Incoterms® 2020
Also known as: International Commercial Terms, ICC Incoterms
11 standard clauses of the International Chamber of Commerce (ICC, Paris) for international goods deliveries — govern the transfer of costs, risk and transport responsibility between seller and buyer.
Description
The Incoterms® (International Commercial Terms) are the world's most widely used trade clauses in international sales contracts and have been issued in successive editions by the International Chamber of Commerce (ICC, Paris) since 1936. The current edition Incoterms® 2020 came into force on 1 January 2020 and comprises 11 clauses.
Seven clauses apply to all modes of transport: EXW (Ex Works) — seller makes goods available at own premises, buyer bears everything; FCA (Free Carrier) — handover to nominated carrier; CPT (Carriage Paid To) — seller pays freight to destination, risk passes earlier; CIP (Carriage and Insurance Paid) — CPT plus insurance; DAP (Delivered At Place) — seller delivers to destination, buyer handles import; DPU (Delivered at Place Unloaded, new in 2020, replaces DAT) — including unloading at destination; DDP (Delivered Duty Paid) — seller bears everything including duties. Four clauses only for sea transport: FAS (Free Alongside Ship), FOB (Free on Board), CFR (Cost and Freight), CIF (Cost, Insurance and Freight). Key updates in 2020: DPU (instead of DAT), higher insurance cover under CIP (Institute Cargo Clauses A instead of C) and clarifications on security requirements.
Properties
| Issued by | International Chamber of Commerce (ICC, Paris), first edition 1936 |
|---|---|
| Current edition | Incoterms® 2020 (in force since 01.01.2020) |
| Number of clauses | 11 (7 any mode, 4 sea transport only) |
| New in 2020 | DPU replaces DAT, CIP insurance raised to ICC A |
Related product categories
Sources & references
1- ICC Incoterms® 2020 offiziell iccwbo.org https://iccwbo.org/business-solutions/incoterms-rules/incoterms-2020/
