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David G. Sayles Marine Insurance International Shipping Terms (Incoterms) |
In 1990 the International Shipping Industry introduced a number of new shipping terms, which define where ownership, responsibility and risk reside for goods in transit. Below is a graphical depiction of where these risks lie under the various shipping terms. (At bottom are the abbreviations' full names.)
| Key: | ||
Seller's Risk:  |
Seller's Cost:  |
Insurance to be taken out by Seller:  |
| Buyer's Risk: |
Buyer's Cost: |
| Goods located at, on or with (see also, notes at bottom): | ||||||||
| Term | Seller |
Carrier |
Frontier |
Port |
Ship |
Port |
Customs |
Buyer |
| EXW | |
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| FCA | |
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| FAS | |
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| FOB | |
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| CFR | |
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| CIF |  |
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| CPT | |
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| CIP | |
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| DAF | |
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| DES | |
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| DEQ | |
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| DDU | |
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| DDP | |
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Seller |
Carrier |
Frontier |
Port |
Ship |
Port |
Customs |
Buyer |
|
*
FCA: If transit by vessel, then responsibility and ownership are retained by seller until on board ship.The 1990 Incoterms |
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| EXW: ex works FCA: free carrier FAS: free alongside ship FOB: free on board CFR: cost and freight CIF: cost, insurance and freight CPT: carriage paid to |
CIP: carriage and insurance paid to DAF: delivered at frontier DES: delivered ex ship DEQ: delivered ex quay (duty paid) DDU: delivered duty unpaid DDP: delivered duty paid |
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