What is INCOTERMS?

INCOTERMS is the abbreviated name for the ICC's concepts on the way they are delivered in imports and exports.

INCOTERMS History

INCOTERMS

The ICC first published international common concepts and rules for import and export in 1936. The words "International Commercial Terms" were shortened to simply INCOTERMS.

Organized by the Paris-based International Chamber of Commerce, the "Incoterms-2010" has introduced some rules to regulate international trade disputes, disputes, and legal disputes, and to prevent the buyer and seller from losing money and time. He first published these arrangements in 1936 under the name "INCOTERMS". The latest regulations were revised and revised in 2010.

When referring to the form of delivery in the contract or document to be regulated (e.g. proforma invoice), it appears that the code letters of the delivery form and next to it is the place where the transfer of goods from seller to buyer will take place. The delivery location may be a port, such as the airport, railway station, shipper's warehouse, or the seller's workplace. For example, EX Works Gebze, FOB Mersin Port, DDU Moscow...

Delivery Forms – Incoterms 2010
1-Delivery at Work / Ex Works (EXW)
2- No Cost to Carrier / Free Carrier (FCA)
3-Carriage Paid To (CPT)
4- Transport and Insurance Paid / Carriage and Insured Paid To (CIP)
5-Delivery in Terminal / Delivered At Terminal (DAT)
6-Delivered / Delivered at Place (DAP)
7-Embedded / Delivered Duty Paid (DDP)
Non-expensive / Free Alongside Ship (FAS) at 8-Ship Point
9-Ship Free / Free On Board (FOB)
10-Massages and Freight / Cost and Freigh (CFR)
11- Expenses, Insurance and Freight / Cost, Insurance And Freight (CIF)

In order to keep up with the continuous developments in global trade, the ICC is still working on editing the INCOTERMS 2020 version. This work is attended by ICC lawyers, global traders, and company representatives around the world. It has been announced that the studies will take two years, due to the fact that they are worldwide and from a series of Incoterms rules, detailed studies of what works and what can be improved.

For the 80-year history of INCOTERMS Delivery Forms, please click here

BLOG

CONTACT

HOME PAGE