International Commercial Terms

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).

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

Follow the link to download a handy Incoterms chart : https://hansenmac.com/wp-content/uploads/2020/07/Incoterms2020-Chart.pdf

International Commercial Terms
International Commercial Terms
International Commercial Terms
International Commercial Terms
International Commercial Terms
International Commercial Terms
International Commercial Terms
International Commercial Terms
International Commercial Terms
International Commercial Terms
International Commercial Terms
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