Incoterms Guide TFG

14/09/2018 energyfin | Official Document
INCOTERMS
The Ultimate TFG Guide to Incoterms
Prepared by Trade Finance Global
www.tradefnanceglobal.com
trade.team@tradefinanceglobal.com
1
http://beacon.by/magazine/v4/92391/pdf?type=print 1/38
TABLE OF CONTENTS
Incoterms are a standard set of
terminology, created by the
International Chamber of
Commerce (ICC), used
universally, defining the key parts
of freight forwarding
1. Introduction
2. About TFG
3. Multi Modal Incoterms
4. EXW - Ex Works
5. FCA - Free Carrier
6. CPT - Carriage Paid To
7. CIP - Carriage And Insurance Paid To
8. DAT - Delivery at Terminal
9. DAP - Delivered at Place
10. DDP - Delivered Duty Paid
11. Sea and Inland Waterway Incoterms
12. FAS - Free Alongside Ship
13. FOB - Free on Board
14. CFR - Cost and Freight
15. CIF - Cost, Insurance and Freight
16. Contact Us
2
What are Incoterms?

Incoterms are a standard set of terminology, created by
the International Chamber of Commerce (ICC), used
universally, defining the key parts of freight forwarding.
In 1936 the ICC first defined the INternational COmmerce
Terminology (INCO Terms), and we have summarised the
11 most commonly used terms below.
Incoterms is a registered trademark of the International
Chamber of Commerce.
We've put together this free guide for you to make
understanding International Commerce Terms easy!
Enjoy!
Trade Finance Global Team
Incoterms - What's Covered?

What are Incoterms and Why are they used?
What are the rules for all modes of transport?
What are the rules for goods transported by sea or inland
waterway?
3
ABOUT TRADE FINANCE

GLOBAL
Trade Finance Global assists companies with
debt finance. While we can access many
traditional forms of finance, we specialise in
alternative finance and complex funding types
and help companies raise finance in ways that
mainstream lenders cannot.
We pride ourselves in both understanding trade finance and

having an in-depth knowledge of many markets and sectors.
This helps us to work with you to deliver the financing solutions
you need.
It is important to look at the many facilities that are available

along with the business need and sector. We do this and work
together with you to try and create the most suitable and
sustainable solution.
Due to the fast pace of the market and increasing

difficulties faced, we understand that quick
decisions are needed within your business. This
should not compromise the ultimate financing
solution that you come to. We work with both your
company and our partner funders to assist in
structuring a facility that works for your business.
Trade Finance Team (TFG)
4
MULTI MODAL INCOTERMS

International Commerce Terms that can be used
Multi-modally - Rules for all modes of transport
5
6
- CHAPTER 1 -
EWW - Ex Works
Ex Works (EXW) is the term used to describe the
delivery of goods to an available designation at their
place of business, normally in their factory, offices or
warehouse.
The seller does not need to then load items onto a
truck or ship, and the remainder of the shipment is the
responsibility of the buyer (e.g. overseas shipment and
customs duty). EXW is therefore more favourable to
the seller as they do not need to worry about the
freight once it has left their premises.
7
Ex Works – What are Ex Works?
Ex Works are a type of Incoterm, Ex Works can be complex and

defined by the ICC. problematic for a buyer importing
goods from overseas, given that they
Ex Works is a rule making the
will still need the seller’s
seller (or shipper / supplier) of
communication or authority to pass
goods responsible for goods through customs or provide
packaging and leaving the documentation to freight parties along
goods at their factory or place the way.
of manufacture. In Ex Works, the buyer is responsible
The buyer (or consignee) is then for everything from the point of the
goods being made available, so
responsible for everything else:
diligent and detailed planning is
Loading goods onto transport advised.
Transporting goods to a port or Ex Works is preferable for domestic (in
terminal market) transportation of goods, and
Shipping the goods the buyer can use their preferred
Unloading the goods at the freight forwarders or logistics partners
buyer’s port or terminal to arrange the transport, potentially
Transporting the goods to the being cheaper than the seller
arranging the entire delivery process.
end destination or warehouse
8
- CHAPTER 2 -
FCA - Free Carrier

