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DO YOU KNOW YOUR 2020 INCOTERMS?

Incoterms, a widely-used terms of sale, are a set of 11 internationally recognized rules which define the responsibilities of sellers and buyers. Incoterms specifies who is responsible for paying for and managing the shipment, insurance, documentation, customs clearance, and other logistical activities.  

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The seven Incoterms® 2020 rules for any mode(s) of transport are: 

  • EXW - Ex Works 

  • FCA  - Free Carrier

  • CPT  - Carriage Paid to 

  • CIP -  Carriage and Insurance Paid To

  • DAP - Delivered at Place

  • DPU - Delivered at Place Unloaded 

  • DDP - Delivered Duty Paid

The four Incoterms® 2020 rules for Sea and Inland Waterway Transport are: 

  • FAS - Free Alongside Ship

  • FOB - Free on Board

  • CFR - Cost and Freight

  • CIF -  Cost Insurance and Freight

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Can I still use Incoterms® 2010 after January 1, 2020? 

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