Simplified Trade Finance
DAT is an incoterm published by the ICC, having its first edition in 1936 and the most recent one in January 2020. The recent edition has a new name for DAT, i.e., ‘Delivered at Place Unloaded’, but the responsibilities of the seller and the buyer remain unchanged.
In the FAS incoterm, the seller has well-defined instructions for the course of transportation till the port of destination and the buyer seizes responsibility for loading the goods -- and all charges -- after the goods reach the nominated port.
The CFR incoterm is a universal trade term used internationally, and is one of the recently reviewed publications by the ICC under Incoterms 2020. CFR stands for Cost & Freight terms, specifically used for sea and ocean freight transits and more precisely, used for bulk and non-containerized cargo. For containerized cargo, one may use the CPT incoterm instead.
The revised 2020 publication of incoterms includes the DAP rule, wherein the seller is responsible for unloading of goods at the nominated place. Herein, his liability for the risk and cost of goods rests with him till the designated port, after which the duty shifts to the buyer.
The CIP incoterm stands for ‘Carriage and Insurance Paid to’, wherein the seller is responsible for goods only till the first port, which is the exporter's country's port and not the terminal. It is one of the 11 incoterms published by the International Chamber of Commerce, with a scrutinized edition released in January 2020. The term receives universal acceptance in international trade with consent from governments and authorities all over the world.