Explain the following terms: (i) FAS (ii) FOB (iii) CIF (iv) DDP

FAS - FREE ALONGSIDE - A trade term requiring the seller to deliver goods to a named port alongside a vessel designated by the buyer. "Alongside" means that the goods are within reach of a ship's lifting tackle.

FOB - Free On Board - A trade term requiring the seller to deliver goods on board a vessel designated by the buyer. The seller fulfills its obligations to deliver when the goods have passed over the ship's rail.

CIF - Cost, Insurance and Freight - A trade term requiring the seller to arrange for the carriage of goods by sea to a port of destination, and provide the buyer with the documents necessary to obtain the goods from the carrier.

DDP - Delivered Duty Paid - A transaction in which the seller must pay for all of the costs related to transporting the goods and is responsible in full for the goods until they have been received and transferred to the buyer.