Unlike EXW, Free Carrier pushes the responsibility of
delivering the goods to the buyers nominated
premises onto the seller, so they have to organise
shipping and various export documents.
9
Free Carrier – What is Free Carrier?
Free Carrier is another type of The seller is also responsible

International Commercial Term for export clearance of the goods at
the port or terminal.
(Incoterm) as defined by the
International Chamber of The buyer (or consignee) is then
Commerce to standardise responsible for everything else:
global shipping terms and Shipping the goods
responsibilities between the Unloading the goods at the buyer’s
buyer and the seller. port or terminal
Transporting the goods to the end
Free Carrier is a common destination or warehouse
agreement where a seller (or
shipper / supplier) of goods is When does FCA liability
responsible for packaging and transfer from the seller to
loading goods onto a truck at
the buyer?
their transport hub or port,
The agreed transportation point of the
different to Ex Works, where the
goods can be at a port, terminal or
seller is just responsible for
goods loading point, providing it’s
getting the making the goods within the home country of the seller.
available at their own factory or
place of manufacture.
10
Free Carrier
(continued)
Once the goods are have
been loaded and cleared
customs (export clearance)
and the shipment is accepted,
responsibility shifts from the Free Carrier is multimodal
seller to the buyer to arrange Whether the goods are shipped by
shipment and delivery to the inland waterway, rail, road, sea, air or a
end warehouse or customer. combination, FCA can be an agreed
form of transport agreement between
The seller may charge for their the buyer and seller.
services to arrange any
FCA can be less problematic than Ex
contracts to the carrier (e.g. a Works as the seller is responsible for
cargo ship or airport clearing customs, and they are likely to
authority). have the relevant licenses.
The buyer and seller might FCA Price
arrange for the goods to be
The price of Free Carrier can vary,
shipped by ocean freight on
depending on where the goods are
a container. The liability might dropped to, but there are several levers
therefore shift to the buyer at and known costs which should be
the Container Freight investigated:
Station or Container Yard – Fees to contract with the carrier
this needs to be clearly (which the seller might do on the
defined and agreed by both buyer’s behalf)
parties in advance. Shipping and transport costs
Insurance
Warehouse Storage
Unloading fees
11
- CHAPTER 3 -
CPT - Carriage Paid To

“Carriage Paid To”, or CPT, goes into a little more
detail than FCA, specifying that the seller bears the
costs for transporting the goods to the nominated
place that the buyer requests.
12
Carriage Paid To – What is CPT?
CPT is common for large importers

Carriage Paid To (CPT) is an
who have their own port agents that
International Commercial Term can manage the delivery of goods
(Incoterm) which was set out by when they arrive in their country.
the International Chamber of
However, the risk of the seller passes
Commerce in their Incoterms on to the buyer once the goods leave
2010 guide with the aim of their country or port, despite the seller
standardising shipping terms and paying for the transport of the goods.
defining all of the responsibilities The buyer (or consignee) is then
between buyers and sellers. responsible for everything else:
Carriage Paid To (CPT) is an Insuring the goods as they are being
International Commercial Term shipped (but not paying for this
(Incoterm) which was set out by shipment)
the International Chamber of Unloading the goods at the buyer’s
port or terminal
Commerce in their Incoterms
Transporting the goods to the end
2010 guide with the aim of destination or warehouse
standardising shipping terms and
defining all of the responsibilities
between buyers and sellers.
13
When does the

liability shift from
the seller to the
buyer under CPT?
As soon as the goods are delivered to the carrier (e.g. loaded onto the ship at the
port of the seller’s country), the liability and risk of these goods is transferred over to
the buyer.
The agreed transportation point of the goods can be at a port, terminal or goods
loading point, providing it’s within the home country of the seller.
14
- CHAPTER 4 -
CIP - Carriage and Insurance

Paid to
“Carriage and Insurance Paid to”, or CPI, specifies
that the seller needs to pay the costs of transport as
well as the insurance cover for the goods in transit (by
any transport mode) to the destination named by the
buyer.
15
Carriage and Insurance Paid
CIP (or Carriage and Insurance How does CIP work?

