Definitions

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Incoterms

EXW. Ex Works: the vendor is required to make the goods available to the buyer at the vendor’s premises or an agreed place, without preparing them for export or loading them onto the receiving vehicle.

FCA. Free Carrier: the vendor provides the goods ready to be exported to the transportation company (chosen by the buyer) in the agreed place. This term is valid for all types of transport including air, rail, road, and by means of multimodal containers/transport.

FAS. Free Alongside Ship: the vendor must supply the goods alongside the ship at the agreed port. From that moment, the buyer assumes any risks of loss or damage to the goods. The vendor must arrange the customs paperwork for exportation. This is only applicable to maritime transport.

FOB. Free On Board: the vendor must load the goods onto the ship chosen by the buyer; the costs and risks pass from the vendor to the buyer once the goods are loaded onto the ship. The vendor must arrange the customs paperwork for exportation. This is only applicable to maritime transport.

CFR. Cost and Freight: the vendor covers the costs of transportation to carry the goods to the destination port. However, any risk of loss or damage to the goods is transferred over to the buyer the moment the goods are on board the ship at the port of embarkation. This is only applicable to maritime transport.

CIF. Cost, Insurance and Freight: exactly the same as CFR except the vendor must organise and pay the buyer for maritime insurance to cover possible losses or damage to the goods during transportation. This is only applicable to maritime transport.

CPT. Carriage Paid To: this is the general equivalent to CFR for multimodal transportation. The vendor pays for transportation to the agreed destination point, but the risk is passed on when the goods are transferred to the first transporter.

CIP. Carriage and Insurance Paid to: this is the general equivalent to CIF for multimodal transport. The vendor pays for transport and insurance to the destination point, but risk is passed on when the goods are transferred to the first transporter.

DAT. Delivered at terminal: the vendor fulfils their delivery obligation when the goods are delivered to the buyer having been unloaded from the vehicle at the point of arrival, at the agreed destination, and they are ready to be picked up by the buyer at the designated destination terminal, port, or place. The buyer must arrange the customs paperwork.

DAP. Delivered at place: the vendor fulfils their delivery obligation when the goods are made available to the buyer by means of the agreed mode of transportation, and they are ready to be unloaded at the final destination. The buyer covers the costs of unloading and is responsible for arranging the customs paperwork.

DDP. Delivered Duty Paid: The vendor delivers the goods to the buyer at the agreed place in the buyer’s country, once the customs paperwork has been arranged and any duties paid, assuming the costs and risks derived from transportation of said goods to the agreed place.
The buyer is responsible for unloading the goods along with any related costs.