Quo Vadis International Ltd. Hong Kong - China -  Thailand -  

Incoterms

 

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The purpose of "Incoterms" is to provide a set of international rules for the interpretation of the most commonly used trade terms in foreign trade. Thus, the uncertainties of different interpretations of such terms in different countries can be avoided or at least reduced to a considerable degree.

Frequently parties to a contract are unaware of the different trading practices in their respective countries. This can give rise to misunderstandings, disputes and litigation with all the waste of time and money that this entails. In order to remedy these problems the International Chamer of Commerce first published in 1936 a set of international rules for the interpretation of trade terms. These rules were known as "Incoterms 1936", Amendments and additions were later made in 1953, 1967, 1976, 1980, 1990 and presently 2000 in order to bring the rules in line with current international trade practices.

Group E Departure
EXW
Ex-Works (... named place)
Group F Carriage Unpaid
FCA
Free Carrier (... named place)
 
FAS
Free Alongside Ship (... named port of shipment)
 
FOB
Free On Board (... named port of shipment)
Group C Main Carriage
CFR
Cost and Freight (... named port of destination)
 
CIF
Cost, Insurance and Freight (... named port of destination)
 
CPT
Carriage Paid To (... named place of destination)
 
CIP
Carriage and Insurance Paid To (... named place of destination)
Group D Arrival
DAF
Delivered At Frontier (... named place)
 
DES
Delivered Ex-Ship (... named port of destination)
 
DEQ
Delivered Ex-Quay (... named port of destination)
 
DDU
Delivered Duty Unpaid (... named place of destination)
 
DDP
Delivered Duty Paid (... named place of destination)

The above is a brief summary of Incoterms terms. However, for a more detailed understanding a full set of 

Incoterms terms are available from most Chambers of Commerce.

COMMON TERMINOLGY
APCA Australian Port Charges Additional
AWB Airway Bill
B/L Bill of Lading
BAF Bunker Adjustment Factor
CAF Currency Adjustment Factor
CFS Container Freight Station
CT Container Terminal
FAK Freight All Kinds
FCL Full Container Load
FEU Forty Foot Equivalent Unit
FIS Free Into Store
HAWB House Airway Bill
L/C Letter of Credit
LCL Less Than Container Load
LO/LO Lift On/Lift Off
MAWB Master Airway Bill
PSC Port Service Charge
SOC Shipper Owned Container
T/T Telegraphic Transfer
TEU Twenty Foot Equivalent Unit
THC Terminal Handling Charge
 

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Last Update: 18.02.2003
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