Resources
Incoterms are very important for all our global transactions and we need to ensure we quote clients’ correctly to mitigate risk.
ICC’s Incoterms® rules for international trade
The Incoterms® rules, set by the International Chamber of Commerce (ICC), define the essential terms of trade for the sale of goods under worldwide contracts. Incoterms® 2020 consists of 11 rules divided into two groups:
Rules for any mode or modes of transport’ and ‘Rules for sea and inland waterway transport.
Rules for any mode or modes of transport:
EXW – Ex Works
FCA – Free Carrier
CPT – Carriage Paid to
CIP – Carriage and Insurance Paid to
DAP – Delivered at Place
DPU – Delivered at Place Unloaded
DDP – Delivered Duty Paid
Rules for sea and inland waterway transport:
FAS – Free Alongside Ship
FOB – Free On Board
CFR – Cost and Freight
CIF – Cost, Insurance and Freight
For more information on Incoterms® 2020, please refer to the ICC website:
https://iccwbo.org/resources-for-business/incoterms-rules/incoterms-2020/