Incoterms 2010 Full

8/9/2019 Incoterms 2010 Full

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Lawrence TanHead of Trade Advisory, Asia Pacific

Incoterms 2010ICC Publication No.715


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An Introduction to Incoterms


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A set of international rules for interpretation of the most

commonly used trade terms in foreign trade.

Denoted by three letters that compiled and published by

International Chamber of Commerce (ICC)

International Commercial Terms

INCOTERMS

Stand

for?

What

is it?

Why?

To determine at which point will the risks of loss or damageto the goods be passed on from seller to buyer

To explain how the costs of the goods be divided between

the buyer and seller in connection with delivery of the goods


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INCOTERMS Group

INCOTERMS specify:

Point in the journey at which responsibilit ies passes from the seller to the buyer

The various costs that are associated with every import or export transactions

DAP Delivered at Place

D

DAT Delivered at Terminal

DDP Delivered Duty Paid

FFCA Free Carrier

FOB Free On Board

FAS Free Along SideE EXW Ex-works

C CIP Carriage and Insurance Paid ToCFR Cost and Freight

CIF Cost Insurance and Freight

CPT Carriage Paid To


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Why are Incoterms necessary?

-Distance

-Local practices

-Clarification of

duties and

responsibilities

Buyers premises

Sellers factory

1. Export duty / taxes

6. Import duty / taxes

2. Pre-carriage

3. Loading

5. Unloading

4. Main carriage

7. On-carriage

8. Insurance for thetransport of goods
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Incoterms DO NOT

Define a complete contract

Bind other parties beyond seller and buyer

Define transfer of title or ownership

Define payment

Address breach of contract

Fully detail loading and unloading obligations

Apply by default. The use of Incoterms must be

specified in the contract.


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Points to Ponder

Is the use of Incoterms mandatory for all trade transactions?

No. They are used only if agreed upon in the sales contract.

Do Incoterms address ownership of goods?

No. Incoterms do not address ownership of the goods. It only addresses the

risks and responsibilities of parties in relation to the delivery of goods.

Can Incoterms be used for domestic trade?

Yes. Incoterms may be applied to both international and domestic trade.

Where should Incoterms be incorporated in order to be effective?

Sales contract.

Can Incoterms be used for any kind of sales contract?

Yes. They can be used for sale for all sorts of goods except for invisible trade

like software, services etc.


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Incoterms 2000 v Incoterms 2010


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Summary of Main Changes

Number of terms reduced from 13 to 11

The categories E, F, C and D have been changed to:

Rules for any Mode of Transport (7 terms) and

Rules for Sea and Inland Waterway Transport (4 terms)

The following new Incoterms have been introduced:

DAT

DAP

The following terms in Incoterms 2000 have been removed:

DAF

DES DEQ

DDU

Reference to goods crossing the ships rail has been removed in FOB,

CFR and CIF. Instead, goods are delivered once on board the ship.


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Terms used for any mode of transport

EXW - Ex works

FCA - Free carrier

CIP - Carriage and insurance paid to

CPT - Carriage paid to

DAT - Delivered at terminal

DAP - Delivered at place

DDP - Delivered duty paid


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A Short Explanation of the 11terms in Incoterms 2010


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ICC 2010 Rules for Any Mode or Modes

Rules for any mode(s)

EXW Ex Works

FCA Free Carrier

CPT Carriage Paid To

CIP Carriage & Insurance Paid To

DAT Delivered At Terminal

DAP Delivered At Place

DDP Delivered Duty Paid


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Ex Works - EXW (named place)

Point of r isk transferRisk transfers when the goods are placed at the disposal of the buyer at the

sellers premises or another named place (E.g. Factory, warehouse etc.)

