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What should we remember about INCOTERMS 2020?

03/02/2020

INCOTERMS is the contraction of "International Commercial TERMS" whose objective is to determine the obligations of the seller and the buyer, the costs and the transfer of risk of a transport at the time of a purchase/sale contract:

  • Obligations: who is in charge of transport? the cost of insurance? providing the documents?
  • Risks: where and when are the goods delivered?
  • The costs: transport? packaging? customs clearance? etc.

What are the major changes between INCOTERMS 2020 and 2000?

  1. New option of the FCA rule: allows the delivery of a certificate of loading on board (e.g. a BL). The buyer instructs the carrier to give the seller the transport document "on board" or "accepted for shipment". 
  2. All-risk" cover with the Incoterm CIP at the seller's expense, thus increasing the cover and the cost of insurance for the transport.
  3. The DAT becomes DPU: the goods can be delivered to the agreed destination (terminal, quay, warehouse, factory, etc.).

INCOTERMS 2020 used by STRACAU

  • FCA (Free Carrier): free carrier. STRACAU uses the FCA factory in replacement of the EXW (Ex Works) and delivery to the requested place (forwarder, port...).
  • CPT (Carriage Paid to): carriage paid to... STRACAU uses it for groupage and container shipments at the port or airport.
  • CIP (Carriage and Insurance Paid to): carriage paid, insurance included up to... is identical to CPT but with "all risks" insurance included.
  • DAP (Delivered At Place): returned to the place of destination. It is used for deliveries to your addresses when we ship via an express carrier (e.g. DHL, CHRONOPOST, FEDEX...).
  • FOB (Free on Board): free on board the vessel,
  • CFR (Cost and Freight): cost and freight,
  • CIF (Cost insurance and Freight): cost, insurance and freight are to be used when the equipment is packaged in BULK or CONVENTIONAL (excluding containers) for MARITIME transport.

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What should we remember about INCOTERMS 2020?

03/02/2020

INCOTERMS is the contraction of "International Commercial TERMS" whose objective is to determine the obligations of the seller and the buyer, the costs and the transfer of risk of a transport at the time of a purchase/sale contract:

  • Obligations: who is in charge of transport? the cost of insurance? providing the documents?
  • Risks: where and when are the goods delivered?
  • The costs: transport? packaging? customs clearance? etc.

What are the major changes between INCOTERMS 2020 and 2000?

  1. New option of the FCA rule: allows the delivery of a certificate of loading on board (e.g. a BL). The buyer instructs the carrier to give the seller the transport document "on board" or "accepted for shipment". 
  2. All-risk" cover with the Incoterm CIP at the seller's expense, thus increasing the cover and the cost of insurance for the transport.
  3. The DAT becomes DPU: the goods can be delivered to the agreed destination (terminal, quay, warehouse, factory, etc.).

INCOTERMS 2020 used by STRACAU

  • FCA (Free Carrier): free carrier. STRACAU uses the FCA factory in replacement of the EXW (Ex Works) and delivery to the requested place (forwarder, port...).
  • CPT (Carriage Paid to): carriage paid to... STRACAU uses it for groupage and container shipments at the port or airport.
  • CIP (Carriage and Insurance Paid to): carriage paid, insurance included up to... is identical to CPT but with "all risks" insurance included.
  • DAP (Delivered At Place): returned to the place of destination. It is used for deliveries to your addresses when we ship via an express carrier (e.g. DHL, CHRONOPOST, FEDEX...).
  • FOB (Free on Board): free on board the vessel,
  • CFR (Cost and Freight): cost and freight,
  • CIF (Cost insurance and Freight): cost, insurance and freight are to be used when the equipment is packaged in BULK or CONVENTIONAL (excluding containers) for MARITIME transport.