Answered Essay: Give at leaset 5 differences between the INCOTERMS; of CFR and FAS in import export?

Give at leaset 5 differences between the INCOTERMS; of CFR and FAS in import export?

Expert Answer

The seller delivers when the goods are placed alongside the buyer’s vessel at the named port of shipment The seller pays for the carriage of the goods up to the named port of destination
This means that the buyer has to bear all costs and risks of loss of or damage to the goods from that moment. Risk transfers to buyer when the goods have been loaded on board the ship in the country of Export
The FAS term requires the seller to clear the goods for export, if the parties wish the buyer to clear the goods for export, this should be made clear by adding explicit wording to this effect in the contract of sale The Shipper is responsible for origin costs including export clearance and freight costs for carriage to named port.
This term should be used only for non-containerized seafreight and inland waterway transport. CFR should only be used for non-containerized seafreight and inland waterway transport
This covers only part of what is covered in CFR The shipper is not responsible for delivery to the final destination from the port (generally the buyer’s facilities), or for buying insurance
Any damage in transit is not Shipper’s risk Any damage in transit till the export is shipper’s risk
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