Incoterm 2020

What does "Incoterms" stand for?

• Inclusive Term

• Incorporated Terms
• International Commercial Terms

• Incremental Terms

What are the international commercial terms?

• clarify the rules and terms that buyers use in international and domestic trade contracts

• A series of pre-defined commercial terms published by the International Chamber of Commerce (ICC) relating to international criminal court.

• clarify the rules and terms that buyers and sellers use in international and domestic trade contracts

• A series of pre-defined commercial terms published by the International Chamber of Commerce (ICC) relating to international commercial law

What is incoterms purpose

• Incoterms define the responsibilities of Exporter and Seller  in the arrangement of shipments and the transfer of liability involved at various stages of the transaction.

• Incoterms define the responsibilities of Buyer and importers in the arrangement of shipments and the transfer of liability involved at various stages of the transaction.

   

• Incoterms define the responsibilities all of parties involved in the arrangement of shipments and the transfer of liability involved at various stages of the transaction.

• Incoterms define the responsibilities of exporters and importers in the arrangement of shipments and the transfer of liability involved at various stages of the transaction.

   

What is the latest incoterms release by ICC

• Incoterms 2010
• Incoterms 2020
• Incoterms 2000
• Incoterms 2015

This Incoterm requires that the seller delivers the goods, unloaded, at the named place of destination. The seller covers all the costs of transport (export fees, carriage, unloading from main carrier at destination port and destination port charges) and assumes all risk until arrival at the destination port or terminal

• EXW

• DAP

• DPU

• CPT

Seller bears all costs and risks up to the point the goods are loaded on board the vessel

• CIF

• EXW

• FOB

• COD

The seller delivers when the goods are placed alongside the buyer's vessel at the named port of shipment. This means that the buyer has to bear all costs and risks of loss of or damage to the goods from that moment

• FOB

• CIF

• EXW

• FAS

The seller delivers the goods, cleared for export, at a named place (possibly including the seller's own premises). The goods can be delivered to a carrier nominated by the buyer, or to another party nominated by the buyer.

• COD

• FCA

• CIF

• EXW

the seller delivers when the goods are placed at the disposal of the buyer on the arriving means of transport ready for unloading at the named place of destination

• DDP

• COD

• CPT

• DAP

The seller pays for the carriage of the goods up to the named port of destination. Risk transfers to buyer when the goods have been loaded on board the ship in the country of Export

• CPT

• DAP

• CFR

• DDP