What is the interpretation of words used in import and export?
EXW Ex Works This represents the minimum risk and cost for the supplier and the maximum risk and cost for the buyer. The seller’s only responsibility is to make the goods available at his premises. He is not responsible for loading the goods on the vehicle provided by the buyer, unless otherwise agreed. FAS Free Alongside Ship (…named port of shipment) The seller fulfils his obligation to deliver when the goods have been placed alongside the vessel on the quay or in lighters at the named port of shipment. This means that the buyer has to bear all costs and risks of loss or of damage to the goods from that moment. The FAS term requires the seller to clear the goods for export. (This is a change from previous Incoterm versions.) FOB Free On Board (…named port of shipment) The seller fulfils his obligation to deliver when the goods have passed over the ship’s rail at the named port of shipment. This means that the buyer has to bear all costs and risks of loss of or damage to the goods
