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Incoterms (International Commercial Terms 2000) are a key piece of information for all shipments, and must be correct. Essentially they clarify the risk, responsibility and who is liable for various costs in international business transactions. There are 13 different terms, covering everything from the seller bearing all the risk (DDU or DDP) to the buyer bearing all the risk and responsibility (EXW) and many different scenarios in between.

They must be included in all international sales contracts as a form of identification of risk and responsibility for the Supplier, Buyer, Freight Forwarder and are used as a vital tool by Customs for determining the Customs value of a shipment on which duties and taxes are payable.

INCOTERMS

EXW: Ex Works (named place)

FCA: Free Carrier (named place)

FAS: Free Alongside Ship (named port of shipment)

FOB: Freight on Board (named port of shipment)

CFR: Cost & Freight (named port of destination)

CIF: Cost Insurance Freight (named port of destination)

CPT: Carriage Paid To (named place of destination)

CIP: Carriage and Insurance Paid To (named place of destination)

DAF: Delivered At Frontier (named place)

DES: Delivered Ex Ship (named port of destination)

DEQ: Delivered Ex Quay (named port of destination)

DDU: Deliver Duty Unpaid (named place of destination)

DDP: Deliver Duty Paid (named place of destination)

Click here to download an Incoterms 2000 Quick Reference Guide.
If you have any questions regarding Incoterms, please contact us.

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