Paid To) is an Incoterm where
Cost and Insurance Paid To requires
the seller is responsible for the the seller to pay for the cost of
delivery of goods to an agreed transporting the goods and also
destination in the buyers minimum insurance to transport them
country, and must pay for the to the end destination.
cost of this carriage. The sellers With CIP, the seller pays for both
risk however, ends once they the transportation and
have placed the goods on the the insurance to the destination. The
ship, at the origin destination. seller also needs to insure the goods
The buyer can pay for during carriage, and it’s normally
always at a minimum cover level as the
additional insurance during
liability lies with the buyer at this point.
carriage of the goods.
Minimum insurance might not be
The risk is passed when the adequate for manufactured goods or
goods are received by the first high value / precious merchandise.
carrier. Carriage and Insurance
Paid to is eligible for any form of
transportation.
16
1. Complying with contracts – Goods

Delivery
Carriage and The seller must prove the goods have
been delivered and provide an invoice
Insurance Paid or equivalent, as well as shipping /
delivery proof
To 2. Licences and other formalities
Given that the goods being The seller must provide a sufficient
export license for the goods, or
shipped are at the buyer’s
government authorisation to allow the
own risk, it’s advisable for the
goods to leave the country
buyer to ensure adequate
3. Insurance
insurance protection is in
place. The term ‘delivery’ The seller should provide a Contract of
means from the country of insurance at their own expense. The
origin to the final destination. seller must obtain at his own expense
cargo insurance as agreed in the
The seller also needs to
contract, such that the buyer, or any
arrange export clearance
other person having an insurable interest
from the origin country of the in the goods, shall be entitled to claim
goods, which can be for any directly from the insurer and provide the
mode of transport. buyer with the insurance policy or other
evidence of insurance cover.
In the case of CIP, damaged
goods can be claimed against 4. Delivery
the insurance company The seller must deliver the goods to the
through the buyer. When the first carrier as agreed at a named place
goods arrive in the port of and time
destination, the buyer needs 5. Transfer of risks
to ensure the goods clear
The seller is responsible for any goods
through customs. which are lost or damaged if this
happens before the goods have been
delivered
17
- CHAPTER 5 -
DAT - Delivery at Terminal

“Delivered at Terminal”, or DAT, means that all of the
costs up until the point of delivery to a nominated
terminal (e.g. a port or a quay) need to be covered.
As in the table above, the buyer would need to
arrange Duties and Taxes and clearing goods through
customs. With DAT, the seller is also responsible for
unloading the goods at the terminal.
It’s advisable to ensure the terminal, hub or port is
clearly specified, given the size of many terminals.
18
Delivery at Terminal – What is DAT?
DAT, or, Delivery at Terminal, is How does DAT work?

where the seller clears goods
The seller pays for all of the expenses
for export and is fully responsible incurred until the place of delivery and
for the goods until they have the buyer pays for customs clearance
arrived at a named terminal at and taxes at destination.
the end destination. The goods ‘Terminal’ means a quay,
must be unloaded at the warehouse, container yard or any road
terminal. DAT can be used with for rail, air or road.
any transportation mode.
As with all of the ‘D’ incoterms, the
It is recommended that the risks and responsibility of goods gets
seller’s contract with their transferred from the seller to the buyer
at the same point – the end destination.
forwarding company mirrors the
DAT was specifically designed to meet
contract of sale. airport and port deliveries.
Delivery at Terminal is used For ocean cargo and shipping goods
when the seller’s responsibility by sea, any discharged containers are
includes the full delivery of then moved to a container yards (CY),
goods up until the end terminal which is where containers are
or port of destination, as well as stored before they are moved to their
final destination. Sellers are
the unloading of the goods.
responsible for any destination
terminal handling charges and the
buyer only pays for customs clearance,
duties and taxes.
19
Benefits of DAT
The key advantages of Delivery at
Terminal are around convenience and
reduced risk to the importer:
1. The supplier delivers goods to the destination place
(importer doesn’t need to cover these costs)
2. The risk is transferred from the supplier to the importer once
the goods have been dispatched and unloaded at a defined
place at the destination
3. The supplier bears the responsibility for most of the
carriage/transport of the goods from the origin to the
destination
4. Less hassle and organisation for the buyer of goods
20
- CHAPTER 6 -
DAP - Delivered at Place

