Incoterms are the standardized trade terms published by the International Chamber of Commerce that define, for each sale, how costs, risks and tasks are split between seller and buyer: who pays the main carriage, who insures, where risk transfers, who clears customs. The current edition, Incoterms 2020, contains eleven terms.
Seven terms apply to any transport mode (EXW, FCA, CPT, CIP, DAP, DPU, DDP) and four to sea freight only (FAS, FOB, CFR, CIF). Choosing the right term is a core commercial decision in every international contract.
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