Incoterms 2010 brief summary

EXW = EX WORKS =  the  seller delivers when it places the goods at the disposal
of the buyer at the seller's premises or at another named place (works, factory,
wharehouse, etc...  The seller does not need to load the goods on any collecting
vehicle, nor does it need to clear the goods for export, where such clearance is
applicable
FCA = FREE CARRIER =  the  sellerdelivers the goods to the carrier or another
person nominated by the buyer at the seller's premises or another named place.
The parties are well advised to specify as clearly as possible the point within
the named place of delivery, as the risk passes to the buyer at that point.
CPT = CARRIAGE PAID TO =  the  seller delivers the goods to the carrier or
another person nominated by the carrier at an agreed place (if any such place is
agreed by the parties) and the seller must contract for and pay the costs of
carriage necessary to bring the goods to the named place of destination.  When
CPT, CIP, CFR or CIF are used, the seller fulfills its obligation to deliver
when in hands the goods over to the carrier and not when the goods reach the
place of destination.
CIP = CARRIAGE AND INSURANCE PAID TO = the seller delivers the goods to the
carrier or another person nominated by the seller at an agreed place (if any
such place is agreed between the parties) and that the seller must contract for
and pay the costs of carriage necessary to bring the goods to the named place of
destination. The seller also contracts for insurance cover against the buyer's
risk of loss or damage to the goods during the carriage. The buyer should note
that under CIP the seller is required to obtain insurance only on minimum cover.
Should the buyer wish to have more insurance protection, it will need either to
agree as much expressly with the seller or to make its own extra insurance
arrangements. When CPT, CIP, CFR or CIF are used, the seller fulfills its
obligation to deliver when in hands the goods over to the carrier and not when
the goods reach the place of destination
DAT = DELIVERED AT TERMINAL = the sellers delivers when the goods, once unloaded
from the arriving means of transport, are placed at the disposal of the buyer at
a named terminal at the named port or place of destination. "Terminal" includes
any place, whether covered or not, such as a quay, wharehouse, container yard or
road, rail or air cargo terminal. The seller bears all risks invoved in bringing
the goods to and unloading them them at the terminal at the named port or place
of destination.
DAP = DELIVERED AT PLACE = the seller delivers when the goods are placed at the
disposal of the buyer on the arriving means of transport ready for unloading at
the named place of destination. The seller bears all risks involved in bringing
the goods to the named place. The parties are well advised to specify as clearly
as possible the terminal and, if possible, a specific point within the terminal
at the agreed port or place of destination, as the risks to that point are for
the account of the seller. The seller is well advised to procure a contract of
carriage that matches this choice precisely.
DDP = DELIVERED DUTY PAID = the sellers delivers the goods  when the goods are
placed at the disposal of the buyer, cleared for import on the arriving means of
transport ready for unloading at the named place of destination. The seller
bears all the risks involved in bringing the goods to the place of destination
and has obligation to clear the goods not only for export but also for import,
to pay any duty for both export and import and to carry out all customs
formalities.  DDP presents the maximum obligation for the seller.
FAS = FREE ALONGSIDE SHIP = the seller delivers when the goods are placed
alongside the vessel (on a quay or a barge) nominated by the buyer at the named
port of shipment. The risk of loss of or damage to the goods passes when the
goods are alongside the ship, and the buyer bears all costs from that moment
onwards.  The parties are well advised to specify as clearly as possible the
loading point at the named port of shipment, as the costs and risks to that
point are for the account of the seller and these costs and associated handling
charges may vay according to the practice of the port.
FOB = FREE ON BOARD  = the seller delivers the goods on board the vessel
nominated by the buyer at the named port of shipment or procures the goods
already so delivered. The risk of loss or of damage to the goods are on board
the vessel, and the buyer bears all costs from that moment onwards.The seller is
required to deliver the goods on board the vessel or to procure goods already so
delivered for shipment. the reference to "procure" here caters for multiple
sales down a chain ("string sales"), particularly common in commodity trades.
CFR  = COST AND FREIGHT = the seller delivers the goods on board the vessel or
procures the goods already so delivered. The risk of loss or damage to the goods
passes when the goods are on board the vessel. The seller must contract for and
pay the costs of freight necessary to bring the goods to the named port of
destination. When CPT, CIP, CFR or CIF are used, the seller fulfills its
obligation to deliver when in hands the goods over to the carrier and not when
the goods reach the place of destination
CIF  = COST INSURANCE AND FREIGHT = the seller delivers the goods on board the
vessel or procures the goods already so delivered. The risk of loss of or damage
to the goods passes when the goods are on board the vessel. The seller must
contract for and pay for the costs and freight necessary to bring the goods to
the named port of destination. The seller also contracts for insurance cover
against the buyer's risk of loss of or damage to the goods during the carriage?
The buyer should note that under CIF the seller is required to obtain isurance
only on minimum cover. Should the buyer wish to have more insurance protection,
it will need either to agree as much expressly with the seller or to make its
own extra insurance arrangements. When CPT, CIP, CFR or CIF are used, the seller
fulfills its obligation to deliver when in hands the goods over to the carrier
and not when the goods reach the place of destination