Incoterms
A set of eleven trade terms published by the International Chamber of Commerce that define the responsibilities of seller and buyer in delivering goods. Each term specifies who arranges and pays for transport, insurance and export or import clearance, and where risk passes. The current version, Incoterms 2020, should be named with a precise place, such as FOB Nhava Sheva.
Related terms
CIF (Cost, Insurance and Freight)
Cost, Insurance and Freight, an Incoterm for sea transport. The seller pays freight to the named destination…
DAP (Delivered at Place)
Delivered at Place, an Incoterm under which the seller bears the cost and risk of transporting goods to a nam…
EXW (Ex Works)
Ex Works, the Incoterm that places the least obligation on the seller. Goods are made available at the seller…
FOB (Free On Board)
Free On Board, an Incoterm for sea and inland waterway transport. The seller clears the goods for export and…
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