Incoterms are the International Commercial Terms which are widely used around the world to standardise commercial agreements about movement of goods. They are published by the International Chamber of Commerce (ICC) and 2020 saw an update to their definitions.
Our partners at Barnsley & Rotherham Chamber of Commerce presented a summary of Incoterms 2020 to our members. Here you can download the presentation for its summary and key points.
|Incoterms® 2020 Classifications||Description|
|FAS||Free Alongside Ship|
|FOB||Free On Board|
|CFR||Cost and Freight|
|CIF||Cost, Insurance and Freight|
|CPT||Carriage Paid To|
|CIP||Carriage and Insurance Paid to|
|DAP||Delivered At Place|
|DPU||Delivered at Place Unloaded|
|DDP||Delivered Duty Paid|