Trade Terms
author: YITECH
2024-07-12
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1. FOB (Free on Board): The seller's obligations are fulfilled after the seller ships the goods to the designated port of shipment and delivers the goods to the ocean-going vessel. The buyer needs to bear the costs of ocean freight, insurance and unloading fees.
2. CIF (Cost, Insurance, and Freight): The seller arranges the shipment of the goods to the port designated by the buyer, purchases transportation insurance and marine insurance from the insurance company, and is responsible for delivering the goods to the destination port. The CIF price includes cost, insurance and freight.
3. DDP (Delivered Duty Paid): The seller bears all costs and risks (including import duties, taxes, insurance, transportation, unloading fees, etc.) to deliver the goods to the place designated by the buyer.
4. EXW (Ex Works): The seller delivers the goods to the factory or designated delivery point, and the buyer needs to bear all costs and risks.
5. DAP (Delivered at Place): The seller arranges the transportation of the goods to the destination, but does not bear the unloading costs. The seller needs to bear all risks and costs, excluding duties and import taxes.
6. CFR (Cost and Freight): The seller is responsible for delivering the goods to the designated destination port and providing the ocean freight for the sea transport. Unlike CIF, the buyer of CFR needs to purchase the transportation insurance of the goods by himself.
7. DDU (Delivered Duty Unpaid): The seller arranges the transportation of the goods and delivers them to the destination specified by the buyer, but does not bear the customs duties and taxes involved in reaching the destination.
8. DIP (Delivered Including Payment of Insurance Premium): The seller provides services for the purchase of cargo insurance and provides logistics services to the buyer between the manufacturer's insurance and the delivery period.
9. CPT (Carriage Paid To): The seller is responsible for delivering the goods to the inland transportation company or freight forwarder, and the buyer needs to pay the transportation costs of the goods by himself, including the trade clearance and transportation costs to the destination.
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