Terms & conditions

For a closer look at our terms and conditions please take a look at the following

  • Rotterdam Terms

    Incoterms – International Chamber of Commerce (ICC) terms

    Incoterms are standardized commercial terms published by the International Chamber of Commerce (ICC) which the Iceland Chamber of Commerce is part of. The first version of the Incoterms was published in 1936 but the present terms were published in 2010 and therefore are called Incoterms 2010.

    In short, the Incoterms are used to divide the cost and risk between seller and buyer. There are 11 different terms available that parties can choose from, where each states who bears the cost of every factor in the transportation, who is responsible for loading and unloading and who is bears risk on each stage of the transport in international freight.

    EXW – Ex Works (named place of delivery)
    Seller delivers the shipment at its premises and the buyer bears all cost and risk of transportation

    FCA – Free Carrier (named place of delivery)
    Seller delivers the shipment to first transporter (named by buyer) and risk goes from seller to buyer at same point. Seller bears cost of export clearance.

    CPT – Carriage Paid To (named place of destination)
    Seller bears cost for main carriage to named place of destination but buyer bears cost for terminal cost, risk moves from seller to buyer when shipment has been delivered to first carrier.

    CIP – Carriage and Insurance Paid To (named place of destination)
    Same as CPT but seller also bears cost for insuring shipment to named place of destination.

    DAT – Delivered at Terminal (named terminal at port or place of destination)
    Seller bears cost and risk for main carriage and unloaded at named terminal, except for cost related to import clearance.

    DAP – Delivered at Place (named place of destination)
    Seller delivers the consignment at named destination place. The cargo is not discharged from the transportation vehicle at destination and not cleared through the customs. Buyer bears cost and risk of discharging the vehicle.

    DDP – Delivered Duty Paid (named destination place)
    Seller delivers the consignment at named destination place and clears it through customs. The cargo is not discharged from the transportation vehicle at destination. Buyer bears cost and risk of discharging the vehicle.

  • Reykjavik Terms

    Customs clerance – Power of attorney

    Cargo insurance

    Credit Application Form

    Incoterms – International Chamber of Commerce (ICC) terms

    Incoterms are standardized commercial terms published by the International Chamber of Commerce (ICC) which the Iceland Chamber of Commerce is part of. The first version of the Incoterms was published in 1936 but the present terms were published in 2010 and therefore are called Incoterms 2010.

    In short, the Incoterms are used to divide the cost and risk between seller and buyer. There are 11 different terms available that parties can choose from, where each states who bears the cost of every factor in the transportation, who is responsible for loading and unloading and who is bears risk on each stage of the transport in international freight.

    EXW – Ex Works (named place of delivery)
    Seller delivers the shipment at its premises and the buyer bears all cost and risk of transportation

    FCA – Free Carrier (named place of delivery)
    Seller delivers the shipment to first transporter (named by buyer) and risk goes from seller to buyer at same point. Seller bears cost of export clearance.

    CPT – Carriage Paid To (named place of destination)
    Seller bears cost for main carriage to named place of destination but buyer bears cost for terminal cost, risk moves from seller to buyer when shipment has been delivered to first carrier.

    CIP – Carriage and Insurance Paid To (named place of destination)
    Same as CPT but seller also bears cost for insuring shipment to named place of destination.

    DAT – Delivered at Terminal (named terminal at port or place of destination)
    Seller bears cost and risk for main carriage and unloaded at named terminal, except for cost related to import clearance.

    DAP – Delivered at Place (named place of destination)
    Seller delivers the consignment at named destination place. The cargo is not discharged from the transportation vehicle at destination and not cleared through the customs. Buyer bears cost and risk of discharging the vehicle.

    DDP – Delivered Duty Paid (named destination place)
    Seller delivers the consignment at named destination place and clears it through customs. The cargo is not discharged from the transportation vehicle at destination. Buyer bears cost and risk of discharging the vehicle.

  • Faroe Islands Terms

    Incoterms – International Chamber of Commerce (ICC) terms

    Incoterms are standardized commercial terms published by the International Chamber of Commerce (ICC) which the Iceland Chamber of Commerce is part of. The first version of the Incoterms was published in 1936 but the present terms were published in 2010 and therefore are called Incoterms 2010.

    In short, the Incoterms are used to divide the cost and risk between seller and buyer. There are 11 different terms available that parties can choose from, where each states who bears the cost of every factor in the transportation, who is responsible for loading and unloading and who is bears risk on each stage of the transport in international freight.

    EXW – Ex Works (named place of delivery)
    Seller delivers the shipment at its premises and the buyer bears all cost and risk of transportation

    FCA – Free Carrier (named place of delivery)
    Seller delivers the shipment to first transporter (named by buyer) and risk goes from seller to buyer at same point. Seller bears cost of export clearance.

    CPT – Carriage Paid To (named place of destination)
    Seller bears cost for main carriage to named place of destination but buyer bears cost for terminal cost, risk moves from seller to buyer when shipment has been delivered to first carrier.

    CIP – Carriage and Insurance Paid To (named place of destination)
    Same as CPT but seller also bears cost for insuring shipment to named place of destination.

    DAT – Delivered at Terminal (named terminal at port or place of destination)
    Seller bears cost and risk for main carriage and unloaded at named terminal, except for cost related to import clearance.

    DAP – Delivered at Place (named place of destination)
    Seller delivers the consignment at named destination place. The cargo is not discharged from the transportation vehicle at destination and not cleared through the customs. Buyer bears cost and risk of discharging the vehicle.

    DDP – Delivered Duty Paid (named destination place)
    Seller delivers the consignment at named destination place and clears it through customs. The cargo is not discharged from the transportation vehicle at destination. Buyer bears cost and risk of discharging the vehicle.