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  • Incoterms
  • Glossario

Incoterms

These standardized terms facilitate international trade by allowing agents from different countries understand each other. These terms are commonly used in international contracts and whose definition is protected by copyright ICC.

EXW
Ex Works (named place) - 'Ex Works (In factory place)'.
The seller makes goods available to the buyer on their own premises: factory, warehouse, etc. All expenses from that time are on the buyers account. The EXW incoterm can be used with any type of transport or a combination of them (known as multimodal transport). The supplier is responsible for logistics and necessary for the buyer to take delivery of the product in the same place where plays the productive task transfer. This Incoterm suffered no change in relation to the Incoterms 2000.

FAS
Free Alongside Ship (named loading port) - 'Free Alongside Ship (named port of shipment)'.
The seller delivers the goods on the quay of the agreed port of shipment; that is, the side of the boat. The FAS incoterm is typical of bulk goods or bulky cargo that are deposited in specialized port terminals, which are located on the dock. The seller is responsible for the efforts and costs of the office of export (in versions prior to Incoterms 2000, the purchaser organized export customs clearance).

FOB
Free On Board (named loading port) - 'Free on Board (named port of shipment)'
The seller delivers the goods on the vessel. The buyer is responsible for appointing and reserve the main carrier (vessel) The FOB incoterm is one of the most used in international trade. Should be used for general cargo (drums, coils, containers, etc.) of goods, not usable for bulk. The FOB incoterm is used exclusively to transport by boat, either sea or river.

FCA
Free Carrier (named place) - 'Free Carrier (agreed place)'.
The seller agrees to deliver the goods at an agreed point in the country of origin, which may be the premises of a freight forwarder, a railway station ... (this place agreed to deliver the goods are usually associated with the spaces of the carrier) . It is responsible for the costs until the goods are located at the agreed point. The FCA incoterm can be used with any kind of transportation: air, rail, road and containerized / multimodal transport. However, it is an incoterm little used.

CFR
Cost and Freight (named destination port) - 'Cost and Freight (agreed port of destination)'.
The seller is responsible for all costs, including freight to bring the goods to the port of destination. However, the risk is transferred to the buyer at the time the merchandise is loaded on the ship, in the country of origin. It should be used for general cargo, which is transported in containers; It is not suitable for bulk cargo. The CFR incoterm is only used to transport by boat, either sea or river.

CIF
Cost, Insurance and Freight (named destination port) - 'Cost, Insurance and Freight (convenient port of destination)'.
The seller is responsible for all costs, including the main transport and insurance until the goods arrive at the port of destination. Although insurance has hired the seller, the insurance beneficiary is the buyer. As in the previous incoterm, CFR, the risk is transferred to the buyer at the time the merchandise is loaded on the ship, in the country of origin. The CIF incoterm is one of the most used in international trade because the conditions of a CIF price are what make the customs value of a product is imported. It should be used for general or conventional cargo. The CIF incoterm is exclusive to the marine environment .

CPT
Carriage Paid To (named place of destination) - 'Carriage Paid to (place of destination agreed upon)'.
The seller is responsible for all costs, including freight to bring the goods to the agreed point in the country of destination. However, the risk is transferred to the buyer at the time of delivery of the goods to the carrier in the country. If multiple carriers are used to reach the destination, the risk passes when the goods have been delivered to the first hired company. The CPT incoterm can be used with any mode of transport including multimodal transport (combination of different types of transport to reach destination).

CIP
Carriage and Insurance Paid (To) (named place of destination) - 'Transport and insurance paid to (named place of destination)'.
The seller is responsible for all costs, including the main transport and insurance until the goods arrive at the agreed point in the country of destination. The risk is transferred to the buyer at the time of delivery of the goods to the carrier in the country. Although insurance has hired the seller, the insurance beneficiary is the buyer. The CIP incoterm can be used with any mode of transport or a combination of them (multimodal transport).

DAT
Delivered At Terminal (named port) - "Delivered at Terminal (named port of destination) '.
The DAT incoterm is used for all types of transport. It is one of the two new Incoterms 2010 with DAP and replaces the DEQ incoterm. The seller is responsible for all costs, including the main transport and insurance (not mandatory), until the goods are unloaded at the agreed terminal. It also assumes the risks so far. The terminal concept is quite broad and includes land and sea terminals, ports, airports, free zones, etc.) so it is important that the place of delivery of the goods is clearly specified and this place matches that specified in the contract of carriage. The Incoterm DAT was frequently used in international trade in bulk because the delivery point coincides with the bulk terminals of the ports (in versions prior to Incoterms 2000, with the Incoterm DEQ, payment of customs import was in charge Seller, in the current version, is paid by the buyer).

DAP
Delivered At Place (named destination place) - "Delivered at a point (place of destination) '.
The Incoterm DAP is used for all types of transport. It is one of the two new Incoterms 2010 with DAT. Incoterms replaces DAF, DES and DDU. The seller is responsible for all costs, including the main transport and insurance (not mandatory), but not the costs associated with imports, until the goods are made available to the buyer in a ready vehicle to be Discharged. It also assumes the risks so far.

