Omni model Inco Terms Vs. Marine Restricted Inco Terms
As explained separately under different posts in this website, OMNI MODEL INCO TERMS are used for any modes of transport – Air, Sea and Land where in MARINE RESTRICTED INCO TERMS are used for the movement of goods under Sea and water ways.
Here one question arises – whether marine restricted inco terms can be used for movement of goods by air or land. Kindly note, Inco terms are rules for movement of goods and not Laws. So there is no harm in using marine restricted term for shipments under air or land. But a clear definition on risks and costs sharing of buyer and seller at each points of movement of goods may be clearly mentioned in the contract of carriage mutually agreed each other and incorporate such terms and conditions in the Sale contract. This will help to avoid future problems and disputes. However, we suggest all exporters and importers to use as per the guidelines of ICC designed Inco Terms which may be mentioned in the contract of carriage signed by them mutually agreed and incorporated in sale contract.
Omni Model Terms of Delivery which can be used for all modes of transport are EXW Ex Works,
FCA Free Carrier , CPT Carriage Paid To , CIP Carriage and Insurance Paid To ,
DAP Delivered at Place , DPU Delivered at Place Unloaded , DDP Delivered Duty Paid.
The Marine restricted terms of delivery under Incoterms 2020 are FAS Free Alongside Ship , FOB Free On Board , CFR Cost and Freight , CIF Cost Insurance and Freight
For your easy understanding the web links explaining Omni model Inco Terms and Marine Restricted Inco Terms are given below:
OMNI MODEL DELIVERY RULES UNDER INCO TERMS 2020
MARINE RESTRICTED DELIVERY RULES UNDER INCO TERMS 2020
The above links help you to understand the difference between Omni Model Inco terms and Marine Restricted Inco Terms easily.
Click here to read latest Inco terms rules for delivery of goods
Learn practical problems and solutions in Exports and Imports
Click here to read latest Inco terms rules for delivery of goods
Banking rules related to Exports and Imports in India
How to open Letter of Credit, easily explained here
Who is liable to arrange insurance under CPT terms? Understand the meaning of FOB under Incoterms FAS terms of delivery under Incoterms 2020 Explaining DDP in simple language under Incoterms 2020 DAP, Simply explained under Incoterms 2020 Describe DPU under Incoterms 2020 How to define CIP under Inco Terms 2020 What does CPT mean under Inco Terms 2020? Meaning of FCA under Incoterms 2020 EXW,Ex Works under Inco terms 2020 Inco Terms, Different stage where risks and costs transfer from Seller to Buyer Parties involved to use Incoterms directly and indirectly Is it necessary to use trade mark of Incoterms under Sale contract Mention year of Inco Terms under Sale contract Inco Terms and Sale Contract between buyer and seller Inco Terms 2020 Rules for Delivery of Goods