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14 Cards in this Set
- Front
- Back
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Incoterm Definition
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international commerce term, specifies the responsibilities of the exporter and the importer in an international transaction.
Gives clarity to the delivery process. Avoids confusion and conflict. 11 incotems the point when the responsibilty of goods are passed from the seller to the buyer |
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Ex-Works (EXW)
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Delivelry at sellers premeses
packed for export by seller buyer loads buyers risk exporter packages goods for export but the importer loads the goods onto the immporters vehicle EXW Norfolk, VA, USA |
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Free Carrier (FCA)
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delivery at sellers premises
the seller loads OR sellers first carrier Buyer unloads FCA Norfolk, USA |
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EFCD
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each change of letter is the change of delivery point to the buyer
E- least responsibility delivery is at the sellers premesis F- deliver is at the buyers first carrier C- delivery is at the port or place at the sellers country. D- delivery is at a agreed point at the buyers country. as you move from EFCD (each letter) it moves from the seller to the buyer |
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Carriage Paid To (CPT)
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delivery @ place of Export
Sellers responsible for carriage to place of destinatoin |
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Carriage and Insurance Paid To (CIP)
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same as CPT
seller organizes cargo inssurance amount insured should be at least 110% |
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Cost and Freight (CFR)
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delivery when goods loaded onto a vessel
seller resopnsible for carriage to Named port CFR Norfolk, USA |
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Cost,Insurance, Freight (CIF)
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Same as CFR
Seller organizes cargo insurance |
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D-Terms
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multimodal terms
seller responsible for the delivery of goods to an agreed delivery point |
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Delivered Ex-Ship (DES)
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only designed for ocean transportation
bulk shipments importer pays for unloading DES Norfolk, VA |
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Delivered Ex-Quay (DEQ)
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only meant for ocean transportation
exporter pays for unloading |
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Delivered at Frontier (DAF)
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land transportation
the dlivery takes place in the city named, but the merchandise is still in the vehicle or the railroad car on which it arrived on. DAF Norfolk, VA USA where importer takes control of the goods |
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Delivered Duty Paid (DDP)
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ocean
DDP Karlsruhe, Germany exporter handles all the shipping importer pays for unloading |
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Delivered Duty Unpaid (DDU)
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ocean
when the exporter is willing to perform most of the tasks involved in a shipment up to the city. DDU Xi'an, China where importer takes control of goods |