“Delivered at Place”, or DAP, can also be used for any
mode of transport. An extension of DAT, the seller
delivers the goods at a named destination, specified
by the buyer, although under the ICC rules, the
unloading of the goods are the responsibility of the
buyer.
The buyer is also required to sort out duties and taxes,
as well as clearing the goods through customs.
21
Delivered at Place – What is DAP?
DAP, or, Delivery at Place is an How does DAP work?

incoterm defining the buyer and
DAP requires the seller to load, ship
seller’s responsibilities when and unload the goods at an agreed
moving goods. In this case, the destination place (normally after the
seller is responsible for moving port or terminal where the goods
the goods from the country of arrive at the country of destination).
origin right through to the end DAP can be used for any mode of
transportation, and the seller needs to
destination, which includes
pay for:
responsibility for loading,
transport and unloading. import customs clearance
duties
With DAP, we’d recommend taxes
being very clear about the end loading / unload costs
destination place to avoid any Contrary to DAT, goods are delivered
confusion later on. DAP means unloaded from the transport vehicle.
that seller bears the risk of any
issues with the goods until the
agreed delivery point. If there
are any extra fees for unloading
the goods, the seller must incur
these.
This term can be used for any
mode of transportation.
22
- CHAPTER 7 -
DDP - Delivered Duty Paid

“Delivered Duty Paid”, or DPP, can be used for any
mode of transport. In this case, the seller is responsible
for delivering the goods at a place specified by the
buyer, up to the point of unloading. Unlike DAP rules,
the seller is also required to pay for all Duties and
Taxes, clear the goods for import and pay relevant
taxes.
DPP is often complex as shipment of goods into a
market are often best left to local experts (e.g. the in-
market buyer), so it’s a less commonly used INCO
Term.
23
Delivered Duty Paid - What is DDP?
DDP stands for Delivery Duty How does DDP work?

Paid, an international
DDP requires the supplier to deliver
commerce term (incoterm) goods from their factory / plant to an
used to describe the delivery of agreed point, known as the destination
goods where the seller takes place. This could be the
most responsibility. terminal, container yard, factory or
warehouse of the buyer. The supplier is
Under DDP, the supplier is responsible for:
responsible for paying for all of
Clearing goods through export and
the costs associated with the
import customs
delivery of goods right up until VAT
they get to the named place of Paying for duties and other taxes
destination. The buyer is then
DDP is most risky for the seller of
responsible for unloading the goods, so is normally used by
goods at the end destination. advanced suppliers. DDP is used
DDP can be used to describe particularly when the cost of supply
doesn’t vary too much and is easy to
ocean, road or air transportation
predict.
of goods, including multimodal
transportation.
It’s also expected that the seller
clears the goods at export and
import customs.
24
Benefits of DDP
The key advantages of Delivery
Duty Paid are in favour of the
buyer. The seller takes most
responsibility and risk.
DDP puts the maximum risk and
responsibility on the seller. It is
the only one of the Incoterms
that requires the seller to take
responsibility for import
clearance and payment.
1. The supplier takes on the
The seller bears all the costs and
most risk and responsibility
risks involved in bringing the
as opposed to the buyer.
goods to the place of
destination. The seller is obliged
DDP is one of the only
to clear the goods for both incoterms that requires the
export and import, to pay duties supplier to also take
for both export and import, and responsibility for import
to execute all customs clearance and paying for
formalities. various import taxes
Sellers may not understand the 2. The supplier takes on all of
complex and bureaucratic the cost for transporting and
import clearance procedures getting the goods to the end
that exist in some countries and destination
make mistakes or
3. The supplier needs to clear
miscalculations that affect their
goods through customs at
bottom line; therefore, it may be
best left to the buyer who has both the country of origin
local knowledge and and place of destination, as
understanding. Keep this in mind well as clearing all customs
before choosing DDP. formalities, duties and taxes
25
SEA & INLAND WATERWAY

Incoterms that can be used specifically for goods
transported via Sea or Inland Waterway
26
27
- CHAPTER 8 -
FAS - Free Alongside Ship

