Delivered Ex Quay(redirected from Ex Quay)
Delivered Ex Quay (DEQ)
Seller fulfills the contract obligations to deliver when the goods are made available to the buyer at the wharf of the destination port. A DEQ can further specify "Duty Paid" or "Duty Unpaid." If "Duty Paid" is specified, the seller is responsible for all risks and costs, including duty, to the wharf of the destination port. If "Duty Unpaid" is specified, the buyer is to clear the goods and pay duty. Since unloading costs are included in the ocean freight charged by most ship lines. This is most often used for charter shipments.
Copyright © 2012, Campbell R. Harvey. All Rights Reserved.
Delivered Ex Quay
In international commerce, an agreement between a buyer and a seller where the seller must bear all cost and risk of transporting a good until it has arrived and been unloaded at a port. That is, the seller has total responsibility while the good is loaded, being shipped overseas, and unloaded. The seller must pay the shipping company and purchase insurance for the good. The buyer may or may not be responsible for paying duties and customs, depending on the specific nature of the agreement. See also: Incoterm.
Farlex Financial Dictionary. © 2012 Farlex, Inc. All Rights Reserved