Incoterms 2010 may be included in a sales contract if the parties desire the following:
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1 INCOTERMS 2010 USE OF INCOTERMS Incoterms are not laws enacted by governments. Rather, they are rules agreed to by parties to a contract. Also, Incoterms are not implied into contracts for the sale of goods. If you desire to use Incoterms, you must specifically include them in your contract. Your contract should expressly refer to a specific version of Incoterms. For example: CIF Oakland, California, USA, Incoterms 2010 Incoterms Do... Incoterms 2010 may be included in a sales contract if the parties desire the following: 1. To complete a sale of goods. 2. To indicate each contracting party's costs, risks, and obligations concerning these aspects of delivery: a. When is the delivery completed? b. How does a party ensure that the other party has met the standard of performance? c. Which party must obtain requisite licenses and comply with government-imposed import/export formalities? d. What are the modes and terms of carriage? e. What are the delivery terms? f. When is the risk of loss transferred from the seller to the buyer? g. How will transport and other costs be divided between the parties? h. What notices are the parties required to give to each other regarding the transport and transfer of the goods? 3. To establish basic terms of transport and delivery in a short format. Incoterms Do Not... Incoterms 2010 are not sufficient on their own to express the full intent of the parties. They do not: 1. Apply to contracts for services. 2. Define contractual rights and obligations other than for delivery. 3. Specify details of the transfer, transport, and delivery of the goods. 4. Determine how title to the goods will be transferred. 5. Protect a party from risk of loss. 6. Define the remedies for breach of contract.
2 DEFINITIONS Delivery In common usage, "delivery" is the act of delivering something, while the "place of delivery" is often the buyer s place of business. In Incoterms 2010, however, "delivery" is the point where "the risk of loss or damage passes from the seller to the buyer." This is often the "named port or place" but not necessarily the buyer s place of business. Pre-carriage The initial transport of goods from the seller s premises to the main port or place where main carriage begins. Usually by truck, rail, or inland waterway. Main carriage The primary transport of goods, generally for the longest part of the journey and generally from one country to another. Usually by sea vessel or by airplane, but also by truck, rail or inland waterway. Onward carriage Transport from the port, terminal, or place of arrival in the country of destination to the buyer s premises. Usually by truck, rail, or inland waterway. Multimodal Use of more than one mode of transport (road, rail, sea, air) to transport goods (or people) from origin to final destination. Carrier In common usage, a "carrier" is a firm that transports goods or passengers for hire, rather than simply arranging for such transport. In Incoterms, however, the carrier can be any person or firm who by contract "undertakes to perform or procure" such services. The buyer nominates the "carrier" and the seller need only accept the nomination for the term to work. String sale The sale, and successive resale, of a single shipment of goods while en route from place of shipment to final destination. This is common in the commodity trade, where oil, grain, and ore shipments are sold and resold before the vessel arrives in port. A number of Incoterms now take this practice into account by giving the seller the option to "procure goods already so delivered."
3 EXW Ex Works EXW specifies that the seller/exporter/manufacturer merely makes the goods available to the buyer, not cleared for export, at the seller s "named place of delivery," which is commonly, but not necessarily, the seller s place of business. FCA Free Carrier FCA is an "F" term specifying that the seller/exporter/ manufacturer is responsible for delivering the goods to the carrier, export cleared, at the "named place of delivery," but does not bear risk or costs afterwards. Note: Documents may be paper or electronic, as customary or as agreed to by the parties to
4 FAS Free Alongside Ship FAS is an "F" term specifying that the seller/exporter is responsible for delivering the goods, export cleared, alongside the ship, but does not bear risk or costs afterwards. Modes of Transport Covered Used only for ocean or inland waterway transport. FOB Free On Board FOB is an "F" term specifying that the seller/exporter is responsible for delivering the goods, export cleared, on board a ship, but does not bear risk or costs afterwards. Modes of Transport Covered Used only for ocean or inland waterway transport.
5 CFR Cost and Freight CFR is a "C" term specifying that the seller is responsible for delivering the goods on board the ship at the port of shipment and contracting and paying for carriage to the "named port of destination." "C" terms evidence "shipment" (as opposed to "arrival") contracts. CIF Cost, Insurance and Freight CIF is a "C" term specifying that the seller is responsible for delivering the goods on board the ship at the port of shipment, and contracting and paying for carriage and insurance to the "named port of destination." "C" terms evidence "shipment" (as opposed to "arrival") contracts.
6 CPT Carriage Paid To Carriage Paid To is a "C" term specifying that the seller is responsible for contracting and paying for carriage to the "named place of destination." "C" terms evidence "shipment" (as opposed to "arrival") contracts. CIP Carriage and Insurance Paid To Carriage and Insurance Paid To is a "C" term specifying that the seller is responsible for contracting and paying for carriage and insurance to the "named place of destination.""c" terms evidence "shipment" (as opposed to "arrival") contracts.
7 DAP Delivered At Place Delivered At Place is a "D" term specifying that the seller is responsible for all costs associated with delivering the goods to the "named place of destination," excluding import customs formalities, duties, fees, and taxes. "D" terms evidence "arrival" (as opposed to "shipment") contracts. DDP Delivered Duty Paid Delivered Duty Paid is a "D" term specifying that the seller is responsible for all costs associated with delivering the goods to the "named place of destination," including import customs formalities, duties, fees, and taxes. "D" terms evidence "arrival" (as opposed to "shipment") contracts. the transaction.
8 DAT Delivered At Terminal Delivered At Terminal is a "D" term specifying that the seller is responsible for all costs associated with delivering the goods to the "named terminal at the port or place of destination," excluding import customs formalities, duties, fees, and taxes. "D" terms evidence "arrival" (as opposed to "shipment") contracts.
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