?WHAT ARE INCOTERMS

INCOTERMS are a set of three-letter standard trade terms most commonly used in international contracts for the sale of goods. It is essential that you are aware of your terms of  trade prior to shipment

 

EXW (EX WORKS)

EX Works EXW named place Incoterms® 2010 — This term may be used for either domestic or international trade

FCA (FREE CARRIER)

Free Carrier FCA named place Incoterms® 2010 — This term may be used whatever mode or modes of transport will be used

CIP (CARRIAGE & INSURANCE PAID)

Carriage and Insurance Paid CIP to named place Incoterms® 2010 — This term may be used whatever mode or modes of transport will be used

CPT (CARRIAGE PAID TO)

Carriage Paid To CPT named place Incoterms® 2010 — This term may be used whatever mode or modes of transport will be used.

DAP (DELIVERED AT PLACE)

Delivered at Place DAP named place Incoterms® 2010 — This term may be used whatever mode or modes of transport will be used.

DAT (DELIVERED AT TERMINAL)

Delivered at Terminal DAT named place Incoterms® 2010 — This term may be used regardless of the mode or modes of carriage to be used

CFR (COST & FREIGHT)

Cost and Freight CFR named port of destination Incoterms® 2010 — This rule is intended for use only when carriage is by sea or inland waterway

FOB (FREE ON BOARD)

Free On Board FOB named port of shipment Incoterms® 2010 — There is a significant change from the meaning of this term in former revisions of

CIF (COST INSURANCE & FREIGHT)

Cost Insurance and Freight CIF named port of destination Incoterms® 2010 — This term is to be used only when carriage is by sea or inland waterway