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Simple English definitions for legal terms
CPT
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A quick definition of CPT:
Term: CPT
Definition: CPT stands for Carriage Paid To. This means that the seller is responsible for paying the transportation costs to get the goods to a specified destination. It's like when you order something online and the seller pays for the shipping to get it to your house.
A more thorough explanation:
CPT
CPT stands for Carriage Paid To. It is a trade term used in international shipping that indicates the seller is responsible for the cost of transporting the goods to a specified destination.
Example 1: A company in the United States sells goods to a buyer in France. The seller agrees to ship the goods CPT Paris. This means that the seller is responsible for the cost of transporting the goods to Paris, including any customs fees or taxes. Once the goods arrive in Paris, the buyer is responsible for any further transportation costs and risks.
Example 2: A company in China sells goods to a buyer in Australia. The seller agrees to ship the goods CPT Sydney. This means that the seller is responsible for the cost of transporting the goods to Sydney, including any customs fees or taxes. Once the goods arrive in Sydney, the buyer is responsible for any further transportation costs and risks.
These examples illustrate how CPT is used to indicate which party is responsible for the cost of transportation and where the responsibility for the goods transfers from the seller to the buyer.