FOB (FREIGHT ON BOARD) SOUTH KOREA TO SINGAPORE BY SEA
FOB - Busan
- SGD 90.00
- Permit Declaration
SGD 45.00 per set (if required)
- GST Disbursement
7% of cargo value
- Local Delivery
SGD 95.00 per trip or SGD15 per cbm (whichever is greater)
- Labor Fees
SGD 60.00 labor
EXW – Ex Works (named place of delivery)
The seller makes the goods available at their premises, or at another named place. This term places the maximum obligation on the buyer and minimum obligations on the seller. The Ex Works term is often used while making an initial quotation for the sale of goods without any costs included.
FOB – Free on Board (named port of shipment)
Under FOB terms the seller bears all costs and risks up to the point the goods are loaded on board the vessel. The seller’s responsibility does not end at that point unless the goods are “appropriated to the contract” that is, they are “clearly set aside or otherwise identified as the contract goods”.Therefore, FOB contract requires a seller to deliver goods on board a vessel that is to be designated by the buyer in a manner customary at the particular port. In this case, the seller must also arrange for export clearance.
FCA – Free Carrier (named place of delivery)
The seller delivers the goods, cleared for export, at a named place (possibly including the seller’s own premises). The goods can be delivered to a carrier nominated by the buyer, or to another party nominated by the buyer.
CIF – Cost, Insurance & Freight
This term is broadly similar to the above CFR term, with the exception that the seller is required to obtain insurance for the goods while in transit. The policy should be in the same currency as the contract. The seller must also turn over documents necessary, to obtain the goods from the carrier or to assert claim against an insurer to the buyer. The documents include (as a minimum) the invoice, the insurance policy, and the bill of lading. These three documents represent the cost, insurance, and freight of CIF.
CBM Calculation Formula :
Length (centimeter) x Width (centimeter) x Height (centimeter) / 1,000,000 = Cubic meter (m³)
Length (meter) x Width (meter) x Height (meter) = Cubic meter (m³)
50cm = 0.5m
0.5 (meter) x 0.5 (meter) x 0.5(meter) = 0.125 Cbm
WHAT IS CIPL ? = Commercial Invoice Packing List
WHAT IS BL ? = Bill of Lading
WHAT IS COO ? = Certificate of Origin
1. Commercial Invoice
The commercial invoice is the most crucial document in the shipping process. The invoice needs to detail who you are selling to or buying from. The invoice should also show the products in the transaction and their commercial value. The commercial value is the amount you are selling or buying the products for and will determine the duties and GST in the country of import. You also need to include your buying terms on the invoice. This will mean all parties are clear who is paying for what elements of the shipping.
2. Packing List
Typically, a packing list should accompany your commercial invoice. The purpose of the packing list is to outline how your shipment is packed and details the weights and dimensions of each item/pallet/crate. The packing list is particularly useful if your goods are directed for inspection. A clear document stating which products are packed where can save customs time, and you money, during an inspection process.
3. Bill of lading
The bill of lading is a required document to move a freight shipment. The bill of lading (BOL) works as a receipt of freight services, a contract between a freight carrier and shipper and a document of title. The bill of lading is a legally binding document providing the driver and the carrier all the details needed to process the freight shipment and invoice it correctly.
4. Certificate of Origin
The certificate of origin (COO) is a declaration that details the country in which your goods are made. If the country of import or export has a free trade agreement (FTA) with Australia, you can avoid duty charges if you have a COO.