Understanding Incoterms

What does FOB stand for in Incoterms?

• Free Off Board

• Free On Board

• Forward On Board

• Fast On Boat

Define EXW in Incoterms.

• Ex Works

• Ex Worksite

• Ex Warehouseman

• Ex Warehouse

Explain the meaning of CIF in Incoterms.

• Cost, Insurance, and Freight

• Cost, Insurance, and Tax

• Cash In Full

• Customer Invoice Form

What is the significance of DAP in Incoterms?

• DAP stands for Direct Airplane Payment

• DAP indicates the quality of the product

• DAP determines the currency used for payment

• DAP clarifies the delivery point and the seller's responsibilities.

Describe the term FCA in Incoterms.

• Forwarding Cargo Agent

• Free Shipper

• Final Customs Approval

• Free Carrier

What does DAT represent in Incoterms?

• Duty at Terminal

• Delivered at Terminal

• Direct Air Transport

• Delivered at Port

Explain the meaning of DDP in Incoterms.

• Delivered Duty Partial

• Duty Delivery Payment

• Delivered Duty Paid

• Direct Delivery Protocol