DDP
Delivered Duty Paid (named destination place) - 'Delivered Duty Paid (place of destination)'.
The seller pays all costs to leave the goods at the agreed point in the country of destination. The buyer does not perform any process. The import customs charges are paid by the seller. The type of transport is multipurpose / multimodal.

Glossario of Transportation & Logistics

A_______________________________________________________

 

Agent of International or Temporary Freight.- Person who can make and receive boardings, consolidate and desconsolidate merchandise, to act like Operator of Multimodal Transport subjecting to the laws of the matter and can emit own documents of its activity, such as knowledge of boarding, aerial guides, certificates of reception, certificates of transport and similars.

 

Authorized Customs Warehouse.- The warehouses destined to store asked for merchandise to the Regime of Customs warehouse, those that later will be destined to other regimes or customs operations. They can be private or public.

 

Authorized Private Customs Warehouse.– It is a local destined for storaging merchandise of exclusive property of the issuing warehouse.

 

B_______________________________________________________

 

Bill of lading.- Document in which the relation of the merchandise is detailed which they constitute the load of means or a unit of transport, and expresses the commercial data of the merchandise.

 

C_______________________________________________________

 

Carrier.- Person who transfers the merchandise indeed or who has the control of the transport or the responsibility of this one.

 

Cargo.- Definition lapsed by the article 67º of the Legislative Decree Nº 951, published the 3 of February of 2004.

 

Customs.- Organism responsible for the application of the Customs Legislation and the control of the collection of the customs rights and other tributes; institution that can apply the law on foreign trade, to generate the statistics that that traffic produces and to exert the other functions that the laws entrust to him. The term also designates to a any part of the customs administration, a service or an office.

 

Customs Regime.- Treatment applicable to the merchandise that are under customs power and that, according to the nature and aims of the operation can be definitive, temporary, suspensivo or of improvement.

 

Customs Warehouses.- Open or closed warehoused destined to the temporary positioning of the merchandise while its office is managed, whose administration can be in charge of the customs authority, of other public dependencies or deprived people, being understood like such to the terminals of storage and customs deposits authorized.

 

Consolidated Load.- Group of merchandise which belong  to one or several consignataries, reunited to be transported of a port, airport or land terminal to another port, airport or land terminal, in containers or similars, as long as they are protected by a same document of transport.

 

Conditions of the transaction.- Circumstances of a transaction by which the entrance or exit of merchandise of the country takes place. It includes/understands the following data: 
· Identification of the Importer, Exporter or owner or consignatary of the merchandise;
· Commercial Level of the Importer; 
· Identification of the Supplier or Adressee; 
· Nature of the Transaction; 
· Identification of the Intermediary of the Transaction; 
· Number and Date of Invoice; 
· Incoterm (delivery term); 
· Document of Transport; 
· Data asked for within the heading "Conditions of the Transaction" of the forms of customs declaration.

 

Consignatary.- Natural or legal person whose name is showed the merchandise or that she acquires it by endorsement.

 

Customs Control.- Set of measures destined to assure the fulfillment the laws and regulations that the Customs is in charge to apply.

 

Customs Deposit Authorized Public.- The local destined to the storage of merchandise of different depositors.

 

Customs Destination.- Manifestation of owner’s will, consignatary or sender of the merchandise that, expressed by means of the Declaration, indicate the regime, operation and/or customs destiny that must occur to the merchandise that are under the customs power.

 

Customs.- Fulfillment of the customs formalities necessary to import and to export the merchandise or to put under them other customs regimes, operations or destinies.

 

D_______________________________________________________

 

Declaration of Merchandise.- Act conducted in the form prescribed by the Customs, by which the interested one indicates the customs regime that there is to assign itself to the merchandise and communicates the necessary elements for the application of this regime. Customs.

 

E_______________________________________________________

 

Economical Agents.- Importers, exporter, customs, financial organizations, operating beneficiaries of regimes, operations and destinies of commerce and other people who take part in the operations of Foreign trade.

 

Equivalent Merchandise.- Identical or similar one to which was concerned and that will be object of reposition. It must be understood by identical merchandise to which he is equal in all the aspects to the mattered one in which it talks about the quality, it marks and to prestige comercial. It must be understood by similar merchandise which without being equal in all the aspects to the mattered one, it presents/displays characteristics next to this one as far as species and quality.

 

Expropiation.- Sanction that consists of the definitive deprivation of the property of the merchandise.

 

F_______________________________________________________

 

Frank Zone.- Part of the national territory properly delimited, in which the merchandise that in her are introduced consider as if they were not in the customs territory with respect to the rights and import tributes and are not put under the habitual control of CUSTOMS.

 

Fines.- sanction that prevails the people in charge of customs administrative infractions.

 

Foreign Merchandise.- The one that comes from the outside, whose import has not been completed legally, the placed one under suspensivos regimes, temporary or of improvement, as well as the produced one or manufacturing in the country and that has been nationalized abroad.

 

Free-port warehouses.- The closed local, indicated within the national and authorized territory by the State, in which it stops the application of customs rights and tributes of import, are considered that the merchandise are not in the customs territory.