Sellers primary duties Buyers primary duties Documents

Deliver the goods at the

agreed place (usually at their

factory/warehouse)

Take delivery of the goods

at the agreed place Commercial Invoice

Arrange for export and

import clearance Delivery receipt

Pay all cost involved to

bring goods to the finaldestination

Arrange for insurance of

goods


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EXW Ex-works

Exporter

1.Transport to

dock / carrier

2. Export license

& duties

3. Loading 4. Freight 5. Unloading

6. Import license

& duties

Importer

7.Transport from

dock / carrier

8. Insurance

Exporter: Make goods

available at premises

Exporter: Make goods

available at premisesImporter:(1-8) All

arrangements for

transport / insurance

Importer:(1-8)All

arrangements for

transport / insurance

Typical documents:

Invoice, Deliverys

Receipt

Typical documents:

Invoice, Deliverys

Receipt

Used for any mode of transportUsed for any mode of transport


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EXW - Questions

Who is responsible for loading goods on the vehicle for on-transport?

The Seller is not responsible, unless otherwise agreed by the buyer.

Who is responsible for obtaining Export Clearance?

Buyer.

If no specific point is agreed at the named place, where can the seller

deliver goods?

At any point that is available.

Who is responsible for the packing of goods?

Seller.

Contract requires shipment by air from New Delhi with the importer

bearing export duty and all cost associated with the transport of goods.

How must the incoterm be mentioned?

EXW Sellers Warehouse, New Delhi.


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Free Carrier - FCA (named place of delivery)

Point of r isk transferRisk transfers when the goods have been delivered to the carrier at the named

place (of receipt).

FCA is usually used with a named place (sellers premises, freight forwarder, port

of export) in the sellers country.

Sellers primary duties Buyers primary duties Documents Required

Deliver the goods at the

named place into the custodyof the carrier named by the

buyer

Arrange for carriage of the

goods to the final destination

Commercial invoice

Provide export clearance Arrange for insurance of

goods

Usual document

evidencing delivery of thegoods to the carrier

Arrange for import

clearance

Export license, if

necessary


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FCA Free CarrierUsed for any mode of transportUsed for any mode of transport

Exporter

1.Transport to

dock / carrier

2. Export license

& duties


6. Import license

& duties

Importer

7.Transport from

dock / carrier

8. Insurance

Exporter: (1-2) Cleared for

export, delivered to carrier

nominated by importer at

the named place


export, delivered to carrier

nominated by importer at

the named place

Importer:(3-8) Nominate

carrier, arrange freight

and insurance



and insurance

Typical documents: Commercial

invoice, Usual document

evidencing delivery of the goods to

the carrier, Export license (if

necessary)

Typical documents: Commercial

invoice, Usual document

evidencing delivery of the goods to

the carrier, Export license (if

necessary)


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FCA - Questions

Who is responsible for obtaining Export Clearance?Seller.

Who is responsible for loading goods onto the buyers vehicle?

FCA Sellers premises.

Seller.

FCA named port of export.

Buyer. Delivery is complete once goods are made available at the

named port on the sellers means of transport ready for unloading.


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Point of r isk transferRisk transfers when the goods have been delivered to the carrier at the place of

departure.

Carriage Paid To - CPT (named place of destination)

Sellers primary dut ies Buyers primary dut ies Documents Required

Contract for the carriage

and pay the freight

Arrange to collect goods

from the named destination

Commercial invoice

Provide export clearance Arrange to insure goods Transport document

Pay loading costs Pay the inland transport

cost

Export license, if

necessary

Arrange for import

clearance


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CPT Carriage Paid To Used for all modes of transport. Common formulti-modal transport

Used for all modes of transport. Common for

multi-modal transport

Exporter

1.Transport to

dock / carrier

2. Export license

& duties


6. Import license

& duties

Importer

7.Transport from

dock / carrier

8. Insurance


export, delivered the goods to

the carrier, paid freight to the

named place destination




named place destination

Importer: (5-8) Arrange for

insurance and unloading,

accept delivery at named

placed of destination

Importer: (5-8)Arrange for

insurance and unloading,

accept delivery at named


Typical documents:

Commercial invoice,

Transport document, Export

license (if necessary)

Typical documents:

Commercial invoice,

Transport document, Export



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CPT - Questions

Goods are to be transported from Bangalore to Chennai via road and

then to Singapore via sea. Incoterms used is CPT Singapore. When does

the risk transfer from the Seller to Buyer?

