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Although Incoterms 2010 classifies terms by mode of transport, the four original groupings in Incoterms 2000 remain valid. So, for the ease of understanding, the following interpretations of trade terms in Incoterms 2010 are done based on the four categories: namely starting with the term whereby the seller only makes the goods available to the buyer at the seller’s own premises( the “E”-term Ex Works); followed by the “F”-terms whereby the seller is called upon to deliver the goods to a carrier appointed by the buyer (FCA, FAS and FOB); continuing with the“C”-terms where the seller is responsible for delivering the goods on board the ship at the port of shipment，contracting and paying for carriage to the “named port of destination.” “C” terms evidence “shipment” (as opposed to “arrival”) contracts without assuming the risk of loss of or damage to the goods or additional costs due to events occurring after shipment and dispatch(CFR, CIF, CPT and CIP); and finally, the “D”-terms whereby the seller has to bear all costs and risks needed to bring the goods to the place of destination (DAT, DAP and DDP).
Listed below is a brief interpretation of all the eleven terms as in Incoterms 2010.
This rule may be used irrespective of the mode of transport selected and may also be used where more than one mode of transport is employed.
EXW term means the seller delivers when he places the goods at the disposal of the buyer at the seller’s premises or another named place (i.e. works, factory, warehouse, etc.) not cleared for export and not loaded on any collecting vehicle. The seller’s obligations cease when the buyer accepts the goods at the factory or warehouse.
In Ex Works, the seller merely makes the goods available to the buyer at the seller’s named place of delivery, which is commonly, but not necessarily, the seller’s place of business. With EXW, the seller has no responsibility to load the goods onto a truck or other transport vehicle or to clear the goods for export. This trade term places the greatest responsibility on the buyer and minimum obligations on the seller.
The seller must supply the goods in accordance with the contract of sale, provide at his expense basic packing (special packing may be a charge on the customer) and give the buyer prompt notice when the goods are ready. Equally, the seller should render the buyer on request every assistance to provide all the relevant document or to clear the customs.
Obviously, the responsibilities of the buyer are more extensive. He must pay for the goods in accordance with the contract and bear all the costs and risks of the goods from the time when they have been placed at his disposal by the seller. The buyer must fund any customs duties and taxes and all costs in obtaining the documents required for the purpose of importation and exportation.
The EXW term is often used when making an initial quotation for the sale of goods. It represents the cost of the goods without any other costs included. The EXW term is commonly used in courier shipments when the courier picks up the shipment from client’s premises and loads courier’s own truck. The EXW term is generally not recommended for international trade transactions, as loading the goods at the seller’s named place and handling export formalities usually places too much of a burden upon the buyer.
The EXW term is suitable for domestic trade, while FCA is usually more appropriate for international trade. If the buyer cannot handle loading the goods or export formalities, the EXW term should not be used. In such a case, FCA is recommended.
Payment terms for Ex Works transactions are generally cash in advance and open account.
This rule may be used irrespective of the mode of transport selected and may also be used where more than one mode of transport is employed.
FCA term means that the seller delivers the goods, cleared for export, to the carrier specified by the buyer at the named place of delivery. “FreeCarrier” means that the seller delivers the goods to the carrier or another person nominated by the buyer at the seller’s premises or another named place. “Carrier” means any person who, in a contract of carriage, undertakes to perform or to procure the performance of transport by rail, road, air, sea, inland waterway or by a combination of such modes. Technically, a carrier is a firm that itself transports goods or passengers for hire, rather than simply arranging for such transport. Examples are a shipping line,airline, trucking firm, or railway. Also, a person, such as a freight forwarder, can act as a“carrier.”
When using the FCA term, it is advisable to clearly specify in the contracts of sale and carriage the precise point of delivery, as the risk passes to the buyer at that point. If the parties intend to deliver the goods at the seller’s premises, they should identify the address of those premises as the named place of delivery. If, on the other hand, the parties intend the goods to be delivered at another place, they must identify a different specific place of delivery. It should be noted that the chosen place of delivery has an impact on the obligations of loading and unloading the goods at that place. If delivery occurs at the seller’s premises, the SELLER IS RESPONSIBLE for LOADING. If delivery occurs at any other place, the SELLER IS NOT RESPONSIBLE for UNLOADING.
The FCA term is often used when making an initial quotation for the sale of goods.
This rule is to be used only for sea or inland waterway transport.
FAS term means that the seller delivers when the goods are placed alongside the vessel (e.g.,on a quay or a barge) nominated by the buyer at the named port of shipment. The risk of loss of or damage to the goods passes when the goods are alongside the ship, and buyer bears all costs from that moment onwards.
When using the FAS term, it is advisable to clearly specify in the contract of sale, and in contracts of carriage, not only the named port of shipment, but also the precise loading point at or within the named port of shipment. This is particularly the case when the named port of shipment is large and options abound for delivery points.
