Incoterms® 2020

Incoterms® 2020 are a set of eleven international rules of responsibilities of sellers and buyers. These rules specify who is responsible for payments, shipment management, insurance, documentation, customs clearance, etc.

Eleven Incoterms® 2020 rules are:

  • EXW - Ex Works (insert place of delivery)
  • FCA - Free Carrier (Insert named place of delivery)
  • CPT - Carriage Paid to (insert place of destination)
  • CIP - Carriage and Insurance Paid To (insert place of destination)
  • DAP - Delivered at Place (insert named place of destination)
  • DPU - Delivered at Place Unloaded (insert of a place of destination)
  • DDP - Delivered Duty Paid (Insert place of destination)
  • FAS - Free Alongside Ship (insert name of the port of loading)
  • FOB - Free on Board (insert named port of loading)
  • CFR - Cost and Freight (insert named port of destination)
  • CIF - Cost Insurance and Freight (insert named port of destination)

The latest version of the Incoterms® 2020 rules is published by the International Chamber of Commerce (ICC). As of January 1, 2020, all sales contracts should include references to the Incoterms® 2020 rules. You may obtain Incoterms® 2020 rules by visiting the ICC website.