When subsequent carriers are used for the carriage to the agreed destination,

the risk passes once the goods have been delivered to the first carrier.

When the CPT term is used, the seller fulfils its obligation once goods

reach the named place of destination. True of False?

False. The seller fulfils its obligation once goods have been handed over tothe carrier.


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Carriage and Insurance Paid ToCIP (named place of destination)

Point of r isk transferRisk transfers when the goods have been delivered to the carrier at the place of

departure.



and pay the freight

Accept delivery of the

goods at the named

destination

Commercial invoice.

Provide export clearance Pay the inland transport

cost which is not under the

contract of carriage

Transport document.

Contract for cargo

insurance and pay premium

Arrange for import

clearance

Export license, if

necessary

Pay loading costs Insurance document


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CIP Carriage and Insurance Paid To Used for all modes of transport. Common formulti-modal transport

Used for all modes of transport. Common for

multi-modal transport

Exporter

1.Transport to

dock / carrier

2. Export license

& duties


6. Import license

& duties

Importer

7.Transport from

dock / carrier

8. Insurance

Exporter: (1-4, 8) Cleared for



named place of destination and

insured the goods




named place of destination and

insured the goods

Importer: (5-7) Arrange

for unloading, accept

delivery at named


Importer: (5-7)Arrange

for unloading, accept

delivery at named


Typical documents:

Commercial invoice,

Transport document,

Insurance Policy, Export


Typical documents:

Commercial invoice,

Transport document,

Insurance Policy, Export



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CIP - Questions

What is the percentage of insurance coverage that must be obtained

by the seller?

Seller is required to only obtain MINIMUM insurance coverage (110% of

the contract value) unless otherwise agreed with the buyer.

Shipment to be effected from New York to Tokyo. Incoterms given in

the contract is CIP New York. Has the term been given correctly?

No. CIP must be followed by a named place of destination. Therefore theright way to indicate this term will be CIP Tokyo, Japan.


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Delivered at Terminal - DAT (named destination terminal)

Point of r isk transferRisk transfers once the goods are unloaded from the arriving means of transport

and placed at the disposal of the buyer at a named terminal, port or place of

destination.

Sellers primary dut ies Buyers primary duties Documents Required


and pay the freight

Arrange for Import

clearance

Commercial invoice

Provide export clearance Pay the inland transport

cost

Document needed for

taking delivery

Pay loading costs

Arrange to unload goodsat the named terminal

Terminal includes quays, warehouses, container yard or road, rail or air terminal.


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DAT Delivered at Terminal (named destination terminal)


Exporter

1.Transport to

dock / carrier

2. Export license

& duties


6. Import license

& duties

Importer

7.Transport from

dock / carrier

8. Insurance

Exporter: (1-5,8) Deliver goods onthe terminal (includes quays,

warehouses, container yard or

road, rail or air terminal) at

destination port, arrange carriage &

insurance

Exporter: (1-5,8) Deliver goods onthe terminal (includes quays,

warehouses, container yard or

road, rail or air terminal) at

destination port, arrange carriage &

insurance

Importer: (6-7) Accept

delivery on the terminal

Importer: (6-7)Accept

delivery on the terminal

Typical documents:

Commercial invoice,

Document needed for

taking delivery

Typical documents:

Commercial invoice,

Document needed for

taking delivery


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DAT - Questions

The buyer realises that goods are to be transported from Chennai toLondon via Sea and London to Leeds via train. The Incoterm 2010 used isDAT London freight station. Who is responsible for the following:Carriage of goods from London to Leeds

Buyer

Unloading goods from the sea vessel at LondonSeller

Loading goods on the train at LondonBuyer

Unloading goods at LeedsBuyer

Insurance of goodsThe buyer and seller are not obliged to obtain insurance. However the seller willbe responsible for any loss / damage to the goods until goods are unloaded atLondon. From then on, the buyer will be responsible.


