Incoterms are international commercial terms that allow entrepreneurs to import and export goods. Today we will talk about Incoterms for international sea transportation. It is important that in this article you will find only general information on 5 types of Incoterms. In the next issues, we will reveal information on each species in more detail, so subscribe to our blog and follow the news.
ExWorks (EXW) – this term imposes minimum obligations on the seller. He fulfills his obligation to deliver and relieves himself of responsibility for the goods when he places the goods at the disposal of the buyer at his enterprise (plant, factory, warehouse, etc.). In other words, it is "self-delivery".
Free on Board (FOB) – under the terms of FOB, the buyer is responsible for clearing the goods from customs duties for export. Transshipment and delivery of cargo to the port of loading is fully paid by the seller.
Delivered Duty Paid (DDP) – the seller bears all risks and costs related to the importation of the goods, including the payment of taxes, duties and other charges levied during the importation of the goods, cargo insurance.
Cost, Insurance and Freight (CIF) cost, insurance and freight - means that the seller is obliged to pay the costs and freight necessary to deliver the goods to the specified port of destination, but the risk of loss or damage to the goods, as well as the cost of cargo insurance.
Delivered duty unpaid (DDU) delivery without payment of customs - the seller is responsible for all costs associated with the transportation and delivery of the goods at the specified destination, with the exception, if necessary, of any fees - "any duty" charged when the goods are imported into the country of destination.
During the consultation, we will select the right type of Incoterms for your situation and organize turnkey transportation.
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