Incoterms 2010 - Information
International commerce terms are standard terms in international transactions defined in an internationally acknowledged document. These terms regulate responsibility of buyers and sellers,costs, risks associated with the transportation and delivery of goods and others
The most recent publication of the document is Incoterms 2010 and published by the International Chamber of Commerce. This way it is possible to considerably reduce vagueness in interpretation of these terms in different countries.
The main groups of terms:
Group E — Departure:
EXW – Ex Works (named place of delivery) – from the seller's warehouse
Group F — Main Carriage Unpaid:
FCA – Free Carrier (named place of delivery): the goods are delivered to the buyer's forwarder
FAS – Free Alongside Ship (named port of shipment): the goods are delivered to the buyer's ship
FOB – Free on Board (named port of shipment): the goods are loading on board of the buyer's ship
Group C — Main Carriage Paid:
CFR – Cost and Freight (named port of destination): the goods are delivered to the buyer's port (without unloading)
CIF – Cost, Insurance and Freight (named port of destination): the goods are insured and delivered to the buyer's port (without unloading)
CPT – Carriage Paid To (named place of destination): the goods are delivered to the buyer's carrier in destination
CIP – Carriage and Insurance Paid to (named place of destination): the goods are insured and delivered to the buyer's carrier in destination
Group D — Arrival:
DAT – Delivered at Terminal (named terminal at port or place of destination): the goods are delivered to the named terminal
DAP – Delivered at Place (named place of destination): the goods are delivered to the named point
DDP – Delivered Duty Paid (named place of destination): the goods are customs cleared and delivered to the buyer