With FAS, the seller has the option to deliver the goods alongside the ship, or to procure goods already so delivered. This is a reference to so-called “string sales” where a single shipment might be resold multiple times during transport, particularly common in the commodity trade.
The FAS term is commonly used in the sale of bulk commodity cargo such as oil, grains, and ore. If the shipment is containerized or to be containerized, common practice is to deliver the shipment to the carrier at a terminal and not alongside a ship. In such situations, the FCA term is recommended.
Usual payment terms for FAS transactions are cash in advance and open account, but letters of credit are also used.
This rule is to be used only for sea or inland waterway transport.
FOB term means that the seller clears the goods for export and delivers them on board thevessel nominated by the buyer at the named port of shipment or procures the goods already so delivered. The risk of loss of or damage to the goods passes when the goods are on board thevessel, and buyer bears all costs from that moment onwards.
This is a change from Incoterms 2000, where the seller was responsible only to deliver the goods “passthe ship’s rail.” With FOB, the seller has the option to deliver the goods on board the vessel, or to procure goods already so delivered. This is a reference to so-called “string sales,”where a single shipment might be resold multiple times during transport, as is common in the commodity trade.
With FOB, the named port of shipment is domestic to the seller. The FOB term is commonly used in the sale of bulk commodity cargo such as oil, grains, and ore. If the shipment is containerized or to be containerized, common practice is to deliver the shipment to the carrier at a terminal and not on board a ship. In such situations, the FCA term is recommended.
The FOB term is often misused. FOB does not mean loading goods onto a truck or train at the seller’s place of business. FOB is used only in reference to delivering the goods on board a ship in ocean or inland waterway transport. The FCA term, on the other hand, is applicable to all modes of transport.
The key document in FOB transactions is the “On Board Bill of Lading.”
This rule is to be used only for sea or inland waterway transport.
CFR term means that the seller clears the goods for export and delivers them on board thevessel at the port of shipment, or procures the goods already so delivered. The risk of loss of or damage to the goods passes when the goods are on board the vessel.
The seller must contract for and pay the costs and freight necessary to bring the goods to the named port of destination BUT risk of loss of or damage to the goods, as well as any additional costs due to events occurring after the time of delivery, are transferred from the seller to the buyer.The seller must bear all risks of loss of or damage to the goods until such time as they have been placed on board the ship at the port of shipment, while the buyer must accept delivery of the goods when they have been so delivered and receive them from the carrier at the named port of destination. When CFR, CIF, CPT or CIP are used, the seller fulfills its obligation to deliver when it hands the goods over to the carrier in the manner specified in the chosen rule and not when the goods reach the place of destination.
With CFR, it is the seller that charters ships, books shipping space and pays for the cargo loading. When the goods are loaded on board the vessel, the seller should send shipping notice to the buyer. If the shipment is containerized or to be containerized, common practice is to deliver the shipment to the carrier at a terminal and not on board a ship. In such situations, the CPT term is recommended.
Cargo insurance is to be effected by the buyer. The buyer receives the goods at the port of destination and funds all unloading expenses at the destination port unless such costs have been included in the freight or collected by the ship-owner at the time freight is paid.
When using the CFR term, it is advisable to clearly specify in the contract of sale, and in contracts of carriage, not only the named port of destination, but also the precise point at or within the named port of destination.
To specify clearly the responsibility and cost of unloading, some derived terms can also be used:
The ship is responsible for the discharge of goods. The unloading charges are included in freight that is paid by the seller.
The goods must be unloaded onto the dock. The seller is responsible for discharge of the goods and pays the cost, including lighterage and wharfage charges.
The seller fulfills his obligations when he has made the goods available to the buyer for unloading. The buyer pays the cost for discharging the goods from the ship’s hold.
This rule is to be used only for sea or inland waterway transport.
CIF term means that the seller clears the goods for export and delivers them on board thevessel at the port of shipment, or procures the goods already so delivered. The risk of loss of or damage to the goods passes when the goods are on board the vessel.The seller must contract for and pay the costs and freight necessary to bring the goods to the named port of destination.
The seller also contracts for the minimum cover insurance against the buyer’s risk of loss of or damage to the goods during the carriage. The minimum insurance shall cover the price provided in the contract plus ten per cent (i.e.110%) and shall be provided in the currency of the contract.Should the buyer wish to have more insurance protection, it will need either to agree as much expressly with the seller or to make its own extra insurance arrangements.
Just as CFR, CPT and CIP, CIF term has two crucial points because risk passes and costs are transferred at different places. While the contract will always specify a destination port, it might not specify the port of shipment, which is where risk passes to the buyer. If the shipment port is of particular interest to the buyer, the parties are well advised to identify it as precisely as possible in the contract.
