FOB Free on Board
Shipper pays for the origin cartage and documents. Consignee pays for freight & destination charges. Seller fulfils his obligation to deliver when the goods have passed over the ship's rail at the named port of shipment, and the seller to clear the goods for export.
CFR Cost and Freight
The Shipper pays for all the origin charges and the freight. The Consignee pays for all the destination charges ex Airport / Port of destination. Seller must pay the costs and freight necessary to bring the goods to the named port of destination but the risk of loss of or damage to the goods. The CFR term requires the seller to clear the goods for export.
CIF Cost, Insurance and Freight
Same as CFR except that the Shipper also pays for relevant Insurances. This means that the seller has the same obligations as under CFR but with the addition that he has to procure marine insurance against the buyer's risk of loss of or damage to the goods during the carriage. The seller contracts for insurance on minimum coverage and pays the insurance premium.
EXW EX Works
Consignee pays for the total movement from the Shipper's Warehouse. Buyer bears all costs and risks involved in taking the goods from the seller's premises to the desired destination. This term thus represents the minimum obligation for the seller.
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