“Free Alongside Ship”, or FAS, is used in situations when
the seller can place the goods alongside other non-
containerised goods (e.g. on a vessel or barge).
The seller might do this if they have access to sea or
inland waterway routes and want to place the goods
en route to the buyer alongside other goods on the
ship. It’s not recommended for goods that can be
placed in a container (more on this below, see FCA).
The risk of transporting the goods ‘alongside ship’
move from the seller to the buyer once the goods are
delivered to a terminal or port and unloaded.
28
Free Alongside Ship - What is FAS?
FAS stands for Free Alongside FAS is ideal for the shipping:
Ship, an international Hard commodities (e.g. oil)
commerce term (incoterm) Soft commodities (e.g. grain,
used to describe the delivery of soybean)
goods where the seller takes on Liquids
some responsibility for the Chemicals
(both pharmaceutical and non-
shipment of goods.
pharmaceutical)
Under FAS, the exporter is Bulk cargo
responsible for clearing the Break bulk cargo
goods at customs and delivering FAS is generally not used for
them to the vessel at the point containerised goods as they would
of origin. often be delivered to a container yard
or terminal; in this case, FCA might be
Free Alongside Ship only applies a more appropriate incoterm to go by.
to sea or inland waterway ports.
As with most points of delivery,
it’s recommended to highlight
the exact location at which the
goods are being delivered to,
particularly in the case of large
ports as the seller is responsible
up for the goods until the port of
shipment.
29
Free Alongside
Ship
In the case of FAS, the seller is
responsible for delivering the
buyer’s goods next to the
shipping vessel. The seller is
also responsible for
completing export customs
documentation. FAS is often Benefits of FAS
used for cargo that doesn’t fit The key advantages of Free Alongside
into containers – known as Ship:
Out of Gauge (OOG) cargo – FAS is ideal for situations where the
as these would typically be seller can easily access the vessel for
transported to a container loading the goods, for example, with
yard under the FCA incoterm. bulk cargos or non-containerized
goods.
FAS is applicable to goods
With FAS, the risk transfers to the buyer
being transported by inland when the goods are alongside the
waterway and sea transport, ship, and the buyer bears the cost
and the costs for loading and responsibility thereafter.
these goods onto the vessel is
the responsibility of the seller.
With FAS, the buyer is then
responsible for the cost of
loading the goods onto the
ship, and all costs thereafter.
30
- CHAPTER 9 -
FOB - Free On Board

“Free On Board”, or FOB, occurs when the seller
delivers the goods to the port of shipment, at which
then it becomes the responsibility of the buyer once
unloaded onto a vessel. If the goods are damaged
when on board the vessel, it’s the responsibility of the
buyer.
31
Free on Board - What is FOB?
To understand FOB pricing, one must

FOB Price
understand what FOB means.
FOB is best understood by contrasting
FOB is the short form term for Free On it with other shipping terms. As
Board (or Freight on Board) and discussed above, when purchasing
roughly translates to mean that the FOB the buyer will pay for the
cost of product being delivered to transport. In contrast to this many
the nearest port is included in the contracts are EXW (Ex-Works) or Ex-
purchase price, but the purchaser is Factory cost. Therefore, it is just the
liable to pay the shipping costs from cost of the product that is paid by the
that port. This is along with all other buyer; which includes no
fees for the onward journey to the transportation or customs costs in the
port of the buyer’s destination. fee paid.
It is clearly understood when this
shipping term is used, that the
supplier will pay for the product cost
and inland delivery costs from their
factory to the port. This will not
include costs in relation to onward
shipping fees.
32
- CHAPTER 10 -
CFR - Cost and Freight

“Cost and Freight”, or CFR, incurs more risk and
responsibility onto the seller. The seller delivers the
goods up and takes all responsibility and cost right up
until the ship has docked at the end point and the
goods have been unloaded. The seller will also cover
the cost of insurance at atleast the minimum level.
33
Cost and Freight - What is CFR?
CFR stands for Cost and Freight – Cost and Freight

it’s a legal term used in
The term CFR means that the seller has
international shipping meaning more responsibility; they will pay for
the seller assumes more and arrange transportation. This can
responsibility for the delivery of be contrasted with a seller under an
goods and needs to pay for FOB shipping transaction; where the
transport to an agreed port. The seller is merely responsible for delivery
of the goods to the port of origin; they
seller will also need to pay for
will then be transported.
the delivery of goods
and export, up until the point In relation to a CFR trade, the exporter
the goods are loaded on board will pay for and arrange transportation
to the port of destination that is
the ship.
specified by the receiving party. The
It is important to first note the exporting company will arrange and
difference between fund the transportation that is set out
the shipping terms CFR and CIF. by the purchasing party. In relation to
liability and ultimate responsibility, the
CFR stands for Cost and Freight.
purchaser will take on the
responsibility when the ship has
docked in the port of destination. The
further costs that will include further
transportation and the unloading of
the vessel will be bared by the buyer.
34
- CHAPTER 11 -
Cost, Insurance and Freight