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Delivered at Place - DAP (named place of destination)

Point of r isk transferRisk transfers once goods are placed at the disposal of the buyer on the arriving

means of transport ready for unloading at the named place of destination.



and pay the freight

Arrange to unload goods

from the arriving means of

transport

Commercial invoice

Provide export clearance Arrange for Import

clearance

Document needed for

taking delivery

Pay the inland transport

cost


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DAP Delivered at Place (named place of destination)


Exporter

1.Transport to

dock / carrier

2. Export license

& duties


6. Import license

& duties

Importer

7.Transport from

dock / carrier

8. Insurance

Importer: (6) Accept

delivery at destination,

pay import duty

Importer: (6)Accept

delivery at destination,

pay import duty

Typical documents:

Commercial invoice,

Document needed for

taking delivery

Typical documents:

Commercial invoice,

Document needed for

taking delivery

Exporter: (1-5,7-8) Deliver goods

at named place of destination,

not cleared for import

Exporter: (1-5,7-8) Deliver goods

at named place of destination,

not cleared for import


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DAP - Questions

Can DAP be used for shipment via rail?

Yes

Who is responsible for payment of import custom duties?

Buyer

Contract states DAP Jakarta, Indonesia and calls for 1) Invoice, 2) Bill of

Lading, 3) Insurance policy. Is the contract framed correctly?

No. Buyer must not request for an insurance policy (unless otherwise agreedand mentioned in the sales contract) as the seller is not obligated to insure

goods. (It must remembered that it is in the sellers best interest to arrange for

insurance till the point of destination.)

In a DAP contact, how should freight charges be mentioned in the

transport document?

Transport document must indicate that freight has been PREPAID.


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Delivered Duty Paid - DDP (named place of destination)

Point of r isk transferRisk transfer from the seller to the buyer when the goods are placed at the disposal

of the buyer with duty paid by seller.


Deliver goods at named

place of destination

Take delivery of the goods

from the named place of

destination

Commercial invoice

Arrange export and import

clearance

Document needed for

taking delivery

Provide documents forbuyer to take delivery

Import license, ifnecessary


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DDP Delivered Duty Paid (named place of destination)


Exporter

1.Transport to

dock / carrier

2. Export license

& duties


6. Import license

& duties

Importer

7.Transport from

dock / carrier

8. Insurance

Importer: Accept delivery

at the name placed of

destination

Importer: Accept delivery

at the name placed of

destination

Typical documents:

Commercial invoice,

Document needed for

taking delivery, Import


Typical documents:

Commercial invoice,

Document needed for

taking delivery, Import


Exporter: (1-8) Deliver goods at

named place of destination,

cleared for import including

payment of import duties

Exporter: (1-8) Deliver goods at

named place of destination,

cleared for import including

payment of import duties

DDP Q i


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DDP - Questions

Who is responsible for unloading of goods at the named place ofdestination?Buyer

ICC 2010 R l f S & I l d W t


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ICC 2010 Rules for Sea & Inland Waterway

Marine Rules

FAS Free Alongside Ship

FOB Free On BoardCFR Cost and Freight

CIF Cost Insurance & Freight

F Al id Shi FAS ( d t f l di )


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Free Alongside Ship - FAS (named port of loading)

Point of r isk transferRisk transfers when the goods have been placed alongside the ship (e.g. On a

quay or a barge) at the named port of loading.


Deliver the goods

alongside the shipnominated by the buyer

Arrange for the Contracts

of carriage and insurance

Commercial invoice

Provide export clearance Arrange for import

clearance

Usual document

evidencing delivery of the

good to the carrier

Pay unloading costs Export license, if

necessary

FAS


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FAS Free Alongside ShipUsed for sea & inland waterway transportUsed for sea & inland waterway transport

Exporter

1.Transport to

dock / carrier

2. Export license

& duties


6. Import license

& duties

Importer

7.Transport from

dock / carrier

8. Insurance


export, placed the goods

alongside the vessel at the

named port of shipment (on a

quay or a barge)


export, placed the goods

alongside the vessel at the

named port of shipment (on a

quay or a barge)



and insurance



and insurance

Typical documents:Commercial invoice, Usual

document evidencing

delivery of the good to the

carrier, Export license (if

necessary)

Typical documents:Commercial invoice, Usual

document evidencing

delivery of the good to the

carrier, Export license (if

necessary)

FAS Questions


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FAS - Questions

What documents can the Buyer call for under an FAS contract?Invoice and proof that goods have been delivered along side the ship.

