Incoterm
Incoterms or international commerce terms is a series of international sales terms that is widely used throughout the world, divides transaction costs and responsibilities between buy and seller, reflects state of the art transportation practices and closely corresponds to the U.N. Convention on Contracts for the International Sale of Goods.Incoterms deal with the 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 2000, which have been endorsed by the United Nations Commission on International Trade Law (UNCITRAL). Authorized translations into 31 languages are available from ICC national committees.
- Group E - Departure:
- EXW. Ex Works (named place)
- Group F - Main Carriage Unpaid:
- FCA. Free Carrier (named place)
- FAS. Free Alongside Ship (named loading port)
- FOB. Free On Board (named loading port)
- Group C - Main Carriage Paid:
- CFR. Cost and Freight (named destination port)
- CIF. Cost, Insurance and Freight (named destination port)
- CPT. Carriage Paid To (named destination port)
- CIP. Carriage and Insurance Paid to (named destination port)
- Group D - Arrival:
- DAF. Delivered At Frontier (named place)
- DES. Delivered Ex Ship (named port)
- DEQ. Delivered Ex Quay (named port)
- DDU. Delivered Duty Unpaid (named destination place)
- DDP. Delivered Duty Paid (named destination place)
