The four Incoterms® 2020 rules for Sea and Inland Waterway Transport are:įAS - Free Alongside Ship (insert name of port of loading)įOB - Free on Board (insert named port of loading)ĬFR - Cost and Freight (insert named port of destination)ĬIF - Cost Insurance and Freight (insert named port of destination) Can I still use Incoterms® 2010 after January 1, 2020? Note: the DPU Incoterms replaces the old DAT, with additional requirements for the seller to unload the goods from the arriving means of transport. The seven Incoterms® 2020 rules for any mode(s) of transport are:ĮXW - Ex Works (insert place of delivery)įCA - Free Carrier (Insert named place of delivery)ĬPT - Carriage Paid to (insert place of destination)ĬIP - Carriage and Insurance Paid To (insert place of destination)ĭAP - Delivered at Place (insert named place of destination)ĭPU - Delivered at Place Unloaded (insert of place of destination)ĭDP - Delivered Duty Paid (Insert place of destination). Of the 11 rules, there are seven for ANY mode(s) of transport and four for SEA or LAND or INLAND WATERWAY transport. The Incoterms® 2020 rules are updated and grouped into two categories reflecting modes of transport. The Incoterms® are a set of 11 individual rules issued by the International Chamber of Commerce (ICC) which define the responsibilities of sellers and buyers for the sale of goods in international transactions. Of primary importance is that each Incoterms rule clarifies the tasks, costs, and risks to be borne by buyers and sellers in these transactions. Familiarizing yourself with Incoterms will help improve smoother transactions by clearly defining who is responsible for what and each step of the transaction. Incoterms specify who is responsible for paying for and managing the shipment, insurance, documentation, customs clearance, and other logistical activities. Incoterms, widely-used terms of sale, are a set of 11 internationally recognized rules which define the responsibilities of sellers and buyers.
Economic Development Organizations (EDO).Foreign Direct Investment Attraction Events.Facing a Foreign Trade AD/CVD or Safeguard Investigation?.
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