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.’
ICC’s Incoterms® rules for international trade
Incoterms 2020 in shipping
What are Inco Terms
These terms are used in international and domestic trade contracts to clarify the responsibilities of buyers and sellers regarding the delivery of goods.
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 (NEW)
- 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
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