The seller is responsible for loading goods on board the ship in an FAScontract. True of False?False.

Free on Board FOB (named port of loading)


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Free on Board - FOB (named port of loading)

Point of r isk transferRisk transfers when the goods are placed on board the vessel at the named port of loading


Deliver the goods on

board the vessel

Arrange for contracts of

carriage and insurance

Commercial invoice


clearance

Customary clean receipt

Provide clean on board

receipt (bill of lading)

Pay unloading costs Export license, if

necessary

Pay loading cost

FOB


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FOB Free On Board (named port of loading)

Used for sea & inland waterway transportUsed for sea & inland waterway transport

Exporter

1.Transport to

dock / carrier

2. Export license

& duties


6. Import license

& duties

Importer

7.Transport from

dock / carrier

8. Insurance


export, goods are loaded

on the vessel at the named

port of shipment


export, goods are loaded

on the vessel at the named

port of shipment

Importer: (4-8) Nominate


and insurance

Importer: (4-8) Nominate


and insurance

Typical documents:

Commercial invoice,

Customary clean receipt,

Export license (if necessary)

Typical documents:

Commercial invoice,

Customary clean receipt,

Export license (if necessary)

FOB Questions


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FOB - Questions

Goods shipped via a container have been l ifted by the crane and moved

past the ships rail when the goods are accidentally dropped. Who bears

the risk of damage?

Seller. Buyer will be responsible only once the goods have been placed on boardthe ship.

Cost and Freight CFR (named port of discharge)


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Cost and Freight CFR (named port of discharge)

Point of r isk transferRisk transfers when the goods are placed on board the vessel at the named port of loading.



and pay freight


goods upon arrival of the

vessel at destination port

Commercial invoice

Deliver goods on board

the vessel

Pay unloading costs Transport document

Provide export clearance Contract of insurance Export license, if

necessary

Pay loading costs Arrange for import

clearance

CFR C t d F i ht ( d t f di h )


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CFR Cost and Freight (named port of discharge)


Exporter

1.Transport to

dock / carrier

2. Export license

& duties


6. Import license

& duties

Importer

7.Transport from

dock / carrier

8. Insurance


export, delivered the goods

on board the vessel and

paid freight to the named

port of destination


export, delivered the goods

on board the vessel and

paid freight to the named

port of destination


insurance and

unloading, accept

delivery at port of

destination


insurance and

unloading, accept

delivery at port of

destination

Typical documents:

Commercial invoice,

Transport document. Export


Typical documents:

Commercial invoice,

Transport document. Export


CFR - Questions


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CFR Questions

Contact details as follows:

Port of Loading: India

Port of Discharge: Japan

Documents required: Invoice, Inspection Cert and Air Waybill

indicating Freight Collect Incoterms: CFR India.

Identify what is wrong with the contract details.

CFR must be followed with a port of discharge.

CFR must be used for Sea shipment only. Hence the contract must not call for

an Air Waybill.

Transport document must indicate Freight Prepaid in a CFR contract.

Cost Insurance and Freight CIF (named port of


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Cost Insurance and Freight CIF (named port ofdischarge)

Point of r isk transferRisk transfers when the goods are placed on board the vessel at the named port of

loading.