And, the parties are well advised to identify as precisely as possible the point at the agreed port of destination, as the costs to that point are for the account of the seller. The seller is advised to procure contracts of carriage that match this choice precisely. If the seller incurs costs under its contract of carriage related to unloading at the sepcified point at the port of destination, the seller is not entitled to recover such costs from the buyer unless otherwise agreed between the parties.
The CIF term is commonly used in the sale of a) bulk commodity cargo such as oil, grains, and ore, b) oversize and overweight cargo that will not fit into an ocean container, and c) cargo that exceeds the weight limitations of ocean containers. If the shipment is containerized or to be containerized, common practice is to deliver the shipment to the carrier at a terminal and not on board a ship. In such situations, the CIP term is recommended.
To stipulate clearly the responsibility and cost of unloading, as CFR, CIF also has some derived terms: CIF Liner Terms, CIF Landed and CIF Ex-Ship’s Hold.
This rule may be used irrespective of the mode of transport selected and may also be used where more than one mode of transport is employed.
CPT term means that the seller delivers the goods to the carrier or another person nominated by the seller at an agreed place of shipment (not the destination), and that the seller must contract for and pay the costs of carriage necessary to bring the goods to the named place of destination.
When CFR, CIF, CPT or CIP are used, the seller fulfills its obligation to deliver when it hands the goods over to the carrier in the manner specified in the chosen rule and not when the goods reach the place of destination. However, it is important to note such a crucial point that the transfer of risk from seller to buyer occurs at a different point than the transfer of costs.
CPT term is often used in sales where the shipment is by air freight, containerized ocean freight, courier shipments of small parcels, and in “ro-ro” (roll-on, roll-off) shipments of motor vehicles.
CPT is almost the same as CFR except that CFR is only applied to sea and inland water transportation while CPT may be used for any mode of transport including multi-modal transport.With CPT term, if more than one carrier is used for carriage to the named place of destination,such as in multi-modal shipments, the risk passes when the goods have been delivered to the first carrier.
This rule may be used irrespective of the mode of transport selected and may also be used where more than one mode of transport is employed.
CIP term means that the seller delivers the goods to the carrier or another person nominated by the seller at an agreed place (if any such place is agreed between the parties) and that the seller must contract for and pay the costs of carriage necessary to bring the goods to the named place of destination.
The seller also contracts for the minimum cover insurance against the buyer’s risk of loss of or damage to the goods during the carriage. The minimum insurance shall cover the price provided in the contract plus ten per cent (i.e.110%) and shall be provided in the currency of the contract.Should the buyer wish to have more insurance protection, it will need either to agree as much expressly with the seller or to make its own extra insurance arrangements.
It is important to note that the transfer of risk from seller to buyer occurs at a different point than the transfer of costs.
When CFR, CIF, CPT or CIP are used, the seller fulfills its obligation to deliver when it hands the goods over to the carrier and not when the goods reach the place of destination. The parties are well advised to identify as precisely as possible in the contract both the place of delivery,where the risk passes to the buyer, and the named place of destination to which the seller must contract for carriage. If more than one carrier is used for carriage to the named place of destination, such as in multimodal shipments, the risk passes when the goods have been delivered to the first carrier. Should the parities wish the risk to pass at a later stage (e.g. at an ocean port or an airport), they need to specify this in their contract of sale.
When using the CIP term, it is also well advised to identify as precisely as possible the point within the agreed place of destination, as the costs to threat point are for the account of the seller.The seller is advised to procure contracts of carriage that match this choice precisely. If the seller incurs costs under its contract of carriage related to unloading at the named place of destination,the seller is not entitled to recover such costs from the buyer unless otherwise agreed between the parties.
The CIP term is often used in sales where the shipment is by air freight, containerized ocean freight, courier shipments of small parcels, and in “ro-ro” (roll-on, roll-off) shipments of motor vehicles.
This rule may be used irrespective of the mode of transport selected and may also be used where more than one mode of transport is employed.
DAT term means that the seller delivers when the goods, once unloaded from the arriving means of transport, are placed at the disposal of the buyer at a named terminal at the named port or place of destination. “Terminal” includes any place, whether covered or not, such as a quay,warehouse, container yard or road, rail or air cargo terminal. The seller bears all risks involved in bringing the goods to and unloading them at the terminal at the named port or place of destination.The parties are well advised to specify as clearly as possible the terminal and, if possible, a specific point within the terminal at the agreed port or place of destination, as the risks to that point are for the account of the seller. The seller is advised to procure a contract of carriage that matches this choice precisely. Moreover, if the parties intend the seller to bear the risks and costs involved in transporting and handling the goods from the terminal to another place, then the DAP or DDP rules should be used.
