Incoterms are 13 standardized definitions of commonly used shipping and trade terms that cover issues such as control of goods and financial responsibilities such as payment of cargo insurance and freight. Incoterms provide traders with a common set of rules outlining each party’s obligations, thus reducing misunderstandings.
The International Chamber of Commerce (ICC) establishes and publishes the Incoterms. To use the terms correctly, trade practitioners should consult the ICC for the complete, authorized Incoterm definitions.
Departure
EXW: EX Works
Main carriage not paid by seller
FCA: Free Carrier FAS: Free Alongside Ship FOB: Free On Board
Main carriage paid by seller
CFR: Cost and Freight CIF: Cost, Insurance and Freight CPT: Carriage Paid To CIP: Carriage and Insurance Paid to
Arrival
DAF: Delivered At Frontier DES: Delivered Ex Ship DEQ: Delivered Ex Quay DDU: Delivered Duty Unpaid DDP: Delivered Duty Paid
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