International Commercial Contracts - Incoterms
Launched by the International Chamber of Commerce (ICC) as the first revision to the system in a decade, Incoterms 2020 came into force on 1 January 2020.
Incoterms continue to enable traders to make clear who is responsible for the goods at each point of the transport process in buyer or seller contracts.
Incoterms 2020 is similar to the previous one, Incoterms 2010, but it takes into account developments in commercial practice, and updates the rules to make them easier to use.
What are the 11 Incoterms?
There are 11 incoterms in Incoterms 2020. These are:
Any mode of transport:
- EXW - ExWorks
- FCA - Free Carrier
- CPT - Carriage Paid To
- CIP - Carriage and Insurance Paid To
- DPU - Delivered at Place Unloaded
- DAP - Delivered at Place
- DPU - Delivered Duty Paid
Sea and inland waterway transport (only):
- FAS - Free Alongside Ship
- FOB - Free on Board
- CFR - Cost and Freight
- CIF - Cost, Insurance and Freight