What are Incoterms - Intercargo Servicesintercargoservices.com/pdf/Incoterms_Guide.pdf · Incoterms...

Intercargo Services Ltd 1 Wellheads Place, Wellheads Industrial Estate

Dyce, Aberdeen AB21 7GB, UK Tel + 44 1224 772120

Email [email protected] Web www.intercargoservices.com

Information in part reproduced under UK Open Government-Licence copyright. Information provided herein is produced as a guide to Intercargo Services Ltd clients, The Information Provider is not liable for any errors or omissions in the Information and shall not be liable for any loss, injury or damage of any kind caused by its use. Incoterms is a registered trademark of International Chamber of Commerce

What are Incoterms ®? International Commerce Terms (Incoterms) are an internationally recognised standard trade terms that set out buyer and seller responsibilities.

Incoterms are maintained and developed by the International Chambers of Commerce (ICC). A Simple pictorial guide for each incoterm can be found

below showing buyers and sellers liability, In case of doubt please contact Intercargo Services Ltd for advice on using the correct terms. You can also

purchase a copy of Incoterms detailing fully each term from the ICC website http://www.iccwbo.org/incoterms/

Each Incoterm establishes who is responsible for costs and risks such as transport costs, insurance, duties payable and customs clearance. Incoterms

are accepted by governments, legal authorities and businesses worldwide for the interpretation of most commonly used terms in international trade.

This reduces or removes uncertainties and often costly misunderstandings arising from different interpretation of such terms in different countries.

Incoterms apply to both domestic and international sale contracts.

Before you use Incoterms, consider the country of the buyer. Some countries stipulate that set Incoterms are used, while others set chosen Incoterms

as standard practice. Mode of transport may also affect your choice as some Incoterms can only be used for transport by sea and inland waterways.

Any mode of transport:

CIP - Carriage and Insurance Paid

CPT - Carriage Paid To

DAP - Delivered At Place

DAT - Delivered At Terminal

DDP - Delivered Duty Paid

EXW - Ex Works

FCA - Free Carrier

Sea and inland waterway transport (only):

CFR - Cost and Freight

CIF - Cost, Insurance and Freight

FAS - Free Alongside Ship

FOB - Free On Board

What are Incoterms - Intercargo Servicesintercargoservices.com/pdf/Incoterms_Guide.pdf · Incoterms...

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