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/ 25/02/2020

Incotems 2010

INCOTERMS 2010 

Incoterms (International Commercial Terms) was first released in 1936 by ICC (International Chamber of Commerce) including 7 trade terms (EXW, FCA, FOR / FOT, FAS, FOB, C&F, CIF). So far, Incoterms has been amended and supplemented 7 times in the following years:

  • 1953: Add conditions EX SHIP, EX QUAY
  • 1967: Adding DAF and DDP
  • 1976: More FOB airport
  • 1980: More CPT and CIP
  • 1990: There are 13 conditions, remove FOR / FOT, FOB airport, add DDU
  • 2000: Like the Incoterms 1990 in terms of structure but some changes.
  • 2010: There are a number of changes compared to Incoterms 2000, called Incoterms 2010 and are being formally applied to international trade today.

Conditions reserved for ocean shipping:
1. FAS (Free alongside ship) Delivery along the ship:
Risk of loss of goods transferred from seller to buyer when the goods are located alongside the ship, and the buyer bears all costs from that time onwards.
2. FOB (Free on board) Delivery on board:
Risk of loss of goods transferred from seller to buyer when the goods have been on board, and the buyer bears all costs from that time onwards.
3. CFR (Cost & Freight) To the designated location:
Risk of loss of goods transferred from seller to buyer when goods have been delivered onto the ship.
The buyer assumes all costs when the seller has delivered the goods to the designated location.
4. CIF (Cost, Insurance & Freight) To the designated location:
Risk of loss of goods transferred from the seller to the buyer when the goods were delivered on board, but the seller bears insurance costs to the beneficiary until the goods are delivered to the designated place.
The buyer assumes all costs when the seller has delivered the goods to the designated location.

For all types of vehicles:
1. EXW (Ex works) Delivery at the facility / workshop:
Risk of loss of goods transferred from seller to buyer when the goods leave the seller’s place, and the buyer bears all costs from then on.
2. FCA (Free carrier) Delivered to the carrier at the designated place:
Risk of loss of goods transferred from the seller to the buyer when the goods are delivered by the seller to the designated place, and the buyer bears all costs from then on, however, the seller is responsible for export clearance necessary.
3. CIP (Carriage insurance paid to) Shipping costs and insurance paid to the designated location:
Risk of loss of goods transferred from the seller to the buyer when the goods are delivered to the carrier, but the seller bears insurance costs to the beneficiary until the goods are delivered to the designated place.
The buyer assumes all costs after the seller has delivered the goods to the designated destination.
4. CPT (Carriage paid to) Transportation costs paid to the designated place:
Risk of loss of goods transferred from the seller to the buyer when the goods are delivered to the designated carrier, but the buyer bears all costs after the delivery of the goods to the designated destination.
5. DAP (Delivery at place) Delivery at the designated location:
Risk of loss of goods transferred from seller to buyer when goods are delivered to the designated place, and the buyer bears all costs from the cost location from the designated place onwards.
6. DAT (Delivery at terminal) Delivery at the designated port / station:
Risk of loss of goods transferred from seller to buyer when goods arrive at the designated port / station.
7. DDP (Delivery duty paid to) Delivery of tax paid:
Risk of loss of goods transferred from seller to buyer when the goods are placed under the buyer’s control, and the seller bears all costs until the goods are delivered to the buyer.

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