 

G_______________________________________________________

 

Gauging.- Unique operation in which he service through the designated civil employee, verifies and determines when examining the declaration and/or the merchandise, that their tariff classification, its estimate, the fixation of the quota of the tariff rights and taxes and the application of the corresponding laws have been correctly propose by the issuing company or person.

 

Guarantee.- Obligation that is got, to satisfaction of the Customs, with the intention of assuring the payment rights of Customs and other taxes or the fulfillment of other obligations acquired with her. It is called global when it assures the fulfillment the resulting obligations of several operations.

 

I_______________________________________________________

 

Immobilization of merchandise.- Through this action, the SUNAT arranges that the merchandise must remain in a certain place and under the responsibility of that indicates, in order to put under them the control actions that it considers necessary.

 

It pledges Legal.- Guarantee that affects to the merchandise by imposition of the Law. Provisions side or Farm. - Definition lapsed by the article 67º of the Legislative Decree Nº 951, published the 3 of February of 2004 R.

 

It assembles.- Process by which merchandise enter the country with the intention of which the added value is only gotten up to its corresponding manual labor.

 

L_______________________________________________________

 

Legal Abandonment.- Legal Customs insitution that takes place in the assumptions hereby contemplated in the Law and allows the SUNAT to finish off, to adjudge, to destroy or to give to the competent sector the merchandise.

 

L Raise.- Through this, customs authority authorizes to the interested ones unconditionally to arrange conditional or dispatched merchandise, whenever it has been fulfilled the formalities demanded for each regime, operation or unconditional customs destiny especial. When the customs tributary debt has been paid or is guaranteed. In the temporary regimes, always he is conditional.

 

M_______________________________________________________

 

Merchandise.- Goods that can be object of regimes, customs operations and destinies.

 

Merchandise in Free Circulation.- All merchandise that can be arranged freely.

 

N_______________________________________________________

 

Nationalized Merchandise.- The produced one or manufacturing in the country with national or nationalized raw materials.

 

Note of Tally.- Document that jointly formulates the carrier with the store clerk, during the verification of the briefed thing in the knowledge of boarding in relation to the physical existence, registering the pertinent observations.

 

O_______________________________________________________

 

Operators of Foreign trade. - Dispatchers of Customs, conductors of customs authorized, carrier, concessionary enclosures of the postal service, owners, consignataries, and in general any natural person and/or legal participant or beneficiary, by himself or on the other hand, in anticipated operations or customs regimes in the Law, without exception some.

 

P_______________________________________________________

 

Primary Zone.- Part of the customs territory that includes/understands the customs enclosures, aquatic or terrestrial spaces destined or authorized for the offloadings, embarks, mobilization or deposit of the merchandise; the offices, the premises or dependencies destined to the direct service of a customs; qualified airports, estates or ways and any other site where the customs operations are fulfilled normally.

 

Physical examination.- Operation that consists of verifying the declared thing, by means of one or several of the following performances: to recognize the merchandise, to verify its nature and value, to establish its weight or measurement.

 

Previous Recognition.- Faculty of the owner, consignatary or its comitentes to make in the presence of the deposit taker the establishment and verification of the situation and condition of the merchandise without intervention of the customs authority.

 

R_______________________________________________________

 

Resolution of Determination.- It is the act by which the SUNAT establishes and puts in indebted knowledge of tributary the existence of tributes and I interest slopes of payment or return of illegally restituted amounts and interest.

 

Return. - Return to the place of origin in the same vehicle of the load arrival to the place of its not disembarked destiny.

 

S_______________________________________________________

 

Samples without commercial value.- They are those merchandise that they solely have by purpose of demonstrating his characteristics and that they lack commercial value by themselves.

 

Secondary Zone.- It is that part of the customs territory that corresponds to him to each customs in the distribution of which they make the National Superintendent of Customs for effects of the competition, intervention and obligations of each one.

 

Special Enclosures.- Areas that belong to the Customs Warehouses, destined to the conservation of dangerous merchandise in which the necessary safety measures will be due to observe.

 

Special zone of Recognition.- Area qualified within the Customs Warehouses destined to the physical examination of the merchandise, according to Law.

 

T_______________________________________________________

 

Tax exemption.- Total or partial exemption of the payment of tributes, ready by law.

 

Tariff rights of Customs.- Taxes established in the Tariff from Customs to the merchandise that enter the customs territory.

 

Terminals of Storage.- Warehouses destined to deposit the load that boarding or disembarks, airlifted, marine, terrestrial, postal, fluvial and/or lacustrine. They will have to be considered for all the effects like an extension of the Primary Zone of the customs jurisdiction to which they belong, therefore in her will be possible to be received and to be dispatched the customs merchandise that will be object of the regimes and operations that the General Law of Customs establishes.

 

Terminals of Postal Storage.- Warehouses installed and operated by the Concessionaires on watch Postal, to whom the postal shipments or of correspondence for their classification, storage and office are lead.

 

Term of the Unloading.- It is understood for effects of customs control like the last day in which it is finished unloading the transporting vehicle, for which the Customs Authority will have to put record of this act in the corresponding document.