Incoterms®: clarity for every international shipment
Discover how to precisely define obligations, risks, and costs between seller and buyer thanks to Incoterms®, the ICC standard that facilitates global trade. The current edition is Incoterms® 2020, published by the International Chamber of Commerce (ICC).
What are Incoterms®?
Incoterms® (International Commercial Terms) are internationally recognized standard contract terms published by the International Chamber of Commerce (ICC) that govern the distribution of responsibilities between sellers and buyers in international shipments.
They determine who is responsible for transportation, customs clearance, insurance, and when the risk of loss or damage to the goods passes to the buyer
What do and don’t they govern?
They govern
They do not govern
Who handles customs formalities
When are Incoterms® used?
Incoterms® are included in sales contracts and are particularly relevant in international trade relations. It is important to always specify the relevant version (e.g., Incoterms® 2020) and the specific location to avoid misunderstandings.
Why are they important?
Using Incoterms correctly reduces disputes, improves transparency, and speeds up customs operations.
INCONTERMS CODES
INCONTERMS MEANING
LOCATION TO BE SPECIFIED
CFR*
Cost and freight
Named port of destination
Cost, insurance, and freight
Named port of destination
Named port of destination
CPT
Freight/carriage paid, to
Named place of destination
Named place of delivery at the border
Delivery to destination
DAT
Delivered duty paid
Named place of destination in the importing country
Delivered duty paid
Named place of destination in the importing country
Named place of destination in the importing country
DEQ
Free Quay
DES
Free on Board
Named port of destination
Ex Works
Factory Location
FAS*
Named Place
FOB*
Free on Board
Need help choosing the right Incoterm?
Our team is at your disposal to help you identify the most suitable formula for your shipment, based on destination, mode of transport, and commercial agreements.
CERMESONI GROUP S.R.L.
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info@cermesonigroup.com
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