Incoterms – FREE guide for trade practitioners – PCR | Political And Credit Risk Insurance Brokers

The Incoterms® rules or International Commercial terms are a series of pre-defined commercial terms published by the International Chamber of Commerce (ICC) widely used in international commercial transactions.

A series of three-letter trade terms related to common sales practices, the Incoterms rules are intended primarily to clearly communicate the tasks, costs and risks associated with the transportation and delivery of goods.

The Incoterms rules are accepted by governments, legal authorities and practitioners worldwide for the interpretation of most commonly used terms in international trade. They are intended to reduce or remove altogether uncertainties arising from different interpretation of the rules in different countries.

First published in 1936, the Incoterms rules have been periodically updated, with the eighth version—Incoterms 2010—having been published on January 1, 2011.

“Incoterms” is a registered trademark of the ICC.

PCR | Political And Credit Risk Insurance Brokers

Incoterms – FREE guide for trade practitioners

CFR – Cost and Freight … (named port of destination)

CIF – Cost, Insurance and Freight paid to … (Port of Destination)

CIP – Carriage and Insurance paid to … (Place of Destination)

CPT – Carriage paid to … (Place of Destination)

DAP – Delivery at … (Place of Destination)

DAT – Delivery at Terminal … (Place of Destination)

DDP – Delivery Duty Paid … (Place of Destination)

EXW – Ex Works

FAS – Free Alongside Ship … (Port of Shipment)

FCA – Free Carrier

FOB – Free on Board … (Port of Shipment)