Sellers primary dut ies Buyers primary dut ies Documents Required


and pay the freight


goods upon arrival of the

vessel at destination port

Commercial invoice

Deliver the goods on board

the vessel

Pay unloading costs Transport document


clearance

Export license, if

necessary

Contract for cargo

insurance and pay the

premium

Insurance document

Pay loading costs

CIF Cost Insurance and Freight (named port of discharge)


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CIF Cost, Insurance and Freight (named port of discharge)


Exporter

1.Transport to

dock / carrier

2. Export license

& duties


6. Import license

& duties

Importer

7.Transport from

dock / carrier

8. Insurance


export, delivered the goods on

board the vessel, paid freight to

the named port of destination

and insured the goods


export, delivered the goods on

board the vessel, paid freight to

the named port of destination

and insured the goods


unloading, accept

delivery at port of

destination


unloading, accept

delivery at port of

destination

Typical documents:

Commercial invoice,

Transport document,

Insurance policy, Export


Typical documents:

Commercial invoice,

Transport document,

Insurance policy, Export


CIF - Questions


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CIF Questions

Terms: CIF Calcutta with final destination being Delhi. Who bears the risk of loss to damage of goods when transported from

Calcutta to Delhi?

Buyer

Who is responsible for insurance of goods?

Seller must insure goods up to the point agreed with the buyer.

FAS, FOB, CFR & CIF - NOT FOR CONTAINERS


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, ,

The above marine terms are intended for cargo that the seller can deliver

alongside or onto the vessel. Historically this was how all cargo was

delivered.

Today containerized cargo is tendered to a carriers container or rail yardwell before arriving at the vessel.

In these instances the FCA, CPT or CIP terms are more appropriate.


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Sales Contract and Incoterms

Sales Contract


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Introduction

In any trade transaction, there are 2 different

parties entering into a contract.

In order for the contract to be enforceable, one

party must offer(Offeror) and the other partymust accept (Acceptor).

What is an Offer?

The Buyer receives the quotation and if hedecided to buy, then he places an order.

Such order is known as an OFFER.

What is an Acceptance?

When Seller accepts the offer, it becomes a

Contract of Sale which will be binding &

enforceable in law by both parties.

Various Forms

Acknowledgement of order

Proforma Invoice

Purchase Order

Indents

Sales Contract

Sales Contract


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Terms

Type of credit sight or usance L/C

Tenor - if usance : state the period

Shipment / Delivery date - it is advisable to insert a clause stating that the

shipment/delivery date is given in good faith and that it may have to be amended due

to circumstances beyond the control of the Seller.

Expiry date

Latest L/c issuing date

Advising bank (if possible)

Documents requirement (if any )

Charges are for whose A/C - especially for usance L/C, who should pay the discount

charges and acceptance commission.

Sales Contract


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Indicate clearly that the Contract is subject to INCOTERM

When drawing up Sales Contract, Seller & Buyer should specifically refer to one of the ICC

Incoterms.

The Objectives are 2 Folds namely :(i) To define the respective responsibilities

of Buyer & Seller. (Refer to Incoterms)

(ii) To eliminate any possibility of misunderstanding & subsequent dispute .

There are many different trade terms e.g. Revised American Foreign Trade Definitions(USA) & The Combiterms (Sweden)

Incoterms only relate to trade used in Sales Contract and they do not deal with

terms which may be used in contract of carriage, particularly as terms of various

charter-parties will differ.

Summary of Marine Trade Terms


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ON CARRIAGE

Cost of

Goods

Loading Unloading

Import Duties &Transportation to

Buyer (or named

point)Freight

Charges

Transportation to

port of shipment

PRE-CARRIAGE MAIN CARRIAGE

Export

Clearance

Sellers Risk

Sellers Cost

At port of

shipment

At port of

destination

FAS

FOB

CFR

CIF

+ Insurance

Summary of Other Trade Terms


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ON CARRIAGE

Cost of

Goods

Loading Unloading Import Duties &

Transportation to

BuyerFreight

Charges

Transportation toport of shipment

PRE-CARRIAGE MAIN CARRIAGE

Export

Clearance

Sellers Risk

Sellers Cost

At named

place

At place of

destination

FCA

CPT

CIP

+ Insurance

Summary


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Q & A


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Incoterms 2010 Full

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Transcript of Incoterms 2010 Full