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Incoterm

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INCOTERMS

What are Incoterms rules?

ICC’s Incoterms rules are the world’s essential terms of trade for the sale of goods. Whether you are filing a purchase order, packaging and labelling a shipment for freight transport, or preparing a certificate of origin at a port, the Incoterms rules are there to guide you. The Incoterms rules provide specific guidance to individuals participating in the import and export of global trade on a daily basis.

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Descriptions of the 11 rules from the Incoterms 2010 edition. These should be read in the context of the full official text of the rules, which can be obtained from the ICC and Logistics Solutions. These extracts can be reproduced provided that the source is cited and a link to the Logistics Solutions Stores is mentioned. For more information, please visit Incoterms rules copyright and trademarks page.

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The International Chamber of Commerce (ICC) is preparing for the publication of Incoterms 2020, an update of the renowned regulations that define the responsibilities of buyers and sellers operating in the international trade system.

The latest installment: Incoterms 2020

In its Centenary year, ICC is preparing for the official release of Incoterms 2020 later this year. Today, more than ever, participants in the global trade system require guidance and clarity. With the emergence of new technologies, government policies, and environmental regulations, Incoterms 2020 will provide a common framework for the future of trade.

The development of Incoterms® 2020 saw extensive consultation among economists, lawyers and trade experts, as well as insight from ICC’s global network of national committees. The participating national committees, as well as ICC’s Knowledge Solutions Department, have provided substantial contributions to the new Incoterms® rules. The final draft, to receive approval by the ICC Executive Board, will be published in 2020.

Incoterms 2020 Drafting Group

The Incoterms 2020 Drafting Group formed by ICC in 2016 consists of nine experts from around the world, including ICC’s Trade and Investment Directors: three from Asia, two from America and four from Europe. In terms of expertise, the Drafting Group features four users of Incoterms rules and five commercial lawyers, who are specialists in international trade.

Since 2016, the Drafting Group has met at length to analyse, discuss and consider more than 3,000 substantial comments provided by ICC national committees. Successive consultations took place with participation from ICC national committees in April 2017, October 2017, and May 2018. This process also included two ‘user’ global consultations, which took place in Beijing (2017) and London (2018). During the drafting process, the international editorial board met 12 times between July 2016 and September 2018 to discuss proposed changes, as well as recommendations from ICC national committees.

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The Incoterms rules have become an essential part of the daily language of trade. They have been incorporated in contracts for the sale of goods worldwide and provide rules and guidance to importers, exporters, lawyers, transporters, insurers and students of international trade.

Below are short descriptions of the 11 rules from the Incoterms 2010 edition. These should be read in the context of the full official text of the rules, which can be obtained from the LS Stores. These extracts can be reproduced provided that the source is cited and a link to the LS Store is mentioned. For more information, please visit our Incoterms rules copyright and trademarks page.

While Incoterms 2010 remains to be the latest edition of the rules, we are currently preparing for the launch of an update to the trade terms.

RULES FOR ANY MODE OR MODES OF TRANSPORT

  • EXW Ex Works

“Ex Works” means that the seller delivers when it places the goods at the disposal of the buyer at the seller’s premises or at another named place (i.e.,works, factory, warehouse, etc.). The seller does not need to load the goods on any collecting vehicle, nor does it need to clear the goods for export, where such clearance is applicable.

  • FCA Free Carrier

“Free Carrier” means that the seller delivers the goods to the carrier or another person nominated by the buyer at the seller’s premises or another named place. The parties are well advised to specify as clearly as possible the point within the named place of delivery, as the risk passes to the buyer at that point.

  • CPT Carriage Paid To

“Carriage Paid To” means that the seller delivers the goods to the carrier or another person nominated by the seller at an agreed place (if any such place is agreed between parties) and that the seller must contract for and pay the costs of carriage necessary to bring the goods to the named place of destination.

  • CIP Carriage And Insurance Paid To

“Carriage and Insurance Paid to” means that the seller delivers the goods to the carrier or another person nominated by the seller at an agreed place (if any such place is agreed between parties) and that the seller must contract for and pay the costs of carriage necessary to bring the goods to the named place of destination.

‘The seller also contracts for insurance cover against the buyer’s risk of loss of or damage to the goods during the carriage. The buyer should note that under CIP the seller is required to obtain insurance only on minimum cover. Should the buyer wish to have more insurance protection, it will need either to agree as much expressly with the seller or to make its own extra insurance arrangements.”

  • DAT Delivered At Terminal

“Delivered at Terminal” means that the seller delivers when the goods, once unloaded from the arriving means of transport, are placed at the disposal of the buyer at a named terminal at the named port or place of destination. “Terminal” includes a place, whether covered or not, such as a quay, warehouse, container yard or road, rail or air cargo terminal. The seller bears all risks involved in bringing the goods to and unloading them at the terminal at the named port or place of destination.

  • DAP Delivered At Place

“Delivered at Place” means that 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. The seller bears all risks involved in bringing the goods to the named place.

  • DDP Delivered Duty Paid

“Delivered Duty Paid” means that the seller delivers the goods when the goods are placed at the disposal of the buyer, cleared for import on the arriving means of transport ready for unloading at the named place of destination. The seller bears all the costs and risks involved in bringing the goods to the place of destination and has an obligation to clear the goods not only for export but also for import, to pay any duty for both export and import and to carry out all customs formalities.

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RULES FOR SEA AND INLAND WATERWAY TRANSPORT

  • FAS Free Alongside Ship

“Free Alongside Ship” means that the seller delivers when the goods are placed alongside the vessel (e.g., on a quay or a barge) nominated by the buyer at the named port of shipment. The risk of loss of or damage to the goods passes when the goods are alongside the ship, and the buyer bears all costs from that moment onwards.

  • FOB Free On Board

“Free On Board” means that the seller delivers the goods on board the vessel nominated by the buyer at the named port of shipment or procures the goods already so delivered. The risk of loss of or damage to the goods passes when the goods are on board the vessel, and the buyer bears all costs from that moment onwards.

  • CFR Cost and Freight

“Cost and Freight” means that the seller delivers the goods on board the vessel or procures the goods already so delivered. The risk of loss of or damage to the goods passes when the goods are on board the vessel. the seller must contract for and pay the costs and freight necessary to bring the goods to the named port of destination.

  • CIF Cost, Insurance and Freight

“Cost, Insurance and Freight” means that the seller delivers the goods on board the vessel or procures the goods already so delivered. The risk of loss of or damage to the goods passes when the goods are on board the vessel. The seller must contract for and pay the costs and freight necessary to bring the goods to the named port of destination.

‘The seller also contracts for insurance cover against the buyer’s risk of loss of or damage to the goods during the carriage. The buyer should note that under CIF the seller is required to obtain insurance only on minimum cover. Should the buyer wish to have more insurance protection, it will need either to agree as much expressly with the seller or to make its own extra insurance arrangements.”

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