Incoterms or international commercial terms are a series of international sales terms widely used throughout the world. They are used to divide transaction costs and responsibilities between buyer and seller and reflect state-of-the-art transportation practices. They closely correspond to the U.N. Convention on Contracts for the International Sale of Goods.
Incoterms deal with questions related to the delivery of the products from the seller to the buyer. This includes the carriage of products, export and import clearance responsibilities, who pays for what, and who has risk for the condition of the products at different locations within the transport process. Incoterms are always used with a geographical location and do not deal with transfer of title.
They are devised and published by the International Chamber of Commerce (ICC). The English text is the original and official version of Incoterms 2010, which have been endorsed by the United Nations Commission on International Trade Law. Authorized translations into 31 languages are available from ICC national committees.
RULES FOR ANY MODE OR MODES OF TRANSPORT
- EXW – Ex Works
- FCA – Free Carrier
- CPT – Carriage Paid To
- CIP – Carriage & Insurance Paid To
- DAT – Delivered At Terminal
- DAP – Delivered At Place
- 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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