“Cost, Insurance and Freight”, also known as CIF, is
also restricted to sea or inland waterway modes of
transport. In this case, the seller insures the goods
transported up until they arrive at the port, but it
becomes the responsibility of the buyer (in terms of risk
and insurance).
35
Cost, Insurance and Freight
The term CIF means that the seller has

What is Cost, more responsibility; they will pay for
and arrange transportation, freight
Insurance and duties and insurance. This can be
contrasted with a seller under an FOB
Freight? shipping transaction; where the seller

is merely responsible for delivery of
the goods to the port of origin; they
CIF stands for Cost, Insurance
will then be transported.
and Freight – it’s a legal
incoterm term which is used in
international shipping for the
delivery of goods to a port. In
this case, the seller must pay for
the delivery of goods, and
their export, including insurance,
and has responsibility of the
goods right up until they’re
loaded on the ship.
CIF and FOB (Free on Board) are
the most common shipping
terms.
36
CIF Tips
Watch outs for importers and tips for CIF:
Your supplier has control of the insurance coverage – this
means that the seller is likely to choose the cheapest / most
basic insurance option for your product
Watch out for the beneficiary of the insurance policy – in the
case of damages, if the seller is the beneficiary if your goods
get damaged in transit, payment will go to them to then be
reimbursed to you as the importer
CIF stops after the goods arrive at the port – if goods are
damaged at the port or when unloaded, as well as any
additional port or storage fees are incurred, this will be your
responsibility
CIF could be more expensive – given that the seller invoices
CIF, the costs might be inflated above the actual cost of
insuring your goods
37
Get in Touch
trade.team@tradefinanceglobal.com
38

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14/09/2018 energyﬁn | Oﬃcial Document

3. Multi Modal Incoterms

5. FCA - Free Carrier

6. CPT - Carriage Paid To

7. CIP - Carriage And Insurance Paid To

8. DAT - Delivery at Terminal

9. DAP - Delivered at Place

10. DDP - Delivered Duty Paid

11. Sea and Inland Waterway Incoterms

12. FAS - Free Alongside Ship

13. FOB - Free on Board

14. CFR - Cost and Freight

15. CIF - Cost, Insurance and Freight

What are Incoterms?

Incoterms - What's Covered?

ABOUT TRADE FINANCE

We pride ourselves in both understanding trade ﬁnance and

It is important to look at the many facilities that are available

Due to the fast pace of the market and increasing

Trade Finance Team (TFG)

MULTI MODAL INCOTERMS

Ex Works – What are Ex Works?

Ex Works are a type of Incoterm, Ex Works can be complex and

FCA - Free Carrier

Free Carrier – What is Free Carrier?

Free Carrier is another type of The seller is also responsible

CPT - Carriage Paid To

Carriage Paid To – What is CPT?

CPT is common for large importers

When does the

CIP - Carriage and Insurance

Carriage and Insurance Paid

CIP (or Carriage and Insurance How does CIP work?

1. Complying with contracts – Goods

DAT - Delivery at Terminal

Delivery at Terminal – What is DAT?

DAT, or, Delivery at Terminal, is How does DAT work?

DAP - Delivered at Place

Delivered at Place – What is DAP?

DAP, or, Delivery at Place is an How does DAP work?

DDP - Delivered Duty Paid

Delivered Duty Paid - What is DDP?

DDP stands for Delivery Duty How does DDP work?

SEA & INLAND WATERWAY

FAS - Free Alongside Ship

Free Alongside Ship - What is FAS?

FOB - Free On Board

Free on Board - What is FOB?

To understand FOB pricing, one must

CFR - Cost and Freight

Cost and Freight - What is CFR?

CFR stands for Cost and Freight – Cost and Freight

Cost, Insurance and Freight

Cost, Insurance and Freight

The term CIF means that the seller has

Freight? shipping transaction; where the seller

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