how many quotation types? what are the professional terms?

                                    Professional terms of international business quotation types

1. EXW (Ex Works)

• The buyer bears all costs and risks from picking up goods, including transportation, export/import customs clearance, duties and insurance.

• This term means the seller takes the least responsibility.

• Example: EXW Shanghai

2. FOB (Free On Board)

• Seller: Responsible for goods, export customs clearance and loading on board.

• Buyer: Pays ocean freight, insurance and takes all risks after loading.

• Risk transfers once goods are on board.

• Example: FOB Ningbo

3. CFR (Cost and Freight)

• Seller: Covers goods cost, export clearance and sea freight.

• Buyer: Buys cargo insurance and bears all risks after shipment.

• Example: CFR Hamburg

4. CIF (Cost, Insurance and Freight)

• Seller: Responsible for export clearance, freight and insurance.

• Risk transfers to buyer when goods are loaded on board.

• Most widely used sea trade term.

• Example: CIF Los Angeles

5. DDP (Delivered Duty Paid)

• Seller bears all costs and risks throughout the whole journey: freight, insurance, export & import customs, all taxes and duties.

• The seller takes the maximum responsibility.

• Example: DDP London
  

                                                    Thanks for your reading.