All forms of payment are used in DAT transactions. DAT is the only term under which the seller is responsible for unloading.
This rule may be used irrespective of the mode of transport selected and may also be used where more than one mode of transport is employed.
DAP term means that the seller delivers when the goods are placed at the disposal of the buyer on the arriving means of transport ready for unloading at the named place of destination. The seller bears all risks involved in bringing the goods to the named place. The parties are well advised to specify as clearly as possible the point within the agreed place of destination, as the risks to that point are for the account of the seller. The seller is advised to procure contracts of carriage that match this choice precisely. If the seller incurs costs under its contract of carriage related to unloading at the place of destination, the seller is not entitled to recover such costs from the buyer unless otherwise agreed between the parties. In DAP, the named place of destination is domestic to the buyer and is often the buyer’s place of business.
DAP requires the seller to clear the goods for export, where applicable. However, the seller has no obligation to clear the goods for import, pay any import duty or carry out any import customs formalities. If the parties wish the seller to clear the goods for import, pay any import duty and carry out any import customs formalities, the DDP term should be used.
This rule may be used irrespective of the mode of transport selected and may also be used where more than one mode of transport is employed.
DDP term means that the seller delivers the goods when the goods are placed at the disposal of the buyer, cleared for import on the arriving means of transport ready for unloading at the named place of destination. The seller bears all the costs and risks involved in bringing the goods to the place of destination and has an obligation to clear the goods not only for export but also for import, to pay any duty for both export and import and to carry out all customs formalities.
DDP represents the maximum obligation for the seller. The parties are well advised to specify as clearly as possible the point within the agreed place of destination, as the costs and risks to that point are for the account of the seller. The seller is advised to procure contracts of carriage that match this choice precisely. If the seller incurs costs under its contract of carriage related to unloading at the place of destination, the seller is not entitled to recover such costs from the buyer unless otherwise agreed between the parties. The parties are well advised not to use DDP if the seller is unable directly or indirectly to obtain import clearance. If the parties wish the buyer to bear all risks and costs of import clearance, the DAP rule should be used.
Any Value-Added Tax (VAT) or other taxes payable upon import are for the seller’s account unless expressly agreed otherwise in the sales contract.
Whilst the EXW term represents the minimum obligation on the seller and maximum obligation on the buyer, DDP term places the maximum obligation on the seller and the minimum obligation on the buyer.
1. shipment clauses 装运条款
装运条款是指装运条件和相互责任。在洽商交易时，买卖双方必须就交货时间、装运地和目的地、能否分批装运和转船及转运等问题商定一致，并在合同中具体订明。合同的装运条款应包括装运时间、装运港、目的港、是否允许转船和分批装运、装运通知，以及滞期、速遣条款等内容。对外磋商交易和签订合同时，要争取把合同中的装运条款订得合理、明确，以利于进出口业务的顺利开展。
2. symbolic delivery 象征性交货
象征性交货是指在买卖双方不直接接触的情况下，卖方按合同规定的时间和地点将货物装上运输工具或交付承运人后，向买方提供包括物权证书在内的有关单证，凭承运人签发的运输单据及其他商业单据履行交货义务，而无须保证到货。CIF是一个典型的象征性交货术语。
3. arrival contract 到货合同
在国际贸易惯例中，D组术语项下合同卖方必须负责将货物运送到目的港（地），并承担货物交至该处为止的一切风险和费用。因此，D组术语合同又叫到货合同。在《2010年国际贸易术语解释通则》（INCOTERMS 2010）中，共有11种贸易术语，其中FOB、CFR、CIF是最常用的贸易术语。INCOTERMS 2010的11种贸易术语共分为E、F、C、D四组。其中E组术语仅有EXW（工厂交货）一个术语，该术语下卖方只需在自己的地点（工厂、仓库等）备妥货物，并将其置于买方处置之下，即履行了交货义务。卖方只保证将货物发出并置于买方处置下，因此按此术语订立的合同叫发货合同。
4. actual delivery 实际交货
实际交货是指卖方按合同规定的时间和地点将货物实际置于买方控制之下，作为履行交货义务。此时买卖双方或其代理人必须直接接触，办理货物的交接，即买方上门提货或卖方送货上门。比如“工厂交货（EXW）”“目的地港船上交货”（DES）等均属于实际交货类的贸易术语。
装运条款
到货合同
装船通知
惯例
运输方式
象征性交货
实际交货
风险转移
报关行
海关放行
delivery
distribution of risk
insurance premium
document
Incoterms
inspection obligation
freight
ICC
customs formalities
1. Who pays for loading for shipment under FOB?
2. Who pays for unloading under CIF?
3. What are the differences and similarities among FOB, CFR and CIF?
4. What are the types of trade terms concerning the transfer of risks?
5. What are the differences and similarities between CIP and CIF?