INCOTERMS-International Commercial Terms
INCOTERMS–The Incoterms or International Commercial Terms are a series of pre-defined commercial terms published by the International Chamber of Commerce (ICC) relating to international commercial law. They are widely used in international commercial transactions or procurement processes and their use is encouraged by trade councils, courts and international lawyers.
Finally, INCOTERM-2020, which came into force on January 1, 2020, has a total of 11 Incoterms (international trade terms) under two main headings.
Rules Used in All Types of Transportation
1.EXW / Ex Works
2.FCA /Free Carrier
3.CPT /Carriage Paid To
4.CIP /Carriage and Insurance Paid To
5.DAP /Delivered at Place
6.DPU /Delivered at Place Unloaded
7.DDP /Delivered Duty Paid
Rules Used in Maritime Transport
8.FAS /Free Alongside Ship
9.FOB/Free On Board
10.CFR/Cost and Freight
11.CIF/Cost Insurance and Freight
