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About the classification of trade terms

by:VIPUTRANS     2020-09-03
Regardless of the number or content of trade terms, with the development of international trade, the diversification of international cargo transportation and the emergence of Electronic Data Interchange (EDI), trade terms have also changed accordingly. 'General Rules for the Interpretation of International Trade Terms 1990' of the International Chamber of Commerce

(1990 INCOTERMS) Changed the trade terms to 13 types.



There are many types of trade terms used in international trade, and there are different classification methods. Generally, the delivery location is used as the classification basis, and it is roughly divided into two categories.

(1) Trade terms for delivery at the place of export

The trade terms for delivery at the place of export include: Ex Works (EXW), Cargo Delivery Carrier (FCA), Free Shipping at the Port of Loading (FAS), Free Shipping at the Port of Loading (FOB), Cost and Freight (CFR), Cost plus insurance and freight (CIF), freight is attached to... (CPT), freight and insurance are attached to... (CIP). The International Chamber of Commerce divides the above 8 trade terms into E group, F group and C group according to the difference of the initial letters of the trade terms. The seller's delivery place of the above trade terms is the place of export, so the international goods sales contract signed according to these 8 trade terms is called the shipment contract.



(2) Trade terms for import delivery

The trade terms for delivery at the place of import are: delivery at the frontier (DAF), delivery on board at the destination port (DES), delivery at the destination port (DEQ), delivery unpaid (DDU), and delivery after duty (DDP). For the trade terms delivered in the place of import, the International Chamber of Commerce will refer to the above five trade terms as Group D. The international goods sales contract signed according to these 5 trade terms is called the arrival contract.
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