Do you understand these trade terms of freight forwarders? (2)
CIP freight and insurance
It means that the seller delivers the goods to its designated international forwarder, but the seller must also pay the freight to the destination of the goods, that is, the buyer bears all the risks and additional costs of the seller after delivery.
The term can be applied to various modes of transport, including multimodal transport.
DAF border delivery
It refers to the completion of delivery when the seller at the designated place and specific delivery point at the border, before the customs border of the neighboring country, the goods that have not yet been unloaded on the means of transport that are still in delivery are handed over to the buyer for disposal, and the customs clearance procedures for the export of the goods have been completed but the customs clearance procedures for the import have not yet been completed.
Free on board DES port
It means that at the designated port of destination, the goods are handed over to the buyer on board the ship for disposal, but the goods are not cleared for import, and the seller completes the delivery.
The term is used only when the goods are carried on board the ship at the port of destination by sea or river transport or multimodal transport.
Ex quay DEQ destination port
It means that as long as the seller delivers the goods to the carrier designated by the buyer at the designated place and goes through the export customs clearance procedures, the delivery is completed.
It should be noted that the choice of place of delivery has an impact on the obligation to load and discharge goods at that place. The term can be used for various modes of transport, including multimodal transport.
DDU delivered without duty
It means that the seller gives the goods to the buyer at the designated destination for disposal, does not go through import formalities, and does not unload the goods from the delivery means of transport, that is, the delivery is completed.
The term applies to various modes of transport, but DES or DEQ terms should be used when the goods are delivered on board or at the dock at the port of destination.
DDP delivered duty paid
It means that the seller has completed the import customs clearance procedures at the designated destination, and will deliver the goods that have not yet been unloaded on the delivery vehicle to the buyer to complete the delivery.
Because the seller bears the greatest responsibility under the DDP term, this term should not be used if the seller cannot directly or indirectly obtain an import license; Use if the parties wish the buyer to bear the risks and costs of the import
DDU terminology
The term applies to various modes of transport, but DES or DEQ terms should be used when the goods are delivered on board or at the dock at the port of destination.
