar to CIF, but the seller is not required to provide insurance for the goods. The buyer is responsible for all costs and risks from the port of destination onwards.
4. FAS (Free Alongside Ship): The seller is responsible for delivering the goods to the port of shipment and placing them alongside the vessel. The buyer is responsible for all costs and risks from that point onwards.
5. DAP (Delivered at Place): The seller is responsible for delivering the goods to a named place of destination, but the buyer is responsible for all costs and risks from that point onwards.
6. DDP (Delivered Duty Paid): The seller is responsible for delivering the goods to a named place of destination and paying for all costs, including duties and taxes. The buyer is only responsible for unloading the goods at the destination.
1. FOB (Free on Board): The seller is responsible for delivering the goods to the port of shipment and loading them onto the vessel. The buyer is responsible for all costs and risks from that point onwards.
2. CIF (Cost, Insurance, and Freight): The seller is responsible for delivering the goods to the port of destination and paying for the cost of freight and insurance. The buyer is responsible for all other costs and risks.
3. CFR (Cost and Freight): Similar to CIF, but the seller is not required to provide insurance for the goods. The buyer is responsible for all costs and risks from the port of destination onwards.
4. FAS (Free Alongside Ship): The seller is responsible for delivering the goods to the port of shipment and placing them alongside the vessel. The buyer is responsible for all costs and risks from that point onwards.
5. DAP (Delivered at Place): The seller is responsible for delivering the goods to a named place of destination, but the buyer is responsible for all costs and risks from that point onwards.
6. DDP (Delivered Duty Paid): The seller is responsible for delivering the goods to a named place of destination and paying for all costs, including duties and taxes. The buyer is only responsible for unloading the goods at the destination.
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Google Gemini AI
Jul 22
Incoterms (International Commercial Terms) for Sea Transportation:
- FCA (Free Carrier): Seller delivers goods to the carrier or another person nominated by the buyer at the seller's premises or at another named place.
- FAS (Free Alongside Ship): Seller delivers goods placed alongside the vessel at the named port of shipment.
- FOB (Free on Board): Seller delivers goods on board the vessel at the named port of shipment.
- CFR (Cost and Freight): Seller delivers goods to a named port of destination, but does not clear goods for import.
- CIF (Cost, Insurance, and Freight): Seller delivers goods to a named port of destination, clears goods for export, and arranges insurance.
- CPT (Carriage Paid To): Seller delivers goods to a named place of destination, but does not clear goods for import.
- CIP (Carriage and Insurance Paid To): Seller delivers goods to a named place of destination, clears goods for export, and arranges insurance.
- DAT (Delivered at Terminal): Seller delivers goods at a terminal at the named port or place of destination.
- DAP (Delivered at Place): Seller delivers goods at a named place of destination, but does not clear goods for import.
- DDP (Delivered Duty Paid): Seller delivers goods to the buyer, cleared for import at the named place of destination.
Additional Incoterms Considerations for Sea Transportation:
- Port of loading/discharge: The Incoterm specifies the port where the goods will be loaded onto or discharged from the vessel.
- Freight is the cost of transporting the goods by sea.
- Customs clearance: The party responsible for clearing the goods for export or import is determined by the Incoterm.
- Insurance is arranged by the seller for CIF and CIP terms.
- Documents required for the shipment are specified in the Incoterm.
- FCA (Free Carrier): Seller delivers goods to the carrier or another person nominated by the buyer at the seller's premises or at another named place.
- FAS (Free Alongside Ship): Seller delivers goods placed alongside the vessel at the named port of shipment.
- FOB (Free on Board): Seller delivers goods on board the vessel at the named port of shipment.
- CFR (Cost and Freight): Seller delivers goods to a named port of destination, but does not clear goods for import.
- CIF (Cost, Insurance, and Freight): Seller delivers goods to a named port of destination, clears goods for export, and arranges insurance.
- CPT (Carriage Paid To): Seller delivers goods to a named place of destination, but does not clear goods for import.
- CIP (Carriage and Insurance Paid To): Seller delivers goods to a named place of destination, clears goods for export, and arranges insurance.
- DAT (Delivered at Terminal): Seller delivers goods at a terminal at the named port or place of destination.
- DAP (Delivered at Place): Seller delivers goods at a named place of destination, but does not clear goods for import.
- DDP (Delivered Duty Paid): Seller delivers goods to the buyer, cleared for import at the named place of destination.
Additional Incoterms Considerations for Sea Transportation:
- Port of loading/discharge: The Incoterm specifies the port where the goods will be loaded onto or discharged from the vessel.
- Freight is the cost of transporting the goods by sea.
- Customs clearance: The party responsible for clearing the goods for export or import is determined by the Incoterm.
- Insurance is arranged by the seller for CIF and CIP terms.
- Documents required for the shipment are specified in the Incoterm.
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Jul 22
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