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Incoterms are very important for all our global transactions and we need to ensure we quote clients’ correctly to mitigate risk.

ICC’s Incoterms® rules for international trade

The Incoterms® rules, set by the International Chamber of Commerce (ICC), define the essential terms of trade for the sale of goods under worldwide contracts. Incoterms® 2020 consists of 11 rules divided into two groups:

Rules for any mode or modes of transport’ and ‘Rules for sea and inland waterway transport.

Rules for any mode or modes of transport:

EXW – Ex Works

FCA – Free Carrier

CPT – Carriage Paid to

CIP – Carriage and Insurance Paid to

DAP – Delivered at Place

DPU – Delivered at Place Unloaded

DDP – Delivered Duty Paid

Rules for sea and inland waterway transport:

FAS – Free Alongside Ship

FOB – Free On Board

CFR – Cost and Freight

CIF – Cost, Insurance and Freight

For more information on Incoterms® 2020, please refer to the ICC website:

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