International Trade

Incoterms 2020

Comprehensive guide to International Commercial Terms (Incoterms) 2020 published by the International Chamber of Commerce (ICC)

11
Incoterms Rules
2020
Latest Version
ICC
International Chamber of Commerce

Select an Incoterm

CIF

CIF - Cost, Insurance and Freight

The seller pays costs, insurance and freight to the destination port. Risk transfers when goods are on board.

Seller
Buyer
EXW
FCA
FAS
FOB
CFR
CIF
CPT
CIP
DAP
DPU
DDP
Risk Transfer
Origin
Port
Ocean
Port
Destination
Shipping Costs
Seller: 70% | Buyer: 30%
Seller's Responsibility
0%100%
Insurance
Seller: 70% | Buyer: 30%
Seller's Responsibility
0%100%
Customs Duties & Taxes
Seller: 0% | Buyer: 100%
Seller's Responsibility
0%100%

Legend

Inland Transport
Sea Transport
Risk Transfer Point
Seller's Responsibility

About Incoterms 2020

Incoterms (International Commercial Terms) are a set of 11 internationally recognized rules which define the responsibilities of sellers and buyers. They specify who is responsible for paying for and managing the shipment, insurance, documentation, customs clearance, and other logistical activities.

Published by:

International Chamber of Commerce (ICC) - Updated every 10 years

Key Points

  • Defines risk transfer points between buyer and seller
  • Used in both international and domestic trade contracts
  • Applicable to all modes of transportation
  • Helps prevent misunderstandings in international trade

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