Air Waybill - A non-negotiable contract for carriage of air transportation between an air carrier and a shipper.

All-Risk Insurance - The broadest form of coverage available, providing protection against all risk of physical loss or damage from any external cause. Does not cover loss or damage due to delay, inherent vice, inadequate packaging, or loss of market.

BAF (Bunker Adjustment Factor) - An adjustment in shipping charges to offset price fluctuations in the cost of fuel. Also known as a Bunker Surcharge (B/S). The word Bunker refers to fuel storage containers on a vessel.

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A listing of the 13 Incoterms

Departure

• EXW: EX Works

Main carriage not paid by seller

• FCA: Free Carrier
• FAS: Free Alongside Ship
• FOB: Free On Board

Main carriage paid by seller

• CFR: Cost and Freight
• CIF: Cost, Insurance and Freight
• CPT: Carriage Paid To
• CIP: Carriage and Insurance Paid to

Arrival

• DAF: Delivered At Frontier
• DES: Delivered Ex Ship
• DEQ: Delivered Ex Quay
• DDU: Delivered Duty Unpaid
• DDP: Delivered Duty Paid

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Steel Dry Freight Containers

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