International Commercial Terms
The most commonly used International Commercial Terms have been developed over time by the International Chamber of Commerce (ICC) and are known as “Incoterms”. These are 3-letter short-hand expressions of trade terms that divide the various responsibilities between the seller and the buyer. This set of international rules for the interpretation of terms of trade was first published by the ICC in 1936, with the latest amendment introduced from 1st January 2020.
Note: “Incoterms” and the Incoterms®2020 logo are trademarks of the International Chamber of Commerce (ICC).
Follow the link to download a handy Incoterms chart : https://hansenmac.com/wp-content/uploads/2020/07/Incoterms2020-Chart.pdf
Incoterms are organised into two categories:
Incoterms for any modes of transport:
- EXW – Ex Works
- FCA – Free Carrier
- CPT – Carriage Paid to
- CIP – Carriage and Insurance Paid to
- DAP – Delivered at Place
- DAT – Delivered at Terminal
- DPU – Delivered at Place Unloaded
- DDP – Delivered Duty Paid
Incoterms for sea and inland waterway transport only:
- FAS – Free Alongside Ship
- FOB – Free on Board
- CFR – Cost and Freight
- CIF – Cost, Insurance and Freight
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